行 行业月报 宁前羽 ningqy@bhzq.com 022-23839174 重点品种推荐 | 中联重科 | 增持 | | --- | --- | | 恒立液压 | 增持 | | 捷昌驱动 | 增持 | | 豪迈科技 | 增持 | 近半年行业指数走势图 《人形机器人与具身智能标准体系（2026 版）》正式发布 ——机械设备行业 3 月投资策略展望 | | | 机械设备 投资要点： 行情回顾 -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2026 年 2 月 1 日—2026 年 3 月 3 日，沪深 300 指数下跌 1.07%，申万机械 设备行业上涨 1.87%，跑赢沪深 300 指数 2.94 个百分点，在申万所有一级行 业中位于第 12 位。 沪深300 机械设备 工程机械方面，随着开工端重点项目的陆续落地以及大规模设备更新政策利 好的延续，工程机械景气度持续回暖；销量上，2026 年 1 月挖掘机实现销量 1.87 万台，同比增长 49.50%；目前国内工程机械龙头主机厂加速出海趋势明 显，我国工程机械产品在技术成熟度、产品性价比等多领域 ...

证券研究报告/公司深度 研究报告 豪迈科技（002595.SZ）： 重视电加热硫化机预期差，看好第四成长曲线双击 【华西机械团队】 | 评级： | 增持 | | --- | --- | | 上次评级： | 增持 | | 目标价格： | | | 最新收盘价： | 97.49 | 分析师：黄瑞连 SAC NO：S1120524030001 邮箱：huangrl@hx168.com.cn | 股票代码： | 002595 | | --- | --- | | 52 周最高价/最低价： | 99.50/48.14 | | 总市值(亿) | 780 | | 自由流通市值(亿) | 775 | | 自由流通股数(百万) | 795 | 2026年2月27日 请仔细阅读在本报告尾部的重要法律声明 投资要点 橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争力，预期差较大，2026年有望开始进入业绩释放阶段， 拉动第四成长 曲线戴维斯双击。作为全市场第一篇电加热硫化机报告，本篇报告主要回答以下三个问题： 1 1、第一性原理出发，如何看待电加热硫化机产业趋势？轮胎性能的关键核心在于原材料配方设计&硫化工艺的协同 ...

请仔细阅读在本报告尾部的重要法律声明 投资要点 证券研究报告/公司深度 研究报告 豪迈科技（002595.SZ）： 重视电加热硫化机预期差，看好第四成长曲线双击 【华西机械团队】 | 评级： | 增持 | | --- | --- | | 上次评级： | 增持 | | 目标价格： | | | 最新收盘价： | 97.49 | 分析师：黄瑞连 SAC NO：S1120524030001 邮箱：huangrl@hx168.com.cn | 股票代码： | 002595 | | --- | --- | | 52 周最高价/最低价： | 99.50/48.14 | | 总市值(亿) | 780 | | 自由流通市值(亿) | 775 | | 自由流通股数(百万) | 795 | 2026年2月27日 橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争力，预期差较大，2026年有望开始进入业绩释放阶段， 拉动第四成长 曲线戴维斯双击。作为全市场第一篇电加热硫化机报告，本篇报告主要回答以下三个问题： 1 1、第一性原理出发，如何看待电加热硫化机产业趋势？轮胎性能的关键核心在于原材料配方设计&硫化工艺的协同 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 华西证券研报指出，橡胶机械作为豪迈科技第四成长曲线，市场明显低估其电加热硫化机底层竞争 力，预期差较大，2026年有望开始进入业绩释放阶段，拉动第四成长曲线戴维斯双击。展望未来，看好 豪迈在全球电加热硫化机市场保持长期强竞争力。底层逻辑来看：1）数控机床&硫化机底层技术架构 相通：豪迈过去近30年始终坚持设备底层架构技术打磨，为其在硫化机等机械设备领域持续拓品打下基 础。2）轮胎模具&硫化机工艺、客户高度协同：轮胎模具和硫化机作为搭配使用的专用设备及其零部 件，二者工艺Know-How高度兼容，客户完全协同。基于公司持续拓品扩张的潜力，维持"增持"评级。 ...

Investment Rating - The industry is rated as "Positive" [2] - Companies recommended for "Increase" rating include Zhonglian Heavy Industry, Hengli Hydraulic, Jiechang Drive, and Haomai Technology [2] Core Viewpoints - The Spring Festival Gala featured humanoid robots, enhancing brand visibility and commercial acceleration, which is expected to expedite industry deployment [2][29] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs and significant events anticipated in 2026 [2][29] - 2026 is identified as a critical year for the development of the humanoid robot industry, suggesting continued investment opportunities in the supply chain [2][29] Industry News - Blue Arrow Aerospace announced the second quarter recovery test for the Zhuque-3 rocket [11] - The average operating rate of construction machinery in January 2026 was 37.15%, with a year-on-year growth rate of 0.71% [11] Industry Data - As of February 13, 2026, the steel comprehensive price index (CSPI) was 90.68 [12] - As of February 24, 2026, WTI and Brent crude oil prices were $66.31 per barrel and $71.11 per barrel, respectively [13] Company Announcements - Zhuozhao Dispensing reported a 202.58% year-on-year increase in revenue for 2025, with expected revenue of approximately 378.59 million yuan [19] - Dazhu Laser plans to invest $150 million to establish an overseas operation center in Southeast Asia [20] Market Review - From February 12 to February 24, 2026, the Shanghai and Shenzhen 300 index fell by 0.13%, while the machinery industry rose by 2.01%, outperforming the index by 2.14 percentage points [21] - As of February 24, 2026, the machinery industry’s price-to-earnings ratio (PE, TTM) was 52.63, with a valuation premium of 270.76% compared to the Shanghai and Shenzhen 300 index [22]

来源：新浪基金∞工作室 中证500成长ETF银华（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基 金管理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为39.20%，近一个月回报为 3.00%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，中证500成长ETF银华（562340）涨1.73%，报1.415元，成交额45.79万元。中 证500成长ETF银华（562340）重仓股方面，巨人网络截止午盘跌4.69%，西部矿业涨2.60%，天山铝业 涨1.05%，厦门钨业涨0.82%，通富微电涨2.12%，宏发股份涨2.38%，杰瑞股份涨5.15%，睿创微纳涨 0.17%，豪迈科技涨0.16%，金诚信涨2.94%。 ...

（编辑 楚丽君） 证券日报网讯 2月13日，豪迈科技在互动平台回答投资者提问时表示，公司已推向市场的机床产品包括 直驱转台、立式五轴加工中心、精密加工中心、卧式五轴加工中心、卧式车铣复合加工中心、超硬刀具 五轴激光加工中心等系列化产品，同时可为客户提供个性化定制服务。 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Core Viewpoint - The stock price of Haomai Technology reached a historical high due to the improving sentiment in the gas turbine industry and the company's strong fundamentals [1] Industry Policy and Environment - The construction boom of AI data centers in the U.S. has led to a surge in electricity demand, making gas turbines a key power solution. As of January 2026, the installed natural gas power generation capacity under construction in the U.S. exceeded 29 GW, more than doubling within a year, with planned capacity reaching 159 GW [2] - Supply chain bottlenecks are evident, with GE Vernova reporting an approximately 80% increase in gas turbine contracts for 2025, and Siemens Energy expecting to sell nearly 200 units in the U.S. that year, with delivery times extending from 3.5 years to 5 years [2] - Haomai Technology, as a core supplier to giants like GE and Siemens, benefits directly from this supply-demand gap, with full order books supporting performance [2] Performance and Operating Conditions - In the first three quarters of 2025, the company reported revenue of 8.076 billion yuan, a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% [3] - The third quarter net profit was 592 million yuan, reflecting a year-on-year growth of 29.49% [3] - The business structure has been optimized, with the tire mold business benefiting from the recovery of Chinese tire companies' overseas factories, and the CNC machine tool business seeing a 145% year-on-year revenue increase in the first half of 2025 [3] - The gross margin for the first three quarters was 33.99%, and the net margin was 22.15%, with the expense ratio decreasing by 1.44 percentage points to 8.18% [3] Financial and Technical Aspects - On February 12, the net inflow of main funds was 321,400 yuan, with the stock price rising 16.87% over the past five days [4] - Institutional investors are optimistic, with Guotou Securities giving a "Buy-A" rating on February 10 and a target price of 95.84 yuan. Four institutions have issued buy ratings in the past 90 days, with an average target price of 97.0 yuan [4] - The machinery equipment sector saw a net inflow of 6.904 billion yuan on the same day, with an industry increase of 1.45%, amplifying individual stock gains [4] Company Fundamentals - The management team is stable, with founder Zhang Gongyun frequently increasing his holdings, and core executives having long tenures, fostering a culture of innovation that enhances per capita revenue [5] - The current price-to-earnings ratio is 33.09 times, which, while higher than the specialized equipment industry average of 29.59 times, is lower than the company's historical level of 37.47 times, with performance growth supporting the valuation [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]