这绝非一次简单的经贸之旅，而是在国家加快构建新发展格局的宏伟战略下，一座长江中游地区中心城 市主动抓住向上发展"关键变量"的战略行动，旨在将香港这一国际顶级枢纽的变量效应，全面转化为长 沙高质量发展的增量与胜势。 长沙晚报全媒体评论员 山丘 2026年的发展画卷徐徐展开，1月20日至22日，省委常委、市委书记吴桂英率长沙市代表团以香港为"十 五五"开局出访首站，开展招商引资与招才引智活动。 顺应时势的区域协同 长沙与香港隔山望海，但情谊深远。历经岁月沉淀的互信与共赢，为此次新年首访奠定了坚实基础。 香港不仅是长沙"走出去"与"引进来"的超级桥梁，更是休戚与共的发展合伙人。数据显示，香港是长沙 最重要的经贸伙伴，全市港资企业达679家，占外资企业总量的46.6%。从耸立星城的九龙仓国金中 心，到联通全球的玉湖冷链，港资项目已成为长沙名片；而中联重科、蓝思科技等长沙龙头企业，也借 助香港平台成功扬帆远航。近30万在港湘籍乡亲和校友，更是两地割舍不断的血脉纽带。 此次出访统筹推进招商引资与招才引智，既有合作成果的巩固，更是顺应时势，使香港从"重要伙伴"升 维为能够系统性助力长沙突破内陆局限的"战略支点"。 城市跃升 ...

Group 1 - The core message of the event is to attract talent and investment from Hong Kong to Changsha, emphasizing the city's commitment to supporting various types of talent through comprehensive policies and initiatives [1][2] - The "Changsha Talent Policy Map" outlines support pathways for different talent categories, including top scientists and young entrepreneurs, highlighting financial empowerment and quality of life services [1][2] - Changsha has established itself as a significant economic partner for Hong Kong, with 679 Hong Kong-funded enterprises accounting for 46.6% of the city's total foreign investment [2] Group 2 - The event facilitated collaborations between Changsha and Hong Kong, including the signing of research project agreements and the establishment of a "Changsha Enterprises Listing Hong Kong Home" initiative [2] - The orange map serves as a tangible symbol of the connection between the two cities, representing an invitation for talent and opportunities beyond mere policy documentation [2][3] - The ongoing collaboration between Changsha and Hong Kong is expected to continue evolving, promising further developments in talent cultivation and technological innovation [3]

Core Viewpoint - Renben Co., Ltd. has applied for a change in its listing status to "inquired" on the Shanghai Stock Exchange, with a fundraising target of 3.8 billion RMB [1] Group 1: Company Overview - Renben Co., Ltd. is the largest and most comprehensive bearing manufacturing group in China, engaged in the R&D, production, and sales of bearings and related products [1][2] - The company operates in over 70 countries and regions, with nine production bases and nearly 20,000 employees, covering the entire industry chain from bearing materials to finished products [1] - Renben's product range includes over 50,000 types of bearings, widely used in key sectors such as automotive, light industry machinery, heavy machinery, and major equipment [1][2] - The company has maintained the highest production and sales volume in the domestic industry for twelve consecutive years since 2013 and is the only Chinese company to enter the global top ten in the bearing industry [1][2] Group 2: Clientele and Market Position - The company serves a wide range of well-known enterprises across various industrial sectors, including major automotive brands like FAW, Dongfeng, and Toyota, as well as leading companies in light industry and heavy machinery [2] - Renben has established partnerships with notable equipment manufacturers such as CRRC and China Railway Equipment, further solidifying its market position [2] - The company has made significant technological advancements in key areas such as rail transportation, wind power generation, and precision machine tools, enhancing its competitiveness in the high-end bearing market [2] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 9.388 billion RMB, 10.482 billion RMB, and 11.960 billion RMB, respectively, with a projected revenue of 6.471 billion RMB for the first half of 2025 [3] - Corresponding net profits for the same periods were approximately 635 million RMB, 701 million RMB, 829 million RMB, and 442 million RMB for the first half of 2025 [3]

Core Viewpoint - The announcement of the first batch of 15 leading smart factories marks a significant leap in China's manufacturing sector from digitization and networking to a new stage characterized by deep applications of artificial intelligence, representing the highest level of intelligent manufacturing in the country [1][3][21]. Group 1: Overview of Leading Smart Factories - The first batch of leading smart factories includes companies from key industries such as equipment manufacturing, raw materials, and electronic information, showcasing the breadth and depth of China's intelligent manufacturing development [1][19]. - The 15 selected factories are distributed across 10 provinces and regions, including Shanghai, Jiangsu, Zhejiang, Shandong, and Hubei, reflecting a "multi-point breakthrough and full coverage" layout [2][20]. Group 2: Characteristics of Leading Smart Factories - Leading smart factories integrate advanced manufacturing technologies, next-generation information technologies, and lean management concepts, taking on the responsibility of exploring future manufacturing models [3][21]. - To qualify as a leading smart factory, six key elements are required: industry leadership, AI technology application leadership, innovative smart manufacturing model leadership, performance leadership, replication leadership, and nurturing plan leadership [6][24]. Group 3: Case Studies of Selected Companies - Changfei Fiber Optic has become a benchmark in the electronic information sector by integrating AI algorithms throughout its production process, achieving a drawing speed of 3,500 meters per minute with micro-level precision control [9][27]. - Weichai Power has implemented a digital and intelligent management system that reduces customer maintenance costs by an average of 30% through remote diagnostics and alerts for every engine sold [30]. - Baosteel is innovating with an AI-driven predictive manufacturing model that anticipates market demand, optimizing the entire supply chain and production process, with plans to establish 1,200 AI scenarios and 25 benchmark production lines by 2027 [14][34]. Group 4: Future Directions and Strategic Goals - The development of leading smart factories aligns with national strategies to promote intelligent, green, and service-oriented manufacturing, aiming to enhance China's position in the global supply chain [34][35]. - The exploration of future manufacturing models focuses on achieving high customization, complex production, and maintaining high efficiency, low costs, and high quality [28][36].

Core Insights - In 2025, Hunan's foreign trade demonstrated resilience, achieving a total import and export value of 541.41 billion yuan, maintaining stability above 500 billion yuan for five consecutive years, and contributing significantly to the province's economic goals during the 14th Five-Year Plan [2] Group 1: Trade Performance - Hunan's foreign trade showed steady growth, with a quarter-on-quarter increase of 7.7% in Q4 and a year-on-year increase of 5.7% in December, marking a strong finish for the year [3] - The automotive export value reached 33.84 billion yuan, a 26.8% increase year-on-year, with electric vehicle exports exceeding 100,000 units, a staggering increase of 128.2% [3] - The number of enterprises engaged in import and export activities surpassed 9,000 for the first time, reaching 9,113, with export enterprises increasing by 9.6% and import enterprises by 10.4% [3] Group 2: Key Contributions from Changsha - Changsha accounted for 287.54 billion yuan in import and export value, representing 53.1% of the province's total, and contributed significantly to high-tech product exports and machinery imports [4] - The city played a crucial role in stabilizing Hunan's foreign trade landscape, contributing over three-quarters of the province's high-tech product exports and machinery imports [4] Group 3: Trade Expansion and New Markets - Hunan's trade network expanded to cover 118 countries and regions, with imports and exports to Belt and Road countries reaching 320.08 billion yuan, accounting for 59.1% of the province's total [5] - Exports to Africa reached a record high of 58 billion yuan, growing by 5.8% year-on-year, with significant increases in engineering machinery and "new three samples" products [5] - The province benefited from zero-tariff policies for least developed countries in Africa, leading to increased imports of African specialty products [5] Group 4: Export Structure Optimization - Hunan's exports totaled 320.76 billion yuan, with traditional industries maintaining stability and emerging industries showing strong growth, particularly in high-tech products [6] - High-tech product exports grew by 28.4%, with industrial robots and electric locomotives seeing significant increases of 82.1% and 102.2%, respectively [6] - The customs department implemented measures to support high-tech enterprises, significantly improving the efficiency of material flow for companies requiring timely imports [6] Group 5: Logistics Improvements - The construction of international logistics channels has strengthened Hunan's foreign trade, with new international air routes and increased container throughput at ports [8] - The "Xiangyuefei" rail-sea intermodal transport reduced logistics costs by nearly 30% for enterprises [8] - Future plans include optimizing regulatory services and expanding innovative logistics models to further enhance Hunan's position in high-quality foreign trade development [8]

Core Viewpoint - The engineering machinery industry is expected to experience sustained growth in domestic sales and a significant recovery in non-excavator categories, driven by positive fiscal policies and ongoing internationalization and electrification trends [1][2][3]. Group 1: Domestic Sales Growth - In December 2025, domestic excavator sales continued to grow, with total excavator sales (including exports) reaching 23,095 units, a year-on-year increase of 19.2%, and domestic sales at 10,331 units, up 10.9% [1]. - For the entire year of 2025, total excavator sales (including exports) amounted to 235,257 units, reflecting a 17.0% year-on-year growth, while domestic sales reached 118,518 units, increasing by 17.9% [1]. - Non-excavator machinery categories showed a clear recovery trend, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% in December 2025 [1]. Group 2: Infrastructure Investment and Policy Support - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, which is expected to stimulate infrastructure investment and support downstream equipment demand [3]. - The meeting highlighted the need to optimize fiscal expenditure structures and enhance the management of local government special bond usage, which will further boost investment [3]. Group 3: Export Performance - In December 2025, excavator export sales reached 12,764 units, marking a 26.9% year-on-year increase, with total annual excavator exports at 116,739 units, up 16.1% [4]. - The export value of engineering machinery in December 2025 was $6.42 billion, a 27.2% increase year-on-year, while the total export value for the year was $60.17 billion, reflecting a 13.8% growth [4]. - The engineering machinery export market is expected to benefit from increased demand in Southeast Asia, Africa, and the Middle East, despite facing challenges such as U.S.-China tariff uncertainties [4]. Group 4: Electrification Trends - Electric loader sales in December 2025 reached 2,722 units, a significant year-on-year increase of 218.7%, with an electrification rate of 22.2%, up 13.2 percentage points [5]. - For the entire year of 2025, electric loader sales totaled 29,771 units, reflecting a 165.3% year-on-year growth, with an electrification rate of 23.2%, an increase of 12.9 percentage points [5]. - The industry is expected to accelerate its electrification process, which will enhance revenue and profit for major manufacturers [5]. Group 5: Major Projects Impact - The Yaxia Hydropower Project, with a total investment of approximately 1.2 trillion yuan, is anticipated to significantly boost demand for engineering machinery, with equipment demand potentially reaching 120 to 180 billion yuan [8]. - The project is expected to create a strong demand for large excavators, rock tunnel boring machines, cranes, and concrete machinery, further driving the engineering machinery industry [8]. Group 6: Investment Recommendations - Companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, Shantui, and China Longgong are recommended for investment, along with component manufacturers like Hengli Hydraulic [9]. - The electrification and internationalization trends are expected to benefit traditional forklift manufacturers that have strong manufacturing and sales capabilities, with recommendations for Anhui Heli and Hangcha Group [9].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

Core Viewpoint - The launch of the first customized China-Europe freight train by Zoomlion from Changsha marks a significant step in enhancing international logistics channels and supporting local high-end equipment manufacturing in the context of the "14th Five-Year Plan" [1][3]. Group 1: Logistics and Transportation - The China-Europe freight train (Changsha) is a response to the "14th Five-Year Plan" and aims to implement the strategies of "Manufacturing Power" and "Transportation Power" [3]. - The train provides a comprehensive "end-to-end, door-to-door" customized international logistics solution, including transportation organization, customs coordination, and overseas distribution [3]. - The train will transport high-end engineering machinery equipment over more than ten days and thousands of kilometers to its destination, enhancing the timeliness and stability of cross-border transport for major equipment [3][4]. Group 2: Collaboration and Support - The successful operation of the freight train is attributed to the collaboration among local government logistics offices, customs, and railway departments [3]. - Changsha Customs provides 24/7 customs clearance and emergency support services, guiding companies to use efficient declaration methods to expedite cargo passage [3]. - The coordinated efforts have optimized services, creating a "fast track" for customs clearance for Hunan manufacturing [3]. Group 3: Future Outlook - The China-Europe freight train (Changsha) aims to deepen cooperation with local manufacturing enterprises, expand its route network, and optimize service functions during the "14th Five-Year Plan" [4]. - By 2025, the freight train is expected to operate 1,037 trains, maintaining a scale of over 1,000 trains for five consecutive years, ranking among the top in the country [4].

晨会纪要（2026/01/22） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 3、风险提示 两融业务成本超预期变动风险；两融监管政策超预期变动风险。 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（1 月 14 日-1 月 20 日）A 股市场主要指数多数下跌，其中中证 500 涨幅最大，上涨了 1.28%；上证 50 跌幅最大，下跌了 1.99%。此外，上证综指下跌 0.61%，深证成指下跌 0.10%，创业板 ...

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