证券研究报告 工程机械 行业深度报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 工程机械行业深度报告 投资评级： 看好（首次） ——七十年艰苦奋斗路，两周期寰宇立潮头 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 图表目录 工程机械的行业逻辑是怎样的？工程机械是国民经济建设的重要支柱产业，2024 年 全球工程机械行业规模达 2135 亿美元，其中中国市场规模为 234 亿美元，占比 11%。 挖掘机械、装载机、起重机械产品价值量分列前三，占行业整体超 60%份额。上游 成本中原材料占比最高，液压系统是价值核心。行业根本需求逻辑或来自国内下游 新增 ...

"核心技术靠化缘是要不来的。"在徐工智造探索中心，一系列聚焦产业高端化、智能化、绿色化、全球化、服务化转型升级的成果，全面展示了徐工智造的 实力。 2月25日上午，打造世界级工程机械产业集群暨全市产业项目提质增效推进会举行。这次推进会聚焦省委、省政府赋予徐州的发展重任，紧密结合徐州实 际，为打造世界级工程机械产业集群划定了奋进坐标、指明了实现路径，释放出"项目为王"的鲜明导向和强烈信号，向全市发出了奋进新征程的动员令。 奋力攀登全球工程机械产业珠峰 在徐州经济发展版图中，工程机械产业被赋予"一号产业"地位，承载着这座城市的深厚情感，更寄托着其高质量发展的远大抱负。 这是落实嘱托的政治担当。2017年12月，党的十九大后赴地方考察的第一站，习近平总书记来到徐工集团，强调"必须始终高度重视发展壮大实体经济，抓 实体经济一定要抓好制造业"。2023年全国两会期间，总书记再次肯定："你们的工程机械是做出来了，达到了世界领先水平。"总书记的殷切期望，成为徐 州打造世界级工程机械产业集群的强劲动力。 这是厚积薄发的现实选择。数据最有说服力：2025年，徐州工程机械产业集群产值同比增长19%，拥有千亿级企业1家、百亿级企业 ...

格隆汇2月26日丨徐工机械(000425.SZ)在互动平台表示，公司主要从事土方机械、起重机械、桩工机 械、混凝土机械、路面机械、高空作业机械、矿业机械、环卫机械、农业机械、应急救援装备及其他工 程机械和核心零部件等研发、制造、销售和服务，已建立 "三电" 体系推动新能源产品升级，目前未涉 及数据中心用独立发电机组生产。 ...

2月25日，徐州市召开打造世界级工程机械产业集群暨全市产业项目提质增效推进会，动员全市上 下牢固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级集群迈进。 作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占 全国五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖 20个产业门类、占全国品种的85%，起重机械、桩工机械销量居全球第一，17类细分产品销量稳居全国 首位。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、驱动桥 等关键环节完成国产化替代，其中40%处于国际领先水平。以徐工集团为"头马"，徐州已构 建"1+100+1000"创新矩阵，卡特彼勒、罗特艾德等中外企业共生共荣，形成"一超一大多强"的企业发展 格局。 徐州市委书记宋乐伟在会上表示，打造世界级工程机械产业集群，是牢记嘱托的具体实践、乘势而 上的战略举措、再攀新高的现实选择。要坚持久久为功、持续发力，在战略目标上实现从加速赶超向全 球领先迈进，在发展路径上实现从集成制造向智慧制造跃迁，在价值创造上实现从传统服务向生态领 ...

本报讯(记者王岩李立晨)2月25日，徐州市召开打造世界级工程机械产业集群暨全市产业项目提质增效 推进会，动员全市上下牢固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级 集群迈进。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、驱动桥等关 键环节完成国产化替代，其中40%处于国际领先水平。以徐工集团为"头马"，徐州已构 建"1+100+1000"创新矩阵，卡特彼勒、罗特艾德等中外企业共生共荣，形成"一超一大多强"的企业发展 格局。 徐州市委书记宋乐伟在会上表示，打造世界级工程机械产业集群，是牢记嘱托的具体实践、乘势而上的 战略举措、再攀新高的现实选择。要坚持久久为功、持续发力，在战略目标上实现从加速赶超向全球领 先迈进，在发展路径上实现从集成制造向智慧制造跃迁，在价值创造上实现从传统服务向生态领创转 变，坚定不移固根基扬优势补短板，一步一个脚印打造世界级工程机械产业集群。 作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占全国 五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖2 ...

Core Viewpoint - The company, Zoomlion, has launched a significant number of construction equipment products, totaling over 15,000 units worth approximately 8.5 billion yuan, marking a strong start to the year and aiming for global market expansion [1][3]. Group 1: Product Launch and Financials - Zoomlion's four major parks simultaneously dispatched over 1,500 units of construction hoisting machinery, generating over 2.4 billion yuan in revenue, including the world's largest 4,000-ton all-terrain crane [3]. - The company also delivered over 2,400 units of concrete machinery, valued at around 1.7 billion yuan, to 23 countries and regions, enhancing China's construction capabilities on the international stage [5]. - A combination of heavy-duty mining excavators and electric mining trucks, valued at approximately 2.3 billion yuan, along with over 3,700 units of earthmoving and mining machinery, were also dispatched globally [5]. Group 2: Market Expansion and Innovation - Zoomlion's high-altitude work machinery, including the world's highest 82-meter straight-arm platform, saw over 4,000 units dispatched to key domestic regions and over 40 countries, indicating a robust global market expansion strategy [5]. - The company is committed to continuous technological innovation and global expansion, focusing on high-end, intelligent, and green products to empower global customers [7].

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 ...

该局对压力容器、电梯、起重机械、场（厂）内专用机动车辆等设施等开展"拉网式体检"，发现并整改 安全隐患3个。通过现场培训、短信通知、微信工作群推送等方式，发送《2026年复工复产安全提 示》：复工复产"五警惕"；对于企业 ，复工复产"四要"、"五查"；对于员工，复工复产"四要"等特种设 备安全防范指南，提醒特种设备使用单位进行自查自纠，有针对性地做好复工复产工作。组织技术骨干 协助加气站、医院等特种设备使用单位开展"运行诊断"，制定设备维护、运行监测、应急处置等技术方 案。成立助企复工复产专班，为4部老旧电梯申报政府补贴，为1家企业提供设备登记注册帮扶指导、开 工报备等服务，运用智慧监管平台对50家重点企业特种设备检验进行督促提醒。组织专题培训1场，覆 盖特种设备安全管理员、作业人员70余人次，帮助企业修订应急预案3份。（杜志锋、汪招屹、马文 艳） 2月24日，春节假期后上班第一天，新疆维吾尔自治区乌苏市市场监管局强化党建引领，围绕"能力提升 年"主题活动要求，主动作为，助力企业安全有序复工复产。 ...

Core Viewpoint - The Urumqi Market Supervision Bureau is intensifying inspections and safety checks in key areas to ensure a stable market environment and safety during the upcoming Spring Festival [1][2][3] Group 1: Food Safety Inspections - The bureau is focusing on catering units for New Year's Eve dinners, checking for proper separation of raw and cooked food, sanitation of dining utensils, and compliance with food safety regulations [1] - Inspections have covered over 380 food production and operation entities, resulting in 30 rectifications and 26 batches of sampling tests conducted [1] - The bureau is ensuring that food quality is maintained by checking the management of food additives and preventing the sale of expired or counterfeit products [1] Group 2: Special Equipment Safety - Inspections of special equipment in industrial parks are being conducted to prevent "sick" operations during the holiday, covering boilers, pressure vessels, and lifting machinery [2] - A total of 72 special equipment units have been inspected, with 8 hazards identified and rectified, and one case of illegal activity reported [2] - The bureau is providing training and safety guidelines to over 70 enterprises regarding extreme weather conditions and equipment safety [2] Group 3: Market Order and Consumer Protection - The bureau is conducting market order checks to ensure fair pricing and transparency, particularly in agricultural markets, and is enforcing compliance with pricing regulations [2] - Inspections have included 67 hospitality and tourism businesses, with 72 warning letters issued to ensure adherence to pricing commitments [2] - The bureau is promoting consumer rights and encouraging the use of fair scales in markets, as well as retaining purchase receipts for legal protection [2] Group 4: Future Actions - The Urumqi Market Supervision Bureau plans to continue its inspections and enforcement efforts to ensure safety and order in the market, aiming to provide a safe and festive environment for the public during the New Year celebrations [3]

Core Viewpoint - The National Market Supervision Administration of China has issued guidelines to promote the international development of special equipment, emphasizing the need for coordinated development and safety, and aiming to enhance international cooperation and technical exchanges in the sector [1][2]. Group 1: International Development Strategy - The guidelines call for strengthening the top-level design for the international development of special equipment, promoting a coordinated mechanism for domestic and international development [2]. - There is a focus on expanding and deepening bilateral and multilateral cooperation in the field of special equipment [2]. - The aim is to enhance the internationalization of technology, products, engineering, and safety management related to special equipment, thereby improving the capacity to support major overseas engineering projects [2]. Group 2: Quality and Safety Assurance - There are over 3,000 special equipment inspection institutions in China responsible for the safety inspection of more than 23 million special equipment units, over 300 million gas cylinders, and more than 1.1 million kilometers of pressure pipelines [2]. - The guidelines also promote the high-quality development of special equipment inspection institutions, encouraging them to strengthen their specialized fields and create distinctive service brands [2]. - Emphasis is placed on increasing technological investment and fostering a collaborative innovation ecosystem within these institutions [2]. Group 3: International Collaboration and Standards - The administration encourages the establishment of technical service alliances among inspection institutions to build a Chinese brand in special equipment and promote international development [3]. - Support will be provided for these institutions to take on important roles in international standardization organizations and to host international forums and academic conferences [3]. - The initiative aims to ensure the safe operation of special equipment in overseas construction projects and enhance technical cooperation with foreign institutions [3].