证券研究报告 行业研究 / 行业专题 2026 年 03 月 17 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 《全球商业航天产业周报（一）：蓝箭航天动 力系统实现突破》2026-03-09 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 GTC 催化，量产预期仍是核心锚点 ——全球人形机器人产业周报（二） 资料来源：iFinD，爱建证券研究所 资料来源：iFinD，爱建证券研究所 图表 3：人形机器人指数在万得全 A 指数成交额占比 图表 4：人形机器人指数走势与两融余额 资料来源：iFinD，爱建证券研究所 资料来源：iFin ...

证券研究报告 行业研究 / 行业专题 2026 年 03 月 17 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 《全球商业航天产业周报（一）：蓝箭航天动 力系统实现突破》2026-03-09 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 GTC 催化，量产预期仍是核心锚点 ——全球人形机器人产业周报（二） 强于大市 投资要点： 人形机器人指数：本周（2026/03/09–2026/03/13）人形机器人指数（886069.TI）下跌 1.37%，板块整体维持震荡格局。估值层面，指数 PE 环比下降 0.33%，当前估值处于近三个 ...

相关公司或迎来利好。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 3月16日,三部委发布氢能综合应用试点通知。明确到2030年, 城市群氢能规模化应用,终端氢价降至25元/千克以下(优势地区 15元）,燃料电池汽车保有量翻番至10万辆。推动技术创新与产 业链升级,助力绿色转型。 上游关键材料 上游核心零部件 中游系统集成与测试 氢能产业链 数据来源:上市公司财报、互联网公开信息 e 制图. 巾倡风云APP ョ) 最新政策导向 1. 制氢:美锦能源、滨化股份、航锦科技 ● 2. 储氢:京城股份、中材科技、亚普股份 ● 3. 加氢站设备与运营: 厚普股份、富瑞特装、美锦能源 免责声明： 本报告（文章）是基于上市公司的公众公司属性、以上市公司根据其法定义务公开披露的信息（包括但 不限于临时公告、定期报告和官方互动平台等）为核心依据的独立第三方研究；市值风云力求报告（文章）所载内 容及观点客观公正，但不保证其准确性、完整性、及时性等；本报告（文章）中的信息或所表述的意见不构成任何 投资建议，市值风云不对因使用本报告所采取的任何行动承担任何责任。 II(01) ME ...

本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为深入推进深圳市长盈精密技术股份有限公司（以下简称"公司"）国际化战略布 局，打造多元化资本运作平台，提升公司国际品牌形象及全球市场综合竞争力，公司 正在筹划境外发行股份（H股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板上市（以下简称"本次H股发行上市"）。截至本公告披露日，公司正与相关中介机 构就本次H股发行上市的相关工作进行商讨，关于本次H股发行上市的具体细节尚未确 定。本次H股发行上市不会导致公司控股股东和实际控制人发生变化。 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业 板股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交易所有 限公司证券上市规则》等相关法律、法规及规范性文件的要求，待确定具体方案后， 本次H股发行上市事项尚需提交公司董事会和股东会审议，并需经中国证券监督管理委 员会、香港联交所和香港证券及期货事务监察委员会等相关政府机关、监管机构、证 券交易所的批准、核准或备案。 公司提醒广大投资者，本次H股发行上市能否通过审议、备案和审核程序并 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its growth potential and market positioning [5][10]. Core Insights - The company is positioned as a leading precision component manufacturer, focusing on consumer electronics and new energy sectors while strategically expanding into humanoid robotics, which is expected to become a significant growth driver [12][29]. - The humanoid robotics market is entering a phase of commercialization, with the company already integrated into the supply chains of leading domestic and international manufacturers [45][69]. - The consumer electronics segment is expected to benefit from strong partnerships with major clients like Apple, with new product innovations such as AI glasses and foldable screens driving growth [71][83]. Summary by Relevant Sections Investment Rating - The company is rated as "Buy" due to its deep accumulation in the consumer electronics field, stable release of new energy business capacity, and significant growth potential in humanoid robotics [10]. Financial Performance - The company forecasts net profits of 600 million, 908 million, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -22.28%, 51.50%, and 33.24% [7][10]. - Revenue for 2025 is projected at 18.84 billion yuan, with a year-on-year growth of 11.27% [9]. Business Segments - The consumer electronics segment generated revenue of 53.04 billion yuan in the first half of 2025, accounting for approximately 61% of total revenue, while the new energy segment achieved 29.39 billion yuan, reflecting a year-on-year growth of 37.09% [29]. - The humanoid robotics segment, although currently small in revenue, shows strong growth potential, with over 80 million yuan in component sales in the first half of 2025 [68]. Market Trends - The humanoid robotics market is expected to grow significantly, with projections indicating a compound annual growth rate of 51.7% from 2025 to 2035, reaching a market size of over 400 billion yuan [49]. - The AI glasses market is anticipated to see substantial growth, with global shipments expected to reach 5.1 million units in 2025, a year-on-year increase of 158% [83]. Strategic Partnerships - The company has established a long-term partnership with Apple, supplying various components for products such as MacBook and Apple Vision Pro, which is expected to yield stable revenue growth [71][76]. - Collaborations with other major brands in the AI glasses market are also expected to enhance the company's revenue streams [6][83].

Investment Rating - The report rates the mechanical industry as "Buy" [1] Core Insights - The excavator exports increased by 37.2% year-on-year in February, indicating sustained demand in the engineering machinery sector. The domestic sales of excavators decreased by 42%, while total excavator sales for January and February reached 35,934 units, a year-on-year increase of 13.1% [2][4] - The government work report emphasizes the acceleration of new momentum cultivation, focusing on strategic emerging industries and future industrial sectors, including integrated circuits, aerospace, and AI infrastructure [4][5] - Major tech companies, including Microsoft and Google, have committed to enhancing self-supply capabilities for power, which is expected to drive demand for AIDC power generation equipment [4][5] Summary by Sections Industry Overview - The mechanical equipment index fell by 2.51% from March 2 to March 6, underperforming the CSI 300 index, which decreased by 1.07% [6] - The mechanical industry index has increased by 59.66% since the beginning of 2025, outperforming the CSI 300 index, which rose by 21.65% during the same period [8] Sub-industry Data Engineering Machinery - In February 2026, excavator sales totaled 17,226 units, a decrease of 10.6% year-on-year, with domestic sales at 6,755 units and exports at 10,471 units [4][34] - The government report highlights the importance of fostering new industrial momentum, which includes advanced manufacturing and modern service industries [4][34] AI Infrastructure - The report recommends companies involved in AI infrastructure, such as Ice Wheel Environment and Han Zhong Precision, as potential investment opportunities [4][82] Robotics - The report suggests investing in companies like Hengli Hydraulic and Changying Precision in the robotics sector, indicating a positive outlook for this segment [4][82] Company Profit Forecasts - The report provides a detailed forecast for key companies in the mechanical sector, indicating a bullish sentiment with multiple companies rated as "Buy" [82]

Investment Rating - The report rates the mechanical industry as "Buy" [1] Core Insights - In February 2026, excavator exports increased by 37.2% year-on-year, while domestic sales decreased by 42%. The total excavator sales for January and February 2026 reached 35,934 units, a year-on-year increase of 13.1% [2][4] - The government work report for 2026 emphasizes the acceleration of new momentum cultivation, focusing on strategic emerging industries and future industries, including integrated circuits, aerospace, and AI infrastructure [4] - Major tech companies, including Microsoft and Google, have committed to enhancing self-sufficient power capabilities, indicating a growing demand for power infrastructure in the AI sector [4] Summary by Sections Industry Overview - The mechanical equipment index fell by 2.51% from March 2 to March 6, 2026, underperforming compared to the CSI 300 index, which fell by 1.07% [6] - The mechanical industry has shown a better performance since the beginning of 2025, with a cumulative increase of 59.66% compared to the CSI 300 index's 21.65% [8] Sub-industry Data Engineering Machinery - In February 2026, excavator sales totaled 17,226 units, a decrease of 10.6% year-on-year, with domestic sales at 6,755 units and exports at 10,471 units [4][34] - The report highlights the ongoing demand in the engineering machinery sector, driven by government policies aimed at fostering new economic drivers [4] AI Infrastructure - The report recommends companies involved in AI infrastructure, such as Ice Wheel Environment and Han Zhong Precision, indicating a growing market for AI-related technologies [4] Robotics - The report suggests investment in humanoid robotics companies, including Hengli Hydraulic and Changying Precision, reflecting the sector's potential for growth [4] Semiconductor Equipment - The report identifies Kory Technology as a recommended investment in the semiconductor equipment sector, indicating a focus on technological advancements [4] Renewable Energy Equipment - Companies like Aotwei and Maiwei are recommended in the photovoltaic equipment sector, highlighting the ongoing transition to renewable energy sources [4]

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - The focus of the Two Sessions on humanoid robots and the acceleration of their application by companies like BMW and Samsung indicates a significant technological breakthrough and investment momentum in the industry [2][3]. - The humanoid robot sector is experiencing a surge in financing and technological advancements, with domestic companies making notable progress [2][3]. Summary by Sections Industry News and Company Developments - BMW has introduced humanoid robots in its Leipzig factory for real industrial applications, marking the first deployment in Europe for the company [6]. - Samsung plans to transform all its factories into AI-driven facilities by 2030, integrating humanoid robots into various operational processes [7]. - The Chinese government is emphasizing the importance of humanoid robots in its technology innovation strategy, with notable entrepreneurs advocating for accelerated development in this field [7][9]. Investment Dynamics - The humanoid robot sector is witnessing increased investment activity, with companies like UniX AI and Galaxy General Robotics securing significant funding rounds [11]. - Notable financing includes UniX AI's completion of nearly 300 million yuan and Galaxy General Robotics' 2.5 billion yuan funding, positioning them as leaders in the domestic humanoid robotics market [11]. Investment Recommendations - The report suggests focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies for investment: 1. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related firms like Weichuang Electric and Boke Co [15]. 2. Gear Reducers: Key players include Lide Harmony and Keda Li, among others [15]. 3. Sensors: Recommended companies include Amperelong and Hanwei Technology [15]. - The report notes that the robotics sector accounted for approximately 4.5% of total A-share trading volume, indicating a slight decrease in activity [13].

Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]

Major Announcements - Cambrian reported a net profit of 2.059 billion yuan for 2025, turning around from a loss of 450 million yuan in the previous year, with total revenue reaching 6.497 billion yuan, a year-on-year increase of 453.21% [12] - Moer Thread achieved total revenue of 1.506 billion yuan in 2025, marking a year-on-year growth of 243.37%, although it still reported a net loss of 1.024 billion yuan [13] - Zhongji Xuchuang's net profit for 2025 grew by 108.81% year-on-year, reaching 10.799 billion yuan, with total revenue of 38.24 billion yuan, up 60.25% [14] Company Performance Reports - Xirong Environment proposed a cash dividend of approximately 2.35 yuan per 10 shares for 2025, based on a payout ratio of 35% of the net profit attributable to shareholders [2] - Jietu's optical connection business is still in its early stages, contributing less than 5% to total revenue, with growth dependent on various market factors [3] - Zhongying Technology plans to acquire at least 51% of Yingzhong Electric, which specializes in insulation fiber materials [4] - Xibu Superconductor's subsidiary, Juneng Magnet, will be listed on the National Equities Exchange and Quotations starting March 2, 2026 [5] - Ingrity Media announced that some of its bank accounts have had their funds unfrozen, allowing normal operations to resume [6][7] - Dayun Technology plans to establish a joint venture to enhance its semiconductor testing capabilities, with a registered capital of 11 million yuan [7] Financial Highlights - Huazhong Technology reported a net profit of 1.36 billion yuan for 2025, a decrease of 31.19%, despite total revenue increasing by 55.85% to 18.616 billion yuan [36] - Jiangfeng Electronics achieved a net profit of 481 million yuan, up 20.15%, with total revenue of 4.605 billion yuan, a 27.75% increase [20] - Ninebot Company reported a net profit of 1.755 billion yuan, a year-on-year increase of 61.84%, with total revenue of 21.325 billion yuan, up 50.22% [24] - Weicai Technology's net profit reached 300 million yuan, a 134% increase, with total revenue of 1.575 billion yuan, up 46.22% [25] - Dalian Heavy Industry reported a net profit of 588 million yuan, an 18.17% increase, with total revenue of 15.501 billion yuan, up 8.54% [26]