BOHAI SECURITIES·2026-01-21 03:27Investment Rating - The industry rating is "Positive" [4] - The companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [4] Core Insights - The national construction machinery operating rate for 2025 is projected to be 44.89%, with 18 provinces exceeding 50% [14] - The sales volume of excavators for the entire year of 2025 is expected to reach 235,300 units, with domestic sales of 118,500 units, reflecting a year-on-year growth of 17.9% [33] - The domestic humanoid robot industry remains highly prosperous, with several companies initiating IPO processes, indicating significant investment opportunities in the sector [33] - The Ministry of Industry and Information Technology and other departments have issued guidelines for the construction of zero-carbon factories, aiming to enhance energy efficiency and promote green transformation in key industries [14][15] Industry News - The construction machinery operating rate in 2025 is 44.89%, with leading provinces including Anhui, Zhejiang, and Jiangxi [14] - The port equipment operating rate has shown continuous growth from July to December 2025, indicating a shift in foreign trade dynamics [14] - The guidelines for zero-carbon factory construction emphasize systematic advancement and innovation-driven approaches to reduce carbon emissions in various industries [15] Company Announcements - Tianjin Jinrong Tianyu Precision Machinery Co., Ltd. announced an investment in an industrial fund to enhance its strategic development and market insight [23] - Guangzhou Dayilong Packaging Machinery Co., Ltd. forecasts a net profit growth of 51.88% to 86.27% for 2025, driven by market expansion and operational efficiency improvements [24] Market Review - From January 14 to January 20, 2026, the Shanghai and Shenzhen 300 Index fell by 0.89%, while the Shenwan Machinery Equipment Industry rose by 1.23%, outperforming the index by 2.11 percentage points [25] - As of January 20, 2026, the price-to-earnings ratio (PE) for the Shenwan Machinery Equipment Industry is 50.55, with a valuation premium of 254.64% compared to the Shanghai and Shenzhen 300 Index [26]