投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 [Table_IndustryInfo] 2026 年 03 月 09 日 强于大市(维持) 证券研究报告•行业研究•机械设备 工程机械月报（0201-0228） 工程机械 2 月出口超预期，行业景气持续向好 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 443 | | 行业总市值（亿元） | 53,809.19 | | 流通市值（亿元） | 50,740.88 | | 行业市盈率 TTM | 42.9 | | 沪深 300 市盈率 TTM | 14.2 | 相关研究 请务必阅读正文后的重要声明部分 -20% -9% 3% 14% 25% 36% 25/3 25/5 25/7 25/9 25/11 26/1 26/3 机械设备 沪深300 数据来源：聚源数据 [Table_Summary] 投资观点：挖机 2026年 1–2月内销略降，出口继续高增。"更新周期+外需拉 动"仍是主线，短期春节错配导致内销波动，但全年向上的趋势没有改变。建 议继续重点布局龙头主机厂与核心零部件厂商 ...

3月5日，沃尔沃集团高级副总裁Redha Messaoui一行15人到访三一重卡，与三一重卡董事长梁林河展开会谈，双方围绕研发创新、供 应链管理及中国创新生态展开平等交流、互学互鉴，携手探索新能源重卡高质量发展路径，助力全球绿色交通变革。 沃尔沃集团及沃尔沃卡车中国多位高管，与三一重卡核心管理团队及产品研发骨干开展开放研讨，就行业前沿技术与发展趋势充分交换 意见。期间，沃尔沃团队参观三一智联重卡产业园，深入了解三一在智能制造、低碳化、数字化领域的创新成果，对其先进装备制造能 力及新能源战略布局给予高度认可，直观感受重卡产业的中国速度。 Redha Messaoui表示，沃尔沃集团高度关注电池、氢燃料等前沿技术，而中国在这些领域已经走在世界的前沿，此次来访旨在探索中 国产业发展经验，探寻中国速度背后的核心逻辑。 梁林河对Redha Messaoui一行表示热烈欢迎，他强调，三一与沃尔沃长期保持友好战略合作关系，此次交流三一将毫无保留分享经 验，期待双方以互学互鉴为契机，共促新能源重卡产业升级。 沃尔沃集团及沃尔沃卡车中国总裁岑家辉指出，中国速度是多方面优势融合的成果，此次行程也是沃尔沃深入了解中国企业、深化行业 ...

2026 年 03 月 11 日 晨会纪要 [Table_Title] 晨会纪要 ——2026 年第 37 期 观点精粹: 最新报告摘要 广告延续强劲趋势，年内加码 AI 投入--哔哩哔哩-W/数字媒体(09626/217207) 点评报告（港股美股） 老牌劲旅，再书华章--中联重科/工程机械(000157/216406) 公司深度研究 国产大飞机入选"十五五"规划重大工程项目，或迎黄金发展机遇--事件点评 OpenClaw 加速"Token 与算力"出海--行业动态研究 债跌结束了吗？--固定收益点评 证券研究报告 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 1、最新报告摘要 1.1、广 告 延续 强 劲 趋势 ， 年 内加 码 AI 投 入 --哔 哩 哔哩 -W/数 字 媒体 (09626/217207) 点评报告（港股美股） 分析师：陈梦竹 S0350521090003 分析师：尹芮 S0350522110001 事件: 3 月 5 日，公司公告 2025Q4 季报，实现营业收入 83.2 亿元（YoY+8%，QoQ+8%），经调整净利润为 8.8 ...

[Table_Reportdate] 2026年03月10日 [table_invest] 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 行 业 研 究 械 设 备 [table_product] shangjian@longone.com.cn [table_stockTrend] -34% -20% -6% 8% 22% 36% 50% 25-03 25-06 25-09 25-12 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle 挖掘机出口持续向好 ] ，龙头募资投向全 球化和智能化 ——机械设备行业简评 [table_main] 投资要点： 机 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 事件：中国工程机械工业协会发布2026年2月主要企业挖掘机和装载机销量统计。 ➢ 挖掘机：2026年2月销售各类挖掘机17226台，同比下降10.6%，其中国内销量6755台， 同比下降42%；出口销量10471台，同比增长37.2%。2026年2月销售电动挖掘机35 ...

2026 年 03 月 10 日 公司研究 评级：买入(维持) [Table_Title] 老牌劲旅，再书华章 ——中联重科（000157）公司深度研究 最近一年走势 | 相对沪深 300 表现 | | | 2026/03/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中联重科 | -2.7% | 12.8% | 20.1% | | 沪深 300 | -2.2% | 0.4% | 17.0% | | 市场数据 | | | 2026/03/09 | | 当前价格（元） | | | 9.35 | | 52 周价格区间（元） | | | 6.75-10.16 | | 总市值（百万） | | | 80,863.80 | | 流通市值（百万） | | | 66,108.40 | | 总股本（万股） | | | 864,853.52 | | 流通股本（万股） | | | 707,041.74 | | 日均成交额（百万） | | | 1,030.41 | | 近一月换手（%） | | | 1.20 | 相关报告 《中联重科（000157）2025 年半年报点 ...

[Table_Page] 跟踪分析|机械设备 证券研究报告 [Table_Title] 工程机械行业跟踪 节后开工旺盛，拥抱内外共振的 3 月份 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-09 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 -20% -8% 4% 16% 28% 40% 03/25 05/25 08/25 10/25 12/25 03/26 机械设备 沪深300 | 册持牌人，不可在香港从事受监管活动。 | | --- | | [Table_ 相关研究： DocReport] ...

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The industry is experiencing a cyclical recovery domestically, with structural improvements in export demand. The gradual implementation of counter-cyclical fiscal policies is expected to sustain the industry's positive momentum [2]. - Domestic sales of excavators are projected to rebound as the industry cycle turns upward, with leading companies enhancing their overseas presence and entering a harvest phase. The operational leverage within the industry is anticipated to gradually release [4]. Summary by Sections Industry Fundamentals - In February 2026, a total of 17,226 excavators were sold, representing a year-on-year decline of 10.6%. Domestic sales accounted for 6,755 units (including 19 electric excavators), down 42% year-on-year, while exports reached 10,471 units (including 16 electric excavators), marking a year-on-year increase of 37.2% [4]. - For January to February 2026, a total of 35,934 excavators were sold, reflecting a year-on-year growth of 13.1%. Domestic sales were 15,478 units (including 43 electric excavators), down 9.19%, while exports totaled 20,456 units (including 27 electric excavators), up 38.8% [4]. - The share of domestic sales in total sales for February 2026 was 39%, while exports accounted for 61%. For January to February 2026, domestic sales represented 43% and exports 57% of total sales [4]. Operating Hours and Rates - The average working hours for major construction machinery products in February 2026 was 55 hours, showing a year-on-year increase of 18.6% but a month-on-month decrease of 24.1%. Specific working hours included excavators at 48.2 hours and loaders at 69.9 hours [4]. - The operating rate for major construction machinery products in February 2026 was 35.9%, down 8.63 percentage points year-on-year and 12.2 percentage points month-on-month. Excavators had an operating rate of 36.5% [4]. Company Recommendations - Recommended stocks include SANY Heavy Industry, Zoomlion Heavy Industry, XCMG, Liugong, and Hengli Hydraulic, all expected to benefit from the industry's recovery and growth [4].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the engineering machinery sector [2][4]. Core Insights - The engineering machinery industry shows an upward trend in sales, with a total of 17,226 excavators sold in February 2026, a year-on-year decrease of 10.6%. However, the cumulative sales for January-February 2026 reached 35,934 units, reflecting a year-on-year increase of 13.1% [2][4]. - Exports have significantly exceeded market expectations, with excavator exports in February 2026 increasing by 37.2% year-on-year, and cumulative exports for January-February 2026 growing by 38.8%. Exports accounted for 60.8% of total sales in February, marking a historical high [2][4]. - Domestic sales saw a decline of 42% in February 2026, attributed to the timing of the Spring Festival, rather than a weakening demand. The actual demand remains resilient when adjusted for working days [4]. - The report anticipates a synchronization of domestic and international sales, with a potential surge in domestic demand as the traditional construction season begins in March 2026 [4]. - The report highlights key investment opportunities in the engineering machinery sector, focusing on major manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component suppliers like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing [4]. Summary by Sections Sales Performance - In February 2026, a total of 17,226 excavators were sold, down 10.6% year-on-year. Domestic sales were 6,755 units, down 42%, while exports reached 10,471 units, up 37.2% [2][4]. - Cumulative sales for January-February 2026 were 35,934 units, with domestic sales at 15,478 units (down 9.19%) and exports at 20,456 units (up 38.8%) [2][4]. Market Dynamics - The engineering machinery industry is experiencing a recovery trend, with strong export growth and resilient domestic demand expected to drive future performance [4]. - The report notes that the current domestic industry cycle resembles the upward phase of the 2017-2018 renewal cycle, suggesting a robust recovery ahead [4]. Investment Opportunities - The report identifies key companies for investment consideration, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for main machinery, and Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing for components [4].

2 月挖掘机出口同比增长 37.2%，海外科技巨头签署自主供电 承诺 机械行业周报 [Table_Invest] 评级： 增持 股 票 研 究 机械行业《两会聚焦人形机器人等科技赛道；宝 马、三星加速人形机器人工厂端应用落地》 2026.03.08 机械行业《燃机巨头订单旺盛，机器人基础模型 Pi 06 鲁棒性提升》2026.03.03 机械行业《春节后气体整体表现偏弱；广钢气体 中标海南商业航天发射场氦气采购项目》 2026.03.01 机械行业《具身模型 Pi 06 鲁棒性大幅提升，国 内人形初创百亿估值俱乐部增加至 6 家》 2026.02.28 机械行业《出口链月度跟踪：主要航线海运费同 比持续下滑，2 月美国住房市场指数同比- 14.29%》2026.02.26 股票研究 /[Table_Date] 2026.03.08 报 告 请务必阅读正文之后的免责条款部分 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(分析师) 021-23187266 dingjiayi@gt ...

股 票 研 究 2 月挖掘机出口同比增长 37.2%，海外科技巨头签署自主供电 承诺 机械行业周报 [Table_Invest] 评级： 增持 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(分析师) 021-23187266 dingjiayi@gtht.com S0880525080009 本报告导读： 上周（2026/3/2-2026/3/6）机械设备指数涨跌幅为-2.51%。挖机出口高增，工程机械 景气度延续，两会定调新质生产力，培育发展新动能，海外科技巨头签署自主供电 承诺，AIDC 发电设备关注度持续提升。 投资要点： [Table_Report] 相关报告 机械行业《两会聚焦人形机器人等科技赛道；宝 马、三星加速人形机器人工厂端应用落地》 2026.03.08 机械行业《燃机巨头订单旺盛，机器人基础模型 Pi 06 鲁棒性提升》2026.03.03 机械行业《春节后气体整体表现偏弱；广钢气体 中标海南商业航天发射场氦气采购项目》 2026.03.01 机械行业《具身 ...