地缘政治扰动升温，看好矿山机械景气度 持续 ——矿山机械行业报告 核心观点 投资建议与投资标的 地缘冲突背景下，有色金属价格中枢有望维持高位，全球矿业巨头持续加大并购拓展储 量，未来矿山企业扩产意愿有望加强。这将带动矿山企业资本开支高景气度持续更长时 间，推动矿山机械行业高景气。而广义的矿山机械景气度有三个阶段，包括大宗原料开 发、能源开采、建设利用，我们认为目前正处于第一阶段，相关设备企业有望受益矿山 机械行业景气度上行。相关标的：耐普矿机(300818，未评级)、徐工机械(000425，未评 级)、运机集团(001288，未评级)、同力股份(920599，未评级)、山推股份(000680，未 评级)、北方股份(600262，未评级)。 风险提示 宏观经济波动导致投资不及预期、 矿企资本开支不及预期、 矿山项目进展不及预期 机械设备行业 行业研究 | 深度报告 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 24 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326 ...

Crushing and Screening Stage - The initial step involves selecting high-purity, low-gray particles from larger ore types like quartzite, followed by crushing using jaw or cone crushers, ensuring the desired particle size through a closed-loop system with vibrating screens [2] - The crushed product is then processed in a sand-making machine to obtain quartz sand of specific granularity [2] Grinding Stage - Quartz sand grinding typically employs a single-stage or two-stage overflow ball mill, with the second stage forming a closed-loop cycle with a spiral classifier or hydrocyclone to ensure the required fineness [3] Beneficiation Stage - To achieve high-purity industrial quartz sand, further purification processes are necessary after obtaining quartz sand of a certain granularity, including washing, classification, scrubbing, magnetic separation, flotation, and acid leaching [4] - Washing and classification are essential to remove clay and impurities, as the quality of quartz sand decreases with smaller particle sizes [4] - Scrubbing utilizes mechanical force to remove iron films or adhering impurities from quartz particles, followed by separation of finer particles using a hydrocyclone [4] - Magnetic separation effectively removes weakly magnetic impurities like hematite and biotite, using wet permanent magnetic drum separators for weak magnetic and high-gradient magnetic separators for strong magnetic separation [4] - Flotation aims to remove non-magnetic impurities such as feldspar and mica, with HF commonly used as an activator in the process [5] - Acid leaching exploits the solubility properties of quartz to separate and purify it, as quartz is nearly insoluble in common acids except for HF [5] - Microbial leaching is an emerging technique that uses specific microorganisms to remove iron films from quartz sand, showing promising results in laboratory settings but requiring further industrial research [5]