（编辑 楚丽君） 证券日报网讯 2月13日，豪迈科技在互动平台回答投资者提问时表示，公司已推向市场的机床产品包括 直驱转台、立式五轴加工中心、精密加工中心、卧式五轴加工中心、卧式车铣复合加工中心、超硬刀具 五轴激光加工中心等系列化产品，同时可为客户提供个性化定制服务。 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Group 1 - The A-share market experienced a collective decline, with the A500 ETF (512050) dropping by 0.88% and trading volume exceeding 10.9 billion yuan, leading its peers [1] - The market sentiment is influenced by risk aversion and profit-taking ahead of the Spring Festival, although the spring market trend is expected to continue with limited risks during the holiday [1] - The A500 ETF (512050) offers investors a convenient way to invest in core A-share assets, benefiting from low fees (0.2%), strong liquidity, and a large scale exceeding 40 billion yuan [1] Group 2 - The A500 ETF tracks the CSI A500 Index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-industries [1] - The ETF is designed to integrate value and growth attributes, with a natural "barbell" investment characteristic, particularly overweighting sectors like AI, pharmaceuticals, and renewable energy compared to the CSI 300 [1] - Investors are encouraged to consider related products such as the A500 ETF (512050) and the A500 Enhanced ETF (512370) [2]

中证500成长ETF银华（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基 金管理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为41.77%，近一个月回报为 3.78%。 2月13日，截止午间收盘，中证500成长ETF银华（562340）跌1.13%，报1.403元，成交额51.53万元。中 证500成长ETF银华（562340）重仓股方面，巨人网络截止午盘涨0.02%，西部矿业跌2.88%，天山铝业 跌2.57%，厦门钨业跌3.98%，通富微电跌0.33%，宏发股份跌1.92%，杰瑞股份跌4.72%，睿创微纳涨 0.94%，豪迈科技跌4.28%，金诚信跌1.79%。 来源：新浪基金∞工作室 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。 ...

Core Viewpoint - The stock price of Haomai Technology reached a historical high due to the improving sentiment in the gas turbine industry and the company's strong fundamentals [1] Industry Policy and Environment - The construction boom of AI data centers in the U.S. has led to a surge in electricity demand, making gas turbines a key power solution. As of January 2026, the installed natural gas power generation capacity under construction in the U.S. exceeded 29 GW, more than doubling within a year, with planned capacity reaching 159 GW [2] - Supply chain bottlenecks are evident, with GE Vernova reporting an approximately 80% increase in gas turbine contracts for 2025, and Siemens Energy expecting to sell nearly 200 units in the U.S. that year, with delivery times extending from 3.5 years to 5 years [2] - Haomai Technology, as a core supplier to giants like GE and Siemens, benefits directly from this supply-demand gap, with full order books supporting performance [2] Performance and Operating Conditions - In the first three quarters of 2025, the company reported revenue of 8.076 billion yuan, a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% [3] - The third quarter net profit was 592 million yuan, reflecting a year-on-year growth of 29.49% [3] - The business structure has been optimized, with the tire mold business benefiting from the recovery of Chinese tire companies' overseas factories, and the CNC machine tool business seeing a 145% year-on-year revenue increase in the first half of 2025 [3] - The gross margin for the first three quarters was 33.99%, and the net margin was 22.15%, with the expense ratio decreasing by 1.44 percentage points to 8.18% [3] Financial and Technical Aspects - On February 12, the net inflow of main funds was 321,400 yuan, with the stock price rising 16.87% over the past five days [4] - Institutional investors are optimistic, with Guotou Securities giving a "Buy-A" rating on February 10 and a target price of 95.84 yuan. Four institutions have issued buy ratings in the past 90 days, with an average target price of 97.0 yuan [4] - The machinery equipment sector saw a net inflow of 6.904 billion yuan on the same day, with an industry increase of 1.45%, amplifying individual stock gains [4] Company Fundamentals - The management team is stable, with founder Zhang Gongyun frequently increasing his holdings, and core executives having long tenures, fostering a culture of innovation that enhances per capita revenue [5] - The current price-to-earnings ratio is 33.09 times, which, while higher than the specialized equipment industry average of 29.59 times, is lower than the company's historical level of 37.47 times, with performance growth supporting the valuation [5]

Core Viewpoint - The wind power industry in China is experiencing significant growth, with installed capacity expected to reach 640 million kW by the end of 2025, marking a 22.9% year-on-year increase, positioning the country as a global leader in wind energy [1]. Group 1: Company Overview - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. is a key supplier of wind turbine main shafts in China, benefiting from the continuous increase in downstream installation capacity [1]. - The company has been deeply engaged in the wind power main shaft sector for 20 years, developing a complete product matrix covering various specifications from 1.5MW to 9.5MW [4]. - Zhenhong has established long-term partnerships with leading wind turbine manufacturers such as Envision Energy and Siemens Energy, with wind power main shaft sales expected to account for 60.15% of total revenue in 2024 [5]. Group 2: Financial Performance - The company has shown consistent revenue and profit growth, with projected revenues of 1.327 billion yuan in 2025, a 16.81% increase year-on-year [1][6]. - The net profit attributable to the parent company is expected to reach 139.41 million yuan in 2025, reflecting a substantial 36.60% growth [8]. - Cash flow from operating activities is projected to improve significantly, reaching 119.58 million yuan in 2025, indicating the sustainability of the company's growth [10]. Group 3: Industry Trends - The wind power sector is transitioning towards market-driven growth, with policies promoting competitive pricing for new energy projects [11]. - The average capacity of newly installed onshore wind turbines has increased from 1.8MW in 2014 to 5.9MW in 2024, indicating a trend towards larger wind turbines that require higher specifications for main shafts [12]. - The company has secured orders worth 458 million yuan for wind power main shafts, with a significant portion for high-capacity models [13]. Group 4: Expansion Plans - To address production capacity constraints, the company plans to use IPO proceeds to expand its production capabilities, including a project to increase annual output of high-quality forgings by 35,000 tons [15]. - The company is also actively pursuing overseas markets, with new orders from Southeast Asia and Europe following the acquisition of CE certification [16]. - Zhenhong is enhancing its internal control systems and governance to support long-term growth and ensure compliance with information disclosure regulations [16]. Group 5: Future Outlook - If the company successfully goes public, it will not only enhance its own growth but also contribute to the upgrade of the industry chain and promote the domestic manufacturing sector's self-sufficiency [17]. - The expansion of production capacity will directly support China's carbon neutrality goals, achieving a win-win for corporate growth, industry advancement, and sustainable development [17].

Investment Rating - The industry is rated as "Positive" [2] - The specific companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [2] Core Insights - In January 2026, the sales of various excavators reached 18,708 units, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports totaled 9,985 units (including 11 electric excavators), up 40.5% [9] - The sales of various loaders in January 2026 reached 11,759 units, with a year-on-year increase of 48.5%. Domestic sales were 5,293 units (including 2,701 electric loaders), up 42.8%, and exports were 6,466 units (including 289 electric loaders), up 53.4% [9] - The average working hours for major construction machinery products in January 2026 was 72.5 hours, a year-on-year increase of 23.9% [9] - The average operating rate for major construction machinery products in January 2026 was 48.1%, a year-on-year decrease of 2.63 percentage points [10] - The steel composite price index (CSPI) was 90.93 as of February 6, 2026 [11] - As of February 11, 2026, the price of WTI crude oil was $63.96 per barrel, and Brent crude oil was $68.80 per barrel [12] Summary by Sections Industry News - The construction machinery sector is expected to continue its recovery due to the rollout of key projects and favorable policies for equipment upgrades. Domestic leading manufacturers are accelerating their overseas expansion, indicating strong competitiveness in technology and cost-effectiveness [28] Company Announcements - Tianjin Jinrong Tianyu Precision Machinery Co., Ltd. announced an investment in an industrial fund to enhance its strategic development and industry insight [18] - Aidi Precision reported an expected revenue of 3.14 billion to 3.26 billion yuan for 2025, reflecting a year-on-year growth of 15.24% to 19.64% [19] Market Review - From February 5 to February 11, 2026, the Shanghai and Shenzhen 300 Index rose by 0.32%, while the Shenwan Machinery Equipment Index increased by 0.31%, underperforming the broader index by 0.01 percentage points [20] - As of February 11, 2026, the price-to-earnings ratio (PE) for the Shenwan Machinery Equipment Industry was 51.67, with a valuation premium of 262.02% compared to the Shanghai and Shenzhen 300 Index [21] Weekly Perspective - The upcoming Spring Festival is expected to boost interest in humanoid robots, with several companies participating in the 2026 Spring Festival Gala, which may enhance brand visibility and commercialization opportunities [28]

2月11日，三大股指午后涨跌不一，其中500质量成长指数小幅上行。截至下午13:30，500质量成长 ETF(560500)涨1.36%，相关成分股中，厦门钨业涨8.37%、西部矿业涨2.77%、豪迈科技涨2.23%，天山 铝业、巨人网络、春风动力等小幅跟涨。(所列示股票为指数成份股，仅做示意不作为个股推荐。过往 持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变 化，投资需谨慎) 基金有风险，投资需谨慎。所列示个股信息仅为展示指数成分股构成情况，取自市场公开信息，不预示 本基金未来表现，不构成任何的投资建议，也不代表本公司对任何股票做出的判断或倾向。以上内容不 预示本基金未来表现，不作为投资收益保证，也不作为任何投资建议，过往持仓情况不代表基金未来的 投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。 消息面上，2月9日，上海证券交易所、深圳证券交易所、北京证券交易所同步发布一揽子再融资制度优 化措施。三大交易所明确，对经营治理与信息披露规范，具有代表性与市场认可度的优质上市公司，优 化再融资审核，进一步提高再融资效率。 展望后市，东莞证券认为，受 ...

Group 1 - On February 10, brokerages set target prices for listed companies with notable increases for Kehua Data, Nanwei Medical, and Fulete, with target price increases of 19.70%, 18.54%, and 14.09% respectively, belonging to the other power equipment, medical devices, and photovoltaic equipment industries [1][3] - A total of 21 listed companies received brokerage recommendations on February 10, with companies like Bailong Oriental, Chiplink Integration, and Tianrun Industrial each receiving one recommendation [3] - One company, Haomai Technology, had its rating upgraded from "Hold" to "Buy" by Guotou Securities on February 10 [4][5] Group 2 - Three companies received initial coverage on February 10, including Xin'ao Co., which was rated "Buy" by Shenda Securities, Bichu Electronics rated "Increase" by Jianghai Securities, and Huitai Medical rated "Buy" by Huayuan Securities [5][6] - The companies receiving initial coverage are in the textile manufacturing, computer equipment, and medical device industries [6]

Core Viewpoint - The report from Guotou Securities highlights that Haomai Technology, a leader in integrated casting and machining, is benefiting from the synergy of the tire, gas turbine, wind power, and machine tool industries, leading to continuous growth in revenue and profit per capita [1] Group 1: Company Performance - The company has established a management philosophy of "improvement is innovation, and everyone can innovate," sharing development results with grassroots employees [1] - The founder, Zhang Gongyun, has increased his shareholding multiple times since the company went public, indicating confidence in the company's future [1] - From 2008 to 2024, the company's revenue and net profit attributable to shareholders are expected to achieve a CAGR of 21.0% and 18.3% respectively, demonstrating strong operational performance across cycles [1] Group 2: Market Outlook - The company is expected to achieve simultaneous improvements in market share and profitability due to the resonance of various business sectors [1] - A target price of 95.84 yuan has been set for the next six months, corresponding to a 25x PE for 2026, with a "Buy-A" rating assigned [1]