Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

近日，昆明中北旅游客运有限公司50辆旅游客车采购项目 （2标段：纯电动旅游客车）中标候选人公示发布。拟中标人为厦门金龙旅行车有限公 司，招标规模约2600万元，标的为标的为40辆车长不小于7米的（19+1座）中型中级及以上标准旅游客车。 ● 首月"开门红"！福田汽车为"十五五"发展开足马力！| 头条 ● 重磅！解放动力T-shift变速箱交付突破20000台 ● 重汽/解放超2.3万争冠，东风/徐工/福田大涨！1月重卡销量超10万辆 | 光耀评车 ● 1月销量近2.7万辆 卡车狂飙六成！江铃汽车全线开门红 ● 中国600度大电量重卡在泰国上市！竟是它 i t 4 4 长按识别 皮卡空间站公众号 L 今日头条号 长按识别 I I 7 1 2 2 百家号 长按识别 ■ 微信视频号 长按识别 ■ 快手号 长按识别 ...

近日，150台搭载玉柴天然气发动机的公交车出口阿根廷，用于改善当地公共交通运力结构。 此批车辆搭载的发动机是玉柴针对公共交通领域开发的成熟产品。其低排放、低噪音、高效稳定、环保节能、高燃料利用率等优势，特 别适合城市公交高频次、长时间运行的需求。同时，其出色的环境适应力，能够确保车辆在高温、多尘等复杂路况下，依然保持稳定运 行，为乘客提供了高效、舒适、环保的出行体验。 目前，玉柴机器已广泛服务拉丁美洲多国，在公交客运等领域积累了良好口碑。玉柴将继续深化天然气及新能源动力技术，携手合作伙 伴为南美市场提供更环保、可靠的动力解决方案，助力当地公共交通全面绿色转型。 近年来，阿根廷积极推进交通领域能源结构调整，依托本土天然气资源推广清洁公交。相比传统燃油车，天然气公交车在降低运营成本 的同时，可显著减少污染物和碳排放，符合当地可持续发展政策。玉柴天然气发动机的批量导入有力支持了当地构建绿色高效的公交体 系。 ● 首月"开门红"！福田汽车为"十五五"发展开足马力！| 头条 ● 重磅！解放动力T-shift变速箱交付突破20000台 ● 重汽/解放超2.3万争冠，东风/徐工/福田大涨！1月重卡销量超10万辆 | 光耀评 ...

2月4日，福建省海航建设管理有限公司发布公告称，"60辆纯电动公交车动力电池采购及更换项目"因在公示期间收到投标人对评标结 果的异议，依据《中华人民共和国招标投标法实施条例》第五十四条规定，已暂停后续招投标活动。 ● 首月"开门红"！福田汽车为"十五五"发展开足马力！| 头条 ● 重磅！解放动力T-shift变速箱交付突破20000台 ● 重汽/解放超2.3万争冠，东风/徐工/福田大涨！1月重卡销量超10万辆 | 光耀评车 ● 1月销量近2.7万辆 卡车狂飙六成！江铃汽车全线开门红 ● 中国600度大电量重卡在泰国上市！竟是它 ■ 品牌加盟 快手号 长按识别 i ...

Summary of Key Points from Conference Call Industry Overview - The mechanical equipment industry is expected to benefit from accelerated industrialization in emerging markets, particularly in Brazil and Saudi Arabia, with significant demand growth in capital goods such as power equipment, construction machinery, and mining machinery. However, the import share from the US has not increased [1][2]. Core Insights and Arguments - **Investment Opportunities**: The investment opportunities in the mechanical industry for 2026 are primarily focused on two areas: equipment exports and technological leadership. Emerging markets are showing increased demand for Chinese machinery, particularly in capital goods [2]. - **Technological Growth**: Emerging sectors like AI hardware and humanoid robots are expected to continue leading the market, with a sustained upward trend in 2026. The cyclical industries such as photovoltaic equipment and general automation are closely tied to the domestic manufacturing cycle [1][2]. - **Engineering Machinery Recovery**: The engineering machinery sector is poised for recovery, with domestic demand expected to rise as the cycle bottomed out in 2024-2025. The competitiveness of Chinese engineering machinery products is increasing, facilitating further international expansion [2][5]. Additional Important Content - **Stock Selection Focus**: Investors should pay attention to emerging growth areas (AI hardware, humanoid robots), cyclical industries (photovoltaic equipment, general automation), and traditional industries at inflection points (engineering machinery) that benefit from the overseas interest rate decline [1][2]. - **AI Equipment Industry**: The AI equipment supply chain is highlighted as a highly certain industry trend, with significant performance already reflected in financial reports. Companies like Dingtai and Zhongtung are expected to benefit from overseas demand and new materials [11]. - **PCB Industry Outlook**: The PCB industry is projected to experience significant growth from 2026 to 2027, with a potential market space increase of around 10 times compared to 2025. This growth is driven by new technologies and materials [12]. - **Engineering Machinery Market Dynamics**: The engineering machinery sector is expected to see strong growth in both domestic and international markets, with leading companies like SANY and XCMG focusing on internationalization strategies [14]. Specific Investment Directions - **Emerging Sectors**: Key sectors to watch include wind and lithium batteries, general automation, and AI-related industries, which are expected to show strong performance in 2026 [15][16]. - **Recommended Stocks**: Specific companies to consider include Zhongtung, Huarui Precision, Oke Yi, and Xinxin Co., which are positioned well within the AI and manufacturing sectors [18][19]. Overall Industry Trend - The mechanical industry is characterized by technological growth and an export cycle, with AI and related sectors expected to lead the market. Export-oriented companies with product, channel, and cost advantages are likely to find more opportunities in the global market [20].

康建荣建议构建多层次创新平台体系，持续提升核心零部件国产化率，加速首台(套)重大装备研制与产 业化进程。充分发挥徐工集团"链主"企业领航作用，重点打造一批配套龙头企业，构建集群内上下游企 业协同共进、优势互补的产业生态。"同时，为企业提供就近、权威的研发验证公共平台，降低创新成 本与周期。"康建荣说。 □ 本报记者林惠虹王子杰 作为徐州"一号产业"、国家首批先进制造业集群，徐州工程机械产业正向着世界级目标加速奋进。新形 势下，该产业集群下一步如何布局？省政协委员、江苏师范大学教授康建荣提交提案，为江苏聚焦关键 环节、加快打造这一世界级产业集群支招。 ...

Group 1 - The engineering machinery sector increased by 1.95% on February 4, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Hengli Hydraulic rising by 4.53% to a closing price of 119.87 [1] Group 2 - The engineering machinery sector experienced a net outflow of 384 million yuan from institutional investors, while retail investors saw a net inflow of 185 million yuan [2] - The trading volume for major stocks varied, with Huadong Heavy Machinery seeing a trading volume of 468,700 shares and a closing price of 7.00, up 4.17% [2] - The overall market sentiment reflected mixed movements, with some stocks like Weiman Sealing and Hailun Zhe showing declines of 2.79% and 2.03% respectively [2] Group 3 - Major stocks such as Huadong Heavy Machinery and Tongli Co. experienced differing net inflows from institutional and retail investors, indicating varied investor sentiment [3] - The net inflow for Tongli Co. was 22.20 million yuan from retail investors, while it faced a net outflow of 32.39 million yuan from institutional investors [3] - The data indicates a complex interaction between institutional and retail investors within the engineering machinery sector, highlighting potential investment opportunities and risks [3]

Summary of Conference Call Notes Industry Overview - The global construction machinery industry is entering an upward demand cycle, supported by various factors, with a notable shift from earthmoving to both earthmoving and non-earthmoving equipment in 2023 [1][2] - Monthly data indicates that exports of excavators from China and Japan to regions such as North America, Latin America, Africa, the Middle East, and South Asia have shown high growth in December [1] Key Financial Insights - Leading companies in the sector reported significant revenue growth in Q4 2025: - North America: +23% - EAME (Europe, Africa, and the Middle East): +18% - Asia-Pacific: -7% - Latin America: +6% [1] - Caterpillar's construction machinery revenue growth in Q3 2025 was as follows: - North America: +8% - EAME: +6% - Asia-Pacific: +3% - Latin America: -1% - The construction machinery sector in North America and EAME is accelerating, while Latin America has shown signs of recovery [1] Regional Demand Drivers - Southeast Asia's demand is driven by mining and urbanization, while Latin America's demand is supported by real estate and mining sectors. The Middle East and North Africa are focusing on infrastructure and mining [2] - Domestic demand in China is expected to benefit from the renewal cycle, second-hand equipment exports, and large infrastructure projects, with earthmoving demand leading the way [2] Future Projections - The domestic construction machinery market is projected to grow by over 10% in 2026, with export growth expected to exceed 15% [2] - The domestic market is anticipated to be a stable growth driver, while exports will contribute significantly to profit elasticity [2] Investment Recommendations - Long-term sector allocation is advised, with specific recommendations for companies such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, and LiuGong [3]

Economic Performance - In 2025, Xuzhou achieved a GDP of 995.72 billion yuan, just 4.278 billion yuan short of the "trillion city" target [1] - The city's economic growth rate was 5.8%, surpassing the national average of 5.0% and the provincial average of 5.3% [2] - Social retail sales in Xuzhou grew by 5.5%, ranking first in the province [2] Investment Trends - Fixed asset investment in Xuzhou fell by 11.9% in 2025, with declines across all sectors: primary industry down 27.4%, secondary industry down 11.5%, and tertiary industry down 11.9% [4] - In contrast, 2024 saw a robust investment growth of 7.7%, with private investment increasing by 11.7% [4] Trade Performance - Xuzhou's total import and export volume in 2025 was 112.12 billion yuan, a decrease of 2.5% year-on-year, with exports at 89.46 billion yuan, down 3.5% [5] - The city experienced a notable decline in exports of mechanical and electrical products, despite some growth in traditional products like garlic and plywood [7] Future Development Plans - Xuzhou aims to achieve a GDP exceeding 1 trillion yuan by 2025, as outlined in its 14th Five-Year Plan [7] - The city is focusing on developing four major industrial clusters: engineering machinery, green low-carbon energy, digital economy, and food processing, with a total scale expected to reach 850 billion yuan by 2025 [15][12] - Plans for the 15th Five-Year period include fostering future industries such as embodied intelligence and hydrogen energy, with a goal to establish a comprehensive future industry system [17][18] Government Initiatives - The 2026 economic development goals include a GDP growth target of around 5.5% and an increase in public budget revenue by 2% [21] - Xuzhou plans to implement 360 major industrial projects in 2026, with an expected investment of 106.5 billion yuan [21]