BOHAI SECURITIES·2026-02-12 05:01Investment 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]