供给紧缺下，金属大宗价格持续走高，叠加美联储降息预期影响，海外龙头矿企有望提振资本开支意愿，我们看 好全球矿山机械迎来新一轮景气周期，重点推荐以下矿机出口链标的： 【徐工机械】成套化的露天矿机龙头，对标卡特、小松，25年矿机收入预期130亿（含备件），同比+50%；30年 矿机收入目标400亿，cagr25-30%。 【三一国际】矿机业务占总营收40%，海外 矿山机械重点标的推荐 矿山机械重点标的推荐 【三一国际】矿机业务占总营收40%，海外+矿卡预计贡献26年主要增长弹性，海外矿机占矿机业务比重预计超过 50%（60亿），渠道模式调整有望带动盈利能力回升；28年海外矿机业务目标130亿，3年翻倍以上增长。 【山推股份】矿用推土机龙头，打造完整露天挖运解决方案，25年矿用设备销售占比预计10%以上。 【耐普矿机】选矿耐磨备件龙头，对标美伊电钢，25年矿机收入预期10亿，海外占比超50%；26年凭借锻造新品 放量+海外新建产能+金矿投资收益，有望进入新一轮业绩上行期，28年中期收入目标20亿、业绩目标4亿。 【新锐股份】主营硬质合金及凿岩工具，对标山特维克，25年矿机收入预期18亿，海外占比40%；是具备出海能 ...

有色金属板块多数低开，耐普矿机跌超5%，华锡有色、华钰矿业、北方铜业、锡业股份、国城矿业低 开超4%。 ...

Group 1 - The capital market is active, with brokers conducting research on A-share companies to identify new opportunities, focusing on sectors like electronics and machinery [1][2] - A total of 440 A-share companies have been researched by brokers this year, with the electronics and machinery sectors leading in numbers, each having over 60 companies [2][3] - The power equipment sector has gained significant attention, with the State Grid Corporation announcing a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan [2][3] Group 2 - Over 1,000 A-share companies have disclosed their 2025 performance forecasts or reports, prompting brokers to adjust ratings and target prices for several stocks [4][5] - Notable companies such as Baiwei Storage and Jianghuai Automobile have received rating upgrades due to strong performance forecasts, with Baiwei expected to achieve a net profit of 850 million to 1 billion yuan, a year-on-year increase of 427% to 520% [5] - Brokers are focusing on structural opportunities in the stock market, particularly in technology growth and resource sectors, as the market is expected to transition to performance-driven growth [6][7] Group 3 - Brokers are particularly interested in the technology growth sector, emphasizing areas such as AI, semiconductor, and optical electronics, with companies like Kaisheng Technology and Baiwei Storage receiving significant attention [3][7] - The chemical sector has also seen increased research activity, with companies like Runfeng and Water Technology being researched by over 20 brokers [2][3] - The market outlook for 2026 suggests a potential revaluation of Chinese assets, with a focus on technology innovation and resource repricing as key investment themes [8]

Market Overview - The A-share market experienced a "steady rise" from January 19 to 23, with the Shanghai Composite Index increasing by 0.84% to reach 4100 points, marking a new high since 2015 [2] - The Shenzhen Component Index and the Sci-Tech Innovation 50 Index rose by 1.11% and 2.62%, respectively, indicating a trend of "moderate index growth and accelerated capital inflow" [2] - The core driving force behind this market rally is identified as a combination of "policy support, capital inflow, and industrial trends" [2] Sector Performance - Cyclical and technology stocks acted as "dual drivers," with sectors such as building materials, steel, and chemicals seeing gains of over 5% [2] - Commercial aerospace concept stocks led the market due to favorable industry developments, while banking and non-bank financial sectors experienced declines [2] Policy and Regulation - The China Securities Regulatory Commission and the Asset Management Association of China jointly released performance benchmark guidelines aimed at addressing issues like "style drift" and "fund blind boxes," marking the beginning of a reshaping of the public fund ecosystem [2] Investment Trends - Institutional research focused on three main areas: commercial aerospace, metal mining, and storage chips, with significant interest in companies like Daikin Heavy Industries and Naipu Mining [3] - The MSCI Metals and Mining Index has surged nearly 90% year-to-date, driven by soaring global metal demand and tightening supply of key minerals [3] - Gold prices are projected to rise further, with Goldman Sachs forecasting a price of $5,400 per ounce by the end of 2026, indicating an 8% upside from current levels [3] Commercial Aerospace Developments - The commercial aerospace sector saw a resurgence after a volatile January, with significant domestic and international positive developments [4] - The financing total for the industry is expected to reach 18.6 billion yuan in 2025, a 32% year-on-year increase, as multiple companies initiate their IPO processes [4] - The global satellite count exceeds 12,000, with China's commercial aerospace sector aiming to capture technological transformation opportunities through "new space infrastructure" [4] Market Outlook - Institutions generally expect a "slow bull" market to continue, although caution is advised regarding short-term valuation correction risks [4] - Analysts predict that the A-share market will maintain a trend of oscillating upward, with accelerated sector rotation focusing on cyclical recovery and hard technology growth [4]

2026 年 1 月 25 日 总量研究 热点主题投资或仍占优 ——金融工程市场跟踪周报 20260125 要点 本周市场核心观点： 本周（2026.01.19-2026.01.23，下同）市场整体震荡上行，主要宽基指数量能 表现分化，大盘宽基量能表现好于中小盘宽基。市场情绪方面，本周主要宽基指 数及宽基指数 ETF 期权成交量 PCR 延续震荡回升态势，衍生品投资者短线交易 情绪小幅降温。资金面方面，本周股票型 ETF 资金大幅净流出，周期主题 ETF 资金周度净流入 186.43 亿元。 行业主题表现方面，资源品表现持续占优。后市或延续震荡上行表现，中长线持 续看好"红利+科技"配置主线，短线重视资源品、科技方向投资价值。 本周市场各指数涨跌不一，上证综指上涨 0.84%，上证 50 下跌 1.54%，沪深 300 下跌 0.62%，中证 500 上涨 4.34%，中证 1000 上涨 2.89%，创业板指下 跌 0.34%，北证 50 指数上涨 2.60%。 截至 2026 年 1 月 23 日，宽基指数来看，上证 50、沪深 300、中证 500、中证 1000、创业板指处于估值分位数"适中"等级，上 ...

以下文章来源于数据宝 ，作者陈见南 数据宝 . 品在植入体材料选型、生物相容性要求、生产工艺、品质系统控制等关键工艺技术领域与人工耳蜗高度相通。公司正与下游创新 型脑机接口客户深入开展工艺探索和技术合作，协助客户实现从实验室研发到批量出货的高效商业化转化。 机器人业务方面，在人形机器人领域，公司家用及消费电子事业部积极布局发展路径，结合公司在PEEK材料及其改性（如碳纤维 增强）、小型电机相关部件（如定子包胶）、传感器研发等方面的技术积累，已启动相关产品技术布局并与客户开展接洽。在手 术机器人领域，公司已有产品实现向部分国内外客户小批量供货。关于具体产品技术及客户信息，敬请投资者关注公司对外公开 披露的相关公告。 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的 权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 来源：数据宝 近一周机构调研个股有190多只，大金重工调研机构数最多。 大金重工 有209家机构调研，其中包括46家基金公司、44家证券公司、41家私募、12家保险公司等。公司在调研中称，对现有能源 进 ...

Group 1: A-Share Market Overview - A-shares experienced a steady rise from January 19 to 23, with many companies announcing impressive earnings forecasts for 2025, leading to increased stock prices [1] - The market saw rapid rotation among various sectors, including commercial aerospace, AI applications, precious metals, electrical grids, and storage [1] - Over 150 A-share companies disclosed their institutional research reception, with the highest number of institutional visits going to Daikin Heavy Industries, which attracted over 200 institutions due to its overseas offshore wind power business [1] Group 2: Daikin Heavy Industries - Daikin Heavy Industries projected a net profit of 1.05 billion to 1.2 billion yuan for 2025, representing a significant year-on-year growth of 121.58% to 153.23%, driven by rapid growth in the delivery volume and revenue of its overseas wind projects [2] - The company reported a stock price increase of 17.43% since the beginning of 2026 and over 200% in the past year [3] Group 3: Nepean Mining - Nepean Mining received attention from 132 institutions this week, with ongoing construction of factories in Chile and Peru, the Chilean factory nearing completion and awaiting final permits for production [3][4] - The company anticipates a global production capacity of 2.5 billion to 3 billion yuan once both factories are fully operational [4] - Nepean Mining's new product, a forged composite liner, is positioned as a disruptive innovation in the industry, with plans for global promotion in 2026 [5] Group 4: Controlled Nuclear Fusion and Storage - CIMC Enric received nearly 60 institutional visits, highlighting its involvement in the controlled nuclear fusion project, which has broad commercial application prospects and a potentially large market size [6][8] - The storage sector is also gaining traction, with companies like Baiwei Storage, Demingli, and Zhaoyi Innovation forecasting significant profit increases due to rising storage product prices, with Baiwei Storage expecting a net profit of 850 million to 1 billion yuan for 2025, a year-on-year increase of 427.19% to 520.22% [8][10] - Baiwei Storage is actively securing long-term supply agreements with major global storage wafer manufacturers to ensure stable supply of key raw materials [10]

机构调研策略周报（2026.01.19-2026.01.23） 投资要点 ➢ 机构调研热门行业情况 证券研究报告/投资策略 机械设备、电力设备等行业关注度较高 本周（2026 年 1 月 19 日-2026 年 1 月 23 日），一级行业中，按机构被调研 总次数从高到低排序，机械设备、电子、汽车、基础化工的关注度较高，其中机 械设备、电力设备的近 5 天调研机构家数较多。近 30 天（2025 年 12 月 24 日 —2026 年 1 月 23 日），一级行业中，按机构被调研总次数从高到低排序，机 械设备、电子、基础化工、电力设备和汽车的关注度较高，其中机械设备、计算 机的近一个月调研机构家数较多。 ➢ 机构调研热门公司情况 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为洁美科技、鸿路钢构、耐普矿机等。 大金重工调研核心围绕 2025 年业绩高增长及海外驱动，预计归母净利润同比大 增 121.58%–153.23%。业绩创历史新高主要得益于海外业务强劲，上半年出口 占比近 79%，欧洲单桩份额居首，手握超百亿订单。 耐普矿机调研重点披露其全球首创的高合 ...

Investment Rating - The report suggests a positive outlook for the mining machinery industry, indicating a potential upward trend in demand due to expectations of a global mining machinery demand turning point in 2026 [1][23]. Core Insights - The global mining machinery market is projected to be valued between 100 to 150 billion USD, with a balanced structure across various segments including drilling, crushing, mineral processing, open-pit, and underground equipment [5][8]. - The report highlights a shift in the business model of equipment companies from "manufacturing" to "operational services and resource development," driven by increased competition in the domestic market [20][23]. - The anticipated decline in interest rates by the Federal Reserve is expected to boost capital expenditures in the mining sector, leading to increased sales of mining machinery [18][20]. Market Overview - The mining machinery industry consists of 477 listed companies with a total market capitalization of 552.5 billion CNY, representing 4.9% of the market [2]. - The report notes that the mining machinery sector is a significant high-end segment within the broader engineering machinery market, with a steady growth trajectory expected as the industry enters a new replacement cycle [8][20]. Demand Outlook - Global capital expenditures by leading mining companies are projected to stabilize, with a potential recovery in demand for mining machinery as commodity prices strengthen [5][20]. - The report cites that in the first half of 2025, global leading mining companies' capital expenditures are expected to be 13.8 billion USD, reflecting a year-on-year decrease of 5.48% [20]. Industry Trends - The report identifies a trend where mining machinery companies are increasingly extending their business models to include operational and investment services, as evidenced by recent partnerships and equity acquisitions in mining projects [20][23]. - The report emphasizes the importance of high-end, automated products in the competitive landscape of the mining machinery sector, as companies adapt to changing market demands [20]. Investment Recommendations - The report recommends focusing on companies leading in open-pit mining machinery and those making significant progress in international markets, such as XCMG, SANY International, and others [23]. - It also suggests monitoring companies that are evolving their business models towards operational services and resource development, including Nape Mining Machinery and Zhejiang Mining [23].

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，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 1月23日，耐普矿机涨5.16%，截至发稿，报43.80元/股，成交9137.87万元，换手率1.96%，总市值73.92 亿元。 兴业优势产业混合A（010181）成立日期2020年10月28日，最新规模3632.63万。今年以来收益5.75%， 同类排名4172/8847；近一年收益36.52%，同类排名3454/8099；成立以来收益17.27%。 资料显示，江西耐普矿机股份有限公司位于江西省上饶市上饶经济技术开发区经开大道318号，成立日 期2005年10月14日，上市日期2020年2月12日，公司主营业务涉及从事重型矿山选矿装备及其新材料耐 磨备件的研发、生产、销售及服务等业务。主营业务收入构成为：矿 ...