[Table_Reportdate] 2026年02月27日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260227 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.叉车1月内销外销大增，龙头公司智能化持续突破——机械设备行业简评 ➢ 2.春节假期期间重要事件一览 ➢ 3.剔除政府关停影响后，美国经济依然保持相对稳健——海外观察：美国2025年四季度 GDP数据点评 ➢ 1.IMF警告美国经济多重风险 ➢ 2.美国上周初请失业金人数为21.2万人，预期21.5万人 ➢ 3.央行发布支持开展人民币跨境同业融资业务的通知 | 1.1. 叉 ...

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

叉车开年内外销高增。2026年1月开年叉车内销增长63.3%，开年销量增长态势强劲，叉车需求快速增 长，主要系去年1月受春节较早导致基数较低，为2026年1月高增长提供基础。从国内宏观数据看，叉车 需求与制造业和仓储物流景气度相关，从物流数据看，2025年12月社会物流总额同比+5.1%，保持稳步 增长。2026年1月制造业PMI新订单指数达49.20%，制造业景气指数与去年持平，指标景气度正逐步向 好，内需逐步回升。从出口情况看，2026年1月叉车外销同比增长34.4%，与内销齐增长。从宏观数据 看，2026年1月制造业PMI新出口订单指数达47.80%，同比增长1.4pct；2025年12月我国工程机械出口贸 易额为64.17亿美元，同比增长27.2%，贸易规模进一步扩大，海外需求向好。2025年叉车整体销量表现 呈平稳增长态势，增长态势或延续至2026年。 东海证券近日发布机械设备行业简评：根据中国工程机械工业协会发布数据，2026年1月叉车整体销量 为14.17万台，同比增长51.4%。其中，国内销量8.97万台，同比增长63.3%；海外销量5.20万台，同比增 长34.4%。2025年叉车累计销量为 ...

东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关联度较高。未来制造 业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加速全球化布局，建立 海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正积极布局智能物流与 物流机器人领域，将重塑物流行业竞争格局。建议关注：品牌认可度高，海外已深度布局，研发实力强 劲的国产叉车龙头企业。 安徽合力 智能物流谱写高质量发展新篇章。2025年安徽合力（600761）智能物流发展大会紧扣行业发展趋势，围 绕多层堆叠，重载存搬配、智能仓储集成产品、智能AGV产品与全场景解决方案、冷链物流园整体解 决方案等多个前沿领域。安徽合力集中呈现了基于AI物流机器人产品矩阵构建的智能仓储、智能搬 运、智能工厂、智能园区四大核心业务及生态联合解决方案，涵盖70余款展品。2025年合力智能物流业 务实现营收同比增长超100%，覆盖8大类22个品种，超100种型号的产品矩阵，近4亿元战略签单额，在 智能物流领域的业务突破。 杭叉集团 参股公司河南嘉晨通过北交所上市审核。杭叉集团（603298）参股河南嘉晨智能控制股份有限公司 22.2 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [4]. Core Insights - In January 2026, the overall sales of forklifts reached 141,700 units, a year-on-year increase of 51.4%. Domestic sales were 89,700 units, up 63.3%, while overseas sales were 52,000 units, increasing by 34.4% [3]. - The strong growth in forklift sales is attributed to a low base from the previous year due to the early Spring Festival, which positively impacted demand. The manufacturing PMI new orders index for January 2026 was 49.20, indicating a gradual improvement in manufacturing sentiment [3]. - Anhui Heli showcased significant advancements in intelligent logistics, achieving over 100% revenue growth in its smart logistics business in 2025, with a product matrix covering over 100 models [3]. - Hangcha Group's investment in Henan Jiachen, which passed the listing review, is expected to enhance its capabilities in core components and improve the intelligence level of forklift products [3]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [3]. Summary by Sections Sales Performance - Forklift sales in January 2026 showed a robust increase, with domestic sales growing by 63.3% and overseas sales by 34.4% [3]. - The cumulative sales for 2025 were 1.4518 million units, with domestic sales at 906,800 units and exports at 545,000 units, both showing positive growth [3]. Market Trends - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with a steady increase in social logistics and manufacturing PMI indicating a positive outlook for the industry [3]. - The report highlights the ongoing globalization efforts of domestic companies, which are establishing local production and service capabilities abroad, thereby increasing market penetration [3]. Company Developments - Anhui Heli's focus on intelligent logistics and the introduction of AI logistics robots are expected to reshape the competitive landscape of the logistics industry [3]. - Hangcha Group's strategic investment in Henan Jiachen is anticipated to strengthen its market position and enhance product intelligence [3].

中国质量新闻网讯 入冬以来，北京市房山区市场监管局的执法人员走进滑雪场地、工厂车间和建筑工 地，为特种设备进行细致的"全面体检"。 走进琉璃河水泥厂，耳边是机器的轰鸣。这里特种设备种类多、使用频次高，是监管的重点。执法人员 穿梭在车间里，重点检查三类设备。锅炉：严查设备运行参数，以及安全阀、压力表这些"安全附件"是 否按时校验，确保设备灵敏。叉车等厂内车辆：核对使用登记证，查看日常检查记录，确保车辆"身 份"合法、状态良好。起重机械：紧盯钢丝绳、吊钩等关键部件，同时查验司机、指挥人员的资质证 件，确保"人机"都合格。"安全制度不能只挂在墙上，维护保养必须做到位。"执法人员的要求直接而具 体，核心就一条：坚决杜绝设备"带病运行"，守住安全生产底线。 建筑工地，塔吊林立。它的安全，关乎着建设者和过往行人的安全。执法人员深入辖区某施工现场，检 查重点聚焦高耸的塔吊。查"身份"：认真核验设备安装告知、使用登记与检验报告。看"关键"：对基础 结构、连接部件等关键部位进行重点检查。核"人员"：逐一核查操作指挥人员资质，确保持证上岗、规 范操作。"工地环境复杂，安全一刻不能放松。"针对交叉作业多、动态风险大的特点，执法人员 ...

Core Insights - The Chinese forklift manufacturing industry has developed a comprehensive production capacity over 70 years, becoming the largest manufacturing market globally, with production expected to approach 1.3 million units in 2024 [1] Production Trends - The production of forklifts in China has shown fluctuations, with the total production from 2015 to 2024 experiencing variations. In 2024, the production is projected to be nearly 1.3 million units [1] - The industry is highly concentrated, with the top three companies—Anhui Heli, Zhongli, and Hangcha Group—holding over 80% of the market share. Their production figures for 2024 are expected to be 350,000 units, 294,000 units, and 280,000 units respectively, reflecting year-on-year growth rates of 19.15%, 16.33%, and 12.82% [2] Sales Performance - The sales volume of forklifts in China is on an upward trend, with a record high of 1.286 million units expected in 2024, marking a year-on-year increase of 9.5%. For the first ten months of 2025, sales reached 1.2207 million units, up 14.2% year-on-year [4] - The leading companies in forklift sales for 2024 are projected to be Anhui Heli with 340,200 units (up 16.52%), Zhongli with 297,000 units (up 15.53%), and Hangcha Group with 280,000 units (up 14.05%) [5] Supply and Demand Dynamics - The Chinese forklift manufacturing industry has achieved a basic balance between supply and demand, with significant advancements in technology and production processes. The period from 2015 to 2018 saw excess inventory, but since 2019, the market has shifted towards a more balanced supply-demand scenario, with sales exceeding production [9]

据 中国工程机械工业协会对挖掘机主要制造企业统计，2026年1月销 售各类挖掘机18708台，同比增长49.5%。 | | | 2026年1月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | 40.5% | 49.5% | | 累计销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | | 40.5% 公众号·工程9.5%杂志 | 挖掘机 其中：国内销量8723台（含电动挖掘机24台），同比增长61.4%；出口量 9985台（含电动挖掘机11台），同比增长40.5%。 装载机 据中国工程机械工业协会对装载机主要制造企业统计，2026年1月 销售各类装载机11759台，同比增长48.5%。 | | | 2026年1月 中国装载机市场概况 | | | --- | --- ...

Group 1 - The hydrogen energy industry is experiencing simultaneous growth in both industrial implementation and capital markets, with multiple A-share listed companies disclosing their hydrogen business progress [1] - Companies are accelerating their layout across the entire hydrogen energy value chain, including green hydrogen production, storage, equipment development, and downstream applications, indicating a faster pace of industrial advancement [1] - For instance, Jiaze New Energy is investing in a 300,000-ton green hydrogen and methanol co-production project in Heilongjiang, which aims to enhance the company's green chemical business [1] Group 2 - Jiangsu Suyuan Jingshen is leveraging local policy opportunities to develop salt cavern storage projects, achieving significant gas extraction and advancing hydrogen storage design [2] - Shengyuan Environmental is focusing on hydrogen production from waste gasification and has developed hydrogen-powered vehicles, collaborating with academic institutions to enhance R&D capabilities [2] - Several companies, including Huadian International and Jiangsu Donghua Testing, have recently entered the hydrogen energy sector, reflecting a diverse market participation across energy, manufacturing, and environmental sectors [3] Group 3 - The Ministry of Industry and Information Technology has emphasized the importance of hydrogen energy in future industrial technology supply, marking a significant policy shift towards systematic promotion of the hydrogen industry [4] - The inclusion of hydrogen energy in national strategic planning is expected to facilitate coordinated development and infrastructure construction, providing clear guidance for industry layout and efficiency improvement [4][5] - The current active state of the hydrogen industry is attributed to both top-level policy guidance and inherent development needs within the industry, promoting rational layouts and collaborative participation among diverse market entities [5]