Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]

当中联重科长沙工厂每6分钟下线一台挖掘机时，其中超过一半正被运往海外；当三一、徐工的设备在印尼矿山、非洲工地昼夜轰鸣时，这些头部企业的 海外收入占比已接近60%。中国工程机械巨头们，正凭借硬核实力在海外悄悄 "复制一个中国市场"！ 这不再是一场简单的产品出口，而是一次深刻的产业迁徙与格局重塑。国内卷产能，海外卷江山！这片新江山到底会是谁的江山呢？ 主引擎丨海外营收从"补充"到"支柱" 近几年来，中国工程机械行业最热的一个关键词非出海莫属！ 2025年上半年，三一重工的海外销售收入达到263.02亿元，占主营业务收入比重高达60.26%。中联重科紧随其后，海外收入138.15亿元，占比55.58%。徐 工和柳工的海外收入占比也分别达到46.61% 和46.88%。 2025年，我国电动装载机累计销量同比大增165.34%，市场渗透率在2025年已达到23.25%。不仅是动力革新，更是作业模式的革命。 徐工交付的百台纯电无人驾驶矿卡，在零下40℃的伊敏矿区实现了三班倒连续作业，更安全高效。 2025年9月，柳工在中国—东盟博览会上推出的"AI柳工"智能诊断系统，能实时识别机械故障隐患，并通过3D可视化模块提供维修 ...

证券之星消息，1月13日，深证国企ESG（970055）指数报收于1462.82点，跌1.7%，成交565.26亿元，换 手率2.08%。当日该指数成份股中，上涨的有9家，登康口腔以6.17%的涨幅领涨，下跌的有40家，中核 科技以9.27%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz002415 | 海康威视 | 9.57% | 30.87 | -2.43% | | 2829.20 | ■ 计算机 | | sz000858 | 五粮液 | 9.23% | 108.00 | -0.51% | | 4192.14 | 食品饮料 | | sz000425 | 徐工机械 | 8.83% | 11.33 | -3.00% | 4 V | 1331.61 | 机械设备 | | sz000338 | 潍柴动力 | 7.59% | 19.00 | 0.85% | | 1655.58 | 汽 ...

证券之星消息，1月13日工程机械板块较上一交易日下跌0.37%，邵阳液压领跌。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301279 | 金直科技 | 35.52 | 5.18% | 7.43万 | | 2.68亿 | | 301446 | 福事特 | 37.70 | 5.16% | 3.71万 | | = 1.38亿 | | 920942 | 恒立钻具 | 34.72 | 3.64% | 4.78万 | | 1.67亿 | | 601100 | 恒立液压 | 120.29 | 2.29% | 15.95万 | | 19.32亿 | | 603298 | 杭叉集团 | 28.03 | 1.52% | 11.83万 | | 3.32亿 | | 920174 | 五新随装 | 50.15 | 0.93% | 3.45万 | | 1.73亿 | | 60 ...

Core Insights - The report from China Galaxy Securities indicates a positive growth outlook for excavator sales, with domestic and export sales expected to increase by 10.9% and 26.9% respectively by December 2025 [1][2] Group 1: Excavator Sales - In December, a total of 23,095 excavators were sold, representing a year-on-year increase of 19.2%, with domestic sales at 10,331 units (+10.9%) and exports at 12,764 units (+26.9%) [2] - For the year 2025, total excavator sales are projected to reach 235,257 units, a 17% increase year-on-year, with domestic sales of 118,518 units (+17.9%) and exports of 116,739 units (+16.1%) [2] - Both medium and large excavators showed positive growth in domestic sales, while large excavator exports continue to perform strongly [1][2] Group 2: Loader and Other Machinery Sales - In December, loader domestic sales increased by 17.6% and exports surged by 41.5%. For 2025, domestic sales are expected to grow by 22.1% and exports by 14.6% [2] - In November, various machinery categories such as truck cranes, crawler cranes, and forklifts experienced double-digit growth in domestic sales [2] - Specific sales growth rates for November include: truck cranes overall +17% (domestic +26%, export +8.5%), crawler cranes overall +66% (domestic +102%, export +53%), and forklifts overall +14% (domestic +24%, export +0.7%) [2] Group 3: Working Hours and Export Data - December saw a decline in average working hours for major construction machinery products, averaging 76.5 hours, down 18.6% year-on-year [3] - From January to November, China's construction machinery export value reached $53.756 billion, reflecting a year-on-year increase of 12.4% [4] - Komatsu's data for November indicates that North America and Indonesia saw positive growth in working hours, while Europe and Japan experienced declines [3] Group 4: Industry Outlook and Recommendations - The industry is expected to benefit from a positive demand environment, with recommendations for leading manufacturers such as SANY Heavy Industry, XCMG, LiuGong, and Zoomlion, as well as core component manufacturers like Hengli Hydraulic [5]

Group 1 - A total of 7 stocks received buy ratings from brokerages on January 9, with 1 stock announcing a target price [1] - Based on the highest target price, XCMG's target price indicates a potential increase of 33.22% [1] - Among the stocks with buy ratings, 4 maintained their ratings while 3 received ratings for the first time [1] Group 2 - The sectors with the highest number of stocks receiving buy ratings include Automotive and Auto Parts (3 stocks), Capital Goods (2 stocks), and Food, Beverage, and Tobacco (1 stock) [1]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as engineering machinery [1]. Core Insights - The mechanical industry is expected to benefit from the acceleration of AI applications, particularly in high-performance servers and GPU demand, driven by the rapid iteration of AI models and smart hardware [7]. - The excavator market is projected to exceed expectations in both domestic and international sales, with a forecasted 17% year-on-year growth in 2025, supported by government policies and infrastructure projects [7]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on key companies across various segments [7]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2][8]. - For example, 汇川技术 is expected to have an EPS of 2.11元 in 2025, with a PE ratio of 37.13, indicating strong growth potential [2]. Industry and Company Investment Views - The report highlights the AI equipment and consumables sector as a key area for investment, with significant growth expected in the PCB market driven by AI infrastructure needs [9]. - The engineering machinery sector is also highlighted, with companies like 三一重工 (Sany Heavy Industry) and 徐工机械 (XCMG) expected to benefit from increased domestic demand and international market recovery [7][9]. Key Data Tracking - The report provides macroeconomic data indicating a total market capitalization of 70,956.73 billion yuan for the mechanical industry, with 636 listed companies [4]. - The mechanical sector has shown strong performance, with a 5.7% increase in the sector index over the past week, outperforming major indices [11][14].

Investment Rating - The SW Machinery Equipment Index increased by 5.39% during the week of January 5 to January 9, 2026, ranking 10th among 31 primary industry categories [12][14]. Core Insights - The report anticipates a significant increase in domestic rocket launches in 2026, driven by the urgent demand for satellite deployment [21]. - The robotics sector is expected to experience a strong market trend in Q1 2026, with advancements in humanoid robots [21]. - The nuclear fusion energy sector is highlighted as a potential investment opportunity during the 14th Five-Year Plan period, with significant technological breakthroughs reported [22]. - The global shipbuilding industry is showing signs of recovery, with new ship prices increasing and order volumes significantly improving [31]. - The engineering machinery sector is entering an upward cycle, with robust domestic and export sales of excavators and loaders [35]. - The report indicates varying degrees of industry performance, with general machinery under pressure, while engineering machinery and railway equipment show positive trends [46][45]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Chaojie Co., Feiwo Technology, Guanglian Aviation, Hengli Hydraulic, Lianchuang Optoelectronics, XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and China Shipbuilding [10]. 2. Market Review - The SW Machinery Equipment Index rose by 5.39% in the first week of 2026, outperforming the CSI 300 Index, which increased by 2.79% [12][14]. 3. Key Data Tracking 3.1 General Machinery - The manufacturing PMI was reported at 50.1% in December, indicating a slight recovery [23]. 3.2 Engineering Machinery - Excavator sales reached 23,095 units in December, marking a year-on-year increase of 17.6% [35]. 3.3 Railway Equipment - Railway fixed asset investment has maintained a steady growth rate of around 6% since 2025 [45]. 3.4 Shipbuilding - The global new ship price index reached 184.65 in December, with a month-on-month increase of 0.17% [46]. 3.5 Oil Service Equipment - The oil service equipment sector is stabilizing, with high demand in the Middle East [49]. 3.6 Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, boosting demand for industrial gases [55]. 3.7 Gas Turbines - GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, indicating a robust market [57].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301079 | 邵阳液压 | 58.45 | 17.84% | 40.79万 | | 23.82亿 | | 300201 | 海伦哲 | 7.46 | 9.54% | 98.28万 | | 7.15亿 | | 600984 | 建设机械 | 4.21 | 4.99% | 61.91万 | | 2.59亿 | | 600031 | 三一重工 | 22.28 | 3.97% | 110.42万 | | 24.44亿 | | 000425 | 徐工机械 | 11.80 | 3.69% | 94.73万 | | 11.16亿 | | 000680 | 山推股份 | 12.47 | 3.23% | 30.79万 | | 3.85亿 | | 603298 | 杭叉集团 | 27.66 | 3.09% | 9.57万 | | 2.62亿 | | 000157 | 中联重科 | 8.57 | 2.88% | 98.65万 | | 8.41亿 | ...

Group 1 - The report emphasizes the growth potential driven by AI and the reversal of the anti-involution cycle in the manufacturing sector [1] - Key companies highlighted include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, Zoomlion, XCMG, and others [2][3] - The core investment strategy focuses on sectors such as machinery, lithium battery equipment, and intelligent robotics, with a positive outlook for 2026 [4][6] Group 2 - The machinery sector is expected to see a strong start in 2026, with continued focus on technological growth in areas like embodied intelligence and commercial aerospace [4] - The report notes that the lithium battery equipment sector has crossed a turning point, with demand driven by energy storage and overseas power batteries, projecting a compound annual growth rate (CAGR) of 19% from 2024 to 2027 [6][10] - The report predicts significant profit growth for key companies, with expected net profits for 2025, 2026, and 2027 being 0.13 billion, 0.84 billion, and 1.90 billion respectively, indicating a CAGR of approximately 290% [11][17]