（文章来源：证券日报） 证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，全球农机市场规模约为1万亿元人民币， 未来竞争格局胜负在于海外的广阔市场以及基于新能源和智能化的产品开发，这两点恰恰也是公司的优 势所在。公司全球化运营经验丰富，同时产品端聚焦新能源和智能化，可与工程机械、矿山机械共享研 发和技术。中联农机围绕落实"高端、国际、新能源"核心发展战略。目前公司农业机械在发达国家已经 实现销售，产品以大马力拖拉机为主。公司混动技术路线拖拉机和收获机参加德国农机展时获同行业客 户特别关注，市场反馈优异。 ...

证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，产品矩阵包括：1.9米全尺寸轮式人形机器 人、1.3米双足人形机器人、1.7m双足人形机器人、四足机器狗。产品策略：充分分析场景需求，根据 实际需求来选择合适的产品。开发逻辑：从产品与技术的可实现性逐步开发，先在自身丰富场景验证， 在逐步推广到其他场景。机器人领域属于前沿科技、国家重点战略产业，目前行业整体研发及应用尚处 于早期投资阶段，离规模性盈利仍需时间。敬请广大投资者谨慎决策，注意投资风险。 （文章来源：证券日报） ...

证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，矿山机械坚持"面向高端、面向全球、面 向全生命周期价值"发展方向，公司提供矿挖+矿卡的整体化产品及服务解决方案。利用研发优势开发 多款新能源型产品，全生命周期成本优势明显，对标国际一线品牌能耗大幅降低。高端产品研发实力方 面，公司可以生产400吨以上矿挖，以及300吨以上的电传动自卸车。近几年公司矿山机械市场增速优于 行业。 （文章来源：证券日报） ...

证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，2025年公司基于数字化思维和端对端管理 理念，搭建数字化存货管理平台，建立商机排产预测模型，同时智能化工厂投产，有效支撑存货与商机 的动态匹配管理。长沙智慧工厂可实现6.5天将钢板转化为挖掘机的高效生产，支撑以销定产模式。通 过上述措施，截至2025年前三季度，公司存货余额较2025年初减少12.86亿元，下降5.70%，其中单三季 度下降21.13亿元、较中报下降9.03%，存货管理见效明显。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，公司海外销售覆盖170多个国家，定价和 结算均通过一揽子货币实现多元化，降低单一货币波动影响；同时，公司建有成体系的专业化团队通过 中性对冲策略在衍生品市场管理汇兑风险。 ...

Core Insights - Zoomlion has reported continuous high growth in overseas business for five consecutive years, with overseas revenue expected to increase fivefold from 2020 to 2024 [1] - The company plans to focus on high-end markets in Western Europe and Australia by 2026, developing products that comply with local regulations and usage habits [1] - Regions such as Africa and Latin America have entered a harvest phase, while infrastructure demand continues to grow in the Middle East and Southeast Asia [1]

Core Insights - The company plans to establish a digital inventory management platform and a production forecasting model by 2025, leveraging digital thinking and end-to-end management concepts [1] - The smart factory in Changsha aims to achieve efficient production, converting steel plates into excavators in just 6.5 days [1] - As of the first three quarters of 2025, the company's inventory balance decreased by 1.286 billion yuan, a reduction of 5.70% compared to the beginning of 2025, with a notable decline of 2.113 billion yuan in the third quarter alone, reflecting effective inventory management [1][1][1]

Group 1: Company Overview and Strategy - Zhonglian Heavy Industry has established a comprehensive high-end equipment business system covering engineering machinery, agricultural machinery, and mining machinery, with a strong operational capability [1] - The company has built over 30 primary business aviation ports and more than 430 secondary and tertiary outlets globally, with overseas revenue continuously increasing [1] - Key strategic focuses include accelerating globalization and localization integration, promoting diversified industrial development, enhancing product greening and intelligence upgrades, and speeding up digital transformation [2] Group 2: Market Insights and Projections - The market strategy for small excavators in 2026 includes the establishment of a new production line for compact models, which is expected to significantly enhance product quality and reduce manufacturing costs [2] - Overseas business has experienced five consecutive years of rapid growth, with overseas revenue projected to increase fivefold from 2020 to 2024, focusing on high-end markets in Western Europe and Australia [3][4] - The agricultural machinery market is valued at approximately 1 trillion RMB, with the company leveraging its global operational experience and focus on new energy and intelligent products to gain a competitive edge [5] Group 3: Financial Management and Performance - The company has implemented a digital inventory management platform, resulting in a reduction of inventory balance by 1.286 billion RMB (5.70%) as of Q3 2025 [6] - The company’s mining machinery market growth has outpaced the industry, with a focus on high-end products and lifecycle value [4][5] Group 4: Robotics Development - The company is developing humanoid robots and has established a dedicated research center, collaborating with universities and AI companies to advance key technologies [7][8] - The product matrix includes various humanoid robots and robotic dogs, with a focus on meeting specific scene demands and gradually expanding applications [8]

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

Investment Rating - The industry is rated as "Positive" [2] - The specific companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [2] Core Insights - In January 2026, the sales of various excavators reached 18,708 units, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports totaled 9,985 units (including 11 electric excavators), up 40.5% [9] - The sales of various loaders in January 2026 reached 11,759 units, with a year-on-year increase of 48.5%. Domestic sales were 5,293 units (including 2,701 electric loaders), up 42.8%, and exports were 6,466 units (including 289 electric loaders), up 53.4% [9] - The average working hours for major construction machinery products in January 2026 was 72.5 hours, a year-on-year increase of 23.9% [9] - The average operating rate for major construction machinery products in January 2026 was 48.1%, a year-on-year decrease of 2.63 percentage points [10] - The steel composite price index (CSPI) was 90.93 as of February 6, 2026 [11] - As of February 11, 2026, the price of WTI crude oil was $63.96 per barrel, and Brent crude oil was $68.80 per barrel [12] Summary by Sections Industry News - The construction machinery sector is expected to continue its recovery due to the rollout of key projects and favorable policies for equipment upgrades. Domestic leading manufacturers are accelerating their overseas expansion, indicating strong competitiveness in technology and cost-effectiveness [28] Company Announcements - Tianjin Jinrong Tianyu Precision Machinery Co., Ltd. announced an investment in an industrial fund to enhance its strategic development and industry insight [18] - Aidi Precision reported an expected revenue of 3.14 billion to 3.26 billion yuan for 2025, reflecting a year-on-year growth of 15.24% to 19.64% [19] Market Review - From February 5 to February 11, 2026, the Shanghai and Shenzhen 300 Index rose by 0.32%, while the Shenwan Machinery Equipment Index increased by 0.31%, underperforming the broader index by 0.01 percentage points [20] - As of February 11, 2026, the price-to-earnings ratio (PE) for the Shenwan Machinery Equipment Industry was 51.67, with a valuation premium of 262.02% compared to the Shanghai and Shenzhen 300 Index [21] Weekly Perspective - The upcoming Spring Festival is expected to boost interest in humanoid robots, with several companies participating in the 2026 Spring Festival Gala, which may enhance brand visibility and commercialization opportunities [28]