2026 年 02 月 01 日 行业周报 看好/维持 机械 机械 2025 年工程机械内外需全面回升，继续看好行业需求向上（20260126-20260201） (10%) 4% 18% 32% 46% 60% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 机械 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 ◼ 走势比较 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 报告摘要 行情回顾 行业周报 2025 年工程机械内外需全面回升，继续看好行业需求向上 P2 本期（1 月 26 日-1 月 30 日），沪深 300 上涨 0.1%，机械板块下跌 4.2%， 在所有一级行业中排名 25。细分行业看，油气装备涨幅最大，上涨 4.1%； 锂电设备跌幅最大，下跌 8.4%。 本周观点 2025 年工程机械内外需全面回升，继续看好行业需 ...

1、吴清：全力巩固资本市场稳中向好势头 重要程度：★★★★★ 1月30日证监会党委书记、主席吴清在北京召开座谈会。吴清强调，要全力巩固资本市场稳中向好势头， 聚焦持续深化资本市场投融资综合改革、提高制度包容性适应性，抓紧推出深化创业板改革，持续推动科 创板改革落实落地，提高再融资制度便利性、灵活性和吸引力，促进北交所、新三板一体化高质量发展。 2、证监会：拟扩大战略投资者类型 明确最低持股比例要求 重要程度：★★★★ 中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第十三条、 第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18号〉的决定(征求意 见稿)》公开征求意见。 征求意见提到，扩大战略投资者类型，明确全国社保基金、基本养老保险基金、企业(职业)年金基金等机 构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。 征求意见还提到，明确最低持股比例要求，战略投资者本次认购上市公司股份原则上不低于5%，并要求资 本投资者深入了解上市公司产业发展，帮助引入战略性资源或改善治理。 3、黄金白银集体杀跌，发生了啥？ 重要程度：★★★ 继 ...

Group 1: Company Performance and Forecasts - Cambricon Technologies expects a net profit of 1.85 billion to 2.15 billion yuan in 2025, turning from loss to profit due to the rising demand for AI computing power and significant revenue growth [1] - Western Gold anticipates a net profit of 425 million to 490 million yuan for 2025, representing an increase of 46.78% to 69.23% year-on-year [6] - CICC forecasts a net profit of 8.542 billion to 10.535 billion yuan for 2025, indicating a year-on-year increase of 50% to 85% [6] - Shandong Gold expects a net profit of 4.6 billion to 4.9 billion yuan for 2025, reflecting a year-on-year increase of 56% to 66% [6] - 360 Company predicts a net profit of approximately 213 million to 318 million yuan for 2025, turning from loss to profit [6] - Changchun High-tech anticipates a net profit of 150 million to 220 million yuan for 2025, a decrease of 91% to 94% year-on-year [6] - Overseas Chinese Town A expects a net loss of 13 billion to 15.5 billion yuan for 2025 [6] Group 2: Corporate Actions and Developments - BlueFocus announced that Chairman Zhao Wenquan plans to reduce his holdings by up to 20 million shares, accounting for 0.5571% of the total share capital, due to personal financial needs [2] - Huayou Cobalt signed a cooperation framework agreement to build an integrated battery industry chain project in Indonesia, aiming to establish Indonesia as a production base for electric vehicle batteries [3] - Jihua Group's controlling shareholder is planning a change of control, leading to a temporary suspension of trading from February 2, 2026 [4] - Minexplosion Optoelectronics intends to acquire 51% of Xiamen Xizhi Precision Technology Co., becoming its controlling shareholder, which will expand its business into high-end PCB drilling [5]

Group 1 - Yuehongyuan A announced the transfer of 45% equity in Hongxi Mining for 22.37 million yuan, aiming to optimize its business and promote transformation, expecting a positive impact on financial results with an estimated gain of over 22 million yuan [2] - Wanhua Chemical plans to increase capital by 19.086 billion yuan to its wholly-owned subsidiary Wanhua Olefins, consolidating its carbon two industry operations to enhance competitiveness [3] - Huayou Cobalt signed a cooperation framework agreement to build an integrated battery industry chain project in Indonesia, aiming to establish the country as a production base for electric vehicle batteries [4] Group 2 - Gansu Energy reported that the first batch of wind turbines for its 1 million kW green electricity aggregation pilot project has been connected to the grid, contributing to over 10% of the company's expected installed capacity by the end of 2025 [5] - Lingyi Zhizao completed the acquisition of 35% equity in Liminda for 875 million yuan, gaining control over 52.78% of voting rights, making Liminda a subsidiary [6] - Tianqi Lithium's third-phase expansion project for chemical-grade lithium concentrate produced its first batch of qualified products, enhancing raw material supply for its lithium chemical production bases [7] Group 3 - Ecovacs expects a net profit of 1.7 billion to 1.8 billion yuan for 2025, a year-on-year increase of 110.90% to 123.30% due to product upgrades and cost optimization [9] - Cambrian anticipates a turnaround with a net profit of 1.85 billion to 2.15 billion yuan for 2025, a significant increase in revenue driven by operational improvements [10] - China Southern Airlines expects a net profit of 800 million to 1 billion yuan for 2025, recovering from a loss of 1.696 billion yuan in the previous year [11] Group 4 - Shandong Gold forecasts a net profit of 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% due to improved production efficiency and rising gold prices [16] - Perfect World expects a net profit of 720 million to 760 million yuan for 2025, recovering from a loss of 1.288 billion yuan, driven by successful game launches and cost reductions [17] - CICC anticipates a net profit of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% due to strong performance in investment banking and wealth management [18] Group 5 - *ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, recovering from a loss of 76.64 million yuan, attributed to a major asset restructuring [19] - New Hope predicts a net loss of 1.5 billion to 1.8 billion yuan for 2025, down from a profit of 473.6 million yuan, impacted by fluctuations in the pig market [20] - 360 expects a net profit of 213 million to 318 million yuan for 2025, turning around from a loss, driven by increased investment income from equity method accounting [21]

Core Viewpoint - The company, Zhonghe Technology, has been awarded the contract for the Taizhou Urban Railway S2 Line Signal System procurement project, amounting to approximately 432.35 million yuan [1]. Group 1: Project Details - The project includes the design, manufacturing, installation supervision, testing, comprehensive joint debugging, safety assessment, acceptance, trial operation, opening, personnel training, provision of spare parts and tools, and correction of system defects during the quality guarantee period [1]. - The project specifically covers the entire signal system for the S2 line, which includes a dedicated wireless communication system [1].

南财智讯1月30日电，众合科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损4000万元—6000万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损6500 万元—8500万元。报告期内业绩变动主要原因：1.本报告期公司营业收入同比增长，但因智慧交通业务 项目受国内市场竞争、国际化等新业务拓展因素的影响，不同项目毛利率存在差异，本期交付的项目毛 利率较上年同期下降。2.因上年股权处置等原因，公司本年非经常性收益较上年同期减少。3.随着山西 单晶基地等竣工投入使用，折旧等费用较上年同期增加；受半导体浦江基地等建设投入影响，本年融资 规模增加，财务费用较上年同期增加；基于公司空天信息业务转型战略，研发投入及场景开发投入等增 加。 ...

证券代码：000925 证券简称：众合科技 公告编号：临 2026—009 浙江众合科技股份有限公司关于"台州市域铁路 S2 线工程信号系 统采购项目"中标的公告 项目概况：包括 S2 线全线信号系统（含专用无线通信系统）设备的设计、设计联 络、制造、出厂检验、保险、包装发货、运输、仓储、交货、安装督导、测试、试验、 综合联调、安全评估、验收、试运行、开通、设备性能确认、人员培训、备品备件和仪 器仪表及工具的提供、质量保证期内的系统缺陷的纠正和维护等。 二、对公司的影响 1、本项目签订正式合同并顺利实施后，将对公司未来年度经营业绩产生持续的、 积极的影响； 2、公司与上述招标人不存在关联关系，上述项目中标对本公司业务独立性不构成 影响。 三、风险提示 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 近 日 ， 机 电 产 品 招 标 投 标 电 子 交 易 平 台 （https://www.chinabidding.com/bidDetail/262577651-BidResult.html）发布《台 州市域铁路 S2 线工程信号系统采购项目中标结果公告》，确定 ...

证券代码：000925 证券简称：众合科技 公告编号：临 2026—008 浙江众合科技股份有限公司 关于收到浙江证监局警示函的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 浙江众合科技股份有限公司（以下简称"公司"）于今日收到中国证券监督 管理委员会浙江监管局（以下简称"浙江证监局"）出具的《关于对浙江众合科 技股份有限公司及相关人员采取出具警示函措施的决定》（【2026】17 号，以 下简称"《警示函》"）。公司董事会对上述《警示函》所提到的问题高度重视， 现将具体情况公告如下： 我局在现场检查中发现浙江众合科技股份有限公司（以下简称公司）存在 将大额募集资金转出专项账户进行管理和使用的问题，公司上述行为违反了《上 市公司信息披露管理办法》（证监会令第 182 号）第三条第一款、《上市公司监 管指引第 2 号一一上市公司募集资金管理和使用的监管要求》（证监会公告【2022】 15 号）第五条规定。公司董事长潘丽春、执行总裁何昊、财务总监王美娇、董 事会秘书何俊丽违反了《上市公司信息披露管理办法》（证监会令第 182 号）第 四条、第五十一条规定，对上 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1．业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 | 2．预计的经营业绩：预计净利润为负值 | | --- | | 项 | 目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 亏损：4,000 | 万元–6,000 | 万元 | 盈利：2,436.03 | 万元 | | 扣除非经常性损 益后的净利润 | | 亏损：6,500 | 万元–8,500 | 万元 | 亏损：3,538.48 | 万元 | | 基本每股收益 | | 亏损：0.06 | 元/每股–0.09 | 元/每股 | 盈利：0.04 | 元/股 | 证券代码：000925 证券简称：众合科技 公告编号：临 2026—007 浙江众合科技股份有限公司 2025 年度业绩预告 二、与会计师事务所沟通情况 本次业绩预告未经会计师事务所审计。公司与会计师事务所就业绩预告有关 事项进 ...

Group 1 - The National Bureau of Statistics reported that in December 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities decreased month-on-month, with an expanded year-on-year decline. The GDP for the entire year of 2025 was 14,018.79 billion yuan, reflecting a growth of 5.0% at constant prices [6] - The International Monetary Fund updated its World Economic Outlook report, raising the economic growth forecast for China in 2026 [7] - Micron Technology indicated that the shortage of memory chips has worsened over the past quarter, reiterating that supply tightness will persist into the following year due to surging demand for high-end semiconductors driven by AI infrastructure development [7] Group 2 - Jianghua Microelectronics announced that its stock will resume trading on January 20, 2026, with a change in its actual controller to the Shanghai State-owned Assets Supervision and Administration Commission [5] - Hunan YN announced an expected net profit for 2025 of 1.15 billion to 1.4 billion yuan, representing a year-on-year growth of 93.75% to 135.87% due to the rapid development of the new energy vehicle and energy storage markets [10] - Jiangxi Copper signed a cooperation framework agreement with a military supply company to supply various metal products, which will enhance its market competitiveness and brand influence [10] Group 3 - The satellite internet industry is entering a rapid development phase, with the successful launch of 19 low-orbit satellites by China's Long March 12 rocket, indicating accelerated networking and industrialization of satellite internet [8] - The demand for AI is driving up the prices of copper-clad laminates (CCL) due to tight supply of raw materials, with price increases of over 30% announced by Resonac and 10% by Kintor Group [9] - The company Ding Tong Technology expects a net profit of 242 million yuan for 2025, marking a year-on-year increase of 119.59% [10]