隆鑫通用 20260226 摘要 公司战略聚焦"摩托车+通机"核心业务，剥离非核心业务后，三大业 务（摩托车、全地形车、通用机械）协同发展，2025 年均实现增长， 营收稳步上行，2019-2024 年营收 CAGR 为 12.7%。 与宝马的合作是公司切入中大排量摩托车发动机的关键契机，为后续大 排量技术积累奠定基础。无极品牌借助与宝马合作背景，强化产品性能 认知，提升市场竞争力。 公司海外营收占比高，2025 年上半年接近 70%。产品结构调整带动毛 利率和净利率持续上升，2025 年三季度净利率同比提升 3 个点。商誉 减值影响趋近于 0，盈利能力显著提升。 摩托车业务量价齐升，2020-2024 年产量与销量 CAGR 均为双位数增 长。单车价格从 0.3 万元增长至将近 6,000 元，复合增长率显著。外销 收入增速显著高于内销，预计 2026 年外销市场仍将贡献更高增速。 无极品牌收入快速增长，2019-2024 年复合增长率为 62.4%，2025 年上半年同比增长 30%，占摩托车销售收入比例达 30%以上。欧洲市 场已完成主要五国渠道布局，西班牙市占率位列行业第四，意大利市场 份额约为 4% ...

风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 行情回顾 本周板块表现：上周（2026/2/24-2026/2/27）4 个交易日，SW 机械设备指数上涨 4.07%，在申万 31 个一级行业 分类中排名第 12；同期沪深 300 指数上涨 1.08%。2026 年至今表现：SW 机械设备指数上涨 14.04%，在申万 31 个一级行业分类中排名第 9；同期沪深 300 指数上涨 1.74%。 核心观点 投资建议 见"股票组合"。 约翰迪尔 26Q1 财报超预期，看好农机出口和周期反转。全球农机龙头约翰迪尔 2026 年一季报超预期，小型农 业与草皮业务（SA&T）实现收入 21.7 亿美元，同比增长 24%（26 年全年公司指引增长 15%）；生产与精准农业 业务（PP&A）实现收入 31.6 亿美元，同比增长 3%（26 年全年公司指引同比变动-5~-10%）；公司同时上调全年 利润指引，从 40-47.5 亿美元提升到 45-50 亿美元。全球中小型农机市场的复苏态势仍然蓬勃，主因是在全球 大宗商品价格上涨、农产品价格底部企稳的背景下，畜牧业、林果业显著反 ...

Core Viewpoint - Chongqing Zongshen Power Machinery Co., Ltd. is planning a significant asset swap with Longxin General Power Co., Ltd. to address competition issues and enhance business focus and specialization [2][4][12]. Group 1: Transaction Overview - The company intends to exchange its motorcycle engine-related assets and liabilities, primarily the equity of Chongqing Zongshen Engine Manufacturing Co., Ltd., with Longxin General's general machinery-related assets and liabilities, primarily the equity of Chongqing Xinlongxin Electromechanical Co., Ltd. [2][4] - The transaction will involve cash compensation for the difference in asset values, and the specific asset scope will be determined after due diligence, auditing, and evaluation [2][4][5]. - This transaction is classified as a related party transaction and is expected to constitute a major asset restructuring as per regulations [2][5]. Group 2: Impact on the Company - The transaction aims to resolve the existing competition between Zongshen Power and Longxin General, promoting clearer and more specialized business development [12]. - Post-transaction, Zongshen Power will focus resources on developing core businesses in general machinery with technological advantages and market potential, optimizing asset and resource allocation [12]. - The transaction will not involve issuing shares and will not change the company's controlling shareholder or actual controller, thus maintaining the current equity structure [13].

Macro Dynamics - In January 2026, the social financing scale increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 4.9 trillion yuan, a decrease of 317.8 billion yuan year-on-year [2] - Net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] - Government bonds net financing reached 976.4 billion yuan, an increase of 283.1 billion yuan year-on-year [2] Financial Institutions - The People's Bank of China and the National Financial Regulatory Administration have identified 21 systemically important banks in China, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [3] Market Data - On February 13, A-shares saw all three major indices drop over 1%, with the Shanghai Composite Index falling 1.26% to below 4100 points [10] - The Hong Kong stock market closed with the Hang Seng Index down 1.72% and the Hang Seng Tech Index down 0.9% [11] Company Dynamics - Zhengyuan Wisdom's actual controller, Chen Jian, was sentenced to three years in prison for manipulating the securities market, but the company's operations remain normal [12] - CATL, Luoyang Molybdenum, and Laopu Gold will be included in the Hong Kong Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [13] - Sinopec announced the resignation of Li Yonglin from his positions as executive director and senior vice president [14][15] - Zongshen Power plans to swap its motorcycle engine business with Longxin General's general machinery business, which is expected to constitute a major asset restructuring [16]

Core Viewpoint - The company plans to conduct an asset swap with Longxin General to address competition issues and enhance long-term core competitiveness [1][2] Group 1: Asset Swap Details - The assets to be swapped include Longxin General's general machinery-related assets and liabilities, primarily the equity of Chongqing New Longxin Electromechanical Co., Ltd. [1] - The company will exchange these for its motorcycle engine-related assets and liabilities, primarily the equity of Chongqing Zongshen Engine Manufacturing Co., Ltd. [1] - The price difference in the asset swap will be compensated in cash, and the transaction will not involve issuing shares [1] Group 2: Transaction Characteristics - The transaction constitutes a related party transaction as Longxin General is controlled by the company's actual controller, Mr. Zuo Zongshen [2] - It is expected to qualify as a major asset restructuring under the regulations of the Major Asset Restructuring Management Measures for Listed Companies [2] - The specific swap price will be determined based on the assessed value of the assets involved, and the company will engage independent advisors for due diligence [2]

证券代码：001696 证券简称：宗申动力 公告编号：2026-01 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1．业绩预告期间 2025年1月1日至2025年12月31日 2．业绩预告情况 本期业绩预告未经会计师事务所审计，公司已就业绩预告有关事项与年度审计会计师事务所进行了预沟 通，公司与会计师事务所在业绩预告方面不存在分歧。 三、业绩变动原因说明 报告期内，通用机械业务和摩托车发动机业务规模增长，以及公司投资联营企业收益提升，公司整体业 绩实现同比增长。 四、风险提示 本次业绩预告是公司初步测算结果，最终财务数据以公司披露的2025年年度报告为准。敬请广大投资者 谨慎决策，注意投资风险。 特此公告。 重庆宗申动力机械股份有限公司 董事会 2026年1月29日 预计净利润为正值且属于同向上升情形 二、与会计师事务所沟通情况 ...

1．业绩预告期间 证券代码：001696 证券简称：宗申动力 公告编号：2026-01 重庆宗申动力机械股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 2025年1月1日至2025年12月31日 2．业绩预告情况 预计净利润为正值且属于同向上升情形 ■ 二、与会计师事务所沟通情况 特此公告。 三、业绩变动原因说明 报告期内，通用机械业务和摩托车发动机业务规模增长，以及公司投资联营企业收益提升，公司整体业 绩实现同比增长。 四、风险提示 本次业绩预告是公司初步测算结果，最终财务数据以公司披露的2025年年度报告为准。敬请广大投资者 谨慎决策，注意投资风险。 本期业绩预告未经会计师事务所审计，公司已就业绩预告有关事项与年度审计会计师事务所进行了预沟 通，公司与会计师事务所在业绩预告方面不存在分歧。 重庆宗申动力机械股份有限公司 董事会 2026年1月29日 ...

1月26日沃尔德(688028)收盘价100.18元，收盘上涨15.19%，全天换手率9.30%，振幅20.24%，成交额 13.65亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.38亿元， 其中，买入成交额为3.28亿 元，卖出成交额为1.11亿元，合计净买入2.17亿元。具体来看，今日上榜的前五大买入营业部中，有3家 机构专用席位现身，即买一、买四、买五，买入金额分别为10333.04万元、4076.35万元、3911.10万 元，沪股通为第二大买入营业部，买入金额为8586.67万元，营业部合计买入5863.56万元。卖出营业部 中，沪股通为第一大卖出营业部，卖出金额为3132.53万元，营业部合计卖出7927.09万元。买卖金额相 抵，机构专用席位今日净买入该股1.83亿元，沪股通今日净买入该股5454.14万元。 资金流向方面，该股今日全天主力资金净流出9909.67万元。 另据统计，近半年该股累计上榜龙虎榜6次，上榜次日股价平均跌1.39%，上榜后5日平均涨4.97%。 （数据宝） （文章来源：证券时报网） 沃尔德 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific sectors within the mechanical equipment industry, particularly commercial aerospace and humanoid robotics [5][11]. Core Insights - The commercial aerospace sector is highlighted as a key area of growth, with China completing 50 launches in 2025, accounting for 54% of total space launches, and a significant increase in commercial satellite deployments [5]. - Humanoid robotics is positioned as a transformative industry, with expectations for public sales of humanoid robots by 2027, indicating a pivotal moment for the sector [5]. - The agricultural machinery sector shows positive trends, with both domestic demand and exports improving, particularly for large tractors [5]. - The report identifies various mechanical sub-sectors with differing performance outlooks, including general machinery under pressure, engineering machinery accelerating upward, and stable growth in railway equipment and gas turbines [5]. Summary by Sections Market Review - The SW Mechanical Equipment Index rose by 2.57% during the week of January 19-23, 2026, ranking 13th among 31 primary industry categories [13]. - Year-to-date, the index has increased by 10.16%, ranking 9th among the same categories, while the CSI 300 Index rose by 1.57% [16]. Key Data Tracking General Machinery - The general machinery sector remains under pressure, with a PMI of 50.1% in December, marking the first increase above the threshold in eight months [23]. - Forklift sales in December totaled 111,363 units, with domestic sales down by 5.17% and exports up by 7.97% [23]. Engineering Machinery - The engineering machinery sector is experiencing upward momentum, with excavator sales reaching 23,095 units in December, a year-on-year increase of 17.6% [32]. Railway Equipment - The railway equipment sector shows steady growth, with fixed asset investment maintaining around 6% growth since 2025 [41]. Shipbuilding - The shipbuilding sector is experiencing a slowdown, with the global new ship price index at 184.65, reflecting a year-on-year decrease of 2.38% [43]. Oilfield Equipment - The oilfield equipment sector is stabilizing, with high demand in the Middle East and OPEC+ balancing pressures expected to support oil prices [45]. Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability due to declining raw material prices, leading to increased demand [49]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 39% year-on-year increase in new orders for gas turbines in the first three quarters of 2025 [51].

Core Viewpoint - Longxin General is expected to achieve significant growth in 2025, with a new phase for the Wujie brand starting in 2026, driven by steady growth in its motorcycle and general machinery sectors, as well as continuous optimization of the Wujie product structure [1] Group 1 - The company is experiencing robust growth in overall performance due to the scale of its main businesses in motorcycles and general machinery [1] - The implementation of the employee stock ownership plan has enhanced the stability of the core team [1] - The global expansion of the medium and large displacement motorcycle segment is primarily driven by the Wujie brand [1] Group 2 - The company is leveraging multi-business collaboration to drive growth, with dual expansion in both product and channel for the Wujie brand [1] - The resonance of volume and profit is accelerating growth [1] - The rating is maintained at "Recommended" [1]