机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

Investment Rating - The report maintains an "Outperform" rating for the engineering machinery sector [1]. Core Insights - January 2026 saw strong sales growth in excavators and loaders, driven by a combination of replacement cycles and external demand. The outlook for 2026 is positive, supported by proactive fiscal policies, stabilization in the European construction sector, and sustained high demand in emerging markets. The report emphasizes the importance of focusing on domestic demand renewal and overseas expansion strategies [5][11]. - The engineering machinery index rose approximately 0.15% in January 2026, underperforming the Shanghai Composite Index by 3.61 percentage points [11]. - Excavator sales in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [16]. - Loader sales for the same month totaled 11,759 units, reflecting a 48.5% year-on-year increase, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [16]. Summary by Sections Market Review - The engineering machinery index in January 2026 increased by about 0.15%, lagging behind major indices such as the Shanghai Composite and CSI 300 [11]. - The performance of different segments showed mixed results, with the average price-to-earnings (PE) ratios for complete machine manufacturing and components being 29 and 39, respectively [11]. Industry Tracking - The report highlights significant growth in excavator and loader sales, with excavators showing a 49.5% increase and loaders a 48.5% increase in January 2026 [16][18]. - The report notes that electric excavators and loaders are gaining traction, with electric loader sales reaching 2,990 units and a penetration rate of 25.43% [16]. Macro Dynamics - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a slight contraction in manufacturing activity. However, production levels remain above the critical point, suggesting ongoing expansion in manufacturing [44]. - Infrastructure investment is supported by the issuance of special bonds amounting to approximately 367.7 billion yuan, a year-on-year increase of 79.5% [5]. Key Targets - Recommended key players in the sector include leading manufacturers such as Zoomlion (000157), Sany Heavy Industry (600031), and XCMG (000425), as well as core component suppliers like Hengli Hydraulic (601100) and Aidi Precision (603638) [5][54].

Core Viewpoint - Zoomlion Heavy Industry's recent "Opening Red" event showcased significant growth in sales, with over 15,000 units shipped, totaling approximately 8.5 billion yuan, indicating the company's accelerated expansion in both domestic and international markets [2][3] Group 1: Sales Performance - In the 2026 "Opening Red" event, Zoomlion Heavy Industry shipped over 15,000 units, amounting to around 8.5 billion yuan, a substantial increase from over 10,000 units and 5.7 billion yuan in 2025 [3] - The company's crane segment alone saw over 1,500 units shipped, generating more than 2.4 billion yuan, including the delivery of the world's largest 4,000-ton all-terrain crane [3][4] - The event also featured over 2,400 units of concrete machinery, valued at approximately 1.7 billion yuan, with products destined for both domestic projects and international markets, including Germany, Australia, and the UAE [3][4] Group 2: Market Expansion - The "Opening Red" event highlighted a strong focus on high-end engineering machinery, particularly in the mining sector, with a total of over 3,700 units of earth-moving and mining machinery shipped, valued at around 2.3 billion yuan [4] - The high-altitude operation machinery segment included over 4,000 units, featuring the world's highest 82-meter straight-arm aerial work platform, targeting key domestic regions and over 40 countries globally [4] - More than 80% of the orders during the event were from overseas clients, with customers from over 40 countries, including Italy, Hungary, the USA, and Australia [4] Group 3: Industry Trends - The engineering machinery industry in China is showing signs of recovery, with excavator sales in January 2026 reaching 18,708 units, a year-on-year increase of 49.5% [5] - Domestic excavator sales grew by 61.39%, while exports increased by 40.5%, accounting for 53.37% of total sales [5] - The recovery trend is expected to extend beyond excavators to include concrete machinery and cranes, with overseas business likely becoming a key growth driver for the industry in the medium to long term [5]

Core Insights - Zoomlion Heavy Industry Science and Technology Co., Ltd. (Zoomlion) has consolidated its operations by relocating various bases in Changsha to a new smart industrial city, indicating a strategic move to enhance efficiency and productivity [1] - The company reported a significant increase in sales during the 2026 "Opening Red" event, with over 15,000 units delivered, amounting to approximately 8.5 billion yuan, showcasing its robust market expansion efforts [2][5] Sales Performance - In the 2025 "Opening Red" event, Zoomlion delivered over 10,000 units with a total value of around 5.7 billion yuan, highlighting a substantial growth in 2026 with both sales volume and revenue increasing significantly [2] - The engineering hoisting machinery segment alone saw over 1,500 units delivered, generating more than 2.4 billion yuan, including the shipment of the world's largest 4,000-ton all-terrain crane [2][4] Product Diversification - Zoomlion's concrete machinery segment delivered over 2,400 units valued at approximately 1.7 billion yuan, with products being dispatched to both domestic and international markets, including Germany, Australia, and the UAE [4] - The company is also focusing on high-end mining machinery, with a "digging and carting" combination of excavators and electric mining trucks valued at around 2.3 billion yuan, totaling over 3,700 units shipped globally [4] Market Expansion - The "Opening Red" event saw over 80% of orders coming from international clients across more than 40 countries, indicating a strong global market presence [5] - The Chinese engineering machinery industry is showing signs of recovery, with excavator sales in January 2026 reaching 18,708 units, a year-on-year increase of 49.5%, reflecting a broader recovery trend across various machinery segments [5]

Core Viewpoint - Zoomlion held a simultaneous delivery ceremony across its national parks, delivering over 15,000 units worth approximately 8.5 billion yuan, showcasing its high-end, intelligent, and green products to global markets [1][2]. Group 1: Delivery Highlights - The engineering and hoisting machinery segment delivered over 1,500 units valued at over 2.4 billion yuan, including the world's largest 4,000-ton all-terrain crane, which set multiple records in wind turbine installation [1]. - More than 2,400 units of concrete machinery, valued at around 1.7 billion yuan, were dispatched to 23 countries, including Germany, Australia, and the UAE, contributing to major national projects [1]. - A combination of over 3,700 units of earthmoving and mining machinery, valued at 2.3 billion yuan, was sent to various global destinations [2]. Group 2: Product Range and Market Expansion - Over 4,000 units of aerial work platforms, including the world's highest 82-meter straight-arm platform, were delivered, targeting key domestic regions and over 40 countries [2]. - The company also dispatched agricultural machinery, basic construction machinery, emergency equipment, and new materials, reflecting a diverse and vigorous market presence [2]. - The overseas order ratio exceeded 80%, with clients from over 40 countries, including Italy, Hungary, the USA, and Australia [2]. Group 3: Future Outlook - The company aims to continue its focus on technological innovation and global expansion, providing high-end, intelligent, and green solutions to empower global customers [3].

Core Viewpoint - The company, Zoomlion, has launched a significant number of construction equipment products, totaling over 15,000 units worth approximately 8.5 billion yuan, marking a strong start to the year and aiming for global market expansion [1][3]. Group 1: Product Launch and Financials - Zoomlion's four major parks simultaneously dispatched over 1,500 units of construction hoisting machinery, generating over 2.4 billion yuan in revenue, including the world's largest 4,000-ton all-terrain crane [3]. - The company also delivered over 2,400 units of concrete machinery, valued at around 1.7 billion yuan, to 23 countries and regions, enhancing China's construction capabilities on the international stage [5]. - A combination of heavy-duty mining excavators and electric mining trucks, valued at approximately 2.3 billion yuan, along with over 3,700 units of earthmoving and mining machinery, were also dispatched globally [5]. Group 2: Market Expansion and Innovation - Zoomlion's high-altitude work machinery, including the world's highest 82-meter straight-arm platform, saw over 4,000 units dispatched to key domestic regions and over 40 countries, indicating a robust global market expansion strategy [5]. - The company is committed to continuous technological innovation and global expansion, focusing on high-end, intelligent, and green products to empower global customers [7].

Investment Rating - The industry is rated as "Positive" [2] - Companies recommended for "Increase" rating include Zhonglian Heavy Industry, Hengli Hydraulic, Jiechang Drive, and Haomai Technology [2] Core Viewpoints - The Spring Festival Gala featured humanoid robots, enhancing brand visibility and commercial acceleration, which is expected to expedite industry deployment [2][29] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs and significant events anticipated in 2026 [2][29] - 2026 is identified as a critical year for the development of the humanoid robot industry, suggesting continued investment opportunities in the supply chain [2][29] Industry News - Blue Arrow Aerospace announced the second quarter recovery test for the Zhuque-3 rocket [11] - The average operating rate of construction machinery in January 2026 was 37.15%, with a year-on-year growth rate of 0.71% [11] Industry Data - As of February 13, 2026, the steel comprehensive price index (CSPI) was 90.68 [12] - As of February 24, 2026, WTI and Brent crude oil prices were $66.31 per barrel and $71.11 per barrel, respectively [13] Company Announcements - Zhuozhao Dispensing reported a 202.58% year-on-year increase in revenue for 2025, with expected revenue of approximately 378.59 million yuan [19] - Dazhu Laser plans to invest $150 million to establish an overseas operation center in Southeast Asia [20] Market Review - From February 12 to February 24, 2026, the Shanghai and Shenzhen 300 index fell by 0.13%, while the machinery industry rose by 2.01%, outperforming the index by 2.14 percentage points [21] - As of February 24, 2026, the machinery industry’s price-to-earnings ratio (PE, TTM) was 52.63, with a valuation premium of 270.76% compared to the Shanghai and Shenzhen 300 index [22]

香港联交所最新资料显示，2月13日，摩根大通减持中联重科（000157）(01157)2402.8132万股，每股作 价10.0414港元，总金额约为2.41亿港元。减持后最新持股数目约为1.13亿股，最新持股比例为7.24%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月13日，摩根大通减持中联重科(01157)2402.8132万 股，每股作价10.0414港元，总金额约为2.41亿港元。减持后最新持股数目约为1.13亿股，最新持股比例 为7.24%。 ...