Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

Investment Rating - The SW Machinery Equipment Index increased by 1.91% during the week of January 12-16, 2026, ranking 5th among 31 primary industry categories [3][13]. - Year-to-date, the SW Machinery Equipment Index has risen by 7.40%, ranking 7th among the same categories, while the CSI 300 Index increased by 2.20% [16]. Core Insights - Emphasis on the potential of SpaceX's chain and 3D printing in rocket technology, with a significant increase in satellite frequency resource applications in China [5][23]. - The engineering machinery sector is expected to experience a major upward cycle, with December sales figures exceeding expectations for both domestic and export markets [5][24]. - The AI upgrade potential in CNC systems is highlighted, particularly with the domestic leader Huazhong CNC, which is positioned to leverage AI for performance improvements [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index's performance during the week and year-to-date is noted, with specific rankings against the CSI 300 Index [3][16]. Core Insights Update - The report discusses the advancements in 3D printing technology in the aerospace sector, the robust demand for engineering machinery, and the growth potential of AI in CNC systems [5][24]. Key Data Tracking - General machinery sector remains under pressure, while engineering machinery shows accelerated growth, and railway equipment maintains steady growth [25][35][45]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [49][51]. Industry Dynamics - The report outlines significant developments in various sectors, including the successful launch of new technologies and projects in the general machinery and robotics fields [60][62][64].

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [32]. Core Insights - The demand for excavators remains high both domestically and internationally, with a notable year-on-year increase in sales [5]. - In December 2025, excavator sales reached 23,095 units, representing a year-on-year growth of 19.24% and a month-on-month growth of 15.32% [3]. - The domestic sales of excavators were 10,331 units, up 10.94% year-on-year, while exports totaled 12,764 units, marking a 26.92% year-on-year increase [3]. - The total excavator sales for 2025 amounted to 235,257 units, reflecting a year-on-year growth of 16.97% [3]. - Loader sales in December 2025 were 12,236 units, showing a year-on-year increase of 30.03% [4]. - The report highlights a structural recovery opportunity in the industry, despite a relatively low demand in the real estate sector [5]. - The Central Bank's announcement of a structural interest rate cut is expected to further boost domestic sales of engineering machinery [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations and technological advancements [6]. Summary by Sections Excavator Sales Data - December 2025 excavator sales were 23,095 units, with domestic sales at 10,331 units and exports at 12,764 units [3]. - The cumulative sales for 2025 reached 235,257 units, with domestic and export sales growing by 17.88% and 16.06% respectively [3]. Loader Sales Data - December 2025 loader sales were 12,236 units, with domestic sales at 5,291 units and exports at 6,945 units [4]. - The cumulative sales for 2025 were 128,067 units, with domestic sales increasing by 22.10% [4]. Market Trends and Outlook - The engineering machinery industry is experiencing a clear upward trend in demand, supported by infrastructure investments and the issuance of special bonds [5]. - The report notes that the electric machinery market has significant growth potential, with increasing penetration rates [6][7].

（来源：工人日报） 临近农历年底，常德高新区内多家企业开足马力生产，赶制海外订单产品，呈现一派繁忙景象。近年 来，常德高新区重点发展智能装备制造、新材料新能源等产业，目前共有工业企业1892家，其中规上工 业企业415家、高新技术企业227家，2025年实现规模以上工业总产值约1030亿元，外贸进出口总额约50 亿元。新华社记者 陈思汗 摄 1月14日，在位于湖南常德高新区的中联重科建筑起重机械有限责任公司，工人在生产塔式起重机零 件。 ...

Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

证券之星消息，1月15日工程机械板块较上一交易日下跌0.23%，邵阳液压领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。工程机械板块个股涨跌见下表： 从资金流向上来看，当日工程机械板块主力资金净流入5306.23万元，游资资金净流入1.03亿元，散户资 金净流出1.56亿元。工程机械板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600031 | =一重工 | - 1.4416 | 11.34% | -1060.96万 | -0.84% | -1.33 Z | -10.51% | | 300201 | 海伦哲 | 7393.72万 | 13.32% | -725.95万 | -1.31% | -6667.77万 | -12.01% | | 920706 | 铁拓机械 | 6000.30万 | 27.22% | 44.51万 | 4 0 ...

晨会纪要（2026/01/15） 编辑人 主要指数多数上涨，两融余额继续上升——融资融券周报 行业研究 2025 年挖掘机销量为 23.53 万台，同比增长 17%——机械设备行业周报 证 券 研 究 报 告 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.15） 金融工程研究 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/15） 金融工程研究 主要指数多数上涨，两融余额继续上升——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（1 月 7 日-1 月 13 日）A 股市场主要指数多数上涨，其中中证 500 涨幅最大，上涨了 4.21%；上证 50 跌幅最大，下跌了 0.82%。此外，上证综指上涨 1.35%，深证成指上涨 1.05%，创业板指上涨 0.08%，科创 50 上涨 2.82%，沪深 300 下跌 0.62%。 1 月 13 日，沪深两市两融余额为 26,738.8 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating a positive outlook for investment in the engineering machinery sector [1]. Core Insights - The engineering machinery sector is entering a recovery phase, with strong performance in both domestic and export markets. The sector's revenue is expected to accelerate, driven by increased demand and improved profitability [5][11]. - The annualized return of the GF Engineering Machinery ETF is reported at 75.03%, significantly outperforming competitors, showcasing its strong upward capture ability [2]. - The report highlights that the engineering machinery sector exhibits a much higher annualized return compared to the construction sector, with returns nearly three times higher despite similar volatility levels [2]. Summary by Sections 1. Industry Performance Overview - The engineering machinery sector has shown a comprehensive recovery in 2025, with domestic excavator sales increasing by 19.6% year-on-year from January to October. The sector's revenue grew by 12% in the first three quarters of 2025 [5][11]. - Profitability has improved, with net profit for the sector reaching 261 billion yuan, a 23% increase year-on-year [20][21]. 2. Domestic and Export Market Predictions for 2026 - Domestic excavator demand is projected to grow at an average annual rate of over 30% from 2025 to 2028, with a peak sales volume of 250,000 units expected by 2028 [32]. - The export market is anticipated to enter a new upward cycle in 2026, driven by a potential easing of interest rates by the Federal Reserve, which could stimulate overseas demand [32]. 3. Profitability and Cost Efficiency - The report notes that the sector is experiencing a scale effect, with fixed costs being diluted as production increases, leading to enhanced profitability [5][11]. - Major companies like SANY Heavy Industry, XCMG, and Zoomlion have reported improvements in their net profit margins, indicating a positive trend in operational efficiency [5][11]. 4. Market Dynamics and Competitive Landscape - The report emphasizes the importance of capital availability in driving sales, particularly in the context of government funding for infrastructure projects [39]. - The competitive landscape remains stable, with no significant increase in competition, although the demand structure is heavily influenced by the types of excavators being sold [21][36].

证券之星消息，1月14日工程机械板块较上一交易日下跌2.3%，邵阳液压领跌。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 603280 | 南方路机 | 41.83 | 9.99% | | 9.08万 | | 3.64亿 | | 301161 | 唯万密封 | 37.84 | 2.91% | | 8.34万 | | 3.16亿 | | 603273 | 大元智能 | 20.54 | 2.91% | | 4.81万 | | 9814.70万 | | 605305 | 中际联合 | 45.90 | 2.48% | | 8.25万 | | 3.74亿 | | 301446 | 福事特 | 38.62 | 2.44% | | 3.24万 | | 1.24亿 | | 002097 | 山河智能 | 12.64 | 1.69% | | 65.46万 ...

Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]