Core Viewpoint - The engineering machinery sector continues its recent upward trend, with significant stock price increases for major companies, driven by strong sales growth in excavators and positive market outlooks for both domestic and international demand [1] Group 1: Stock Performance - China Longgong (03339) increased by 5.52%, reaching HKD 3.44 [1] - Sany Heavy Industry (06031) rose by 5.13%, reaching HKD 25.4 [1] - Sany International (00631) grew by 4.14%, reaching HKD 14.1 [1] - Zoomlion (01157) increased by 4.01%, reaching HKD 9.6 [1] Group 2: Sales Growth - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5% [1] - Domestic sales accounted for 8,723 units, up 61.4% year-on-year [1] - Export volume reached 9,985 units, marking a 40.5% increase year-on-year [1] Group 3: Market Outlook - Guotai Junan Securities reports that overseas performance is strong, with domestic companies expanding into Southeast Asia, Europe, and South America, indicating a positive outlook for industry growth [1] - Huatai Securities anticipates a dual upward trend in the engineering machinery sector, supported by key infrastructure projects and potential recovery in the real estate market [1] - Rising global metal prices are expected to boost demand for overseas mining machinery, enhancing the global market share of domestic engineering machinery manufacturers [1]

来源：新浪基金∞工作室 2月9日，基建ETF华夏（159635）开盘涨0.00%，报1.152元。基建ETF华夏（159635）重仓股方面，中 国建筑开盘涨0.59%，中国中铁涨1.09%，中国电建涨0.54%，徐工机械涨1.83%，中联重科涨2.14%，三 一重工涨1.74%，中国铁建涨0.55%，中国能建涨0.83%，中国交建涨0.49%，金诚信涨2.28%。 基建ETF华夏（159635）业绩比较基准为中证基建指数收益率，管理人为华夏基金管理有限公司，基金 经理为严筱娴，成立（2022-06-28）以来回报为15.34%，近一个月回报为1.19%。 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，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Group 1 - The article emphasizes the significant role of Shaanxi's technological and industrial innovation in supporting major national projects and driving economic growth [1][10] - Shaanxi has seen the emergence of leading enterprises and a robust ecosystem of small and medium-sized enterprises, contributing to its position in the global and national manufacturing landscape [1][4] - The province's R&D investment intensity ranks first in Western China, with a 30% annual growth rate in the number of technology-based SMEs and high-tech enterprises [4][10] Group 2 - The article highlights the importance of integrating innovation chains with industrial chains to enhance high-quality economic development, as emphasized by national leadership [2][5] - Shaanxi has implemented three key reforms to facilitate the transformation of scientific research achievements into marketable products, enhancing the autonomy of researchers in profit-sharing [4][6] - The province is actively building a multi-layered policy service system to support industrial innovation, focusing on creating a robust ecosystem for high-tech enterprises and specialized small giants [9][15] Group 3 - Shaanxi is advancing its modern industrial system by promoting high-end, diversified, and low-carbon development in key sectors such as energy and chemicals [11][14] - The region is focusing on the construction of a new energy system and modern energy industry clusters, with significant investments in coal-based chemical projects [14][15] - The automotive industry in Shaanxi is evolving into a leading sector, supported by technological innovation and the establishment of a comprehensive supply chain [15]

"针对这些需求，我们的设备搭载了更高级别的核心防护、高效散热系统，可在60℃高温环境下稳定运行，同时融入智能 化调度、节能降耗技术，既适配本地工况，也契合绿色发展需求。"上述工作人员补充道，这也是三一设备能在中东市场脱颖 而出的核心技术优势。 依托本次展会搭建的高效交流平台，三一集团与多家沙特本地及区域内企业深入对接、达成共识，成功签订数亿元订单及 多项合作意向，为后续拓展合作空间、深化本地化发展奠定坚实基础。此次沙特重型机械展，对三一集团及中沙装备产业合作 而言，既是行业前沿技术的"展示窗"，更是产业链精准对接的"桥梁"。 湖南大学经济与贸易学院副院长曹二保教授对《证券日报》记者表示，三一集团的全球化战略紧扣"全球化、数智化、低 碳化"三大方向，以灯塔工厂的数字化生产能力为支撑，通过海外研发制造基地布局、本地化服务体系搭建，实现"产品适配本 地、服务扎根本地"，摆脱了传统"出海"方面"只卖产品"的模式，是中国装备企业全球化高质量发展的典型范例。"这种战略不 仅能帮助企业规避贸易壁垒、降低运营成本，更能精准对接当地市场需求，提升品牌国际认可度，从此次三一集团斩获中东大 额订单就能看出其战略的有效性。" 曹二保 ...

Investment Rating - The report maintains a "Recommended" rating for the machinery industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The machinery industry is experiencing a strong start in 2026, with excavator sales in January reaching 18,708 units, a year-on-year increase of 49.5%. Domestic sales grew by 61.4%, while exports increased by 40.5% [8]. - The North American tech giants are expected to continue significant capital expenditures in 2026, which will likely sustain demand for AIDC infrastructure [8]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies aimed at boosting domestic demand [8]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [3]. - For example, 汇川技术 is expected to have an EPS of 2.11 yuan in 2025, with a PE ratio of 35.41, indicating strong growth potential [3]. Industry and Company Investment Views - The report highlights the ongoing recovery in the excavator market, with significant growth in both domestic and export sales, driven by infrastructure projects and demand in mining and forestry sectors [8]. - The report suggests focusing on companies like 三一重工 (Sany Heavy Industry) and 徐工机械 (XCMG) due to their strong market positions and growth prospects [8]. Key Data Tracking - The report provides insights into macroeconomic indicators, including a 5.3% increase in the absolute performance of the machinery sector over the past month, indicating a positive trend [6]. - The machinery sector's total market capitalization is reported at 63,677.25 billion yuan, reflecting its significant role in the overall market [5].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [6] Core Insights - The mechanical sector outperformed the market, with significant increases in engineering machinery and photovoltaic equipment [3][12] - January sales of earth-moving machinery exceeded expectations, with excavator sales reaching 18,708 units, a year-on-year increase of 49.5% [4] - The merger of SpaceX and xAI is expected to accelerate the development of space photovoltaic applications, benefiting domestic photovoltaic equipment manufacturers [5][7] - The upcoming launch of Tesla's Optimus V3 humanoid robot is anticipated to drive demand for core components in the robotics sector [8] Market Performance - The mechanical industry index rose by 0.4% in the past week, while the Shanghai Composite Index fell by 1.3% [3][12] - Year-to-date, the mechanical industry has increased by 6.7%, with photovoltaic processing equipment leading at a 50.4% increase [13] Segment Summaries Engineering Machinery - January sales of excavators and loaders were the highest for the same period since 2021, driven by high commodity prices and increasing demand from emerging markets [4] - The report suggests that domestic and international demand will continue to resonate, leading to accelerated performance recovery for major manufacturers [9] Photovoltaic Processing Equipment - Tesla's expansion in solar manufacturing and the merger of SpaceX and xAI are expected to significantly boost orders for domestic photovoltaic equipment manufacturers [5][7] - The report highlights the potential for performance recovery in the photovoltaic processing equipment sector [9] Robotics - The anticipated production of Tesla's Optimus V3 humanoid robot is expected to significantly increase demand for key components in the robotics supply chain [8][10] - The report emphasizes the growth potential in the humanoid robotics sector, driven by increased investment and production capabilities [10]

三一集团工作人员在接受《证券日报》记者采访时表示，中东市场需求呈现鲜明特点：一方面，在沙特"2030愿景"推动 下，基础设施建设、矿山资源开发项目集中落地，对重型机械的规模化、集约化需求旺盛，尤其青睐能覆盖全施工流程的成套 设备；另一方面，中东地区高温、沙尘的极端工况，以及全球绿色转型趋势，让市场对设备的耐用性、耐高温沙尘性能和低碳 环保水平提出更高要求。 "针对这些需求，我们的设备搭载了更高级别的核心防护、高效散热系统，可在60℃高温环境下稳定运行，同时融入智能 化调度、节能降耗技术，既适配本地工况，也契合绿色发展需求。"上述工作人员补充道，这也是三一设备能在中东市场脱颖 而出的核心技术优势。 依托本次展会搭建的高效交流平台，三一集团与多家沙特本地及区域内企业深入对接、达成共识，成功签订数亿元订单及 多项合作意向，为后续拓展合作空间、深化本地化发展奠定坚实基础。此次沙特重型机械展，对三一集团及中沙装备产业合作 而言，既是行业前沿技术的"展示窗"，更是产业链精准对接的"桥梁"。 湖南大学经济与贸易学院副院长曹二保教授向《证券日报》记者表示，三一集团的全球化战略紧扣"全球化、数智化、低 碳化"三大方向，以灯塔工 ...

Investment Rating - The report assigns an "Overweight" rating for the machinery industry [4]. Core Insights - The machinery equipment index increased by 0.57% from February 2 to February 6, 2026, with significant sales growth in excavators and loaders [2][3]. - SpaceX's acquisition of xAI and plans to deploy one million satellites open new opportunities in the space photovoltaic sector, potentially increasing demand for high-end manufacturing and customized equipment [3]. - The report highlights strong performance in the engineering machinery sector, with excavator sales reaching 18,708 units in January 2026, a year-on-year increase of 49.5%, and loader sales at 11,759 units, up 48.5% year-on-year [3]. Summary by Sections 1. Market Overview - The machinery equipment sector outperformed the CSI 300 index, ranking 11th among 31 sectors with a 0.57% increase [7]. - The machinery industry index has risen by 55.02% since the beginning of 2025, compared to a 21.55% increase in the CSI 300 index [10]. 2. Key Macro Data - The manufacturing PMI for January 2026 was reported at 49.3% [15]. - The production index and order index for January 2026 were 50.6% and 49.2%, respectively [20]. 3. Sub-industry Data Summary 3.1 Engineering Machinery - Excavator sales in January 2026 were 18,708 units, with domestic sales at 8,723 units (up 61.4% year-on-year) and exports at 9,985 units (up 40.5% year-on-year) [3]. - Loader sales reached 11,759 units, with domestic sales at 5,293 units (up 42.8% year-on-year) and exports at 6,466 units (up 53.4% year-on-year) [3]. 3.2 AI Infrastructure - Recommended stocks in the AI infrastructure sector include Ice Wheel Environment and Han Zhong Precision [4]. 3.3 Space Photovoltaics - SpaceX's plans to deploy satellites are expected to drive demand for advanced manufacturing and customized equipment [3]. 3.4 Controlled Nuclear Fusion - A joint laboratory was established between Guoli Electronics and Hefei Energy Research Institute to focus on critical technologies for energy security [3]. 4. Company Profit Forecasts - The report provides a detailed valuation summary for key machinery companies, recommending stocks such as Sany Heavy Industry and XCMG Machinery [4].

投资建议 见"股票组合"。 行情回顾 本周板块表现：上周（2026/2/2-2026/2/6）5 个交易日，SW 机械设备指数上涨 0.38%，在申万 31 个一级行业分 类中排名第 11；同期沪深 300 指数下跌 1.33%。2026 年至今表现：SW 机械设备指数上涨 6.72%，在申万 31 个一 级行业分类中排名第 9；同期沪深 300 指数上涨 0.29%。 核心观点 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 工程机械全球大周期向上，土方内外销超预期。根据中国工程机械工业协会，2026 年 1 月销售各类挖掘机 1870 8 台，同比增长 49.5%。其中国内销量 8723 台，同比增长 61.4%；出口量 9985 台，同比增长 40.5%，土方内外 销超预期。25Q4 卡特彼勒工程机械板块北美、EAME、亚太、拉丁美洲收入增速分别为+23%、+18%、-7%、+6%，2 5Q3 北美、EAME、亚太、拉丁美洲收入增速分别为+8%、+6%、+3%、-1%，工程机械板块北美、EAME 地区加速增 长，拉美转正，中国工程机械内外销加速叠加海外龙头 ...

Investment Rating - The report maintains a rating of "Buy" for the mechanical equipment industry, with a focus on specific companies such as Northern Huachuang, Sany Heavy Industry, and others [1]. Core Insights - The North American electricity shortage is driven by the contradiction between the non-linear growth of AI power demand and aging grid infrastructure. The Department of Energy (DOE) predicts an average peak gap of 20-40GW by 2030 due to this imbalance [2]. - The report highlights investment opportunities in gas turbines and photovoltaic equipment, particularly in response to the growing electricity demand in North America and the global shift towards renewable energy solutions [3][4]. - The report emphasizes the potential for domestic gas turbine technology to fill the electricity gap in the U.S. market, with specific recommendations for companies like Jerry Holdings and Yingliu Holdings [2][31]. Summary by Sections Gas Turbines - The gas turbine sector is expected to benefit from the increasing electricity demand driven by AI data centers. The supply-demand gap is significant, with global gas turbine orders exceeding 80GW while actual deliverable capacity is below 50GW [31]. - Recommended companies include Jerry Holdings, Yingliu Holdings, and Haomai Technology, which are positioned to capitalize on the growing demand for gas turbines [31][32]. Photovoltaic Equipment - The report notes a significant opportunity in the photovoltaic sector, particularly with the expected growth in space-based solar power due to initiatives like SpaceX's satellite deployment [3][4]. - Key recommendations include companies like Jing Sheng Mechanical and Aotwei, which are well-positioned to benefit from both ground and space photovoltaic markets [4][26]. Lithium Battery Equipment - The demand for lithium battery equipment is anticipated to surge due to the rapid growth of energy storage needs driven by AI and policy changes. Companies like Xian Dao Intelligent and Hangke Technology are highlighted as key players in this space [4][25]. - The report suggests that the global demand for energy storage solutions will significantly increase, with projections indicating a need for over 300GWh of storage equipment driven by major tech companies [4]. Engineering Machinery - The engineering machinery sector is expected to see a strong performance in Q1, with significant year-on-year growth in excavator sales. Companies like Sany Heavy Industry and XCMG are recommended for their strong market positions [5][43]. - The report indicates that the sector typically experiences a surge in sales during the first quarter due to seasonal factors and policy support [5]. General Recommendations - The report provides a comprehensive list of companies to watch across various segments, including Northern Huachuang, Sany Heavy Industry, and others in the mechanical equipment sector [1][15].