证券研究报告/投资策略 机构调研策略周报（2026.02.23-2026.02.27） 投资要点 ➢ 机构调研热门行业情况 本周（2026/2/23-2026/2/27），一级行业中，按机构被调研总次数从高到低排 序，电子、机械设备、汽车、轻工制造的关注度较高，其中电子、轻工制造的近 5 天调研机构家数较多。对比春节前一周的调研情况，本周电子行业关注度提升， 此外轻工制造调研机构家数增多，行业可能受益于出口复苏或内需政策预期。 近 30 天（2026/1/28-2026/2/27），一级行业中，按机构被调研总次数从高到 低排序，机械设备、电子、医药生物、基础化工的关注度较高，其中电子、机械 设备的近一个月调研机构家数较多。 ➢ 机构调研热门公司情况 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为杰瑞股份、锡业股份、京东方 A；按照近 5 天机构调研 家数排名，调研机构家数较多且机构评级家数大于 10 的公司为杰瑞股份、锡业 股份、京东方 A 等。 近 30 天机构调研情况，按照近 30 天机构调研次数排名，调研次数较多且机构 评级家数大于 10 的公司为大 ...

Group 1: Consumption Subsidies - In 2025, over 360 million people applied for consumption subsidies, driving related sales exceeding 2.6 trillion yuan, directly boosting social retail sales by 0.6 percentage points[17] - The retail sales of key subsidized products such as furniture, home appliances, and communication equipment grew by 14.6%, 11.0%, and 20.9% respectively, significantly outpacing the overall retail sales growth of 3.7%[18] - The government allocated 300 billion yuan in special bonds for consumption subsidies in 2025, doubling the amount from 2024[12] Group 2: Investment Support - Fixed asset investment in China decreased by 3.8% in 2025, with equipment updates and high-tech services countering declines in real estate and private investment[23] - The government supported 1,459 projects with 800 billion yuan in "two heavy" investments in 2025, an increase from 700 billion yuan in 2024[27] - Equipment investment grew by 11.8% in 2025, accounting for 18.0% of total fixed asset investment, contributing 1.8 percentage points to overall investment growth[23] Group 3: Policy Optimization - The "two new" policies were optimized in 2026, expanding support for old equipment updates and consumption subsidies to include more product categories and enhance subsidy standards[30] - Structural monetary policy tools were adjusted, with a 0.25 percentage point reduction in interest rates, expected to lower interest costs by approximately 12.5 billion yuan[37] - Fiscal policies in 2026 will focus on increasing total expenditure while optimizing the structure to enhance the effectiveness of spending on consumption and investment[42]

在全球经济调整与科技革新背景下，一线城市仍为高薪中心。 在全球经济格局深度调整、科技革新加速演进的大背景下，薪酬数据不仅是企业成本的账单，更是行业景气度与政策导向的晴雨表。 在2026春节后招聘旺季来临之时，人力资源服务商前程无忧51job发布最新一期《人力资源白皮书》，其中薪酬部分对不同地域、岗位层级、核心行业及热 招职位的薪酬数据进行了分析和解读。 交叉对比城市与员工层级的薪酬数据后发现，基层员工的地域间工资差距相对较小，而企业中高层高薪岗位更多集中在一线城市，这也表明高端人才向北上 深的流动趋势。 | 城市 | 平均月薪 | 城市 | 平均月薪 | | --- | --- | --- | --- | | 上海 | ¥12,742 | 青岛 | ¥8,436 | | 北京 | ¥12,518 | 重庆 | ¥8,367 | | 深圳 | ¥11,865 | 武汉 | ¥8,308 | | 广州 | ¥10,604 | 西安 | ¥8,246 | | 杭州 | ¥10,165 | 合肥 | ¥8,052 | | 南京 | ¥9,624 | 大连 | ¥7,945 | | 苏州 | ¥9,586 | 长沙 | ...

中新网四川新闻2月26日电 (刘忠俊 李霞)2月26日，眉山市洪雅县各类工业企业相继复产复工，以饱满 的热情全力冲刺新春"开门红"，为实现全年高质量发展开好局、起好步。 企业车间 生产车间 里工人正在打包。杨璐 摄 内忙绿的工人。杨璐 摄 据了解，为全力保障各家企业复工复产，洪雅县相关部门强化要素保障、优化审批服务、压实安全责 任，以"保姆式"服务为企业复工复产、提质增效保驾护航，推动工业经济开好局、起好步。 洪雅经开区管委会党工委书记王鹏程表示，为确保项目复工和企业复产，春节前管委会便做好摸排，严 格落实相关要求，确保复工复产快速有序推进；同时，分片区落实科级领导干部带队，上门为企业做好 设备检修、人员招聘、资金协调等保障工作，切实解决影响企业复工复产的各类问题。 起步就是冲刺，开局就是决战。目前，洪雅县各类企业正以"满格"状态，抢时间、赶进度、拓市场，奋 力实现首季"开门红"。(完) 走进洪雅经开区某机械设备制造公司生产车间，热火朝天的生产气息扑面而来。车间内机器轰鸣、焊花 飞溅，各条生产线满负荷运转；开工首日，员工已全部返岗，形成了全面复工复产的良好态势。"我们 正月初八正式复工复产，为保障生产安全有序 ...

据了解，新年伊始，华霖机械公司凭借其过硬的产品质量和良好的市场口碑，迎来了销售旺季。目前， 各生产线正开足马力，全力以赴赶制订单，确保产品按时交付到客户手中。 "2026年，我们将不断推进智能化改造，释放现有产能；优化客户结构，扩大国内外市场份额；强化研 发投入，提升技术水平。全面提升核心竞争力，产值力争在2025年基础上实现翻番。"甘建平表示。 与此同时，食品生产企业也呈现出一片繁忙景象。在四川雅妹子生态食品股份有限公司生产车间，工人 们正熟练地进行灌装、晾晒等工作。一箱箱包装精美的"雅妹子"品牌腊味产品整齐码放，即将发往全国 各地。 人勤春来早，奋进正当时。年味尚未散去，四川省洪雅县各工业企业相继复产，以饱满的热情全力冲刺 新春"开门红"，为实现全年高质量发展开好局、起好步。 2月24日，记者走进位于洪雅经开区的四川华霖机械设备制造有限公司生产车间，热火朝天的生产气息 扑面而来。车间内机器轰鸣、焊花飞溅，各条生产线满负荷运转。开工首日，公司员工已全部返岗，形 成了全面复工复产的良好态势。 "我们于正月初八正式复工复产，为了保障生产的安全有序进行，公司第一时间对员工进行了安全生产 培训，对所有机器设备进行全 ...

转自：贵州日报 贵州京三松机械设备有限公司生产的设备。 贵州日报天眼新闻记者 彭杨 摄 贵州日报天眼新闻记者 彭杨 "我们的起步是从用履带背着一条碎石生产线开始的，更是贵州的大基建市场鼓足了我们自主创新的信心。"2 月6日，回忆起当年的创业过程，贵州京三松机械设备有限公司（以下简称京三松）创始人邓玉胜很谦虚。 2017年，贵州基建正酣，一种能把施工洞渣就地消化、直接变成砂石的移动设备，成了工地刚需。在一处工 地上，邓玉胜、程龙、王启3个镇宁人围着一台进口移动破碎机算账：一台设备要七八百万元，租一个月也 要二三十万元，坏了等待国外发配件，一等就是好几十天。 "其实，移动破碎机构造并不复杂，要求也不是特别精细。"京三松总经理程龙学过机械制造，他认为那台"洋 机器"只是把固定式石头破碎生产线搬到履带上，让它能跟着工程队跑遍工地。并且贵阳有家矿山机械厂能 造。 "既然有贵州人能造，我们也可以搞！"邓玉胜说，3人把发动机、履带、破碎主机、给料机的供应商挨个问了 一遍，把所有成本核算了一圈，造一台移动破碎机也就一百万元左右。 3人各有来头，程龙懂机械，是技术底子；王启常年跑工程，嗅觉灵敏，负责市场；邓玉胜熟悉供应链，负 ...

Company Overview - Hirado Machinery (Shanghai) Co., Ltd. is a subsidiary of Hirado Metal Industry Co., Ltd. established in May 2009 in Jiading District, Shanghai, providing sales and after-sales technical services for Hirado products in mainland China, Taiwan, Hong Kong, Macau, and South Korea [3][34] - The company emphasizes excellent product quality and comprehensive after-sales service as the best way to gain market trust, which has led to significant recognition from customers since the entry of Hirado products into the Chinese market in 2005 [3][34] - The operational principle of the company is that "technology determines quality, and quality wins the market," which has resulted in multiple global patents in production technology [3][34] Product Offerings - The EP series of casting runner separators are lightweight, high-speed, and high-tension devices designed for various applications, featuring a unique wedge design that prevents slipping and enhances durability [5][36] - The SBH series of casting runner breakers allow for quick and efficient breaking of runners into smaller pieces (30-40 cm) for recycling, improving production efficiency and reducing labor costs [11][42] - The EPG series is a special version of the EP series, designed for wide-mouth castings and vertical applications, ensuring strong breaking power while maintaining a wide opening [16][47] - The engine block crusher series enables rapid crushing of engine blocks into small pieces for recycling, replacing noisy and inefficient methods, thus enhancing production efficiency and reducing labor intensity [20][51] - The aluminum casting cutting shear is designed for quick and efficient cutting of runners without damaging the castings, improving production efficiency and reducing labor costs [23][54] Technical Specifications - The EP series includes various models with specifications such as: - EP-30 (20): 50 KN breaking force, 20 mm opening width, 488 mm total length, 8 kg weight [6][37] - EP-200 (32): 682 KN breaking force, 32 mm opening width, 812 mm total length, 50 kg weight [6][37] - The SBH series includes models like: - SBH-1: 121 KN output force, 640 mm total length [12][43] - SBH-3: 727 KN output force, 1098 mm total length [12][43] - The hydraulic pump stations are designed for high pressure and flow, facilitating the operation of various tools while being lightweight and easy to maintain [30][60] Achievements and Innovations - The company holds 22 invention patents, 9 utility model patents, and 10 design patents, showcasing its commitment to innovation and technology [32][62]

Core Viewpoint - Zhigao Machinery is a high-tech enterprise specializing in the research, production, sales, and service of rock drilling equipment and air compressors, aiming to provide comprehensive solutions for rock drilling engineering and air power [2] Company Overview - The company has developed a complete product line with over 400 models, including integrated drilling rigs, split drilling rigs, engineering screw compressors, and industrial screw compressors [2] - Products are widely used in various sectors such as mining (copper, gold), construction, industrial air sources, and petrochemical industries [2] Key Projects and Clients - Core products have successfully served national key projects such as the Sichuan-Tibet Railway, Gaoligong Mountain Tunnel, and Zhengzhou-Wanzhou High-Speed Railway, as well as the construction project of Neom City in Saudi Arabia [2] - Major downstream clients include large enterprises like China Railway Tunnel Group, China Power Construction Group, Jiangxi Copper Group, and Beijing Shougang Group [2]

Group 1 - The article discusses the effectiveness of a specific cold forging machine for bending iron railings, highlighting its superior performance in the industry [2] Group 2 - The technology behind the cold forging machine is emphasized, suggesting it is a significant advancement in manufacturing processes [2]

Core Viewpoint - Germany's industrial output is projected to decline by 1.1% in 2025, marking the fourth consecutive year of decrease, primarily due to weak automotive production and other factors [1] Group 1: Industrial Output Trends - In 2025, the construction sector's output is expected to drop by 1.7%, while other industrial sectors, excluding construction and energy, will see a decline of 1.3% [1] - Key sectors such as the automotive industry and machinery manufacturing are experiencing significant output reductions, with declines of 1.7% and 2.6% respectively [1] - The industrial output has been shrinking for several years, with declines of 1.5% in 2023 and 4.5% in 2024 [1] Group 2: Economic Factors - High labor and energy costs, along with weak external demand, are constraining Germany's industrial output [1] - Despite some signs of improvement in the fourth quarter of 2025 due to domestic demand in defense and infrastructure, structural issues continue to hinder industrial development [1] - The overall economic landscape has not shown signs of a recovery that could lead to a comprehensive increase in industrial goods demand [1] Group 3: Long-term Industrial Performance - The industrial sector plays a crucial role in the German economy, and its ongoing weakness is widely regarded as a significant factor in the country's sluggish economic growth [1] - According to the Kiel Institute for the World Economy, Germany's industrial production has only seen growth in 2021 over the past seven years, with the 2025 output level still approximately 14% lower than in 2018, and the automotive sector's decline exceeding 20% [1]