行 行业月报 宁前羽 ningqy@bhzq.com 022-23839174 重点品种推荐 | 中联重科 | 增持 | | --- | --- | | 恒立液压 | 增持 | | 捷昌驱动 | 增持 | | 豪迈科技 | 增持 | 近半年行业指数走势图 《人形机器人与具身智能标准体系（2026 版）》正式发布 ——机械设备行业 3 月投资策略展望 | | | 机械设备 投资要点： 行情回顾 -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2026 年 2 月 1 日—2026 年 3 月 3 日，沪深 300 指数下跌 1.07%，申万机械 设备行业上涨 1.87%，跑赢沪深 300 指数 2.94 个百分点，在申万所有一级行 业中位于第 12 位。 沪深300 机械设备 工程机械方面，随着开工端重点项目的陆续落地以及大规模设备更新政策利 好的延续，工程机械景气度持续回暖；销量上，2026 年 1 月挖掘机实现销量 1.87 万台，同比增长 49.50%；目前国内工程机械龙头主机厂加速出海趋势明 显，我国工程机械产品在技术成熟度、产品性价比等多领域 ...

证券研究报告|机械设备 [Table_Title] 我国发布首个人形机器人与具身智能标准 体系，多个人形机器人产品登上春晚舞台 [Table_ReportType] ——机械设备行业跟踪报告[Table_ReportDate] 强于大市(维持) 2026 年 03 月 03 日 [行情回顾 Table_Summary] ： [Table_Chart] 行业相对沪深 300 指数表现 [Table_ReportList] 相关研究 10 月挖掘机销量增速放缓 2025Q3 机械设备行业基金重仓比例维持低 配 人形机器人打开增量空间，国产替代进行时 [Table_Authors] 分析师: 蔡梓林 上周（2.24-2.27）在人形机器人春晚出圈与《人形机器人与具身智能 标准体系（2026 版）》发布等利好共振下，人形机器人板块指数仅小幅 收涨 0.08%，跑输上证指数、沪深 300 与机械设备指数，呈现产业催化 强、股价弹性弱的特征。 从估值来看，2026 年 2 月 27 日人形机器人指数 PE(TTM)为 32.77 倍， 近五年历史分位仅处约 8%附近，而在近一年分位已升至约 50%，估值 水平居中，尚未回 ...

东 兴 晨 报 东兴晨报 P1 2026 年 3 月 3 日星期二 经济要闻 本期编辑 | 分析师：刘嘉玮 | | | --- | --- | | 010-66554043 | liujw_yjs@dxzq.net.cn | | 执业证书编号： | S1480519050001 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002142.SZ | 宁波银行 | | 002392.SZ | 北京利尔 | | 002436.SZ | 兴森科技 | | 002714.SZ | 牧原股份 | | 002738.SZ | 中矿资源 | | 002991.SZ | 甘源食品 | | 300627.SZ | 华测导航 | | 300810.SZ | 中科海讯 | 数据来源：《三月金股汇》 2026 年 03 月 01 日，东兴证券研究所 东 兴 证 券 股 份 有 限 公 司 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 1. 外交部：3 月 2 日，外交部发言人毛宁在例行记者会上就多个国际热点 问题作出回应。关于美国总统特朗普计划本月访华事宜，毛宁表示中美 就两国元首互动 ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2026年3月3日 ● 国内金融市场 · | | | 3.标准体系出炉人形机器人进入规范化发展新阶段，相关个股： 长盈精密(300115)、吴志机电(300503)等。 | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 4182. 59 | 0. 47% | 上证当月连续 | 3045. 8 | 0.08% | | 深证成指 14465.79 | | -0. 2% | 沪深当月连续 | 4711.2 | 0. 07% | | 创业板指 | 3294. 16 | -0. 49% | 恒生期货指数 | 33286. 22 | -2.71% | 宏观消息汇总 1.证监会召开资本市场"十五五"规划外资机构座谈会,研究谋划 好未来五年推动资本市场高质量发展的重点举措。 2.我国首个国家级人形机器人与具身智能标准体系发布。 3.国家发改委价格监测中心：存储芯片价格持续上涨并向下游 传导。 二、行业最新动态 1.两大DRAM巨头再发涨价通知, Al需求仍是 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、据央视新闻，石油输出国组织（欧佩克）1 日发表声明说，8 个主要产 油国决定 4 月日均增产 20.6 万桶。沙特阿拉伯、俄罗斯、伊拉克、阿联 酋、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举行线上会议， 讨论国际石油市场形势及前景。 2、2 月 28 日，人形机器人与具身智能标准化（HEIS）年会在北京经济 技术开发区举办。会上，我国首个国家级人形机器人与具身智能标准体系 ——《人形机器人与具身智能标准体系（2026 版）》正式发布。该体系紧 扣产业发展现状与未来趋势，覆盖基础共性、类脑与智算、肢体与部组件、 整机与系统、应用、安全等全产业链环节，填补了国内人形机器人与具身 智能领域标准体系的空白，引领人形机器人与具身智能产业标准化发展。 3、3 月 2 日，千问首款 AI 硬件"千问 AI 眼镜"正式上线，开启线上线 下全渠道预约。该产品将于 3 月 8 日在中国市场现货发售，并于 2026 年 内登陆全球市场。据悉，千问 AI 眼镜还将全面接入千问 APP，首批点外 ...

晨会纪要（R3） 晨会纪要 2026 年 03 月 02 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4162.88 | 0.39 | | 深证成指 | 14495.09 | -0.06 | | 创业板指 | 3310.30 | -1.04 | | 科创 50 | 1488.02 | 0.15 | | 北证 50 | 1537.13 | -0.50 | | 沪深 300 | 4710.65 | -0.34 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 周舒鹏 | 研究助理 | zhoushupeng@hnchasing.com 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】中共中央政治局召开会议，讨论"十五五"规 ...

1、全球突发"黑天鹅"事件！ 当地时间2月28日，美国和以色列对伊朗发动空袭。 美国总统特朗 普称，伊朗正在研制威胁美国的远程导弹，此次袭击要摧毁伊朗导弹工业，消灭伊朗海军，并确 保伊朗不能获得核武器。以色列总理内塔尼亚胡宣布，美国和以色列发动军事行动的目标是推翻 伊朗政权。以色列官员称，对伊朗打击或持续至少一周。 特朗普发文称，伊朗最高领袖哈梅内 伊"已死"，并表示美国和以色列对伊朗的轰炸仍将继续。 2、 以色列和美国袭击伊朗总统府等目标后，伊朗对以色列特拉维夫实施导弹打击，中东多地美军基地 亦遭袭。 伊朗伊斯兰革命卫队宣布关闭霍尔木兹海峡。欧盟海军官员称，其船只已收到来自伊朗革命 卫队的无线电信号，称"任何船只均不得通过霍尔木兹海峡"。全球多家大型石油公司及贸易巨头宣布， 暂停其石油与燃料船只通过霍尔木兹海峡。国际油轮流量监测系统实时数据显示，霍尔木兹海峡油轮运 输陷入停滞状态。 3、 联合国秘书长古特雷斯就伊朗局势发表声明，谴责2月28日在中东地区发生的军事升级， 呼吁有关 各方立即停止敌对行动，防止局势进一步恶化。 4、外交部发言人就美国和以色列军事打击伊朗答记者问称，中方高度关切美国和以色列军事打击 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 本周末影响市场的重要资讯有：1.美国和以色列对伊朗发动军事打击；2.伊朗最高领袖哈梅内伊遇 袭身亡；3.伊朗伊斯兰革命卫队宣布启动"诚实承诺4号"大规模军事行动；4.伊朗伊斯兰革命卫队 宣布关闭霍尔木兹海峡；5.外交部发言人就美国和以色列军事打击伊朗答记者问；6.国务院关税税 则委员会调整对原产于加拿大的部分进口商品加征关税措施；7.证监会召开资本市场"十五五"规划 外资机构座谈会；8.证监会发布《私募投资基金信息披露监督管理办法》；9.上交所本周对中韩半 导体ETF等溢价较高基金进行重点监控；10.我国首个国家级人形机器人与具身智能标准体系发布。 伊朗伊斯兰革命卫队宣布启动"诚实承诺4号"大规模军事行动 当地时间2月28日，伊朗伊斯兰革命卫队正式宣布启动代号为"诚实承诺4号"的跨国打击行动。根 据其发布的连续公告，此次行动旨在报复美国与以色列对伊朗领土的侵略行为。据中东媒体2月28 日报道，美国和以色列对伊朗展开联合军事打击后，中东地区除以色列外，巴林、阿联酋、卡塔 尔、沙特阿拉伯、科威特等也响起爆炸声。 外交部发言 ...

Core Viewpoint - The humanoid robot and embodied intelligence industry is experiencing explosive growth, with over 150 companies entering the market, but there is a need to shift from low-level competition to high-quality development [1] Group 1: Industry Development - The current achievements in the humanoid robot and embodied intelligence sector are largely focused on performance demonstrations and university research, indicating a trend of homogenized competition [1] - There is a call for the industry to abandon low-level internal competition and instead pursue high-quality development [1] Group 2: Government and Resource Allocation - It is suggested that the government should play a leading role in nurturing "blockbuster" companies by leveraging unique regional advantages and aligning with national strategies [1] - Recommendations include selecting potential "blockbuster" companies based on hard indicators such as technological strength, revenue scale, and financing valuation, and implementing tailored support for each [1] - The approach to resource allocation should shift from a decentralized model to a concentrated empowerment model, focusing on "all scenarios for blockbuster companies" [1] Group 3: Infrastructure and Training - There is a proposal to establish a national-level engineering robot training ground, emphasizing the creation of unique engineering robot scenarios in areas such as engineering operations, surveying, inspection, and monitoring [2] - The establishment of a high-end manufacturing base for robots is also recommended, with a focus on integrating research, testing, and production [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market sentiment has recovered as some negative factors eased. The regulatory adjustment of the margin ratio for margin trading cooled the equity market, leading to a decline in market risk appetite. In 2025, China's economic structural contradictions still need improvement. In the next stage, facing significant external uncertainties, the endogenous growth foundation of the economy needs further consolidation, and expanding domestic demand will become the policy focus. The central bank stated that there is still room for reserve requirement ratio cuts and interest rate cuts this year as internal and external constraints weaken. The issuance pace of interest rate bonds in January was stable, alleviating market concerns about the supply pressure of long - term bonds. It is expected that interest rates will fluctuate within a narrow range in the short term, and the market is still waiting for new incremental information for directional selection [102][103]. 3. Summary by Directory 3.1. Market Review - **Weekly Data**: The 30 - year TL2603 contract rose 1.03%, the 10 - year T2603 contract rose 0.12%, the 5 - year TF2603 contract rose 0.07%, and the 2 - year TS2603 contract rose 0.02%. The trading volume of TF, T, TS, and TL main contracts decreased. The open interest of the TS main contract decreased, while that of TF, T, and TL main contracts increased [12][27]. 3.2. News Review and Analysis - **Domestic News**: In 2025, China's GDP increased by 5.0% year - on - year, with a 4.5% increase in the fourth quarter. Fiscal and financial policies to boost domestic demand were introduced, including a 500 billion yuan private investment special guarantee plan and loan discount policies. The National Development and Reform Commission planned to implement measures to boost employment and income, and support the service industry. The first batch of 93.6 billion yuan of ultra - long - term special treasury bonds for equipment renewal was issued [33][34]. - **Overseas News**: The US economy showed strong data, with the Q3 2025 GDP final value growing at an annualized rate of 4.4% quarter - on - quarter. The core PCE price index in November increased by 2.8% year - on - year. The situation in Greenland eased, and the US president reached a "framework agreement" with NATO on the Greenland issue [35][102]. 3.3. Chart Analysis - **Spread Changes**: The yield spreads between 10 - year and 5 - year, and 10 - year and 1 - year bonds narrowed. The spreads between 2 - year and 5 - year, and 5 - year and 10 - year main contracts widened. The 10 - year contract's inter - period spread narrowed, the 30 - year contract's inter - period spread widened, the 5 - year contract's inter - period spread narrowed, and the 2 - year contract's inter - period spread fluctuated [41][50][54]. - **Main Contract Position Changes**: The net short positions of the top 20 holders of the T main contract increased significantly [68]. - **Interest Rate Changes**: Overnight, 2 - week, and 1 - week Shibor rates increased, while the 1 - month Shibor rate decreased. The DR007 weighted average rate rebounded to around 1.49%. The yields of treasury bonds decreased across the board, with the 1.7 - year yield decreasing by 1 - 4.3bp, and the 10 - year and 30 - year yields decreasing by 1.1bp and 4.85bp to 1.83% and 2.26% respectively. The yield spreads between US and Chinese 10 - year and 30 - year treasury bonds widened [72][78]. - **Bond Issuance and Maturity**: This week, the total bond issuance was 1.569038 trillion yuan, the total repayment was 1.019335 trillion yuan, and the net financing was 549.703 billion yuan [85]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 6.9929, up 149 basis points this week. The spread between the offshore and onshore RMB exchange rates narrowed. The 10 - year US treasury bond yield increased, the VIX index rose sharply and then fell. The 10 - year treasury bond yield in China decreased, and the A - share risk premium remained the same as last week [91][94][99]. 3.4. Market Outlook and Strategies - **Domestic**: In 2025, China's economy maintained a stable and progressive growth trend, but there were significant internal structural differences. The growth momentum mainly relied on strong exports and stable production, while domestic demand recovery was more policy - driven, and the self - growth momentum of investment and consumption was insufficient [102]. - **Overseas**: The US economic data was strong, and the consumer resilience supported economic expansion. The situation in Greenland improved [102]. - **Outlook**: With the easing of some negative factors, the bond market sentiment has recovered. It is expected that interest rates will fluctuate within a narrow range in the short term, and the market is waiting for new information for directional selection [103].