2025年，中国与中亚五国（哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、土库曼斯坦、乌兹别克斯 坦）的货物贸易首次突破1000亿美元大关，达到1063亿美元，同比增长12%。其中，进出口同向发 力，增速分别达到14%、11%。中亚成为中国外贸增速最快的区域之一，中国也已成为中亚各国第 一大贸易伙伴。 亮眼数据背后，支撑动力何在？未来增长潜力又如何？近期，证券时报·券商中国记者采访了多位业内专家， 解答这些问题。 证券时报·券商中国记者：中国与中亚五国之间的贸易结构是怎样的？ 商务部国际贸易经济合作研究院研究员余稳策： 2025年，中国与中亚五国贸易规模实现历史性突破。货物贸 易总额达1063亿美元，同比增长12%，中国首次跃居中亚各国第一大贸易伙伴。双方贸易结构呈现出"向新向 优"的特点。中国对中亚出口712亿美元，同比增长11%，机电和高新技术产品占主导，"新三样"（电动汽车、 锂电池、太阳能电池）出口增长强劲；中国自中亚五国进口351亿美元，同比增长14%，进口产品中，化工、 钢材、农产品等非资源类产品种类持续丰富，推动进口结构向多元化转型。 证券时报·券商中国记者：支撑中国与中亚国家的货物贸易额创历史新高的动 ...

Investment Highlights - The report emphasizes the growth potential driven by AI and the reversal of the anti-involution cycle in the manufacturing sector [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] Industry Performance - The report notes significant performance in various sectors, with the best-performing indices being the construction materials sector (+9.23%), oil and petrochemicals (+7.71%), and steel (+7.31%) for the week ending January 23, 2026 [5][23] - In the manufacturing sector, the top indices were the photovoltaic concept index (+9.33%), aerospace and military theme index (+7.65%), and new energy concept index (+7.44%) [5][24] Key Industry Trends - The report discusses the rapid rise of space photovoltaic technology and the integration of the nuclear fusion industry in the U.S., highlighting technological breakthroughs and increased international cooperation [4][6][9] - The EDA (Electronic Design Automation) industry is noted for its consolidation and the potential for domestic breakthroughs, driven by government support and strategic acquisitions [11][12][14] Company-Specific Insights - China Shipbuilding Industry Company is expected to benefit from asset integration within the group, improving competitive dynamics and operational efficiency [15][16] - The report forecasts significant profit growth for key companies, with expected net profits for 2025-2027 showing substantial increases, particularly for companies like China Shipbuilding [17][21] Investment Recommendations - The report suggests focusing on core positions and flexible targets within the EDA sector, as domestic companies are positioned for significant growth due to increased policy support and market demand [11][17] - Specific companies to watch include Huada Jiutian, Gelun Electronics, and Guangli Micro [17]

未来公司将继续坚定践行中联特色的全球化发展战略，持续做深做透"端对端、数字化、本土化"海外业 务直销体系，依托文化、理念、数字化技术等综合优势，加快海外研发、制造、供应链、销售服务网络 等所有经营要素全面的本土化运营布局，构建海外市场长期竞争优势，推动海外业务实现稳健高速发 展。 格隆汇1月27日丨中联重科(000157.SZ)在投资者互动平台表示，公司始终坚定实施"海外业务本地化"战 略，通过"端对端、数字化、本土化"的海外业务体系，实现了在全球重点市场的快速渗透。目前，公司 产品市场已覆盖全球170多个国家和地区。 公司构建了全球市场布局和全球物流网络及零配件供应体 系，在全球主要节点型区域或国家设立了多个分子公司及常驻机构，并在在意大利、德国、匈牙利、墨 西哥、巴西、土耳其等国家拥有工业园或生产基地，通过对国内外工业园区的整合和布局，形成了遍布 全球的产业制造基地，实现了公司从"走出去"到"走进去"本地化运营的海外发展战略落地，为公司带来 新的发展机遇。 ...

Core Viewpoint - Zhonglian Heavy Industry (000157.SZ) is set to enter the humanoid robot industry starting in 2024, leveraging its technological expertise in industrial internet, artificial intelligence, IoT, and robotics [1] Company Summary - The company has developed full-stack self-research capabilities in both hardware and software for humanoid robots, launching multiple self-developed prototypes and releasing the "Cloud Valley Embodied Intelligent Model" along with a toolchain [1] - Key components for the robots, such as planetary joint modules, cycloidal joint modules, reducers, controllers, and motors, are developed in-house, and the company has established a training ground for humanoid robots [1] - Several self-developed robot products have undergone multiple iterations, with dozens of robots currently validating and collecting data in various scenarios including engineering machinery pre-assembly, goods sorting, plating, scanning for loading, medium component assembly, and quality inspection [1] Industry Summary - The robotics sector is considered a cutting-edge technology and a key strategic industry for the nation, with overall research and application still in the early investment stage, indicating that achieving large-scale profitability will require time [1]

2025年，中国与中亚五国（哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、土库曼斯坦、乌兹别克斯坦）的货物贸易首次突破1000亿美元大关， 达到1063亿美元，同比增长12%。其中，进出口同向发力，增速分别达到14%、11%。中亚成为中国外贸增速最快的区域之一，中国也已成为 中亚各国第一大贸易伙伴。 中国社会科学院俄罗斯东欧中亚研究所副研究员李睿思： 近年来，围绕中亚国家经济发展中的绿色低碳转型、科技创新驱动、生态环保等现实 诉求，中方加大力度逐步实现投资的稳步扩容，通过打造资金、技术、产业的良性循环发展模式，推动含有高技术、高附加值的产品走向市场。 亮眼数据背后，支撑动力何在？未来增长潜力又如何？近期，证券时报记者采访了多位业内专家，解答这些问题。 证券时报：中国与中亚五国之间的贸易结构是怎样的？ 商务部国际贸易经济合作研究院研究员余稳策： 2025年，中国与中亚五国贸易规模实现历史性突破。货物贸易总额达1063亿美元，同比增长 12%，中国首次跃居中亚各国第一大贸易伙伴。双方贸易结构呈现出"向新向优"的特点。中国对中亚出口712亿美元，同比增长11%，机电和高新 技术产品占主导，"新三样"（电动汽车、锂电池、太阳 ...

2025年，中国与中亚五国(哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、土库曼斯坦、乌兹别克斯坦)的货 物贸易首次突破1000亿美元大关，达到1063亿美元，同比增长12%。其中，进出口同向发力，增速分别 达到14%、11%。中亚成为中国外贸增速最快的区域之一，中国也已成为中亚各国第一大贸易伙伴。 亮眼数据背后，支撑动力何在？未来增长潜力又如何？近期，证券时报记者采访了多位业内专家，解答 这些问题。 证券时报：中国与中亚五国之间的贸易结构是怎样的？ 商务部国际贸易经济合作研究院研究员余稳策：2025年，中国与中亚五国贸易规模实现历史性突破。货 物贸易总额达1063亿美元，同比增长12%，中国首次跃居中亚各国第一大贸易伙伴。双方贸易结构呈现 出"向新向优"的特点。中国对中亚出口712亿美元，同比增长11%，机电和高新技术产品占主导，"新三 样"(电动汽车、锂电池、太阳能电池)出口增长强劲；中国自中亚五国进口351亿美元，同比增长14%， 进口产品中，化工、钢材、农产品等非资源类产品种类持续丰富，推动进口结构向多元化转型。 证券时报：支撑中国与中亚国家的货物贸易额创历史新高的动力在哪些方面？ 余稳策：核心动力体现在五个 ...

Core Viewpoint - The engineering machinery sector experienced a slight decline of 0.04% on January 27, with Huadong Heavy Machinery leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1]. Group 1: Market Performance - The closing price of Huadong Heavy Machinery was 7.22, reflecting a decrease of 4.87% with a trading volume of 575,400 shares and a transaction value of 418 million yuan [2]. - The top gainers in the engineering machinery sector included Hailun Zhe, which rose by 7.88% to a closing price of 8.62, and Zhigao Machinery, which increased by 5.64% to 45.11 [1]. - The overall trading volume in the engineering machinery sector showed a net outflow of 151 million yuan from institutional investors, while retail investors contributed a net inflow of 271 million yuan [2][3]. Group 2: Individual Stock Analysis - Xugong Machinery saw a net inflow of 113 million yuan from institutional investors, while retail investors had a net inflow of 73.79 million yuan [3]. - Zhonglian Heavy Industry reported a net inflow of 85.73 million yuan from institutional investors, but a net outflow of 49.92 million yuan from retail investors [3]. - Hailun Zhe had a net inflow of 79.60 million yuan from institutional investors, with retail investors showing a net outflow of 41.44 million yuan [3].

Core Viewpoint - Chinese construction machinery companies are increasingly focusing on customized solutions and comprehensive services to meet diverse global market demands, leading to a surge in overseas orders and deliveries [1][5]. Group 1: Product Innovations and Deliveries - A long-reach excavator has been delivered to a Middle Eastern client, designed for large-scale land reclamation projects, showcasing its ability to meet specific excavation range and depth requirements [1]. - SANY Heavy Industry's concrete mixer trucks have commenced operations in Colombia, emphasizing lightweight design for compliance and an intelligent fuel-saving system for cost control [1]. - The AB46RJ aerial work platform delivered by XCMG meets the high demands of rental companies in Singapore, featuring smart human-machine interaction and self-diagnostic control systems [3]. Group 2: Market Adaptation and Localization - Companies are establishing localized teams to understand and adapt to specific market needs, conducting thorough on-site research to customize equipment for local conditions [2]. - A concrete equipment model designed for European clients has been successfully modified with a three-tier ladder and improved arm damping and cleaning systems, leading to sustained sales in the region [2]. Group 3: Recognition and Market Presence - The presence of "Made in China" products in global markets is a testament to the widespread recognition of systematic solutions centered on deep customization and comprehensive service [5]. - SANY Heavy Industry has achieved a market share of over 40,000 excavators in Europe, indicating strong acceptance of its products in international markets [1].

Core Viewpoint - The heavy machinery sector in Hong Kong is experiencing a significant rise, with SANY International hitting a new high and recording an 8-day consecutive increase, indicating strong market sentiment and expectations for a sales peak post-Spring Festival [1] Industry Summary - The engineering machinery industry is maintaining stable order levels ahead of the Spring Festival, with clear expectations for a sales surge after the holiday [1] - The demand for global mining machinery may be at a turning point due to strengthened expectations for U.S. Federal Reserve interest rate cuts and rising prices of mineral commodities, suggesting a long-term upward trend in the industry [1] Company Summary - SANY International has received a substantial number of mining equipment orders, with an expected growth in order scale from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]

Group 1 - Heavy machinery stocks in Hong Kong continue to rise, with SANY International increasing over 6% to reach a new high and recording an 8-day consecutive increase [1] - China National Heavy Duty Truck Group rose by 2.2%, while First Tractor Company and Zoomlion both saw increases of nearly 2% [1] - The engineering machinery industry is expected to maintain stable orders until mid-January 2026, with clear expectations for a sales peak after the Spring Festival [1] Group 2 - According to China Merchants Securities, the expectation of a Federal Reserve interest rate cut and the strengthening of commodity prices may signal a turning point for global mining machinery demand, suggesting a long-term upward trend in the industry [1] - SANY International is receiving a significant number of mining equipment orders, with an expected growth from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]