[Table_Reportdate] 2026年02月27日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260227 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.叉车1月内销外销大增，龙头公司智能化持续突破——机械设备行业简评 ➢ 2.春节假期期间重要事件一览 ➢ 3.剔除政府关停影响后，美国经济依然保持相对稳健——海外观察：美国2025年四季度 GDP数据点评 ➢ 1.IMF警告美国经济多重风险 ➢ 2.美国上周初请失业金人数为21.2万人，预期21.5万人 ➢ 3.央行发布支持开展人民币跨境同业融资业务的通知 | 1.1. 叉 ...

2025年，在全球经济深度调整与国内产业结构加速变革的交叉点上，中国物流业呈现出前所未有的复杂性与成长性。当年度全国社会物流总 额突破360万亿元，同比增长5.8%，快递业务量达到1820亿件，领跑全球十余年。这些数字背后，是行业从规模扩张向价值创造的根本性转 变。从无人机在低空经济中"看得见、管得住"的规范落地，到冷库能耗从"成本黑洞"走向"数字画像"的精细运营，从航空货运国际航线的密 集织网到公路货运价格指数的持续承压，中国物流业正经历一场由表及里的能力重构。展望2026年，物流业将在高质量发展主线下，进一步 聚焦提质增效、技术赋能与生态协同，在不确定中锚定确定性的增长逻辑。 2025年发展回顾：韧性增长下的结构性分化 1.市场规模：总量增长与增速换挡并行 在全球经济调整与国内产业变革叠加下，中国物流业在过去一年呈现韧性与分化并存的态势。数字技术深度渗透、智能装备规模化应用推动 行业效率升级，而成本压力与结构性矛盾倒逼模式创新。展望2026年，物流业将以价值为核心，在技术赋能与政策引导下，构建高质量发展 新生态。 白光利 华商国际工程有限公司 2025年，中国物流业在承压中保持稳健增长，但增速中枢明显下移 ...

叉车开年内外销高增。2026年1月开年叉车内销增长63.3%，开年销量增长态势强劲，叉车需求快速增 长，主要系去年1月受春节较早导致基数较低，为2026年1月高增长提供基础。从国内宏观数据看，叉车 需求与制造业和仓储物流景气度相关，从物流数据看，2025年12月社会物流总额同比+5.1%，保持稳步 增长。2026年1月制造业PMI新订单指数达49.20%，制造业景气指数与去年持平，指标景气度正逐步向 好，内需逐步回升。从出口情况看，2026年1月叉车外销同比增长34.4%，与内销齐增长。从宏观数据 看，2026年1月制造业PMI新出口订单指数达47.80%，同比增长1.4pct；2025年12月我国工程机械出口贸 易额为64.17亿美元，同比增长27.2%，贸易规模进一步扩大，海外需求向好。2025年叉车整体销量表现 呈平稳增长态势，增长态势或延续至2026年。 东海证券近日发布机械设备行业简评：根据中国工程机械工业协会发布数据，2026年1月叉车整体销量 为14.17万台，同比增长51.4%。其中，国内销量8.97万台，同比增长63.3%；海外销量5.20万台，同比增 长34.4%。2025年叉车累计销量为 ...

东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关联度较高。未来制造 业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加速全球化布局，建立 海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正积极布局智能物流与 物流机器人领域，将重塑物流行业竞争格局。建议关注：品牌认可度高，海外已深度布局，研发实力强 劲的国产叉车龙头企业。 安徽合力 智能物流谱写高质量发展新篇章。2025年安徽合力（600761）智能物流发展大会紧扣行业发展趋势，围 绕多层堆叠，重载存搬配、智能仓储集成产品、智能AGV产品与全场景解决方案、冷链物流园整体解 决方案等多个前沿领域。安徽合力集中呈现了基于AI物流机器人产品矩阵构建的智能仓储、智能搬 运、智能工厂、智能园区四大核心业务及生态联合解决方案，涵盖70余款展品。2025年合力智能物流业 务实现营收同比增长超100%，覆盖8大类22个品种，超100种型号的产品矩阵，近4亿元战略签单额，在 智能物流领域的业务突破。 杭叉集团 参股公司河南嘉晨通过北交所上市审核。杭叉集团（603298）参股河南嘉晨智能控制股份有限公司 22.2 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [4]. Core Insights - In January 2026, the overall sales of forklifts reached 141,700 units, a year-on-year increase of 51.4%. Domestic sales were 89,700 units, up 63.3%, while overseas sales were 52,000 units, increasing by 34.4% [3]. - The strong growth in forklift sales is attributed to a low base from the previous year due to the early Spring Festival, which positively impacted demand. The manufacturing PMI new orders index for January 2026 was 49.20, indicating a gradual improvement in manufacturing sentiment [3]. - Anhui Heli showcased significant advancements in intelligent logistics, achieving over 100% revenue growth in its smart logistics business in 2025, with a product matrix covering over 100 models [3]. - Hangcha Group's investment in Henan Jiachen, which passed the listing review, is expected to enhance its capabilities in core components and improve the intelligence level of forklift products [3]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [3]. Summary by Sections Sales Performance - Forklift sales in January 2026 showed a robust increase, with domestic sales growing by 63.3% and overseas sales by 34.4% [3]. - The cumulative sales for 2025 were 1.4518 million units, with domestic sales at 906,800 units and exports at 545,000 units, both showing positive growth [3]. Market Trends - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with a steady increase in social logistics and manufacturing PMI indicating a positive outlook for the industry [3]. - The report highlights the ongoing globalization efforts of domestic companies, which are establishing local production and service capabilities abroad, thereby increasing market penetration [3]. Company Developments - Anhui Heli's focus on intelligent logistics and the introduction of AI logistics robots are expected to reshape the competitive landscape of the logistics industry [3]. - Hangcha Group's strategic investment in Henan Jiachen is anticipated to strengthen its market position and enhance product intelligence [3].

Group 1 - The core viewpoint of the news is the strategic partnership formed between Youjia Innovation, Dizhantian Green Technology, and Bihuo Technology to develop and deliver 3,000 autonomous logistics vehicles that meet automotive-grade standards [2][3] - The collaboration aims to leverage each company's strengths in operational management, research and development, and L4 autonomous driving technology to enhance the efficiency and cost-effectiveness of logistics operations [2][3] - Youjia Innovation will lead the integration of the intelligent driving system and chassis system, ensuring compliance with national and industry certification standards for the autonomous logistics vehicles [2][3] Group 2 - Dizhantian will contribute its deep understanding of logistics scenarios to define the product, providing insights on functionality, performance metrics, design, and cost control [3] - Bihuo Technology will focus on the development of the chassis system, managing the entire process from component selection to performance validation and production [2][3] - The partnership aims for large-scale deployment of autonomous logistics vehicles across various scenarios, enhancing logistics efficiency and creating a replicable model for cost reduction and efficiency improvement in the industry [3]

九识首席执行官孔旗表示，这一合作不仅带来车队规模增长，更重要的是推动公司技术路线与商业模式 发生结构性变化。 （原标题：运营成本年降六成，九识押注"无图驾驶"） 在自动驾驶物流赛道仍普遍围绕盈利模型反复试探之际，一家选择"先规模、后利润"路径的企业，正试 图借助平台资源完成跨越式跃迁。 中国无人配送车企业九识智能（Zelos Technology，以下简称"九识"）近日披露，在与阿里巴巴旗下物 流平台菜鸟的自动驾驶车辆业务完成整合后，公司将目标锁定为打造规模达20亿美元的业务体系，并同 步推进核心技术投入与海外扩张。 押注无图，规模优先 孔旗透露，九识计划在未来三至五个月推出新一代自动驾驶系统，使无人配送车具备无需高精地图即可 运行的能力。该技术若顺利落地，将使车辆能够进入此前难以覆盖的区域，包括社区道路与乡村场景， 从而扩大服务半径并降低部署成本。 公司披露数据显示，2025年下半年整体运营成本下降约60%，远程人工接管费用已降至月度运营成本的 3%以下。随着车辆规模扩大与算法持续优化，其单车运营与管理成本正被进一步摊薄。 在技术投入方向上，九识表示将持续加码人工智能能力建设，包括大模型、算力平台、芯片与运 ...

Core Insights - The logistics hub "Asia No. 1" in North China is operating normally during the Spring Festival holiday, ensuring efficient delivery of goods through advanced technology [1][3] - Daily peak outbound orders can reach 12,000 during this period, showcasing the hub's capacity to handle high demand [3] Group 1: Space Efficiency - The warehouse features 12-meter high shelves stacked with thousands of cargo boxes, maximizing storage capacity and facilitating efficient outbound logistics [4] - The high-density layout of the shelves is designed to optimize space utilization, laying the groundwork for effective order fulfillment [4] Group 2: Machine Efficiency - The logistics process is enhanced by the use of flying robots and ground transport robots, which double the efficiency of goods transfer [5][7] - A total of 87 ground transport robots operate efficiently, demonstrating a well-organized system that maintains order while maximizing speed [7] Group 3: AI Efficiency - The introduction of the "AI New Year Goods Map" allows for precise forecasting of regional preferences, enabling smarter inventory distribution [8][10] - AI technology aids in predicting consumer preferences, such as the popularity of health-related products in Guangdong and pet food in Sichuan and Tibet, thus optimizing stock levels [10][11] - The logistics strategy includes proactive inventory management, allowing for flexible adjustments between warehouses and ensuring timely delivery even before orders are placed [13]

Group 1 - The core point of the article is that Beizhi Technology plans to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. to enhance its core equipment production capacity, which may impact the company's future business development [1] Group 2 - The acquisition deal is valued at 140 million yuan, with 80% paid in shares and 20% in cash. The target company specializes in intelligent logistics equipment and has over 20 years of R&D experience and 35 patents [2] - After the acquisition, Beizhi Technology plans to integrate the Suike Intelligent team into its new factory in Huzhou to quickly establish in-house production capacity for stackers, reducing procurement costs, which are approximately 100-200 million yuan annually, accounting for 10%-15% of system costs [2] - The target company has committed to a cumulative net profit of no less than 45.6033 million yuan from 2025 to 2027, and both companies' customer resources will complement each other in the fields of chemical fiber and new energy [2] Group 3 - Other potential points of interest include the company's substantial order backlog, which stood at 5.266 billion yuan as of June 2025, and the capacity release of the Huzhou intelligent logistics equipment project, although detailed progress information will depend on the latest announcements [3]

Company Overview - Dongjie Intelligent Technology Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on December 14, 1995, with its listing date on June 30, 2015 [1] - The company specializes in the research, design, production, and sales of intelligent logistics conveying systems, intelligent logistics storage systems, intelligent parking garages, and intelligent painting production lines for automobiles [1] - The revenue composition of the company includes: intelligent logistics storage systems 79.11%, intelligent production systems 18.51%, spare parts and others 1.67%, and intelligent three-dimensional parking systems 0.70% [1] Stock Performance - On February 13, Dongjie Intelligent's stock rose by 5.16%, reaching a price of 23.23 yuan per share, with a trading volume of 106 million yuan and a turnover rate of 0.98%, resulting in a total market capitalization of 11.084 billion yuan [1] Shareholder Information - Among the top ten circulating shareholders of Dongjie Intelligent, one fund from Huaxia Fund holds a significant position. The Huaxia CSI Robot ETF (562500) increased its holdings by 1.4668 million shares in the third quarter, bringing its total to 7.865 million shares, which accounts for 1.65% of the circulating shares [2] - The estimated floating profit for the Huaxia CSI Robot ETF today is approximately 8.9661 million yuan [2] Fund Manager Performance - The fund manager of Huaxia CSI Robot ETF (562500) is Hualong, who has been in the position for 3 years and 177 days. The total asset size of the fund is 39.451 billion yuan [3] - During Hualong's tenure, the best fund return was 177.18%, while the worst return was -15.08% [3]