康明斯First Mode总经理Molly Puga表示："这样的合作对加速矿业脱碳进程至关重要。"据悉，该混 合动力系统采用模块化改装方案，将康明斯QSK60柴油发动机与高功率、可更换电池系统相结合，车辆 满载下坡时可通过再生制动回收能量并储存于车载电池，智能控制系统则能在发动机与电池间实现无缝 切换和功率管理，进而在整个运输周期内优化燃油效率、提升设备可靠性与整车性能。 Caserones矿山地处安第斯山脉，作业海拔超4000米，运输路线坡度大、工况严苛，为验证混合动 力系统在极端环境下的性能及能量回收能力提供了理想场景。项目运行结果显示，该技术在不影响矿山 生产节奏的前提下，能够带来可量化的效率提升。 近日，康明斯商业化混动解决方案首次在伦丁矿业（Lundin Mining）旗下的Caserones铜钼矿投入 使用，这一里程碑项目标志着矿山超大型运输设备在低碳化转型道路上迈出关键一步，也是康明斯完成 First Mode收购一周年之际取得的重要成果。 此次投运的是一台载重300吨的小松（Komatsu）矿用自卸卡车，该车辆采用康明斯First Mode混合 动力解决方案完成改造升级，首次在真实生产工况下 ...

格隆汇2月26日丨徐工机械(000425.SZ)在互动平台表示，公司主要从事土方机械、起重机械、桩工机 械、混凝土机械、路面机械、高空作业机械、矿业机械、环卫机械、农业机械、应急救援装备及其他工 程机械和核心零部件等研发、制造、销售和服务，已建立 "三电" 体系推动新能源产品升级，目前未涉 及数据中心用独立发电机组生产。 ...

建设机械公告，根据公司经营需要，2026年度拟向金融机构及非金融机构申请不超过40亿元的融资额 度。 ...

Investment Rating - The report maintains an "Outperform" rating for the engineering machinery sector [1]. Core Insights - January 2026 saw strong sales growth in excavators and loaders, driven by a combination of replacement cycles and external demand. The outlook for 2026 is positive, supported by proactive fiscal policies, stabilization in the European construction sector, and sustained high demand in emerging markets. The report emphasizes the importance of focusing on domestic demand renewal and overseas expansion strategies [5][11]. - The engineering machinery index rose approximately 0.15% in January 2026, underperforming the Shanghai Composite Index by 3.61 percentage points [11]. - Excavator sales in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [16]. - Loader sales for the same month totaled 11,759 units, reflecting a 48.5% year-on-year increase, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [16]. Summary by Sections Market Review - The engineering machinery index in January 2026 increased by about 0.15%, lagging behind major indices such as the Shanghai Composite and CSI 300 [11]. - The performance of different segments showed mixed results, with the average price-to-earnings (PE) ratios for complete machine manufacturing and components being 29 and 39, respectively [11]. Industry Tracking - The report highlights significant growth in excavator and loader sales, with excavators showing a 49.5% increase and loaders a 48.5% increase in January 2026 [16][18]. - The report notes that electric excavators and loaders are gaining traction, with electric loader sales reaching 2,990 units and a penetration rate of 25.43% [16]. Macro Dynamics - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a slight contraction in manufacturing activity. However, production levels remain above the critical point, suggesting ongoing expansion in manufacturing [44]. - Infrastructure investment is supported by the issuance of special bonds amounting to approximately 367.7 billion yuan, a year-on-year increase of 79.5% [5]. Key Targets - Recommended key players in the sector include leading manufacturers such as Zoomlion (000157), Sany Heavy Industry (600031), and XCMG (000425), as well as core component suppliers like Hengli Hydraulic (601100) and Aidi Precision (603638) [5][54].

智通财经APP获悉，东吴证券发布研报称，在下游需求顺周期波动、供给端调整滞后性、政策调控节奏 性及全球经济共振性的共同作用下，工程机械行业呈现较强周期性。中国工程机械行业2025年下半年进 入景气修复通道，挖机内外销数据表现亮眼，2026年1月各类挖掘机内销与出口同步高增，景气拐点进 一步确认。在行业周期性复苏背景下，契合结构性机遇方向的个股α是核心关注点，建议关注北交所机 械工程细分领域标的。 东吴证券主要观点如下： 工程机械行业自2025年下半年进入景气修复通道，2026年1月挖掘机内销与出口数据同比高增 东吴证券指出，在下游需求顺周期波动、供给端调整滞后性、政策调控节奏性及全球经济共振性的共同 作用下，工程机械行业呈现较强周期性。 中国工程机械行业自2025年下半年进入景气修复通道，从较具代表性的挖掘机销量数据来看，2025全年 中国共销售挖掘机235,257台，同比增长17.0%；国内销量118,518台，同比增长17.9%；出口116,739台， 同比增长16.1%。2026年1月内销与出口同步高增，景气拐点进一步确认——中国销售各类挖掘机18,708 台，同比增长49.5%；其中国内销量8,723 ...

来源：美通社 拉斯维加斯2026年2月25日 /美通社/ -- 三一将在拉斯维加斯会议中心举办的2026年美国工程机械展 (CONEXPO-CON/AGG 2026)上，展示其适配北美市场的最全面产品组合、前沿技术与服务体系。围 绕"Together, We Move the Future Forward"（携手共筑未来）的主题，三一将向业界呈现卓越性能、智能 科技与长期合作伙伴关系如何共同驱动工程机械行业迈入新时代。 Meet SANY at CONEXPO 2026 更强性能，更低溢价 在F44054号展位，三一将展出32款主机设备和17款属具，其中包括10款专为北美市场设计的新机型。 其中包括： 除了硬件设备，三一还将展示一系列旨在最大限度减少设备停机时间、保障高效运转的智能解决方案。 三一AI服务助手(SASA)：提供智能诊断、交互式故障识别和快速零件识别功能，实现高效维护。 SY10U微型挖掘机：零尾回转设计，机动性卓越。配备全液压负载传感系统、悬浮座椅和宽扶 手，带来卓越的操作体验。 SY335LC中型挖掘机：搭载9升、209千瓦的康明斯(Cummins)发动机，在同类产品中扭矩更强、 排量更大。 ...

海外方面数据显示，2025年工程机械出口金额同比增长13.8%，挖掘机出口数量连续两年超过内销，中 国品牌在欧美高端市场的壁垒突破已初见成效。截至2025年12月，中国工程机械海外市占率已达24%， 稳居全球竞争力第一梯队。 午盘开市上证指数快速拉升翻红，盘面上通信、电网设备、表现较好，机床ETF（159663）盘中涨超 2.4%，持仓股大族激光涨停，工程机械ETF华夏（515970）翻红，持仓股联德股份涨超7%。 2026年1月，我国挖掘机出口量达9985台、同比增长40.5%，装载机出口6466台、同比增长53.4%，均创 历史同期新高；驱动因素包括金、铜等矿产品价格处于历史高位，拉动澳洲、南美等矿产区设备需求， 叠加非洲、印尼等新兴市场需求快速增长及企业持续出海。湘财证券认为，国内外需求共振下，工程机 械主机厂及核心零部件厂商业绩有望加速回升。 相关产品：工程机械ETF华夏（515970） 机床ETF（159663）。 （文章来源：每日经济新闻） 湘财证券指出，随着国内政策持续发力，叠加"反内卷"等措施有望带动制造业盈利能力修复，未来制造 业景气度有望逐渐回升，从而带动上游机械设备总体需求持续好转。同时 ...

国海证券研报指出，山推股份是推土机龙头企业，迈向智能化+高端化+全球化。从公司的α来看，公司 的核心产品推土机有望实现量价齐升逻辑，量受益于亚太地区基建加速+非洲地区的矿企资本开支；价 有望受益结构性供需失衡而涨价。公司的挖掘机受益内外挖机β共振，公司挖机有望实现量升价稳逻 辑。首次覆盖，给予"买入"评级。 ...

证券研究报告·北交所报告·北交所专题报告 北交所专题报告 20260226 工程机械复苏动能稳步释放，建议关注北交 所工程机械相关标的 [Table_Tag] [Table_Summary] 观点 2026 年 02 月 26 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《年度业绩快报密集发布，北证 50 上 涨 0.77%》 2026-02-25 《人民银行开展 5260 亿元 7 天期逆 回购操作，北证 50 上涨 0.37%》 2026-02-24 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 工程机械行业自 2025 年下半年进 ...

Core Insights - The article emphasizes the transformative impact of AI and new technologies on various industries in Guangxi, showcasing significant economic growth and structural improvements during the "14th Five-Year Plan" period, with an average GDP growth of 4.8% and an increase of over 740 billion yuan by 2025 compared to 2020 [4][5]. Industry Developments - Guangxi is implementing major strategies for high-quality development, including industrial enhancement, AI empowerment, and open cooperation, aiming to establish itself as a hub for AI collaboration with ASEAN [5]. - The manufacturing sector in Guangxi is undergoing a significant transformation towards smart manufacturing, with companies like Liugong investing over 6 billion yuan in intelligent upgrades, resulting in a 71% reduction in quality feedback rates and a 48% decrease in order delivery times [8][9]. - The region is becoming a key player in the new energy battery industry, with major projects attracting leading companies like BYD, aiming to build a complete industrial chain for battery production [9]. Economic Performance - Guangxi's economic structure is continuously optimizing, with new industries contributing over 50% to industrial growth during the "14th Five-Year Plan" period, and the region has cultivated 49 intelligent manufacturing benchmark enterprises and over 5000 enterprises implementing digital transformation [9][10]. - The trade relationship between China and ASEAN is deepening, with Guangxi facilitating the import of fresh produce from Southeast Asia, reflecting its strategic position as a trade gateway [11][13]. Transportation and Logistics - Guangxi is enhancing its transportation network to support trade, with significant investments leading to improved efficiency in logistics and customs processes, including a one-stop inspection model that streamlines cargo handling [14][15]. - The region has established a modern multi-modal transportation system, connecting various transport modes and significantly increasing the number of international freight routes [14]. Tourism and Eco-Development - Guangxi is leveraging its natural resources to promote eco-tourism and wellness industries, with policies supporting the development of travel and health-related services, attracting over 3.8 million elderly visitors for long-term stays [18][19]. - The tourism sector is projected to receive 1.079 billion domestic and international visitors by 2025, with a revenue increase of 12.5%, highlighting the region's growing appeal as a travel destination [19].