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].

Group 1: Economic Growth and Development Strategies - Guangxi's GDP grew at an average rate of 4.8% during the 14th Five-Year Plan, with an increase of over 740 billion yuan by 2025 compared to 2020 [5] - The region is implementing major strategies for high-quality development, including industrial strength, artificial intelligence empowerment, and open cooperation [5] - Guangxi aims to build a highland for AI cooperation facing ASEAN, promoting comprehensive green transformation in economic and social development [5] Group 2: Technological Advancements in Manufacturing - Liugong Machinery Co., Ltd. has invested over 6 billion yuan in intelligent upgrades, achieving a 71% reduction in quality feedback rates and a 48% decrease in order delivery times [7] - The company has developed the world's first electric unmanned loader, showcasing significant advancements in autonomous machinery [6][7] - Guangxi has cultivated 49 intelligent manufacturing benchmark enterprises and over 5000 enterprises implementing digital transformation [8] Group 3: New Energy Sector Growth - The production and sales of new energy vehicles in China are projected to reach 16.626 million and 16.49 million units by 2025, representing a 12-fold increase from 2020 [9] - Guangxi is positioning itself as a key production base for new energy batteries, attracting major companies like BYD and developing a complete industrial chain [9][11] - The region has made significant technological breakthroughs and developed over 800 new industrial products, contributing over 50% to industrial growth [11] Group 4: Trade and Logistics Enhancements - China has maintained its position as ASEAN's largest trading partner for 17 consecutive years, with trade expected to reach 7.55 trillion yuan by 2025 [13] - Guangxi has implemented innovative customs reforms to streamline logistics, significantly reducing clearance times for perishable goods [15] - The region has developed a comprehensive transportation network, enhancing connectivity with ASEAN and facilitating efficient trade [18] Group 5: Tourism and Eco-Friendly Development - Guangxi has become a popular destination for "bird-like" retirement, with over 3.8 million elderly visitors annually [23] - The region's tourism revenue is projected to reach 1.15 trillion yuan by 2025, with a 12.5% year-on-year increase [23] - Guangxi is integrating ecological, sports, cultural, and tourism resources to promote sustainable development and enhance visitor experiences [20]

作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占全国 五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖20个 产业门类、占全国品种的85%，起重机械、桩工机械销量居全球第一，17类细分产品销量稳居全国首 位。 资讯编辑：吴命媛 021-26093301 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 2月25日，徐州市召开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，动员全市上下牢 固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级集群迈进。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

2月25日，徐州市召开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，动员全市上 下牢固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级集群迈进。 作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占 全国五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖 20个产业门类、占全国品种的85%，起重机械、桩工机械销量居全球第一，17类细分产品销量稳居全国 首位。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、驱动桥 等关键环节完成国产化替代，其中40%处于国际领先水平。以徐工集团为"头马"，徐州已构 建"1+100+1000"创新矩阵，卡特彼勒、罗特艾德等中外企业共生共荣，形成"一超一大多强"的企业发展 格局。 徐州市委书记宋乐伟在会上表示，打造世界级工程机械产业集群，是牢记嘱托的具体实践、乘势而 上的战略举措、再攀新高的现实选择。要坚持久久为功、持续发力，在战略目标上实现从加速赶超向全 球领先迈进，在发展路径上实现从集成制造向智慧制造跃迁，在价值创造上实现从传统服务向生态领 ...

长沙晚报全媒体评论员 山丘 白木 马年新春，气象万千。 正月初八，长沙以"新春第一会"锚定高质量发展航向；正月初九，"迎老乡 回故乡 建家乡"座谈会签约 260亿元落地实干。在"十五五"开局起跑节点，星城以战略之思、实干之举，完成的一次发展逻辑的系 统梳理与发展力量的全方位集结，奏响高质量发展开年强音，彰显出"大市挑大梁"的担当。 守初心笃行，以坚守强定力，让仪式感沉淀为发展确定性。 长沙连续6年以"新春第一会"聚焦高质量发展，这绝非惯例的简单重复，而是穿越经济周期的战略坚 守。不随短期指标波动改航向，不因外部环境变化调步调，这份"年年如是、层层加力"的坚持，正是于 不确定性中给予市场、企业和社会最珍贵的定心丸。 会上，40家企业轮番亮相电子屏，中联重科、三一集团的重工脊梁，蓝思科技、安克创新的智造活力， 鸣鸣很忙、颐而康的民生温度，共同汇成长沙发展的"英雄榜"。榜单清晰昭示：城市竞争的核心是产业 竞争，发展的主角永远是市场主体。当政府把聚光灯交给企业、把资源配置的指挥棒交给市场，便为城 市竞争力注入了不竭的源头活水，让高质量发展的定力，沉淀为扎根星城的发展信心。 谋发展实干，以部署促落地，让战略部署转化为硬 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以中国铁建重工 集团股份有限公司（以下简称公司）2025年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注：1. 本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年度报告为准。 公司不存在影响本次业绩快报内容准确性的重大不确定因素，前述数据未经会计师事务所审计，具体数 据以公司2025年度报告中披露的数据为准。敬请广大投资者注意投资风险。 特此公告。 中国铁建重工集团股份有限公司 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业总收入1,004,529.87万元，比上年同期下降0.01%；利润总额166,705.64万元， 比上年同期增长0.44%；归属于上市公司股东的净利润148,302.84万元，比上年同期下降1.65%。 ...