【兴证固收】中观高频指标周度跟踪（2026.2.9） 出口逆季节性增长。 2026年1月，挖掘机销量为18708台，较往年明显上行，反映出基建、地产领域后续需求可能偏强。 【兴证固收】中观高频指标周度跟踪（2026.2.9） 出口逆季节性增长。 往年春节前，港口货物吞吐量和集装箱吞吐量往往下行，而2026年呈现大幅上行，显示出口亮眼，外需较强，尤 其是部分领域如光伏、电池出现"抢出口"行情。 往年春节前，港口货物吞吐量和集装箱吞吐量往往下行，而2026年呈现大幅上行，显示出口亮眼，外需较强，尤 其是部分领域如光伏、电池出现"抢出口"行情。 挖掘机1月销量同比高增。 挖掘机1月销量同比高增。 2026年1月，挖掘机销量为18708台，较往年明显上行，反映出基建、地产领域后续需求可能偏强。 ...

中新网柳州2月10日电 (林馨)"中国高铁技术快速发展，以及智能机器人在多场景的广泛应用给我留下深 刻印象。"来华参加"红色研学之旅"的越南青年代表阮登元9日在广西柳州市参访时表示。 2月8日至12日，越南青年来华"红色研学之旅"之"沿着胡伯伯的足迹"研学营在广西举行，150名越南青 年代表走进南宁、柳州、桂林、崇左和防城港五市，在重温两国革命传统友谊的同时，聚焦科技创新、 绿色发展等议题，探索合作新路径。 越南青年在柳工机械股份有限公司的装载机智能工厂内，感受中国智造魅力。林馨 摄 在柳工机械股份有限公司的装载机智能工厂内，智能搬运机器人穿梭自如调度零部件，空中输送系统高 效运转，平均每五分钟就能下线一台装载机。这条高度自动化的生产线，让前来参观的越南青年代表直 观感受到中国智能制造的先进水平。 2月9日， 阮登元认为，越中青年在智能制造、工程技术等领域合作潜力巨大。他期待两国能建立更多常态化交流 机制，举办更多研学活动，帮助青年一代紧跟科技创新浪潮。 越南胡志明共青团谅山省委员会干部凌氏绵在交流中提出，双方青年应携手迈入数字时代，共同续写越 中"同志加兄弟"的传统友谊。她建议在口岸建立青年领袖线上联络机制 ...

Core Viewpoint - The sales of excavators and loaders in January 2026 show significant growth, indicating a strong recovery in the domestic and international construction machinery market driven by major infrastructure projects and increasing demand for equipment upgrades [2][3][4]. Excavator Sales - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales reaching 8,723 units (up 61.4%) and exports totaling 9,985 units (up 40.5%) [2][3]. - The strong growth in domestic sales is attributed to a low base from the previous year due to the early Spring Festival, and upcoming projects in various sectors are expected to further boost demand [3]. - The export value of excavators in December 2025 was $1.277 billion, a month-on-month increase of 39.28%, and a year-on-year increase of 75.17% compared to December 2024 [3]. Loader Sales - In January 2026, a total of 11,759 loaders were sold, marking a year-on-year increase of 48.5%, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [2][4]. - The growth in domestic loader sales is driven by the commencement of major projects, such as the Yaxia Hydropower Station and the New Tibet Railway, which have increased demand for earth-moving equipment [4]. - The sales of electric loaders reached 2,990 units, with an electric penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [4]. Company Performance - Liugong (000528) is projected to achieve a net profit of 1.526 billion to 1.659 billion yuan for 2025, reflecting a year-on-year growth of 15-25%, driven by stable demand in the domestic construction machinery sector [4]. - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]. Investment Recommendations - The report suggests focusing on companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as SANY Heavy Industry (600031), Zoomlion (000157), Liugong, Shantui (000680), and Hengli Hydraulic (601100) [5].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

Core Insights - The sales of excavators in January 2026 are projected to reach 18,700 units, representing a year-on-year increase of 49.5% [1] - Domestic sales are expected to be 8,723 units, up 61.4% year-on-year, while exports are anticipated to be 9,985 units, reflecting a 40.5% increase [1] - The export volume of used machinery from October to December 2025 has shown significant growth, with increases of 69%, 80%, and 99% respectively, indicating effective clearance of existing equipment [1] Industry Outlook - According to Huatai Securities, the continuous rise in global copper prices is likely to boost demand for overseas mining machinery, supporting the growth of domestic leading manufacturers and component companies [1] - The engineering machinery sector is expected to experience a dual upward trend driven by both domestic and international factors, with key infrastructure projects and a potential recovery in real estate providing support for domestic demand [1] - Guotai Junan Securities highlights the strong performance of overseas markets during the current engineering machinery boom, with domestic companies focusing on Southeast Asia, Europe, and South America, indicating positive industry growth prospects [1] Related Companies - Key companies in the engineering machinery sector include China Longgong (03339), Sany Heavy Industry (600031), Sany International (00631), Zoomlion Heavy Industry (000157), and Zhongchuang Zhiling (601717) [2]

Core Viewpoint - The engineering machinery industry is experiencing significant growth, with a notable increase in both domestic and export sales of excavators, driven by strong demand and favorable market conditions [1]. Group 1: Sales Performance - In January 2026, excavator sales reached 18,700 units, representing a year-on-year increase of 49.5% [1] - Domestic sales accounted for 8,723 units, up 61.4% year-on-year [1] - Export volume was 9,985 units, showing a year-on-year growth of 40.5% [1] Group 2: Market Dynamics - Data from the General Administration of Customs indicates that second-hand machinery exports saw significant growth in Q4 2025, with increases of 69%, 80%, and 99% in October, November, and December respectively, indicating effective clearance of existing equipment [1] - Huatai Securities reports that rising global copper prices are expected to boost demand for overseas mining machinery, supporting the outlook for leading domestic manufacturers and component suppliers [1] - The engineering machinery sector is anticipated to benefit from the commencement of key infrastructure projects and a potential recovery in the real estate market, providing support for domestic demand [1] Group 3: Industry Outlook - Guotai Junan Securities highlights that the current cycle of engineering machinery is showing strong overseas performance, with domestic companies expanding their presence in Southeast Asia, Europe, and South America, indicating positive growth prospects for the industry [1]

Group 1: Market Overview - The market sentiment has improved, leading to a broad-based rebound in major indices, with the Shanghai Composite Index rising by 1.41% to close at 4123.09 points [5][7] - The Wind All A Index increased by 1.89%, while the ChiNext Index surged by 2.98%, indicating strong performance in the innovation and growth sectors [7][10] - Small-cap stocks outperformed larger stocks, with the CSI 1000 Index rising by 2.26%, while the CSI 50 Index only increased by 1.45% [8][10] Group 2: Industry Dynamics - A draft national standard for prepared dishes has been released, aiming to ensure food safety and promote high-quality development in the industry [24][25] - In January 2026, the sales of excavators in China saw a year-on-year growth of 49.5%, with domestic sales increasing by 61.4% and exports rising by 40.5% [26][27] Group 3: Company Updates - Nicheng Co., Ltd. (603775.SH) announced an investment to acquire a 10.89% stake in Dongfang Jinxin Co., Ltd. for 166 million yuan and plans to increase its investment by 100 million yuan [28][29] - Weizhi Xiang (605089.SH) is innovating its business model by testing a "downstream market first" approach and expanding its channel through a "city partner" plan targeting lower-tier markets [30][31] - Zhongsheng Pharmaceutical (002317.SZ) reported positive results from Phase III clinical trials for its innovative drug, Anladiwei, indicating effective treatment for influenza in children and adolescents [32][33]

该盾构机开挖直径15.07米，整机总长约160米，整机重量约4500吨，掘进推力高达2.2万吨，泥浆循环最大进排流量为每小时3000立方米，将用于湖北路过 江通道项目建设。 龙巍摄（中经视觉） 2月9日，安徽省马鞍山市过长江隧道项目超大直径盾构机"诗城奋进号"在浙江中铁装备杭州萧山基地下线交付。 （来源：经济日报） 转自：经济日报 ...

Core Viewpoint - The company Eddie Precision (603638) has successfully launched its Thailand factory (Phase I) in October 2025, with a production capacity of 10,000 hydraulic breakers, and plans to start producing high-end hydraulic components by May 2026 [1] Group 1: Production and Capacity - The Thailand factory (Phase II) has commenced construction and is expected to be ready for production by June 30, 2026 [1] - The company has established a significant partnership with a leading overseas engineering machinery client, with 50% of the orders to be produced in Thailand for the North American market, and the remaining 50% to be supplied from the Chinese factory for non-North American markets [1] Group 2: Client Relationships and Market Outlook - The aforementioned client has become the company's largest overseas customer, and the company is the sole supplier of hydraulic components for this client in China [1] - The company anticipates rapid growth in overseas new orders by 2026 due to the successful collaboration with this major client [1]

Core Viewpoint - The company, Aidi Precision, is actively engaged in the production of large hydraulic breakers and high-end hydraulic components, which are extensively used in the mining industry for various applications [1] Group 1: Product Applications - The large hydraulic breakers produced by the company are directly and extensively used in mining operations for primary and secondary crushing tasks [1] - The company's high-end hydraulic components are widely applied in excavators, which serve as the primary machinery for mining operations [1] - The battery pack products manufactured by the company are also broadly utilized in mining trucks and related equipment [1]