【中泰机械】建设机械推荐：催化频繁，关注价格拐点 风险提示：开工率、价格指数不及预期。 事件：上海发布"沪七条"再调减住房限购政策，百年建筑网节后第一周复工数据发布，截至2月25日（农历正月初 九），全国10692个工地开复率、劳务上工率、资金到位率同比均有增加。 其中，房地产项目整体情况农历同比启动相对较快。 塔机租赁行业经过4年下行期，于24年底见到了出租率拐点，价格拐点有望于26年春节后出现。 作为工程机械行业最后一个复苏的方向，价格拐点指引盈利拐点，公司向上空间充足，短期催化关注租赁价格、 全国房地产新开工等数据拐点。 事件：上海发布"沪七条"再调减住房限购政策，百年建筑网节后第一周复工数据发布，截至2月25日（农历正月初 九），全国10692个工地开复率、劳务上工率、资金到位率同比均有增加。 其中，房地产项目整体情况农历同比启动相对较快。 塔机租赁行业经过4年下行期，于24年底见到了出租率拐点，价格拐点有望于26年春节后出现。 < 【中泰机械】建设机械推荐：催化频繁，关注价格拐点 ...

Core Viewpoint - The engineering machinery industry is experiencing a recovery in domestic demand and favorable conditions for exports, leading to improved profitability and a positive outlook for the sector's performance [1]. Domestic Sales Performance - In January, domestic sales of major engineering machinery products showed significant growth: excavators sold 8,723 units (up 61.4% year-on-year), loaders 5,293 units (up 42.8%), and truck cranes 1,608 units (up 0.56%) [2]. - The overall strong performance in domestic sales is attributed to the impact of the Spring Festival, with expectations for continued growth driven by favorable policies in real estate and infrastructure, as well as an ongoing equipment replacement cycle [2]. Export Performance - In January, all categories of exports experienced year-on-year growth: excavators sold 9,985 units (up 40.5%), loaders 6,466 units (up 53.4%), and truck cranes 452 units (up 128%) [3]. - The positive export performance is expected to continue due to improving overseas market conditions and the deepening penetration of domestic brands in international markets, which will likely enhance their market share abroad [3]. Investment Recommendations - The company recommends focusing on investment in SANY Heavy Industry, Hengli Hydraulic, and LiuGong as key players in the engineering machinery sector [3].

中证报中证网讯(记者张凌之)2月26日，嘉实国证自由现金流ETF基金经理尚可在中国证券报"中证点金 汇"直播间表示，当前资源品上涨的核心逻辑已发生质变，过去资源股主要跟随经济周期波动，而本轮 行情的核心驱动力在于"安全"与"短缺"，目前已转变为由供给侧硬约束、新需求范式和地缘安全溢价共 同驱动。他认为，这大概率是一个跨越数年的长周期行情，但2026年将进入行情分化和轮动的下半场。 在众多周期行业中，有色和化工因与地产基建关联度低、供给弹性小，行情表现显著优于对宏观顺周期 依赖更强的地产、钢铁、建材与工程机械。他强调，面对长周期行情，投资者需以更长远的视角审视其 中的结构性机会。 ...

"核心技术靠化缘是要不来的。"在徐工智造探索中心，一系列聚焦产业高端化、智能化、绿色化、全球化、服务化转型升级的成果，全面展示了徐工智造的 实力。 2月25日上午，打造世界级工程机械产业集群暨全市产业项目提质增效推进会举行。这次推进会聚焦省委、省政府赋予徐州的发展重任，紧密结合徐州实 际，为打造世界级工程机械产业集群划定了奋进坐标、指明了实现路径，释放出"项目为王"的鲜明导向和强烈信号，向全市发出了奋进新征程的动员令。 奋力攀登全球工程机械产业珠峰 在徐州经济发展版图中，工程机械产业被赋予"一号产业"地位，承载着这座城市的深厚情感，更寄托着其高质量发展的远大抱负。 这是落实嘱托的政治担当。2017年12月，党的十九大后赴地方考察的第一站，习近平总书记来到徐工集团，强调"必须始终高度重视发展壮大实体经济，抓 实体经济一定要抓好制造业"。2023年全国两会期间，总书记再次肯定："你们的工程机械是做出来了，达到了世界领先水平。"总书记的殷切期望，成为徐 州打造世界级工程机械产业集群的强劲动力。 这是厚积薄发的现实选择。数据最有说服力：2025年，徐州工程机械产业集群产值同比增长19%，拥有千亿级企业1家、百亿级企业 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [7]. Core Insights - The report highlights a significant growth in both domestic and export sales of construction machinery in January, indicating a strong upward trend in demand [4][5]. - Domestic sales of key products such as excavators and loaders saw substantial year-on-year increases, with excavator sales reaching 8,723 units, up 61.4%, and loader sales at 5,293 units, up 42.8% [4]. - Export sales also showed robust growth, with excavator exports at 9,985 units, a 40.5% increase, and loader exports at 6,466 units, up 53.4% [5]. - The report anticipates continued improvement in the industry driven by favorable policies in real estate and infrastructure, alongside a renewal cycle for construction machinery [4]. Summary by Sections Domestic Sales Performance - In January, domestic sales of construction machinery experienced high growth, with notable increases in excavators (61.4%) and loaders (42.8%) [4]. - The overall domestic market is expected to continue its upward trajectory due to improved funding and supportive policies [4]. Export Sales Performance - All categories of machinery exports showed year-on-year growth in January, with excavators and loaders seeing increases of 40.5% and 53.4%, respectively [5]. - The report suggests that as overseas market conditions improve, domestic brands will gain further market share internationally [5]. Investment Recommendations - The report recommends a positive outlook for the construction machinery sector, highlighting companies such as SANY Heavy Industry, Hengli Hydraulic, and LiuGong as key investment opportunities [5].

湖南省人民政府办公厅近日印发《湖南省进一步促进民间投资发展的若干措施》。《若干措施》提出， 拓展民间投资领域，支持参与 低空经济与北斗规模应用。引导民间资本有序参与通用 机场建设、无人 机及垂直起降飞行器运营等环节。加大金芙蓉基金对北斗产业支持力度，推动民营企业参与打造 工程 机械、轨道交通装备、现代 农业、文化旅游等领域北斗规模应用场景。 ...

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

Group 1 - The Hunan Province held a conference to promote the development of the private economy, awarding 100 outstanding private entrepreneurs for their contributions to regional economic growth and the construction of a modern industrial system [1][2] - Notable recipients include leaders from over 20 listed companies, showcasing the vitality and potential of the private economy in Hunan [1] - Key figures from companies such as SANY Heavy Industry, Lens Technology, Aier Eye Hospital, and others were recognized, representing various advantageous industrial sectors including engineering machinery, consumer manufacturing, biomedicine, and new energy technology [1][2] Group 2 - Executives from several listed companies' subsidiaries also received awards, highlighting the collaborative development within Hunan's industrial chain [2] - Entrepreneurs at critical stages of the IPO process were also honored, indicating the effective cultivation of Hunan's private economic tier [2] - The awarded entrepreneurs span key industries such as engineering machinery, green agricultural products, biomedicine, and advanced materials, playing a crucial role in transforming traditional industries and fostering new emerging sectors [2]

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

（记者 张明双） 每经AI快讯，建设机械2月26日晚间发布公告称，公司第八届第二十四次董事会会议于2026年2月26日 以通讯表决方式召开。会议审议了《关于公司2026年度融资计划的议案》等文件。 每经头条（nbdtoutiao）——超10万人挤爆服务器，围观8家房企抢"马场"：9小时竞价243轮，236亿元 成交！广州楼面价新地王诞生：8.5万元/㎡ ...