南财智讯2月9日电，山推股份在投资者关系活动中表示，公司作为整车整机企业，与集团动力总成企 业"一体化协同"研发，积极挖掘并互相提出研发协同需求，共同研究市场、技术和产品，共同做好产品 的策划、研发和应用，共同打造出具有差异化竞争优势的产品组合。 ...

投资者关系活动记录表 山推工程机械股份有限公司 | | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | --- | --- | | （ | √）特定对象调研 （ ）分析师会议 | | 投资者关系活动 （ | ）媒体采访 （ ）业绩说明会 | | 类别 （ | ）新闻发布会 （ ）路演活动 | | （ | √）现场参观 | | （ | ）其他 （请文字说明其他活动内容） | | | 财通证券:郭亚新 | | 参与单位名称及 | 泓德基金:李昕阳 | | 人员姓名 | 景领投资:王胜 | | | 爱建证券资管:李致远 | | 时间 2026 年 | 2 月 9 日 | | 地点 | 山推股份办公楼 201 会议室 | | 上市公司接待 肖尧、董建军 | | | 人员姓名 | | | | 一、互动交流 | | | 1、公司零部件业务情况： | | | 公司零部件产品主要包括履带底盘件及传动部件：履带底盘件 | | 投资者关系活动 | 包括履带总成、"四轮"（即托轮、链轮、支重轮和引导轮）及张 | | 主要内容介绍 | 紧装置总成、整体底盘总成等 3 大类别产品；传动部件包括变矩器 | | | 和变速箱，变 ...

Group 1 - The engineering machinery industry is experiencing a strong recovery driven by multiple policy supports, including the latest Central Document No. 1 for 2026, which emphasizes the acceleration of high-end intelligent agricultural machinery development and the construction of high-standard farmland [1] - On February 9, the engineering machinery ETF, Fuguo (516250), saw a robust increase of 3.6%, with constituent stocks like Guangli Technology and Liande Co., Ltd. hitting daily limits of 20% and 10% respectively, while other stocks such as Weichai Power and Xinrui Co., Ltd. rose over 7% [1] - Research institutions indicate that engineering machinery sales data has shown year-on-year growth since the beginning of 2026, reflecting an acceleration in equipment replacement and project construction pace, supported by national policies emphasizing stable growth and manufacturing transformation [1] Group 2 - The engineering machinery ETF, Fuguo (516250), closely tracks an index related to engineering machinery, covering representative companies in complete machine manufacturing, core components, and downstream supply chains, providing a comprehensive investment opportunity in the industry [1] - Since its launch on December 22, 2025, the ETF has accumulated a growth of over 15%, highlighting the market enthusiasm amid improved sector sentiment, global market expansion, and domestic demand support [1]

Investment Rating - The report maintains an "Accumulate" rating for the steel and non-ferrous metals sector [5] Core Insights - The report highlights a general decline in non-ferrous metal prices, while gold, tungsten, molybdenum, and vanadium prices have increased on a month-on-month basis [1] - The liquidity environment for small and medium enterprises has improved, with the BCI index rising by 6.62% to 50.27 in January 2026 [11] - The construction and real estate sectors are experiencing low inventory levels for hot-rolled steel, indicating potential supply constraints [21] Summary by Relevant Sections Liquidity - The BCI index for small and medium enterprises increased to 50.27, reflecting a positive shift in financing conditions [11] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, indicating a contraction in liquidity [11] Infrastructure and Real Estate Chain - Weekly inventory levels for hot-rolled steel are at a five-year low, with rebar prices down by 0.93% [21] - The national average capacity utilization rate for blast furnaces was 86%, unchanged from the previous week [9] Industrial Products Chain - The operating rate for semi-steel tires is at a five-year high, while the prices for cold-rolled, copper, and aluminum have decreased [2] - The price of electrolytic aluminum is 23,110 CNY/ton, down 6.21% from the previous week [2] Valuation Metrics - The Shanghai Composite Index fell by 1.33%, with the engineering machinery sector showing the best performance at +4.35% [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.50, indicating potential undervaluation [4] Real Estate Completion Chain - The prices of titanium dioxide and glass remain low, with the glass operating rate at 73.89% [1][76] - The cumulative year-on-year change in completed residential area was -18.10% for 2025 [76]

长沙晚报掌上长沙2月9日讯（全媒体记者 周斌）日前，数十台中联重科ZE215G挖掘机顺利交付新加坡当地客 户，将投入樟宜机场T5航站楼建设项目中。此次批量交付标志着中联重科土方机械在当地市场打开新局面。 据悉，新加坡樟宜机场被广泛认为是全球最美机场之一，并多次荣获"全球最佳机场"称号。樟宜机场T5航站楼项 目是新加坡有史以来最大的机场扩建项目，中联重科设备将在机场场地平整、基础开挖等关键环节发挥重要作 用，以中国智造实力为基础设施升级注入强劲动力。此次批量交付的ZE215G挖掘机，是中联重科针对海外市场需 求精心打造的明星机型，广受全球客户青睐和认可，其定制升级也高度契合该项目客户需求。 为了确保客户"购机无忧、用车放心"，在主机尚未运抵新加坡前，中联重科已将相关配套配件全部备妥，同时派 驻专业技术人员驻点服务，实现24小时快速响应，全方位保障设备持续稳定运行。"中联重科的专业态度、优质产 品和贴心服务，让我们对此次合作充满信心。相信这批挖掘机能高效完成各项作业任务，也期待未来能与中联重 科开展更深入、更广泛的合作。"新加坡客户代表表示。 关键词：长沙园区 新质生产力 >>我要举报 D ( "此次批量交付，是 ...

Group 1 - The unmanned mining truck industry is expected to develop rapidly, with demand likely to continue growing. By 2025, the number of unmanned mining trucks in China's open-pit coal mines is projected to increase to 5,750 units, up from approximately 2,500 units in 2024. The average daily transportation volume of unmanned trucks is 15%-20% higher than that of human-driven trucks, leading to an overall capacity increase of 10%-15% in mining areas [7][13][19] - Berai Technology has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become a leading provider of electric and automated mining solutions globally. The company focuses on a "unmanned + electrification" strategy to promote the green and intelligent transformation of the mining industry [7][8][9] - The unmanned mining truck market is characterized by a clear industry chain structure, with upstream components including sensors, chips, and automatic driving algorithms, while the downstream includes various mining sectors such as coal and metal mining [10][19] Group 2 - The North Exchange's technology growth stocks have shown a median price change of -1.83% as of February 6, 2026. Among 153 core stocks, 32 companies (21%) experienced price increases, with notable gainers including *ST Yun Chuang (+40.85%) and Optech (+14.44%) [35][37] - The median TTM price-to-earnings (P/E) ratio for the new energy industry has increased by 6.36% to 38.2X, while the electronic equipment sector's median P/E remains unchanged at 61.1X. The mechanical equipment sector's median P/E has decreased from 42.3X to 40.8X [40][44][62] - The North Exchange's mining truck industry chain includes seven companies, such as Tongli Co., which specializes in non-road wide-body dump trucks, and Wan Tong Hydraulic, which produces hydraulic cylinders for mining machinery. These companies are positioned to benefit from the growth in the unmanned mining truck market [21][24][25][31]

Macro Commentary - The report indicates a slowdown in China's economic growth in Q1, but improvements in deflation are noted, with policymakers signaling a focus on stabilizing real estate, promoting consumption, and countering "involution" [2] - The US economy is expected to rebound, with rental inflation declining, offsetting a rise in commodity inflation, leading to a stable dollar liquidity environment [2] - The report anticipates only one interest rate cut by the Federal Reserve in June this year, with a potential for a spring rebound in the stock market [2] Internet Sector - In January, high beta stocks benefitting from event-driven catalysts significantly outperformed the industry, aided by improved market risk appetite and liquidity [2] - Major Chinese internet companies are increasing market spending on AI applications targeting end-users, with 2026 identified as a critical year for capturing user engagement in the AI era [2] Stock Market Performance - The Hang Seng Index closed at 26,560, down 1.21% for the day but up 3.63% year-to-date, while the US markets showed a rebound with the Dow Jones up 2.47% [2] - The report highlights the performance of various indices, with the Hang Seng Financial Index down 1.89% and the Hang Seng Property Index up 17.49% year-to-date [3] Investment Strategy - A "barbell" investment strategy is recommended, focusing on companies with certain profit growth and those benefiting from AI [5] - Specific stocks to watch include Tencent, Alibaba, and Kuaishou for their AI-driven growth potential, and NetEase and Trip.com for their stable earnings visibility [5] Software and IT Services - The report expresses optimism for the software sector, expecting revenue growth to support valuations, while cautioning about the competitive pressures from AI model vendors [6] - Recommended stocks include Palo Alto Networks in the US and Kingdee in China, which are expected to benefit from AI-related revenue growth [6] Semiconductor Industry - The semiconductor sector is viewed positively, driven by AI demand, with structural shortages in memory products like HBM and server DRAM [7] - Recommended stocks include Zhongji Xuchuang and Northern Huachuang, which are expected to benefit from the ongoing demand for computing power [7] Technology Sector - The report anticipates a continued high demand for AI computing infrastructure and innovations in consumer electronics, with specific recommendations for companies like Luxshare Precision and BYD Electronics [8] Consumer Sector - The Hang Seng Consumer Index has risen 8% year-to-date, driven by high elasticity in discretionary consumption sectors [9] - The report highlights the potential for increased consumer spending during the Spring Festival, supported by government policies aimed at boosting consumption [10] Automotive Sector - January saw a slowdown in automotive sales, particularly in the new energy vehicle segment, but a recovery is expected post-Spring Festival [11] - Recommended stocks include Geely for its expanding new energy vehicle matrix and Xpeng for its potential to turn profitable [11] Pharmaceutical Sector - The report emphasizes the long-term trend of innovative drugs going global, with a focus on clinical progress and data validation for drugs already in international markets [12] - Recommended stocks include Innovent Biologics and CanSino Biologics, which are expected to benefit from the ongoing trend of drug commercialization [12] Capital Goods Sector - The report notes a positive outlook for the capital goods sector, particularly in construction machinery, driven by rising metal prices and increased mining capital expenditures [21] - Recommended stocks include SANY Heavy Industry and Zoomlion, which are expected to benefit from the ongoing demand for construction equipment [21] Real Estate and Property Management - The real estate sector is optimistic due to favorable policies, with the Hang Seng Property Index rising 15% year-to-date [19] - Recommended stocks include China Jinmao and Greentown China, which have shown significant price increases [19]

【事件】2026年1月，国内挖掘机总销量达18,708台，同比大幅增长49.5%，实现开门红。其中，内销同 比+61.4%，出口同比+40.5%。国内市场在低基数效应下快速复苏，出口数据则持续印证了海外市场的 高景气度。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 【工具】工程机械ETF易方达（159138）紧密跟踪中证工程机械主题指数，一键布局产业链龙头公司， 充分受益于工程机械行业景气度上行。 【解读】第一季度是工程机械行业的传统开工与销售旺季，受新年度预算释放、项目集中复工及宏观政 策支持等多重因素驱动，行业景气度通常显著提升。随着3-4月全国开工步入高点，行业需求有望持续 释放，为板块带来确定性的季度机会。 ...

Investment Rating - The report rates the mechanical industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][13]. Core Insights - The mechanical industry is expected to see stable performance with technological advancements leading to a value reversal. Key areas of growth include space photovoltaics, machine tools, robotics, and laser technology [4][7]. Summary by Sections Performance Forecast - The report predicts significant growth for 21 key tracked mechanical companies in Q4 2025, with notable forecasts such as Zoomlion (183%), DingTai High-Tech (179%), and Wolong Electric (82%) [4][5]. Space Photovoltaics - The commercial space sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaics. The report highlights a projected super cycle in satellite manufacturing and launching over the next decade, driven by the need for satellite energy systems [4]. Machine Tools & Cutting Tools - The machine tool sector is expected to transition towards high-end, CNC, and intelligent manufacturing. The report anticipates a 9.7% increase in metal cutting machine production in 2025, with a strong focus on domestic production of core components [4][7]. - Cutting tool manufacturers are expected to benefit from rising raw material prices and increased domestic demand, with a focus on high-end product breakthroughs [4]. Robotics & Components - The humanoid robot industry is progressing towards commercialization, with significant developments expected in 2025. The report identifies three main trends: Tesla's humanoid robot iterations, global giants entering the robotics space, and various robot forms being deployed in practical applications [4]. Laser Technology - General laser technology is experiencing rapid growth due to advancements in high-power and specialized applications. The report recommends companies like Baichu Electronics and Dier Laser for investment [7]. Engineering Machinery - The report anticipates a resonance of domestic and foreign demand in 2026, driven by infrastructure projects and equipment upgrades. Key companies recommended include SANY Heavy Industry and XCMG [7]. Forklifts - The forklift market is projected to grow, with a 12.9% increase in total sales expected in 2025. The report emphasizes the trend towards automation and smart logistics in the industry [7]. Rail Transit Equipment - The report notes a strong demand for rail transit equipment, with a projected 6.0% increase in fixed asset investment in railways for 2025. Recommended companies include CRRC and Siwei Control [7].

Core Viewpoint - The engineering machinery sector continues its recent upward trend, with notable gains in stock prices for several key companies in the industry [2]. Company Performance - China Longgong (03339.HK) saw a stock increase of 5.52%, reaching HKD 3.44 [2]. - Sany Heavy Industry (06031.HK) experienced a rise of 5.13%, with its stock priced at HKD 25.4 [2]. - Sany International (00631.HK) reported a 4.14% increase, trading at HKD 14.1 [2]. - Zoomlion (01157.HK) had a stock price increase of 4.01%, reaching HKD 9.6 [2].