装备制造 [Table_ReportDate] 2026 年 3 月 2 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] 证券研究报告 光伏产业链上下游分化 [Table_ReportType]装备制造行业周报（2 月第 4 周） [Table_S 市场行情回顾 ummary] ： 春节前后两周 9 个交易日机械设备、电力设备及汽车行业指 数涨跌幅分别为+6.86%、+3.04%及+2.36%，在 31 个申万一级 行业中排名分别为第 11、16、17 位；同期沪深 300 涨跌幅为 +1 ...

[Table_StockNameRptType] 策略研究 月度报告 外部扰动与内部支撑的对决，波动加剧 [Table_RptDate] 报告日期： 2026-3-1 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱： zhangyz@hazq.com 分析师：陈博 执业证书号：S0010525070002 电话：18811134382 邮箱：chenbo@hazq.com 相关报告 1.策略月报《藏锋守拙—2026 年 2 月 A 股市场研判及配置机会》2026-02-01 2.策略月报《春风送暖—2026 年 1 月 A 股市场研判及配置机会》2026-01-04 3.策略季报《万境皆含春意—2026 年 一季度 A 股投资策略》2025-12-28 主要观点： 内需尚待提振。春节数 ...

Market Overview - The report indicates that the A-share market is likely to maintain a fluctuating upward trend as policy guidance becomes clearer with the upcoming important meetings, particularly in the context of the "14th Five-Year Plan" [1][4][10] - The market is expected to focus on the sustainability of price increases in cyclical sectors and signs of stabilization in the technology sector [1][4][10] Sector Analysis Cyclical Sectors - The cyclical sectors, including chemicals and non-ferrous metals, have shown strong performance, driven by external factors such as geopolitical tensions and internal price increase logic [1][4][10] - The report highlights the potential for investment in cyclical sectors like oil and gas, coal, and construction materials, suggesting that economic recovery expectations could further boost these sectors [7][11] Technology Sector - The technology sector, particularly areas like AI computing and semiconductors, is noted for its long-term growth potential, with recommendations to consider investments once valuations return to reasonable levels [2][11] - Despite recent short-term profit-taking, the underlying industrial logic of the technology sector remains intact, with expectations for structural recovery opportunities as market sentiment stabilizes [1][10] Real Estate Sector - The real estate sector has seen a rebound due to supportive government policies aimed at stabilizing the market, including relaxed lending and purchasing restrictions [8] - The report suggests that the sector's recovery will continue, with a focus on companies with strong land reserves and those returning to stable growth [8] Investment Strategy - The report recommends a dual focus on "resource products + technology" as key investment themes, emphasizing the cyclical sectors benefiting from price increases and geopolitical catalysts, alongside technology sectors with long-term trends [2][11] - Investors are advised to consider opportunities in sectors like rare earths, which are critical for various industries, and to prioritize leading companies with resource advantages [6][11]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-26 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20260225：从利率曲线"久期分割"看 2026 年货币政策空 间 今年有"降息"的空间和概率，但节奏上需要视经济增长和金融市场形势 综合研判，基准预期为主要政策利率——7 天期逆回购利率或有 1 次"降 息"操作、或有 50bps 左右的"降准"操作，同时保留 2 次"降息"的可 能。 固收金工 [Table_FixedGain] 固收深度报告 20260225：债券"科技板"他山之石：海外科技巨头债券 融资路径演变案例复盘之半导体行业 半导体产业"高资本密集、高技术壁垒、长投资周期"的固有属性，对其 融资体系提出了严峻挑战。一方面，先进制程产线投资动辄千亿，核心设 备价格高昂，且技术迭代迫使企业进行持续性的高额资本开支；另一方 面，从研发到量产的转化周期长、风险高，叠加全球供应链的不确定性， 企业对稳定、长期、且成本可控的资金来源需求较为迫切。审视国内，尽 管 2025 年"债券科技板"已将半导体企业纳入重点支持范畴，但债券市 场的服务能力 ...

【长城机械】中国的时代，永远有机会！ # 思路：大国崛起、遍地黄金。 在超级时代下，寻找国家视角离不开的黄金、寻找含金量最高的黄金！# 26年全年看好工程机械+机器人！ # 工程机械：国家发展离不开的资本品、海外遍地是机会！ 国内工程机械有自己的大周期，不论是挖机还是非 挖，都已经全面转正，铁底向上！海外不论是城镇化，还是制造业投资、还是挖矿，都离不开工程机械。 而中国工程机 【长城机械】中国的时代，永远有机会！ # 思路：大国崛起、遍地黄金。 在超级时代下，寻找国家视角离不开的黄金、寻找含金量最高的黄金！# 26年全年看好工程机械+机器人！ # 工程机械：国家发展离不开的资本品、海外遍地是机会！ 国内工程机械有自己的大周期，不论是挖机还是非 挖，都已经全面转正，铁底向上！海外不论是城镇化，还是制造业投资、还是挖矿，都离不开工程机械。 而中国工程机械的航海大时代早就开启，是全球最强势的进攻方。 海外很好卖、很赚钱、且可持续！海外遍地是机会！ # 机器人：大国必争之地！ 不论是我国还是北美，不论是军工还是制造业转型，机器人都是必须要打的战略高 地。 这不是中美共振，而是中美竞争，谁都想赢。 机器人春晚引爆全场， ...

#思路：大国崛起、遍地黄金。 在超级时代下，寻找国家视角离不开的黄金、寻找含金量最高的黄金！#26年全年看好工程机械+机器人！ #思路：大国崛起、遍地黄金。 在超级时代下，寻找国家视角离不开的黄金、寻找含金量最高的黄金！#26年全年看好工程机械+机器人！ 【长城机械】中国的时代，永远有机会！ 【长城机械】中国的时代，永远有机会！ #工程机械：国家发展离不开的资本品、海外遍地是机会！ 国内工程机械有自己的大周期，不论是挖机还是非 挖，都已经全面转正，铁底向上！海外不论是城镇化，还是制造业投资、还是挖矿，都离不开工程机械。 而中国工程机 海外很好卖、很赚钱、且可持续！海外遍地是机会！ 不论是我国还是北美，不论是军工还是制造业转型，机器人都是必须要打的战略高地。 这不是中美共振，而是中美竞争，谁都想赢。 机器人春晚引爆全场，这其实是众心思涨！时代的声音、群众的呼声、产业的趋势，从来都挡不住！ #工程机械：国家发展离不开的资本品、海外遍地是机会！ 国内工程机械有自己的大周期，不论是挖机还是非 挖，都已经全面转正，铁底向上！海外不论是城镇化，还是制造业投资、还是挖矿，都离不开工程机械。 而中国工程机械的航海大时代早就开 ...

Core Viewpoint - Lin Tai New Materials (920106.BJ) has announced a plan to issue shares to specific investors, aiming to raise up to 380 million yuan, which will be used for various projects including the production of wet friction plates and working capital [1][2]. Group 1: Fundraising Details - The total amount to be raised is capped at 38,000,000 yuan, which will be allocated to projects such as the production of wet friction plates for passenger cars and commercial vehicles, as well as for working capital [1]. - The issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [1]. Group 2: Share Issuance and Ownership Structure - The number of shares to be issued will not exceed 5,066,666 shares, representing approximately 8.95% of the total shares outstanding as of December 31, 2025, and will not exceed 30% of the total share capital before the issuance [2]. - Liu Jian, the controlling shareholder, holds 1,170,110 shares directly and controls an additional 450,880 shares indirectly, totaling 1,620,990 shares, which is 28.64% of the total shares [2][3]. Group 3: Control and Management - Liu Jian and his spouse, Song Pingping, collectively control 1,633,490 shares, representing 28.86% of the total shares, ensuring they remain the actual controllers of the company post-issuance [3]. - The issuance will not change the control of Lin Tai New Materials, as the couple will still hold significant voting rights [3]. Group 4: Previous Fundraising - In a previous fundraising round, Lin Tai New Materials issued 6,727,500 shares at a price of 19.82 yuan per share, raising a total of approximately 133.34 million yuan, with a net amount of about 112.48 million yuan after deducting issuance costs [4].

长沙晚报掌上长沙2月17日讯（全媒体记者 刘捷萍 通讯员 林依）2月17日上午10时29分，经长沙海关所属星沙海 关监管放行，马年首趟发往俄罗斯的中欧班列准时启程。当日，中欧班列（长沙）共发行出口班列2列，220标 箱，货物以工程机械、汽车及零部件、生活小家电为主，货值1004万美元。 据悉，2026年1月，星沙海关共监管中欧班列（长沙）进出口班列109列，同比增长101.9%。 春节期间，海关为企业提供节假日预约加班，24小时通关服务，保障中欧班列（长沙）准时发行。 ...

Core Viewpoint - The article highlights the successful launch of a freight train service from Huaihua, Hunan, to Vientiane, Laos, which is part of the growing trade connections between China and ASEAN countries, particularly in the context of renewable energy and agricultural products. Group 1: Freight Train Service - A freight train carrying 66 standard containers, weighing 780 tons and valued at approximately 3 million RMB, departed from Huaihua, Hunan, to Vientiane, Laos, delivering "Made in China" products for the Lunar New Year [1][2] - The train service has become a regular and high-frequency operation since the opening of the China-Laos Railway, positioning Huaihua as a key hub for trade with ASEAN countries [2] Group 2: Cargo Composition - The cargo includes a significant amount of photovoltaic component accessories from Jiangsu, which will support the rapidly developing solar energy projects in Laos and surrounding countries [2] - Other goods transported include ammonium sulfate for agricultural production and composite flooring for construction, addressing the diverse needs of the ASEAN market [2] Group 3: Future Projections - By 2025, the operation of the freight train service is expected to exceed 1,200 trips, facilitating the export of Hunan's engineering machinery and local specialties like Huaihua rice noodles to Southeast Asia, while also importing high-quality agricultural products from ASEAN, such as fruits and cassava flour [2]

Core Insights - In 2024, the trade volume between China and the U.S. reached a record high of $688.28 billion, indicating a significant economic interdependence that challenges the notion of one-sided reliance [1] - The perception that the U.S. can dictate China's economic fate through trade restrictions is outdated, as China's trade surplus with the U.S. has dropped to below 2.2% of its GDP, reflecting a more diversified economy [2] - ASEAN has become China's largest trading partner for two consecutive years, highlighting the shift in China's trade networks towards Southeast Asia, the Middle East, and Latin America [5] Economic Dynamics - China plans to issue 13 trillion yuan in ultra-long-term special bonds by 2025 to stimulate domestic consumption, indicating a shift towards a dual circulation economic model where domestic demand plays a crucial role [7] - The U.S. underestimates its dependency on Chinese imports, particularly in pharmaceuticals, where 78% of vitamins and critical antibiotics are sourced from China, suggesting that any supply chain disruptions could have severe consequences for U.S. healthcare [10][12] Supply Chain Implications - The potential for the U.S. to cut off trade with China could lead to significant logistical challenges, with U.S. ports facing congestion and supply chain disruptions that would adversely affect the American economy [12] - The reliance on Chinese manufacturing for essential goods, including logistics equipment, underscores the difficulty the U.S. would face in replacing these supply chains with alternatives from countries like Vietnam or India, which may not match China's efficiency [17] Consumer Impact - A disruption in trade with China could lead to empty shelves and skyrocketing prices in U.S. retail, particularly affecting middle-class consumers who have benefited from low inflation driven by Chinese manufacturing [15] - The potential rise in consumer prices could exacerbate social tensions in the U.S., indicating that the consequences of severing ties with China extend beyond economic metrics to societal stability [17]