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 | ...

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | | | | 市场数据： | 2026 年 03 月 24 日 | | --- | --- | | 收盘价（元） | 10.33 | | 一年内最高/最低（元） | 12.90/7.57 | | 市净率 | 2.0 | | 股息率%（分红/股价） | 1.74 | | 流通 A 股市值（百万元） | 93,065 | | 上证指数/深证成指 | 3,881.28/13,536.56 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 5.09 | | 资产负债率% | 65.86 | | 总股本/流通 A 股（百万） | 11,749/9,009 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 02-24 03-24 徐工机械 沪深 ...

证券代码：000425 证券简称：徐工机械 公告编号：2026-13 徐工集团工程机械股份有限公司 关于控股股东增持公司股份计划的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）于 2025 年 12 月 27 日在《中国证券报》《上海证券 报》和巨潮资讯网（www.cninfo.com.cn）披露了《关于控股股东 增持公司股份及后续增持计划的公告》（公告编号：2025-97）， 公司控股股东徐州工程机械集团有限公司（以下简称"徐工集团"） 拟自 2025 年 12 月 26 日起六个月内，通过深圳证券交易所交易 系统允许的方式（包括但不限于集中竞价、大宗交易、协议转让 等）增持公司股份，本次拟增持股份金额不低于人民币 8,000 万 元且不超过人民币 16,000 万元。 （三）徐工集团在本次增持计划公告前的 12 个月内未披露 增持计划，在本次增持计划公告前 6 个月未出现减持公司股份情 况。 二、增持计划的主要内容 （一）本次增持股份的目的 徐工集团为履行《全球投资者未来三年（20 ...

地缘政治扰动升温，看好矿山机械景气度 持续 ——矿山机械行业报告 核心观点 投资建议与投资标的 地缘冲突背景下，有色金属价格中枢有望维持高位，全球矿业巨头持续加大并购拓展储 量，未来矿山企业扩产意愿有望加强。这将带动矿山企业资本开支高景气度持续更长时 间，推动矿山机械行业高景气。而广义的矿山机械景气度有三个阶段，包括大宗原料开 发、能源开采、建设利用，我们认为目前正处于第一阶段，相关设备企业有望受益矿山 机械行业景气度上行。相关标的：耐普矿机(300818，未评级)、徐工机械(000425，未评 级)、运机集团(001288，未评级)、同力股份(920599，未评级)、山推股份(000680，未 评级)、北方股份(600262，未评级)。 风险提示 宏观经济波动导致投资不及预期、 矿企资本开支不及预期、 矿山项目进展不及预期 机械设备行业 行业研究 | 深度报告 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 24 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326 ...

2026年2月份，新能源重卡整体销量出现了自2023年2月份以来的首次同比下降， 连增势头就此中断，但仍有一些细分领域坚挺地延 续着增长势头。 充电重卡市场就是其中之一。请看第一商用车网的分析报道。 从细分车型来看，2026年1-2份挂牌上路的充电重卡仍以牵引车、自卸车，以及混凝土搅拌车为主，分别达到9540辆、3019辆和 2297辆，占比分别达到56.1%、17.8%和13.5%。此外，洗扫车、清洗车等环卫车型也是充电重卡的重要细分车型，合计占比达到 11.6%。 2026年1-2月，全国除港、澳、台外的31个省级行政区都有充电重卡上牌。具体到城市来看，截止到2月份，全国已有275座城市有充 电重卡上牌（换电重卡进入的城市是187座），上牌量超过百辆的城市达到42座，广州、深圳、成都、唐山、重庆、长沙等城市2026 年上牌量已超过500辆（如下图）。 2月实销5518辆同比小增3%，连增势头继续 2026年2月份，国内新能源重卡市场共计销售7435辆（注：本文数据来源为交强险实销口径，不含出口和军车，下同），环比1月份下 降54%，同比下降9%。2月份，纯电动重卡（包括换电和充电）销售7363辆，占比高达 ...

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 ...

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]