中国银河（601881）证券发布研报称，2025年12月挖机内外销增速+10.9%/+26.9%，中挖和大挖内销均 实现正增长，大挖出口增速仍亮眼。11月汽车/履带式/随车起重机、叉车、升降工作平台内销同比均双 位数增长。海外，欧美需求有所恢复，矿山机械需求强劲，24年国内品牌出口量占全球(不含中国)需求 比例为19.2%，尚有较大提升空间。 12月国内开工小时数同比仍走弱；11月小松海外开工小时数；北美和印尼同比正增长，欧洲和日本同比 下滑 协会数据，12月工程机械主要产品月平均工作时长为76.5小时，同比下降18.6%，环比下降9.19%；主要 产品月开工率为51.8%，同比下降12.5个百分点，环比下降4.72个百分点。据小松官网，25年11月北 美、欧洲、日本、印尼小松挖掘机开工小时数分别为60.4h、71.2h、43.2h、210.6h，同比分别 +3.0%、-1.8%、-2.9%、+2.8%。 1-11月中国工程机械出口额同比+12.4%；约翰迪尔预期北美大型农机行业26年下滑15-20% 据海关，25年1-11月我国工程机械出口额累计537.56亿美元，同比+12.4%。约翰迪尔26年行业预测： ...

行业研究 证 券 研 究 报 告 机械行业周报（20260105-20260111） 推荐（维持） 关注 AI 设备及耗材、工程机械 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 78.30 | 2.11 | 2.54 | 3.00 | 37.13 | 30.87 | 26.11 | 6.52 | 强推 | | 法兰泰克 | 603966.SH | 13.90 | 0.60 | 0.77 | 0.94 | 23.19 | 18.17 | 14.74 | 3.16 | 强推 | | 信捷电气 | 603416.SH | 64.50 | 1.83 | 2.30 | 2.78 | 35.19 | 28.08 ...

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].

证券日报网讯1月9日，柳工（000528）在互动平台回答投资者提问时表示，自2022年整体上市以来，尽 管面临巨大的市场挑战，柳工还是成功跨越了行业下行周期，营业收入和净利润保持稳健增长，同时盈 利能力、资产质量以及内生竞争力也得到长足进步，期间公司股价表现也曾处于领先水平。随着公司持 续落实变革创新各项举措，经营质量的稳步提升，公司有充足信心在"全面解决方案、全面数智化、全 球化"的新"三全"战略引领下，保持经营业绩和投资回报的可持续健康发展。公司面临多重挑战的2025 年已经过去，否极泰来，2026年公司拭目以待。 ...

证券日报网讯 1月9日，柳工在互动平台回答投资者提问时表示，公司将继续秉持长期主义，以更优质 可靠的产品解决方案和服务赢得客户的信赖，实现可持续发展。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The report highlights that the demand for mining machinery is expected to remain strong due to high global copper prices, which have risen over 30% since the beginning of the year, reaching nearly $12,000 per ton [2][5] - The export of excavators is becoming a key growth driver, with December export growth accelerating by 8 percentage points month-on-month, particularly in large excavators, which saw a year-on-year growth of over 60% [2][4] - The domestic market for excavators is anticipated to gradually recover, supported by major infrastructure projects and a potential revival in the real estate sector [4][5] Summary by Sections Excavator Sales and Exports - In December 2025, excavator sales reached 23,000 units, with domestic sales of 10,000 units (up 11% year-on-year) and exports of 13,000 units (up 27% year-on-year) [1] - The export of second-hand machinery has also seen significant growth, with year-on-year increases of 69% and 80% in October and November, respectively, indicating effective clearance of existing equipment [3] Domestic Market Recovery - The report notes that the domestic sales of small and medium excavators improved in December, while large excavators continued to show resilience despite a slowdown in growth [4] - Key infrastructure projects, such as those along the Yarlung Tsangpo River, are expected to support the recovery of domestic demand for construction machinery [4][5] Recommendations for Key Companies - The report recommends several companies for investment, including SANY Heavy Industry, XCMG, Liugong, and Hengli Hydraulic, all of which are expected to benefit from the ongoing demand in both domestic and international markets [8][17]

工程机械：攻守易形，走向慢牛！20260108 非挖品类如起重机、混凝土设备等与挖掘机制具有相似逻辑。由于前几年跌幅 较大，目前已处于非常低的位置，并且存在更新周期。在施工顺序中，首先使 用的是挖掘机，其增长可带动后端装工机械、道路机械、混凝土设备及塔吊等 非挖品类的增长。目前上市公司报表显示非挖品类持续向好，在协会统计中也 是如此。因此，可以判断国内工程机械上行周期才刚刚开始，将会持续向好。 摘要 国内工程机械市场触底反弹，更新替换需求是主要支撑，小型挖掘机占 比提升。预计未来 3-5 年，挖掘机年销量有望从 10 万台增至 20-30 万 台，实现翻倍增长。 非挖品类如起重机、混凝土设备等与挖掘机逻辑相似，前期跌幅较大， 目前处于低位并存在更新周期，挖掘机增长可带动非挖品类增长，国内 工程机械上行周期刚刚开始。 海外市场成为工程机械企业主要收入和利润来源，三一重工和徐工海外 收入占比达 40%-60%，利润占比达 80%-100%，本轮投资应重点关 注海外市场。 2026 年全球工程机械市场呈现周期性复苏，俄罗斯、印尼、中东、南 美和非洲市场增长强劲，欧美市场也开始转正，受益于降息带动固定资 产投资周期。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向柳工提问："公司在委内瑞拉业务量多大？在墨西哥呢？" 针对上述提问，柳工回应称："您好！公司业务遍及全球180多个国家和地区，始终坚持合法合规经营。 您所提及的区域，其合计销售收入占公司整体营收的比例不足1%，个别区域市场的短期波动不会对公 司经营构成重大影响。未来，公司将持续关注全球市场趋势与政策变化，动态调整经营策略，坚定不移 推进全球化战略的落地。谢谢！" 本文源自：市场资讯 作者：公告君 ...

Core Viewpoint - Chinese enterprises are embracing a new global upcycle in the excavator market, with overseas excavator sales recovering from -15% in January 2025 to +14% in October 2025, indicating a synchronized global demand recovery [1] Group 1: Market Insights - Japan's construction machinery demand remains resilient despite a significant drop in downstream demand post-bubble economy, with excavator ownership only declining by 30% [2] - In Japan, domestic sales are decoupling from real estate, leading to a stable sales volume, with a shift towards rental and second-hand export models [2] - China's excavator operating hours are still at a high level, providing a buffer for demand, supported by replacement needs and decoupling from real estate [2] Group 2: U.S. Market Dynamics - The U.S. market faces a long-term shortage of excavator ownership, with stock replacement driving demand, supported by both residential and non-residential investments [3] - Future growth drivers include structural support from AI data center infrastructure, the return of U.S. manufacturing boosting large-scale infrastructure growth, and potential stimulation of the housing market following Federal Reserve interest rate cuts [3] - Historical insights from Komatsu's entry into the U.S. market highlight the importance of macro factors, quality, company culture, and localization in overcoming market barriers [3] - Chinese manufacturers are positioned to capitalize on the shift of U.S. construction machinery from premium brands to more general industrial products, leveraging their supply chain advantages and manufacturing efficiency [3] Group 3: Asia, Africa, and Latin America Market - The Asia, Africa, and Latin America markets are primarily driven by mining and energy sectors, with Chinese brands capturing over 40% of the excavator market share in these regions by 2023 [4] - China's infrastructure investment is effectively replacing energy imports from these regions, indicating a strategic link between excavator exports and infrastructure development [4] - The potential for new excavator markets to grow by 60% exists if the share of second-hand excavators from Europe and the U.S. in these regions decreases from 50% to 20% [4] - Chinese enterprises are transitioning from commodity exports to capital exports, establishing local manufacturing in Indonesia to enhance market share and create new pathways into developed countries [4] Group 4: Investment Recommendations - Recommended stocks include SANY Heavy Industry (600031), XCMG Machinery (000425), Zoomlion Heavy Industry (000157), LiuGong Machinery (000528), and Hengli Hydraulic (601100) [4]

证券代码：000528 证券简称：柳 工 公告编号：2026-01 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于 2025 年第四季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 广西柳工机械股份有限公司（以下简称"公司"）发行的可转换公司债券（以下简 称"可转债"）"柳工转 2"在 2025 年第四季度发生转股业务，债券数量减少 392 张， 余额减少 39,200 元，转股数量为 5,359 股。根据《深圳证券交易所股票上市规则》和 《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》等的有关规定： 上市公司应当在每一季度结束后及时披露因可转换公司债券转换为股票所引起的股份 变动情况。现将相关情况公告如下： 1. 债券简称：柳工转2；债券代码：127084 3. 转股期限：2023年10月9日至2029年3月26日 4. 当前转股价格：人民币7.30元/股 一、可转债基本情况 （一）可转债发行情况 2023 年 3 月 27 日，经中国证券监督管理委员会《关于核准 ...