Core Insights - The report maintains a "positive" rating for the mechanical equipment industry, highlighting the ongoing recovery in the engineering machinery sector and the high demand for humanoid robots due to their participation in the 2026 Spring Festival Gala [7][70] - Key companies recommended for investment include Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595), all rated as "buy" [4][70] Industry Overview Market Review - From January 4 to February 3, 2026, the CSI 300 Index rose by 0.65%, while the Shenwan Mechanical Equipment Index increased by 8.42%, outperforming the CSI 300 by 7.77 percentage points, ranking 7th among all primary industries [6][59] - As of February 3, 2026, the price-to-earnings ratio (PE, TTM) for the Shenwan Mechanical Equipment Industry was 51.18 times, with a valuation premium of 265.16% compared to the CSI 300 [6][66] Engineering Machinery - The engineering machinery sector is experiencing a sustained recovery, driven by the rollout of key projects and favorable policies for large-scale equipment upgrades. Excavator sales for 2025 are projected to reach 235,300 units, a year-on-year increase of 17% [7][70] - Domestic leading manufacturers are accelerating their expansion into overseas markets, leveraging their competitive advantages in technology and cost-effectiveness [7][70] Industrial Robots - The industrial robot sector is maintaining high demand, with 2025 projected to see a cumulative production of approximately 773,100 units, reflecting a year-on-year growth of 28%. In December 2025 alone, production reached 90,100 units, up 14.7% year-on-year [43][44] - The upcoming 2026 Spring Festival Gala is expected to enhance brand visibility and commercialization of humanoid robots, potentially reigniting widespread interest in the sector [7][70] Rail Transit Equipment - In 2025, the total fixed asset investment in national railways reached 901.5 billion yuan, marking a year-on-year increase of 5.98%. The cumulative production of high-speed trains for the year was 1,994 units, up 6.7% [48][53] Company Announcements - TuoSiDa announced a profit forecast for 2025, expecting a net profit of 60 million to 80 million yuan, driven by improved profitability in its industrial robot and injection molding machine segments [57] - Zhonghe Technology won a bid for the Taizhou Urban Railway S2 Line signal system procurement project, with a contract value of approximately 432.35 million yuan [57]

中证500成长ETF（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39.01%，近一个月回报为 8.36%。 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。 来源：新浪基金∞工作室 2月4日，截止午间收盘，中证500成长ETF（562340）跌1.08%，报1.376元，成交额111.21万元。中证 500成长ETF（562340）重仓股方面，巨人网络截止午盘跌4.35%，西部矿业跌0.57%，天山铝业跌 0.82%，厦门钨业跌0.50%，通富微电跌4.22%，宏发股份跌0.13%，杰瑞股份跌3.86%，睿创微纳涨 0.68%，豪迈科技跌0.23%，金诚信跌1.37%。 ...

中证500成长ETF（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39.01%，近一个月回报为 8.36%。 来源：新浪基金∞工作室 2月4日，中证500成长ETF（562340）开盘涨0.07%，报1.392元。中证500成长ETF（562340）重仓股方 面，巨人网络开盘跌1.83%，西部矿业涨3.60%，天山铝业涨1.98%，厦门钨业涨2.88%，通富微电跌 2.14%，宏发股份涨0.10%，杰瑞股份涨0.98%，睿创微纳跌0.57%，豪迈科技涨0.00%，金诚信涨 1.59%。 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: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Group 1 - The core viewpoint of the news is that Haomai Technology experienced a decline in stock price and significant changes in financing activities on January 30, with a net financing outflow of 39.22 million yuan [1] - On January 30, Haomai Technology's stock price fell by 5.41%, with a trading volume of 618 million yuan, and the total financing and margin trading balance reached 425 million yuan [1] - The company had a financing buy-in of 56.42 million yuan and a financing repayment of 95.64 million yuan on the same day, indicating a high level of financing activity [1] Group 2 - As of September 30, Haomai Technology reported a total revenue of 8.08 billion yuan for the first nine months of 2025, representing a year-on-year growth of 26.88%, and a net profit attributable to shareholders of 1.79 billion yuan, also up by 26.21% [2] - The company has distributed a total of 3.98 billion yuan in dividends since its A-share listing, with 1.42 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased to 18,100, with an average of 43,850 circulating shares per person, a decrease of 8.99% from the previous period [2][3]

Report Industry Investment Rating - The document does not provide the industry investment rating. Core Viewpoints of the Report - The report presents a monthly stock portfolio for February 2026, covering multiple industries and companies, and provides financial data and core recommendation logics for each company [1]. Summary by Company Technology - Tencent Holdings (0700.HK) - The market starts to recognize the full - scale empowerment of Tencent's various businesses by AI, with the possibility of being a super - entry. The cloud computing growth rate is adjusted upwards, and short - video advertising continues to drive growth [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 222703 million yuan, 257017 million yuan, and 290508 million yuan respectively, with growth rates of 41%, 15%, and 13%. The operating income is 660257 million yuan, 754958 million yuan, and 833933 million yuan respectively, with growth rates of 8%, 14%, and 11% [1]. Electronics - Beijing Junzheng (300223.SZ) - In the field of computing chips, the company continues to expand downstream markets. In the field of storage chips, DRAM products based on new process nodes are sent for sampling, and more models will be put into production from the second half of this year to next year. The company will also benefit from the rising price trend of storage products [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 366 million yuan, 464 million yuan, and 700 million yuan respectively, with growth rates of - 32%, 27%, and 51%. The operating income is 4213 million yuan, 4729 million yuan, and 5550 million yuan respectively, with growth rates of - 7%, 12%, and 17% [1]. New Industry - Guoji Seiko (002046.SZ) - It has a leading market share in commercial aerospace bearings, and diamond heat dissipation is expected to make a breakthrough [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 280 million yuan, 290 million yuan, and 287 million yuan respectively, with growth rates of 8%, 4%, and - 1%. The operating income is 2658 million yuan, 2887 million yuan, and 3197 million yuan respectively, with growth rates of 9%, 11%, and 13% [1]. Machinery -豪迈 Technology (002595.SZ) - It is a leading enterprise in tire molds, with a stable main business. It is expected to achieve both performance and valuation improvement due to the explosion of gas turbine demand [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 2011 million yuan, 2498 million yuan, and 2961 million yuan respectively, with growth rates of 25%, 24%, and 19%. The operating income is 8813 million yuan, 11076 million yuan, and 13261 million yuan respectively, with growth rates of 23%, 26%, and 20% [1]. Chemical - Satellite Chemical (002648.SZ) - Oil price is expected to stabilize. The third - phase and fourth - phase projects have large growth space, and stable - growth policies are expected to be introduced [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 6072 million yuan, 6524 million yuan, and 8893 million yuan respectively, with growth rates of 27%, 7%, and 36%. The operating income is 45648 million yuan, 52919 million yuan, and 62055 million yuan respectively, with growth rates of 10%, 16%, and 17% [1]. Chemical - Yuanli Technology (603217.SH) - The production capacity of light stabilizers and diols is released, and new materials are steadily promoted [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 207 million yuan, 209 million yuan, and 239 million yuan respectively, with growth rates of - 17%, 1%, and 14%. The operating income is 2220 million yuan, 2215 million yuan, and 2406 million yuan respectively, with growth rates of 2%, 0%, and 9% [1]. Non - ferrous Metals - Chifeng Gold (600988.SH) - Driven by the US dollar credit, central bank gold purchase, and risk - aversion factors, the gold price rises. The company has a clear path for endogenous production growth and strong performance realization ability, and has overseas M&A and integration experience [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 1764 million yuan, 3263 million yuan, and 4558 million yuan respectively, with growth rates of 119%, 85%, and 39%. The operating income is 9026 million yuan, 13080 million yuan, and 16333 million yuan respectively, with growth rates of 25%, 45%, and 25% [1]. Light Industry - Bohui Paper (600966.SH) - As a leading enterprise in the white cardboard industry, it has significant advantages under the all - around empowerment of APP. With the improvement of downstream demand, the white cardboard industry is expected to reverse at the bottom of the cycle, and the company's profitability is expected to reverse at the bottom [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 176 million yuan, 182 million yuan, and 407 million yuan respectively, with growth rates of - 3%, 4%, and 123%. The operating income is 18930 million yuan, 18356 million yuan, and 20383 million yuan respectively, with growth rates of 1%, - 3%, and 11% [1]. Food and Beverage - Guoquan (2517.HK) - There are income and profit increments. The income increment comes from store expansion, store - efficiency improvement, and competitive advantages. The profit increment has a high - ceiling potential and optimization paths [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 231 million yuan, 428 million yuan, and 577 million yuan respectively, with growth rates of - 4%, 86%, and 35%. The operating income is 6470 million yuan, 7616 million yuan, and 8970 million yuan respectively, with growth rates of 6%, 18%, and 18% [1]. Home Appliance - Taotao Vehicle Industry (301345.SZ) - In Q4, although the golf - cart market enters the off - season, there is an incremental output of the second brand, and the brand Teko is launched in September [1]. - In 2024A, 2025E, and 2026E, the归母 net profit is 431 million yuan, 803 million yuan, and 1099 million yuan respectively, with growth rates of 54%, 86%, and 37%. The operating income is 2977 million yuan, 3981 million yuan, and 5278 million yuan respectively, with growth rates of 39%, 34%, and 33% [1].

证券代码：002595 证券简称：豪迈科技 公告编号：2026-002 山东豪迈机械科技股份有限公司 关于委托贷款的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、委托贷款基本情况 2025年9月24日，山东豪迈机械科技股份有限公司（以下简称"公司"）第六届董事会第十 七次会议和第六届监事会第十七次会议分别审议通过《关于对外提供委托贷款的议案》，公司 利用暂时闲置的自有资金，通过委托银行向高密市禹顺建设投资有限公司提供2.00亿元人民币 的委托贷款，到期日为2026年9月15日。本次委托贷款的还款计划为：分五次还款，前四次每 次归还本金500万元，到期日归还剩余本金18,000万元。详情请见2025年9月25日刊登于《中国 证券报》《证券日报》《上海证券报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）的《关 于对外提供委托贷款的公告》（公告编号：2025-030）。 二、委托贷款的进展情况 2025年10月30日，公司已收到高密市禹顺建设投资有限公司依照还款计划归还的500万元 委托贷款本金。详情请见2025年10月31日刊登 ...

证券研究报告·行业点评报告 2026 年 1 月 29 日 江海证券研究发展部 执业证书编号：S1410524040001 机械军工行业研究组 分析师：张诗瑶 2025 年规模以上工业企业利润实现增 长，持续关注机床产业链 事件： 行业评级：增持（维持） 1 月 27 日，国家统计局发布的数据显示，全国规模以上工业企业实现利润总额 73982.0 亿元，比上年增长 0.6%，扭转了连续三年下降态势；其中装备制造业（同 比+7.7%）、高技术制造业（同比+13.3%）等新动能支撑作用明显。 投资要点： 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 12.81 21.02 45.23 绝对收益 14.11 21.57 68.83 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-通用设备：机 床行业持续回暖，国产替代稳步推进 – 2025.06.09 2. 江海证券-行业点评报告-通用设备：工 业母机相关数据持续向好，2025 年行业景 气度有望进一步提升 – 2025.02.10 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系 ...

Group 1: Market Overview - The A-share market saw most major indices rise last week, with the STAR 50 index increasing by 4.92%, while the Shanghai Composite Index fell by 0.59% [3] - As of January 27, the margin trading balance in the two markets reached 27,144.35 billion, an increase of 140.53 billion from the previous week [3] - The average number of investors participating in margin trading decreased by 5.17% to 570,815 [3] Group 2: Industry Insights - The non-ferrous metals, non-bank financials, and telecommunications sectors had significant net buying in margin trading, while the automotive, media, and defense industries saw less [4] - The ETF margin balance was 1,142.77 billion, a decrease of 9.40 billion from January 20, while the margin balance for individual stocks showed notable net buying for companies like China Ping An and Zijin Mining [4] Group 3: Mechanical Equipment Industry - The tower crane utilization rate was reported at 55.1% in December 2025, and profits for large industrial enterprises grew by 0.6% [6] - Companies like Jiechang Drive and Aiko Optoelectronics forecasted significant profit increases, with Jiechang expecting a 40% to 55% rise and Aiko projecting a 262.52% to 345.20% increase [6] - The machinery sector outperformed the broader market, with a 2.03% increase in the machinery equipment index compared to a 0.28% decline in the CSI 300 index [7] Group 4: Future Outlook - The engineering machinery sector is expected to continue its recovery, with excavator sales projected to reach 235,300 units in 2025, a 17% year-on-year increase [7] - The humanoid robot sector remains vibrant, with significant production and sales expected, particularly with the upcoming release of Tesla's Optimus 3 [7] - The report maintains a "positive" outlook for the machinery industry and recommends a "buy" rating for companies like Zoomlion and Hengli Hydraulic [8]