工程机械系列报告 内外需 V 型复苏在即，重视工程机械布局机会 glmszqdatemark 风险提示：国内需求复苏不及预期，海外拓展不及预期，行业竞争加剧。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600031 | 三一重工 | 19.76 | 0.94 | 1.20 | 1.45 | 21 | 17 | 14 | 推荐 | | 000425 | 徐工机械 | 10.25 | 0.58 | 0.73 | 0.93 | 18 | 14 | 11 | 推荐 | | 000157 | 中联重科 | 8.55 | 0.56 | 0.70 | 0.87 | 15 | 12 | 10 | 推荐 | | 000680 | 山推股份 | 10.74 | 1.00 | 1.16 | 1.32 | ...

行 行业周报 宇树科技披露招股书，关注产业链投资布局机会 | | | | | | | | | ——机械设备行业周报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师： | 宁前羽 | SAC NO： S1150522070001 | | | | | | 2026 | 年 3 | 月 25 | 日 | | 机械设备 | | | | | | | | | | | | | | | 投资要点： | | | | | | | | | | | 证券分析师 | | | | | | | | | | | | | 宁前羽 | |  行业要闻 | | | | | | | | | | | ningqy@bhzq.com | | （1）1-2 月我国工程机械进出口贸易额为 110.72 | | | | | | 亿美元，同比增长 | | | 31.4%。 | | 022-23839174 | | | | | | | | | | | | | | | （2）2 月全国工程机械平均开工率为 24.65%。 | | | | ...

Investment Rating - The industry investment rating is "Buy" with an expectation that the stock price will outperform the market by more than 10% over the next 12 months [2]. Core Insights - The report identifies three main concerns regarding the engineering machinery sector: the impact of currency exchange rates, the pace of post-holiday resumption of work, and the effects of the US-Iran conflict on exports [5]. - It is suggested that the market may be overreacting to currency exchange risks, as the impact on financial statements is relatively limited when viewed annually [5]. - High-frequency data from March indicates a more optimistic outlook for domestic construction and overseas demand, leading to recommendations for specific companies [5]. Summary by Sections Currency Exchange Impact - The report discusses the potential impact of the RMB appreciation on corporate financial statements, noting that the USD/CNY exchange rate fell from 7.03 at the end of December to 6.89, a 2% decrease [5]. - For Sany Heavy Industry, the beta coefficient for overseas gross margin and exchange rate changes is 0.48, indicating that a 1% appreciation of the RMB affects overseas gross margin by approximately 0.48% [5]. - The report emphasizes that the exchange rate impact may be overstated, especially for companies with significant local operations [5]. Resumption of Work - Data from the construction industry shows a significant improvement in the resumption of work during the fourth week post-holiday, with rates of 62% for both resumption and labor engagement, and a funding availability rate of 51% [5]. - The new order price index from Pangyuan Leasing on March 20 was reported at 447, reflecting an 18% year-on-year increase, indicating improved activity [5]. Export Concerns - The report states that the Middle East accounted for only about 9% of China's excavator export value in December 2025, suggesting limited impact from the US-Iran conflict [5]. - Data from AEM indicates a 22% year-on-year increase in overseas excavator sales in January 2026, the highest growth since February 2022, driven by mining investment and recovery in Europe and the US [5]. Investment Recommendations - The report recommends stocks such as Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion, while also suggesting to pay attention to Aidi Precision and Shantui [5].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a positive outlook for specific companies within the machinery sector [10]. Core Insights - The agricultural machinery sector is expected to recover globally, with significant growth in domestic demand and exports, particularly in the tractor segment [4]. - Yushutech's IPO is highlighted, showcasing its leading position in humanoid robot sales and strong profitability metrics [4]. - The engineering machinery sector is experiencing high export growth, with recommendations for several leading companies due to their undervaluation and potential profit elasticity from overseas markets [4]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 6.26% over the past week, ranking 25th among 31 primary industry categories, while the CSI 300 Index decreased by 2.19% [12]. - Year-to-date, the SW Machinery Equipment Index has risen by 1.36%, ranking 12th among the same categories, with the CSI 300 Index down by 1.36% [14]. Agricultural Machinery - In January-February 2026, the production of large and medium tractors in China was 25,000 and 46,000 units, respectively, showing a year-on-year change of +9.4% and -3.5% [4]. - Exports of wheeled tractors reached 22,800 units, a year-on-year increase of 37.1%, with export value at $22.6 million, up 32.2% [4]. Engineering Machinery - The total export of excavators and loaders in January-February 2026 was 20,456 and 12,143 units, respectively, with year-on-year growth of 38.8% and 43.9% [4]. - The report emphasizes the potential for profit elasticity from overseas markets and recommends companies like XCMG, Hengli Hydraulic, Sany Heavy Industry, Zoomlion, and LiuGong [4]. Humanoid Robotics - Yushutech plans to issue at least 40.45 million shares to raise 4.2 billion yuan, aiming to become the first humanoid robot company listed on the A-share market [4]. - The company reported a revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335%, with a gross margin of 60.27% and a net profit margin of 35.1% [4]. Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward, with stable growth in railway equipment and gas turbines [4]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [4].

证券研究报告 2026年03月21日 工程机械 机械行业专题报告： 工程机械2026年1-2月海关数据更新 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 -16% -7% 2% 12% 21% 30% 2025/03/21 工程机械 沪深300 《机械行业专题报告：工程机械2025年海关数据更新（推荐）*工程机械*张钰 莹》——2026-02-01 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 工程机械 | -13.3% | -6.4% | 6.0% | | 沪深300 | -2.0% | -0.0% | 14.9% | 请务必阅读报告附注中的风险提示和免责声明 2 摘要 2026年1-2月我国工程机械整体出口保持较高景气度： ü 根据海关总署，总体来看，2026年1-2月我国工程机械进出口贸易额为110.72亿美元，同比增长31.4%。其中进口金额3.86亿美元，同比下降7.46%；出 口金额106.86亿美元，同比增长33.4%。 挖掘机 ...

2026 年 3 月 20 日 行业研究 1-2 月挖掘机出口大幅增长，政策支持行业景气度持续复苏 ——工程机械行业 2026 年 1-2 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 25/03 25/06 25/09 25/12 26/03 机械行业 沪深300 资料来源：Wind 要点 2026 年 1-2 月挖掘机内销受春节假期影响短期承压，部分非挖品类景气度复苏 2026 年 1-2 月我国挖掘机（含出口）销量 35934 台，同比增长 13.1%；其中 内销 15478 台，同比下降 9.2%。部分非挖品类工程机械内销呈现明显复苏趋势， 2026 年 1-2 月装载机内销销量同比增长 11.5%；汽车起重机内销销量同比增长 2.4%；履带起重机内销销量同比增长 30.3%。 2026 年 ...

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][2][4][6] - The content primarily focuses on market data, financing and securities lending balances, industry characteristics, ETF financing, and individual stock performance[9][12][27][41][46] - No quantitative models, factors, or related testing results are discussed in the provided documents[1][2][4][6]

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [36] Core Views - The engineering machinery sector experienced a significant decline in domestic sales in February, primarily due to the timing of the Spring Festival and a high base from the previous year. However, the upcoming key projects and the continuation of large-scale equipment renewal policies are expected to boost the sector's recovery [28] - Tesla's upcoming launch of the Optimus V3 is anticipated to reignite market interest in humanoid robots, with the industry maintaining high prosperity. Several domestic companies are already in the IPO process, making 2026 a critical year for the humanoid robot sector [28] - The report maintains "Buy" ratings for Zhonglian Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [28] Industry News - In February, a total of 80,898 forklifts were sold, representing a year-on-year decline of 20.3%. Domestic sales of forklifts (excluding electric walk-behind warehouse vehicles) totaled 30,999 units, down 30.2% year-on-year [10] - Tesla's AI chip wafer factory project, codenamed "Terafab," is set to launch soon, as announced by CEO Elon Musk [11] Company Announcements - Chip Microelectronics announced progress on its H-share issuance and listing in Hong Kong [17] - Yonggui Electric reported a delay in some fundraising investment projects, adjusting the timeline for certain projects to March 18, 2027 [18] - Yilong Co. projected a 54.59% year-on-year increase in net profit for 2025, with a revenue of 3.20495 billion yuan, up 4.95% from the previous year [19] Market Review - From March 11 to March 17, 2026, the CSI 300 index fell by 0.80%, while the machinery equipment sector dropped by 6.35%, underperforming the CSI 300 by 5.55 percentage points [20] - As of March 17, 2026, the price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 49.67, with a valuation premium of 250.04% compared to the CSI 300 [21]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 承董事會命 中聯重科股份有限公司 董事長 詹純新 中國長沙，2026年3月17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 董事會議通告 中聯重科股份有限公司（「本公司」）董事會（「董事會」）謹此公佈將於2026年3月 30日（星期一）召開董事會，以考慮及批准（其中包括）本公司及其附屬公司截至 2025年12月31日止年度的全年業績及其刊發，考慮派付末期股息（如有），並處理 任何其他事項。 ...

Group 1: Core Insights - AI is reshaping households and technology is becoming more integrated into daily life[3] - The energy sector is facing increasing contradictions, with a positive outlook for wind power sector valuation reassessment[3] - It is advisable to take advantage of the pullback window and increase allocation in engineering machinery[3] Group 2: Engineering Machinery Market - In 2025, fixed asset investment in the real estate sector reached 11.28 trillion yuan, down 17.50% year-on-year, and down 38% compared to 2021[21] - The new construction area in real estate for 2025 was 588 million square meters, a year-on-year decline of 20.47%, and down 74% from the peak in 2019[21] - Excavator sales in 2025 totaled 235,257 units, a year-on-year increase of 16.97%, with domestic sales at 118,518 units, up 17.88%[31]