第三，政策也倾向于农机升级，12月24日国家发改委发布《加快农业农村现代化扎实推进乡村全面振 兴》，明确提出大力发展农业新质生产力，重点强调加力实施农机装备补短板。最后，在出口端，我国 农机出口增长，将为农机板块的需求带来新的成长性。 智通财经APP获悉，东方证券发布研报称，2025年农机需求承压，从国内看，2025年中大型拖拉机产量 同比下降1.2%，小型拖拉机产量同比下降15.4%；从海外看，2025年英国农用拖拉机的总销量有记录以 来最低水平(二战前以来最低的水平)，2025年10月美国农业拖拉机、联合收割机销量分别下降19.6%、 26.8%。向前瞻，农机需求有望在2026年边际改善，国内十五五开局年，中央一号文件有望继续支持农 业发展，海外利率和贸易风险逐渐缓解，也有望带来需求回升。 十五五开局年，国内农机景气度有望改善 尽管国内2025年农机需求下降，但行业有望在2026年边际改善。首先总量政策支持，2026年是十五五的 开局之年，国家一号文件《中共中央、国务院关于稳定农业农村现代化、扎实推进乡村全面振兴的意 见》将更加重视农业现代化。第二，更新政策延续且更加专注精准，2026年正常继续支持大规模 ...

机械设备行业 行业研究 | 动态跟踪 农机 2025 年需求承压，2026 年景气度有 望改善 核心观点 投资建议与投资标的 2025 年农机的需求整体承压，向前看，我们预计 2026 年国内海外的农机景气度均有望 边际复苏，带来投资机会。部分相关标的：一拖股份(601038，未评级)、中联重科 (000157，买入)。 风险提示 宏观经济波动导致投资不及预期、粮食价格不及预期，海外高利率拖累需求、海外贸易 摩擦加剧、原材料价格上涨拖累企业盈利 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 02 日 看好（维持） 数据来源：ifind，东方证券研究所 数据来源：ifind，东方证券研究所 (40) (30) (20) (10) 0 10 20 30 40 2022/02 2022/09 2023/04 2023/11 2024/06 2025/01 2025/08 小型拖拉机累计产量同比（%） (15) (10) (5) 0 5 10 2022/02 2022/09 2023/04 2023/11 2024/06 2025/01 2025/08 中大型拖拉机累计产量同比（%） 图 ...

Investment Rating - The industry is rated positively, with expectations for overall returns exceeding the CSI 300 index by more than 5% in the next six months [36]. Core Viewpoints - The report anticipates a comprehensive recovery in both domestic and international demand for construction machinery in 2025, maintaining a positive outlook on industry demand [10][21]. - Data from the Construction Machinery Industry Association indicates strong sales performance across various machinery categories in December, with notable year-on-year growth in excavators (10.9%), loaders (17.6%), and cranes (39.1%) domestically, and significant export increases for excavators (26.9%) and loaders (41.5%) [10][11]. - For the full year of 2025, domestic sales are projected to reach 118,518 excavators (up 17.9%) and 66,330 loaders (up 22.1%), while exports are expected to total 116,739 excavators (up 16.1%) and 61,737 loaders (up 14.6%) [10][11]. - The report highlights that favorable policies in real estate and infrastructure, along with the machinery replacement cycle, are expected to drive demand improvements [10][11]. - The "Belt and Road" initiative is anticipated to enhance overseas market opportunities for domestic manufacturers, particularly in mining machinery, as global mining capital expenditures rise [10][11]. Summary by Sections Industry Opinion and Investment Suggestions - The report emphasizes a positive outlook for the construction machinery sector, predicting a recovery in demand [10][21]. Key Company Announcements - XCMG is involved in the construction of the world's largest football stadium, showcasing its equipment's capabilities [12]. - Zoomlion has signed procurement agreements worth 180 million yuan with Latin American clients, reflecting its international market trust [12]. Market Performance Review - During the period from January 26 to January 30, the CSI 300 index rose by 0.1%, while the machinery sector declined by 4.2%, ranking 25th among all primary industries [30].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： RMB 8,648,535,236 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中聯重科股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01157 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,5 ...

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]

Group 1 - The "super large horsepower intelligent hybrid power tractor" (model DX7004) developed by Zoomlion Agricultural Machinery Co., Ltd. and Zoomlion Heavy Industry Science & Technology Co., Ltd. has been recognized for its advanced technology and innovation, achieving international leading standards in the industry [2] - The tractor features a hybrid power system with a rated power of 700 horsepower and a peak power of 1200 horsepower, capable of continuous operation for 12 hours over 7200 acres [2] - The product incorporates a self-developed digital chassis and intelligent control system, supporting stepless speed regulation and direct drive hydraulic and power output, enhancing operational efficiency and economic viability for large-scale farms [2] Group 2 - The product surpasses international high-end products in terms of power, operational efficiency, energy utilization, and intelligence, marking a significant breakthrough in the core technology of stepless speed regulation [3] - Since entering the agricultural machinery sector in 2014, Zoomlion Heavy Industry has achieved comprehensive product coverage across the entire agricultural process, leading the domestic market in products like wheeled harvesters and dryers, and ranking first in the export volume of large horsepower tractors among domestic companies [3] - The company has launched multiple high-end agricultural machinery products with independent intellectual property rights, demonstrating its innovation capabilities and collaborative strength in high-end equipment [3]

截至2026年1月29日收盘，中联重科(000157)报收于8.78元，上涨0.57%，换手率1.83%，成交量129.37万 手，成交额11.27亿元。 擬根據特別授權發行人民幣6,000,000,000元於2031年到期的可換股債券 中联重科拟发行人民币60亿元于2031年到期的可换股债券，初始转股价格为每股H股10.02港元，较最后 交易日收市价溢价约18.58%。若全部转换，将新增约6.73亿股H股，占现有H股总数的43.36%及总股本 的7.78%。此次发行已获特别授权，无需再经股东批准。募集资金净额约59.42亿元人民币，将用于公司 发展。本次发行尚需满足多项先决条件，并可能因市场或政策变化而终止。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：1月29日主力资金净流出1417.91万元，游资积极介入，净流入5725.74万元。 来自公司公告汇总：中联重科拟发行60亿元2031年到期可换股债券，初始转股价格溢价约 18.58%，募集资金约59.42亿元用于公司发展。 当日关注点 交易信息汇总 资金流向 ...

Core Viewpoint - Zhonglian Heavy Industry successfully issued convertible bonds in Hong Kong, raising 6 billion RMB to support its R&D and global business expansion strategies [1][2] Group 1: Convertible Bond Details - The issuance scale of the convertible bonds is 6 billion RMB, with a maturity of 5 years and a coupon rate of 0.70% [1] - The funds raised will be allocated 50% to support the company's global development strategy and 50% to drive high-quality innovation [1] Group 2: Strategic Importance - The issuance aligns with Zhonglian Heavy Industry's ongoing strategies of globalization, diversification, greening, intelligence, and digitization [2] - The successful bond issuance reflects strong recognition from international investors across multiple countries, indicating confidence in the company's growth prospects and governance [2] Group 3: Industry Context - The machinery equipment industry is undergoing significant changes, with trends towards globalization, green transformation, and technological innovation [2] - Zhonglian Heavy Industry is positioned as a representative enterprise in China's manufacturing sector, exemplifying the move towards higher value chains globally [2]

本报讯 （记者何文英）1月29日，A+H上市公司中联重科股份有限公司（以下简称"中联重科"）公告，公司于香港联交所 成功发行港股可转换债券（以下简称"本次可转债"），获得了全球资本市场投资人的踊跃认购。本次发行标志着公司在国际化 资本运作方面取得又一重要里程碑，募集资金将有助于支持公司加强研发投入和海外业务体系建设，为公司持续推进创新驱动 发展战略和全球化发展战略提供坚实的资本协同。 发行要素稳健均衡 当前，行业竞争格局正经历深刻变化，全球化发展、绿色化转型、智能化科技革命加速融合。一方面，从公司自身来看， 中联重科不断深化以"端对端、数字化、本土化"的全球化发展战略，在海外市场持续突破；另一方面，伴随着新能源、智能 化、机器人等新技术的快速突破，公司基础研发和终端产品正加速向创新领域变革延伸。 本次发行正是中联重科在这一变革窗口期下的一次战略资本举措，与公司近年来持续推进的"全球化、多元化、绿色化、 智能化、数字化"战略深度契合。 募集资金的50%将用于支持公司全球化发展战略的落地，投向海外生产制造基地、仓储物流体系、研发中心、营销体系、 后市场服务体系等项目，构建覆盖世界市场需求的全方位竞争力；另外50% ...

Group 1 - The company plans to issue RMB 60 billion convertible bonds maturing in 2031 based on special authorization [1] - The bonds will be issued at a fixed exchange rate, approximately equivalent to HKD 67.452 billion [1] - The underwriters have agreed to subscribe to the bonds under specific terms outlined in the subscription agreement [1] Group 2 - The convertible bonds can be converted into H-shares at an initial conversion price of HKD 10.02 per share [2] - If fully converted, the bonds will result in approximately 673,188,000 H-shares, representing about 43.36% of the company's issued H-shares as of the announcement date [2] - After full conversion, the newly issued shares will account for 30.25% of the enlarged total issued H-shares [2]