科技成长攻守兼备，看好机械中盘蓝筹投资机会 20251222 摘要 反内卷政策推动行业现金流改善，通用设备和工程机械大型机型占比增 加，提升企业盈利能力，龙头企业有望保持较好增速。 预计 2026 年国内机械板块增速和盈利状况改善，下游需求恢复降低市 场风险，中盘蓝筹因市值适中、主业稳定且具成长性，投资潜力巨大。 锂电装备收入增速逐季改善，新签和在手订单大幅增长，新能源反内卷 优化下游格局，固态电池量产在即，设备需求强劲，主业状态良好且具 成长性。 工业母机产量与收入增速稳定，明年有望边际改善，船舶与航空航天需 求抵消汽车端压力，大型机型采购增加提升毛利率，国产替代空间巨大， 高端化发展可期。 预计明年油气装备需求改善，中国增加油气资本开支，美国推进油气开 发，数据中心对天然气需求增加，油气装备公司业务敞口扩大，需求与 成长性显著提升。 Q&A 2026 年机械行业的总体增长预期如何？ 对于 2026 年的机械行业，我们预期整体需求将保持平稳增长。在科技赋能和 政策支持的背景下，中盘蓝筹和机器人领域将成为核心投资主线。具体来看， 国内政策对机械板块的支持将使得龙头企业保持较好的增速。此外，从今年下 半年开始， ...

Core Viewpoint - The article discusses the valuation challenges faced by various industries in the A-share market, highlighting that despite global competitiveness, many sectors are undervalued due to market dynamics and investor behavior [1][10]. Group 1: Industry Valuations - Home Appliances: Midea (13x), Haier (12.3x), Hisense (12.73x) [1] - Engineering Machinery: Sany (23.6x), XCMG (20x), Zoomlion (17x) [2] - Forklifts: Hangcha (16x), Heli (14x) [2] - Tires: Zhongce (12x), Sailun (16x), Senqilin (14x) [2] - Heavy Trucks: China National Heavy Duty Truck (12x) [2] Group 2: Market Dynamics - The industries mentioned are characterized by low-frequency consumption and strong cyclicality, leading to fluctuating performance and valuations based on government subsidies and market conditions [1][2]. - The article suggests that a P/E ratio around 15x is reasonable for stable growth industries, providing a risk premium over ten-year government bonds [1][2]. Group 3: Investment Behavior - Institutional investors hold significant pricing power in these markets, making it challenging for individual investors to influence valuations [1][2]. - The article emphasizes that high expectations can lead to investment disasters, and that long-term returns may be better for established companies despite their low valuations [3][10]. Group 4: Valuation as an Incentive Mechanism - Valuation is described as an incentive mechanism that reflects market competition and societal evolution, where higher valuations encourage innovation and investment in growth sectors like technology [4][5][6]. - Conversely, traditional industries with stable earnings often receive lower valuations due to a lack of societal encouragement for new investments [7][10]. Group 5: Global Comparisons - The article notes that mature manufacturing companies globally, such as Toyota and Caterpillar, also exhibit low valuation multiples, indicating a broader trend beyond the A-share market [14][15][16].

全国知名民企助力湖南高质量发展大会在长沙举行 高云龙沈晓明致辞 毛伟明作推介 毛万春出席 长沙晚报掌上长沙12月22日讯 据湖南日报消息（全媒体记者 刘燕娟 唐亚新 孙敏坚）22日，由湖南省政府、全国工商联共同主办的"民企聚力 湘约未 来"2025年全国知名民企助力湖南高质量发展大会在长沙举行。全国政协副主席、全国工商联主席高云龙，省委书记沈晓明出席并致辞，省委副书记、 省长毛伟明作湖南省招商推介，省政协主席毛万春出席。会前，沈晓明、毛伟明、毛万春拜会高云龙，会见与会嘉宾代表。 高云龙强调，党的二十届四中全会对未来五年我国经济社会发展作出了顶层设计和战略擘画，中央经济工作会议为"十五五"开局起步规划了实践路径。 习近平总书记出席民营企业座谈会并发表重要讲话，为民营经济发展把航定向。5月20日正式施行的民营经济促进法，把坚持"两个毫不动摇"、促进"两 个健康"写入法律。近期，中央又密集出台鼓励创新、推动发展，破除壁垒、规范执法，强化支持、保障支付等政策举措，民营经济迎来了前所未有的 发展机遇。希望广大民营企业把握发展大势、坚定发展信心，在建设现代化产业体系中展现新作为，在实施科技创新中谱写新篇章，在参与区域协调 ...

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

行业研究丨深度报告丨机械 [Table_Title] 用全球化的动能打破周期的桎梏 ——机械行业 2026 年投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 复盘 2025 年，机械指数上涨的动力主要来自于估值倍数提升而非盈利驱动。机械行业主题板 块的业绩表现和传统板块基本趋同，但估值水平提升幅度显著高于传统板块；展望 2026 年， 我们认为主要的两个抓手是海外的需求和国内的价格，立足估值，我们认为主要存在三条投资 主线，分别是关注全球竞争力+资本开支提升下的外需弹性，如工具行业、工程机械、通用、船 舶等板块；关注估值位置合适下的产业趋势轮动，如锂电设备、光伏设备、可控核聚变、轨交 装备等板块；关注产业趋势下的新型产业浪潮，如 AI、人形机器人等板块。 分析师及联系人 [Table_Author] 赵智勇 臧雄 倪蕤 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490520030003 SFC：BRP550 SFC：BVO790 曹小敏 刘晓舟 屈奇 SAC：S04905210 ...

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

徐工机械公告称，公司2023年限制性股票激励计划预留授予部分第一个解除限售期解除限售条件已成 就，符合条件的激励对象共196人，可解除限售的限制性股票数量为246.5051万股，占公司当前总股本 的0.02%。公司预留授予的限制性股票登记完成日为2023年12月28日，第一个限售期于2025年12月27日 届满。本次解除限售尚需办理相关手续，完成后上市流通前公司将发布提示性公告。 ...

证券研究报告 机械设备 报告日期：2025 年 12 月 22 日 关注半导体设备、人形机器人、核聚变及工程机械 ——机械设备行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《关注核聚变、AI 基建、高端机床等板 块投资机会—机械设备行业周报》 2025.12.16 告》2025.12.08 等板块投资机会—机械设备行业周报》 2025.12.08 摘要： 上周（2025.12.15-2025.12.19）机械设备行业下跌 1.11%，在一级 31 个行业中排名第 29 位。子行业中，通用设备（-0.76%）、专用设 备（-0.45%）、轨交设备（-1.04%）、工程机械（-1.79%）、自动化 设备（-2.14%）。我们认为，伴随三季报完成披露市场风险偏好有望 提升，建议兼顾科技成长与顺周期，配置具备业绩支撑的板块及个股， 维持行业"推荐"评级。科技方向关注：半导体设备、PCB 设备、可 控核聚变、人形机器人等；周期方向关注：工程机械、通用设备复苏 等。 请认真阅读文后免责条款 分析师：邢甜 相关阅读 全球半导体 ...

以下文章来源于徐工集团XCMG ，作者助您成功的 徐工集团XCMG . 徐工官方新闻发布平台 连日来，习近平总书记在中央经济工作会议上的重要讲话，在中央和国家机关广大党员干部中引 发热烈反响。大家表示，明年经济工作的大政方针已定，任务艰巨，意义重大。要更加紧密团结 在以习近平同志为核心的党中央周围，坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中 向好势头，确保"十五五"开好局、起好步 。 规模以上企业数量显著增长，产业集群优势凸显 ——在300个国家级中小企业特色产业集群中，机械行 业企业占比达四分之一。 " 十四五 " 期间 我国机械工业增加值年均增速超过 7.1% 高于全国工业和制造业平均水平 规模以上企业增至 13.7 万家 进出口连续五年破万亿美元 央视《新闻联播》专题报道"十四五"期间我国机械工业增加值年均增速超7.1%， 多次将 镜头对准徐工。 非凡"十四五" "十四五"时期，我国机械工业实现全方位突破。行业累计发布国家标准及行业标准 4487项 ，国际标准 转化率 超 92% ，关键材料与制造工艺持续突破，推动高端装备能力整体提升。 英国KHL发布的 "2025年度全球工程机械制造商50强排 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日工程机械板块主力资金净流出2.29亿元，游资资金净流入1.09亿元，散户资金 净流入1.2亿元。工程机械板块个股资金流向见下表： 证券之星消息，12月22日工程机械板块较上一交易日下跌0.6%，拓山重工领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。工程机械板块个股涨跌见下表： ...