行业研究丨深度报告丨机械 [Table_Title] 矿山机械系列二：周期景气与全球化共振，"设 备+后市场+资源品"布局打开成长空间 %% %% %% %% research.95579.com research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 矿山机械设备空间广阔、利润可观，是装备制造中的优质赛道。从需求侧来看，资源品价格、 矿石品位、资本密集度影响行业需求总量，在宏观宽松、供给受限及需求扩张背景下，资源品 价格有望维持强势，当前矿山机械行业景气有望加速上行，叠加新能源、无人化渗透率提升有 望贡献增量。从供给侧来看，外资龙头格局集中，出海有望成为我国矿机企业成长机遇。近年 来我国矿山机械出海蓬勃发展，龙头企业全球竞争力日益提升，"设备+后市场+资源品"业务 并进，看好我国矿机企业的成长性。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 王硕 请阅读最后评级说明和重要声明 2 / ...

本报讯 （记者何文英）1月29日，A+H上市公司中联重科股份有限公司（以下简称"中联重科"）公告，公司于香港联交所 成功发行港股可转换债券（以下简称"本次可转债"），获得了全球资本市场投资人的踊跃认购。本次发行标志着公司在国际化 资本运作方面取得又一重要里程碑，募集资金将有助于支持公司加强研发投入和海外业务体系建设，为公司持续推进创新驱动 发展战略和全球化发展战略提供坚实的资本协同。 发行要素稳健均衡 当前，行业竞争格局正经历深刻变化，全球化发展、绿色化转型、智能化科技革命加速融合。一方面，从公司自身来看， 中联重科不断深化以"端对端、数字化、本土化"的全球化发展战略，在海外市场持续突破；另一方面，伴随着新能源、智能 化、机器人等新技术的快速突破，公司基础研发和终端产品正加速向创新领域变革延伸。 本次发行正是中联重科在这一变革窗口期下的一次战略资本举措，与公司近年来持续推进的"全球化、多元化、绿色化、 智能化、数字化"战略深度契合。 募集资金的50%将用于支持公司全球化发展战略的落地，投向海外生产制造基地、仓储物流体系、研发中心、营销体系、 后市场服务体系等项目，构建覆盖世界市场需求的全方位竞争力；另外50% ...

【招商机械】重点推荐耐普矿机！ 全球矿业预期景气向上的大β下，耐普作为具备"出海+新品+扩产"等属性的选矿环节耐磨备件龙头充分受益，业绩 在25Q3迎来单季拐点后，有望进入新一轮上行通道，短期变化与中长期价值兼备，建议重视！ 矿机出海：公司21年起海外收入占比稳定保持在50%以上，与紫金/洛钼、力拓/淡水河谷等国内外矿企龙头深 度绑定，有望充分受益即将到来的海外矿企资本开支景气上行期 新品兑现： 矿机出海：公司21年起海外收入占比稳定保持在50%以上，与紫金/洛钼、力拓/淡水河谷等国内外矿企龙头深 度绑定，有望充分受益即将到来的海外矿企资本开支景气上行期 新品兑现：公司24年成功研制全球首创的"高合金锻造橡胶复合衬板"新品（较主流的铸造衬板性能断档提 升），25年国内试用推广/在手订单1亿/确收1500万，26年海外试用推广/订单预期3亿/确收预期1+亿，有望贡献可 观业绩增量 产能扩张：公司现有产能已供不应求，蒙古国、赞比亚生产基地已投产，智利、秘鲁生产基地预计于26H2、 27H2投产，新增产值合计7亿；后续还有塞尔维亚生产基地规划，是我们此前强调需要重视的海外新建产能步入收 获期的标的 【招商机械】重点 ...

Market Overview - Precious metals and non-ferrous metals sectors saw significant gains, contributing to the rise in mining machinery stocks (mining trucks, excavators) [1] - The Shanghai Composite Index increased by 0.27%, closing at 4151.24 points, with a trading volume of 29,926 billion yuan, an increase of 709 billion yuan compared to the previous day [1] Competition Insights - The 82nd "Digging Gold" competition, organized by the Daily Economic News App, started on January 19, with participants capitalizing on the surge in the precious metals sector [1] - The competition runs from January 19 to January 30, with a simulated trading capital of 500,000 yuan [1] Prize Structure - Cash rewards for the competition include: 688 yuan for the 1st place, 188 yuan for 2nd to 4th places, and 88 yuan for 5th to 10th places, with additional distribution of 500 yuan among other profitable participants [3] - Monthly leaderboard prizes include: 888 yuan for the 1st place, 288 yuan for 2nd to 4th places, and 188 yuan for 5th to 10th places, with smaller amounts for subsequent ranks [3] Market Trends - Experts believe the current market trend is a slow bull market, focusing more on individual stocks rather than the overall index [4] - The depreciation of the US dollar is expected to drive up prices of precious and non-ferrous metals, encouraging mining companies to increase capital expenditures, which benefits the mining machinery and civil explosives industries [4] Additional Resources - Participants in the competition gain access to a private group for sharing market insights and investment strategies [4] - The "Fire Line Quick Review" product, developed by a team, provides updates on market events, investment logic, and company analyses, with notable mentions of sectors like the Nvidia supply chain, electronic fabrics, rare earths, tungsten, and silver [4]

消息面上，近期，金属大宗价格持续走高。招商证券认为，美联储降息预期强化+矿类大宗价格走强的 背景下，全球矿山机械行业需求或迎拐点，该行看好的是β迎来中长期向上的景气周期。展望未来，在 美元持续降息预期下，2026年全球矿机景气度升温具备更高确定性，而中期维度随着资源品供给紧张加 剧、矿山品味下降，全球矿机有望迎来新一轮创新高式的上行周期。建议关注"露天矿机/出海进展领 先"及"商业模式存在边际变化"的双主线投资方向。 银河证券此前指，短期受益国内矿采回暖，公司掘进机和宽体车销售有望筑底回升;中长期公司掘进机 龙头优势稳固，非煤矿山设备占比有望持续提升，智能化、电动化、全球化优势显著，有望顺应国内长 周期大体量基建项目建设、煤机智能化和海外矿山设备更新趋势实现业绩放量。 三一国际(00631)涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发稿，涨6.25%，报12.75 港元，成交额3.24亿港元。 ...

银河证券此前指，短期受益国内矿采回暖，公司掘进机和宽体车销售有望筑底回升;中长期公司掘进机 龙头优势稳固，非煤矿山设备占比有望持续提升，智能化、电动化、全球化优势显著，有望顺应国内长 周期大体量基建项目建设、煤机智能化和海外矿山设备更新趋势实现业绩放量。 智通财经APP获悉，三一国际(00631)涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发 稿，涨6.25%，报12.75港元，成交额3.24亿港元。 消息面上，近期，金属大宗价格持续走高。招商证券认为，美联储降息预期强化+矿类大宗价格走强的 背景下，全球矿山机械行业需求或迎拐点，该行看好的是β迎来中长期向上的景气周期。展望未来，在 美元持续降息预期下，2026年全球矿机景气度升温具备更高确定性，而中期维度随着资源品供给紧张加 剧、矿山品味下降，全球矿机有望迎来新一轮创新高式的上行周期。建议关注"露天矿机/出海进展领 先"及"商业模式存在边际变化"的双主线投资方向。 ...

耐普矿机 20260127 摘要 耐普矿机四年内营收增长两倍，海外市场贡献显著，从 1 亿多元增长到 5 亿多元，国内市场增长相对较缓，从 2 亿元增长到 4 亿元。 公司"出海 2.0"战略通过全球布局生产基地，如蒙古国、赞比亚、智利 和秘鲁等地，以覆盖周边国家，预计将带来持续高速增长。 新产品锻造二代复合衬板寿命提升一倍以上，提高矿石处理量 19%，并 降低能耗，如紫金芝布拉项目每吨矿石电耗降低，一年节省约 1.8 亿度 电。 客户对二代锻造复合衬板复购率达 100%，产品价值是成本的 10 到 20 倍，且材料稳定性提升 300 倍，显著优于传统铸造材料。 二代锻造复合衬板通过先进锻造工艺，抗冲击性和稳定性大幅提升，寿 命比美卓最佳衬板提升 50%，毛利率接近 40%，海外市场可达 50%- 60%。 公司预计未来 4-5 年利润率将持续上升，受益于海外收入占比提高至 80%左右、新一代衬板放量以及产能利用率提升带来的折旧摊销下降。 与金诚信合作投资哥伦比亚铜金银矿项目，预计 2028 年投产，满产后 净利润约 15 亿元，销售收入 40 多亿元，内部收益率高，预计两三年即 可回本。 Q&A 耐普矿机近 ...

Key Points Summary Industry Overview - The mining machinery industry is expected to enter a new cycle of prosperity due to supply shortages and rising prices of metal commodities, influenced by anticipated interest rate cuts from the Federal Reserve [1][2] Company Recommendations XCMG Machinery - Leading in complete open-pit mining machinery, comparable to Caterpillar and Komatsu - Projected mining machinery revenue for 2025 is 13 billion (including spare parts), a year-on-year increase of 50% - Target for 2030 mining machinery revenue is 40 billion, with a CAGR of 25-30% [1] SANY International - Mining machinery accounts for 40% of total revenue - Overseas mining trucks are expected to contribute significantly to growth in 2026, with overseas mining machinery expected to exceed 50% of mining machinery business (6 billion) - Channel model adjustments are anticipated to enhance profitability; target for overseas mining machinery business in 2028 is 13 billion, aiming for over 100% growth in three years [1] Shantui - Leading in mining bulldozers, aiming to create a complete open-pit excavation solution - Expected sales of mining equipment to account for over 10% in 2025 [2] NPE Mining Machinery - Leading in wear-resistant parts for mineral processing, comparable to Meiyit Electric Steel - Projected mining machinery revenue for 2025 is 1 billion, with over 50% from overseas - Anticipated new product launches and overseas capacity expansion could lead to a new performance upturn, with a mid-term revenue target of 2 billion and profit target of 400 million by 2028 [2] New Sharp Co., Ltd. - Main business in hard alloys and rock drilling tools, comparable to Sandvik - Projected mining machinery revenue for 2025 is 1.8 billion, with 40% from overseas; recognized as a leading comprehensive solution provider for mining consumables [2] Nanmin Group - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 800 million, with 20% from overseas - Strategic changes include signing a ten-year operation contract for a large iron ore project and investing in a Zimbabwean gold mine, transitioning to an "equipment + operation" overseas model [2] Zhejiang Mining Co. - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 700 million, with 20% from overseas - Strategic changes include acquiring a lead-silver mine in Kazakhstan, initiating a dual-driven development phase of "mining machinery overseas + mining operation" [2]

Core Viewpoint - The delivery of the unmanned mining truck, developed by Zoomlion and Xidi Zhijia, marks the beginning of a new era in green smart mining operations, leveraging "green power + full-stack intelligence" solutions [1][3]. Group 1: Product and Technology - The unmanned mining truck is based on the world's largest hybrid wide-body truck ZT160HEV, designed specifically for high-intensity, long-cycle mining environments, excelling in load capacity, energy efficiency, and safety [5]. - The truck features a fully autonomous and controllable technology system, capable of high-level path planning, dynamic lane planning, automatic parking, and collaborative operations, enabling all-weather, unmanned operations [3][5]. - Compared to manned mining trucks, the unmanned version achieves breakthroughs in operational safety, economic efficiency, stability, and organizational efficiency, significantly reducing the impact of adverse weather on production [5]. Group 2: Operational Efficiency and Performance - The project team successfully completed the assembly, debugging, and production processes in just 30 days, overcoming extreme weather challenges, and achieving a new speed for large-scale deliveries in the industry [3]. - The 40 unmanned mining trucks are currently operating in stripping projects, working 18 hours continuously, which has led to a 10% increase in transportation efficiency and a 15% increase in output [5]. - The unmanned operation reduces safety risks by minimizing the number of frontline workers, significantly lowers labor costs, and maximizes lifecycle value through systematic intelligent control [5]. Group 3: Service and Strategic Direction - Zoomlion not only provides high-end intelligent equipment but also has established a comprehensive service guarantee system, including dedicated parts storage and rapid technical support tailored for extreme weather conditions [7]. - The company is committed to the development path of "large-scale, green, and intelligent" mining machinery, actively promoting a transition from traditional manual operations to data-driven, system-optimized smart operations [7].

Investment Rating - The report suggests a positive outlook for the mining machinery industry, indicating a potential upward trend in demand due to expectations of a global mining machinery demand turning point in 2026 [1][23]. Core Insights - The global mining machinery market is projected to be valued between 100 to 150 billion USD, with a balanced structure across various segments including drilling, crushing, mineral processing, open-pit, and underground equipment [5][8]. - The report highlights a shift in the business model of equipment companies from "manufacturing" to "operational services and resource development," driven by increased competition in the domestic market [20][23]. - The anticipated decline in interest rates by the Federal Reserve is expected to boost capital expenditures in the mining sector, leading to increased sales of mining machinery [18][20]. Market Overview - The mining machinery industry consists of 477 listed companies with a total market capitalization of 552.5 billion CNY, representing 4.9% of the market [2]. - The report notes that the mining machinery sector is a significant high-end segment within the broader engineering machinery market, with a steady growth trajectory expected as the industry enters a new replacement cycle [8][20]. Demand Outlook - Global capital expenditures by leading mining companies are projected to stabilize, with a potential recovery in demand for mining machinery as commodity prices strengthen [5][20]. - The report cites that in the first half of 2025, global leading mining companies' capital expenditures are expected to be 13.8 billion USD, reflecting a year-on-year decrease of 5.48% [20]. Industry Trends - The report identifies a trend where mining machinery companies are increasingly extending their business models to include operational and investment services, as evidenced by recent partnerships and equity acquisitions in mining projects [20][23]. - The report emphasizes the importance of high-end, automated products in the competitive landscape of the mining machinery sector, as companies adapt to changing market demands [20]. Investment Recommendations - The report recommends focusing on companies leading in open-pit mining machinery and those making significant progress in international markets, such as XCMG, SANY International, and others [23]. - It also suggests monitoring companies that are evolving their business models towards operational services and resource development, including Nape Mining Machinery and Zhejiang Mining [23].