Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/05） 崔健 渤海证券研究所晨会纪要（2026.02.05） 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 关注马年春晚人形机器人相关催化——机械设备行业 2 月投资策略展望 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（2026/02/05） 3、风险提示 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 ...

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]

Group 1 - The engineering machinery sector increased by 1.95% on February 4, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Hengli Hydraulic rising by 4.53% to a closing price of 119.87 [1] Group 2 - The engineering machinery sector experienced a net outflow of 384 million yuan from institutional investors, while retail investors saw a net inflow of 185 million yuan [2] - The trading volume for major stocks varied, with Huadong Heavy Machinery seeing a trading volume of 468,700 shares and a closing price of 7.00, up 4.17% [2] - The overall market sentiment reflected mixed movements, with some stocks like Weiman Sealing and Hailun Zhe showing declines of 2.79% and 2.03% respectively [2] Group 3 - Major stocks such as Huadong Heavy Machinery and Tongli Co. experienced differing net inflows from institutional and retail investors, indicating varied investor sentiment [3] - The net inflow for Tongli Co. was 22.20 million yuan from retail investors, while it faced a net outflow of 32.39 million yuan from institutional investors [3] - The data indicates a complex interaction between institutional and retail investors within the engineering machinery sector, highlighting potential investment opportunities and risks [3]

Summary of Earnings Call Transcript Industry Overview - **Industry**: China Industrials - **Market Outlook**: Solid earnings expected for capital goods companies with double-digit revenue growth and margin expansion driven by strong AI capital expenditures, favorable product mix, and increased overseas sales contributions. High commodity prices negatively impact Hongfa Technology but have less effect on other companies [1][2][3]. Key Company Insights Leader Harmonious Drive Systems (688017.SS) - **Revenue Growth**: Expected to reach 46% YoY in 4Q25, driven by increased humanoid orders and industrial robots growth [5]. - **Margin Expansion**: Anticipated margin increase to 37%, up 5 percentage points YoY [5]. Zhejiang Shuanghuan Driveline Co. Ltd. (002472.SZ) - **Revenue Growth**: NEV gears revenue expected to grow mid-teens YoY, with total revenue growth projected at 22% YoY [5]. - **Net Profit**: Estimated at Rmb348 million, a 22% increase YoY [5]. Hongfa Technology Co. Ltd. (600885.SS) - **Revenue Growth**: Projected total revenue growth of 10% in 4Q25, with strong demand across various relay segments [5]. - **Margin Compression**: Expected margin decline of 0.6 percentage points YoY to 39.5% due to rising raw material prices [5]. - **Net Profit**: Anticipated at Rmb380 million, a 5% increase YoY, which is below consensus expectations [5]. Sany Heavy Industry Co., Ltd. (600031.SS) - **Sales Growth**: Expected mid-teens growth in both domestic and overseas sales, with 4Q25 sales projected to rise 18% YoY to approximately Rmb23.5 billion [5]. - **Net Profit**: Projected to increase by 32% YoY to around Rmb1.5 billion [5]. Zoomlion Heavy Industry (000157.SZ) - **Sales Growth**: Anticipated 20% YoY increase in sales for 4Q25, with net profit expected to rise 157% YoY to approximately Rmb981 million [5]. Jiangsu Hengli Hydraulic Co. Ltd. (601100.SS) - **Sales Growth**: Expected 25% increase in 4Q25 sales, driven by domestic up-cycle and market share gains [5]. - **Net Profit**: Projected to rise 19% YoY to Rmb855 million [5]. Shenzhen Inovance Technology (300124.SZ) - **Revenue Growth**: Automation business revenue expected to grow 18% YoY in 4Q25, with net profit projected to increase by 18% YoY to around Rmb1.1 billion [6]. WeiChai Power (2338.HK) - **Revenue Growth**: Anticipated 11% YoY growth in total revenue for 4Q25, supported by HDT industry sales growth [6]. - **Net Profit**: Expected to grow 23% YoY to Rmb3.7 billion [6]. Sinotruk (Hong Kong) Limited (3808.HK) - **Sales Growth**: Estimated 40% YoY growth in HDT volume sales in 2H25 [6]. - **Net Profit**: Projected to grow 34% YoY to Rmb3.4 billion [6]. Shenzhen Envicool Technology Co. Ltd. (002837.SZ) - **Revenue Growth**: Expected 24% YoY revenue growth in 4Q25, driven by data centers and ESS business [6]. - **Net Profit**: Anticipated to grow 98% YoY to Rmb198 million [6]. Additional Insights - **Commodity Prices**: High commodity prices are a concern for certain companies, particularly Hongfa Technology, which may face margin pressures [1][5]. - **Market Dynamics**: The overall positive outlook for the China Industrials sector is supported by technological advancements and increased demand for new energy vehicles [1][5]. This summary encapsulates the key points from the earnings call, highlighting the performance expectations and challenges faced by various companies within the China Industrials sector.

Summary of Conference Call Notes Industry Overview - The global construction machinery industry is entering an upward demand cycle, supported by various factors, with a notable shift from earthmoving to both earthmoving and non-earthmoving equipment in 2023 [1][2] - Monthly data indicates that exports of excavators from China and Japan to regions such as North America, Latin America, Africa, the Middle East, and South Asia have shown high growth in December [1] Key Financial Insights - Leading companies in the sector reported significant revenue growth in Q4 2025: - North America: +23% - EAME (Europe, Africa, and the Middle East): +18% - Asia-Pacific: -7% - Latin America: +6% [1] - Caterpillar's construction machinery revenue growth in Q3 2025 was as follows: - North America: +8% - EAME: +6% - Asia-Pacific: +3% - Latin America: -1% - The construction machinery sector in North America and EAME is accelerating, while Latin America has shown signs of recovery [1] Regional Demand Drivers - Southeast Asia's demand is driven by mining and urbanization, while Latin America's demand is supported by real estate and mining sectors. The Middle East and North Africa are focusing on infrastructure and mining [2] - Domestic demand in China is expected to benefit from the renewal cycle, second-hand equipment exports, and large infrastructure projects, with earthmoving demand leading the way [2] Future Projections - The domestic construction machinery market is projected to grow by over 10% in 2026, with export growth expected to exceed 15% [2] - The domestic market is anticipated to be a stable growth driver, while exports will contribute significantly to profit elasticity [2] Investment Recommendations - Long-term sector allocation is advised, with specific recommendations for companies such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, and LiuGong [3]

Summary of Key Points from Conference Call Records Industry Overview: Humanoid Robots Main Companies Involved - **Keda Li**: Recently sent samples to North America, including reducers, modules, and screws. Collaborating on robot structural components, with plans to establish production capacity in Southeast Asia and North America. Expected revenue from robot products this year could reach tens of millions [1][1]. - **Changying Precision**: North American client conducted a two-day factory audit, confirming procurement of the company's control ring solution, making it the only confirmed supplier for this client [1][1]. - **Hengli Hydraulic**: Successfully interfacing with robots, achieving mechanical efficiency that exceeds client requirements [2][2]. - **Longsheng Technology**: Strong certainty in supply to T through NDK, with significant market potential for harmonic shares. Engaged with other clients like Xiaopeng and Silis, with clear application scenarios for dexterous hands and main bodies [3][3]. - **Shuanglin Co.**: Achieved full-process independent R&D for linear joint modules, completed multiple rounds of sample deliveries, and impressive installation effects for XP. Developing dexterous hand products with initial samples expected soon [3][3]. - **Fengcai Technology**: Feedback from multiple tier 1 clients indicates a shift from overseas motor chips to domestic MCUs and rotary transformers. Positioned to significantly increase market share in robot MCUs and rotary transformers, targeting a market value of 41.4 billion [4][4]. - **Jingshi Technology**: Officially launched the Bolt humanoid robot, which can run at speeds of up to 10 m/s, making it the fastest humanoid robot globally [5][5]. Production Capacity Plans - **Fengcai Technology**: Plans to produce 1 million sets of rolling screw rods, 400,000 sets of ball screw rods, and 500,000 sets of joint modules annually [4][4]. Industry Developments - **Beijing Humanoid Robot Innovation Center**: Completed over 700 million in first-round financing, entering a new phase of market-oriented operations and industrialization [6][6]. - **Zhi Yuan**: Scheduled to host the world's first large-scale robot gala, "Robot Wonderful Night," on February 8 [6][6]. Additional Insights - The market is seeing a trend towards domestic production of components previously sourced internationally, indicating a shift in supply chain dynamics [4][4]. - The rapid advancements in humanoid robot technology, particularly in speed and efficiency, suggest a competitive landscape with significant investment opportunities [5][5][6].

Group 1 - The core viewpoint of the news is that Hengli Hydraulic has shown significant trading activity and financial performance, with a notable increase in stock price and trading volume on February 3rd [1] - On February 3rd, Hengli Hydraulic's stock price increased by 6.72%, with a trading volume of 1.838 billion yuan. The financing buy-in amount was 58.254 million yuan, while the financing repayment was 124 million yuan, resulting in a net financing buy-in of -65.9143 million yuan [1] - As of February 3rd, the total balance of margin trading for Hengli Hydraulic was 624 million yuan, with a financing balance of 620 million yuan, accounting for 0.40% of the circulating market value, which is above the 70th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders of Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period. The average circulating shares per person increased by 18.70% to 36,379 shares [2] - For the period from January to September 2025, Hengli Hydraulic achieved an operating income of 7.790 billion yuan, representing a year-on-year growth of 12.31%. The net profit attributable to the parent company was 2.087 billion yuan, with a year-on-year increase of 16.49% [2] - Hengli Hydraulic has distributed a total of 6.177 billion yuan in dividends since its A-share listing, with 3.111 billion yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, among the top ten circulating shareholders of Hengli Hydraulic, Hong Kong Central Clearing Limited was the fourth largest shareholder, holding 118 million shares, an increase of 15.1936 million shares from the previous period [3] - Huatai-PineBridge CSI 300 ETF ranked as the sixth largest circulating shareholder with 9.1186 million shares, a decrease of 412,000 shares from the previous period. E Fund CSI 300 ETF and Huaxia CSI 300 ETF also saw reductions in their holdings [3]

Group 1 - The engineering machinery sector experienced a significant increase of 6.35% on February 3, with construction machinery leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the engineering machinery sector showed notable price increases, with Construction Machinery rising by 9.95% to a closing price of 4.53 [1] Group 2 - The main capital inflow in the engineering machinery sector was 1.283 billion yuan, while retail investors saw a net outflow of 817 million yuan [2] - Major stocks such as Sany Heavy Industry and Zoomlion received significant net inflows from institutional investors, with Sany Heavy Industry attracting 675 million yuan [3] - The overall trading volume for the engineering machinery sector was substantial, with individual stocks like Zoomlion and Sany Heavy Industry contributing significantly to the total turnover [1][2]