[Table_Reportdate] 2026年03月02日 [证券分析师： Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 重点推荐 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20260302 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.把握商品周期与科技赋能主线，关注油价变量——资产配置周报（2026/02/23- 2026/02/27） ➢ 2.2025年机床行业稳健增长，高端数控机床领域加速推进——机械设备行业简评 ➢ 1.霍尔木兹海峡禁止任何船只通行 ➢ 2.美国对伊朗持续进行军事打击 ➢ 3.美国1月PPI同比增长2.9%，超出预期 ➢ 4.四部门部署帮扶小额信贷新政 ➢ 5.商务部：将坚持"政策＋活动"双轮驱动，深入实施提 ...

Core Insights - Suzhou's industrial growth is significantly driven by the equipment manufacturing sector, which is projected to reach a GDP of 27,695.1 billion yuan by 2025, reflecting a year-on-year growth of 5.4% [1] - The equipment manufacturing industry achieved a production value of 14,663.5 billion yuan from January to November 2025, contributing to a stable industrial structure alongside electronic information and new materials [1] Group 1: Equipment Manufacturing Growth - The equipment manufacturing sector's production value increased by 4.2% year-on-year, contributing 75.8% to the growth of the industrial output value [1] - Suzhou's equipment manufacturing is evolving from relying on large single projects to a collaborative model involving "industrial mother machines, robots, automotive components, and smart production lines" [1] - The local supply chain capabilities have strengthened, enhancing the overall industrial ecosystem [1] Group 2: Key Projects and Events - In January, eight key equipment projects with a total investment exceeding 6 billion yuan commenced in Taicang, expected to generate over 12 billion yuan in output and 400 million yuan in tax revenue [6] - The 2025 Binhai-Suzhou Intelligent Equipment Manufacturing and Sci-Tech Resource Matching Conference resulted in 13 signed projects with a total investment of 1.78 billion yuan [6] - The 2025 Suzhou International Machine Tool Exhibition attracted over 700 exhibitors and 566 major buyers, showcasing a blend of global and local industry strengths [6][7] Group 3: Industry Innovation and Collaboration - The 2025 China Forging Conference focused on high-end, intelligent, and green development paths for the forging industry, attracting 156 enterprises and 350 decision-makers [7] - The "Automotive Industry Embracing Artificial Intelligence" forum highlighted the establishment of the "China Chip" joint research laboratory and initiatives to enhance the automotive sector through high-end equipment [8] - The 2025 Industrial Mother Machine Technology Industry Investment Conference in Taicang featured the unveiling of advanced technologies and the establishment of innovation centers [8]

近7个交易日(2026年02月07日至02月13日)，沈阳机床股价呈现震荡下行趋势。截至02月13日收盘，股 价报7.36元，较02月06日收盘价7.43元累计下跌0.94%，区间振幅达2.83%。资金面显示，02月13日主力 资金净流出2387.66万元，散户资金呈净流入状态。技术指标方面，股价当前处于20日布林带下轨附近 (支撑位7.11元)，MACD柱状图维持负值，短期动能偏弱。 以上内容基于公开资料整理，不构成投资建议。 经济观察网近期，辽宁省高位推进制造业"智改数转"(智能化改造和数字化转型)工作，以高质量转型为 核心引擎，推动制造业向高端化、智能化、绿色化全面跃升。这一政策于2026年2月9日由辽宁日报报 道，可能对沈阳机床（000410）等本地工业企业产生积极影响，因公司正聚焦高端数控机床业务与智能 化升级方向。 股票近期走势 ...

证券日报网讯 2月13日，科德数控在互动平台回答投资者提问时表示，公司是国内极少数同时掌握高档 数控系统与高端数控机床双研发能力的上市企业，核心功能部件自主可控，产品在航空航天等战略领域 已实现批量化进口替代。公司凭借持续的高研发投入、完整的产业链布局、强劲的定制化能力、本土化 服务及数据安全等优势，在市场上形成差异化替代能力。公司坚持既定战略，脚踏实地推进研发攻关， 助力我国高端装备制造业高质量发展。 （文章来源：证券日报） ...

格隆汇2月13日丨科德数控(688305.SH)在互动平台表示，公司是国内极少数同时掌握高档数控系统与高 端数控机床双研发能力的上市企业，核心功能部件自主可控，产品在航空航天等战略领域已实现批量化 进口替代。公司凭借持续的高研发投入、完整的产业链布局、强劲的定制化能力、本土化服务及数据安 全等优势，在市场上形成差异化替代能力。公司坚持既定战略，脚踏实地推进研发攻关，助力我国高端 装备制造业高质量发展。 ...

Core Viewpoint - The article emphasizes the necessity and urgency of transforming China's manufacturing industry from large to strong during the "14th Five-Year Plan" period, focusing on enhancing core capabilities and modernizing the industrial system to support high-quality economic development [1][21]. Group 1: Importance of Transformation - The transformation from large to strong in manufacturing is essential for achieving a stable economic structure, where advanced manufacturing plays a crucial role in national competitiveness and innovation [2][22]. - By 2024, China's per capita GDP is projected to be around $13,000, necessitating a doubling of GDP by 2035 to meet the goal of becoming a moderately developed country [2][22]. - The shift towards high-value, technology-intensive manufacturing is critical for driving industrial upgrades and achieving sustainable economic growth [2][22]. Group 2: Current Progress and Achievements - From 2020 to 2024, China's manufacturing value added increased from 26.6 trillion yuan to 33.6 trillion yuan, highlighting significant growth [8][28]. - The digitalization and green transformation of manufacturing have become new growth engines, with the digital design tool adoption rate rising from 71.5% to 82% during the same period [8][28]. - The structure of the manufacturing industry has been optimized, with high-tech manufacturing value added growing at an annual rate of 8.7% [8][28]. Group 3: Challenges and Constraints - Despite progress, challenges remain, including low R&D investment and insufficient original innovation capabilities among manufacturing enterprises [9][29]. - Key areas such as high-end machinery and core software still face technological bottlenecks that need to be addressed for further advancement [9][29]. - The industry must overcome issues of homogenization and intense competition to enhance productivity and income levels [9][29]. Group 4: Recommendations for Transformation - Building a modern industrial system centered on advanced manufacturing is crucial for supporting high-quality economic circulation [10][31]. - Promoting the integration of traditional, emerging, and future industries is necessary for achieving quality upgrades and fostering new pillar industries [10][31]. - Enhancing the role of enterprises in innovation and establishing collaborative innovation platforms are essential for achieving breakthroughs in core technologies [12][33]. Group 5: Policy and Institutional Support - Strengthening the education and talent integration system is vital for fostering a skilled workforce that can drive manufacturing excellence [19][40]. - Implementing financial support policies for new industrialization and enhancing quality standards will encourage high-quality development in manufacturing [20][41]. - Promoting a culture of quality and innovation within the manufacturing sector is necessary to attract young talent and improve overall industry competitiveness [20][41].

2026.02. 06 通用技术集团在全国范围内推进的是一套"分工清晰、协同联动"的产业布局体系，各区域在整体框架下承担不同但相互支撑的功能。东北地区侧重制造 能力和体系化支撑，京津冀地区聚焦前沿技术和共性技术研发，华东地区则更加突出高端智能制造和新兴市场快速响应的功能定位。 目前，在华东地区推进的江苏通智数控机床创新中心建设、南京二机并购以及复材装备公司组建，正是围绕这一定位展开的。 本文字数：1757，阅读时长大约3分钟 作者 | 第一财经 祝嫣然 作为工业母机领域的国家队，通用技术集团日前召开媒体沟通会，发布机床产业华东区域战略，旨在破解产业布局不均衡、生产基地远离核心市场等问 题，深度融入和支撑国家先进制造产业集群建设，保障产业链供应链安全稳定、自主可控。 在刚刚过去的"十四五"，国家对工业母机产业的政策支持持续加码，财税补贴、研发激励、国产替代导向等利好政策密集落地，通用技术集团机床板块 营收增长超28%、利润增长超6倍。 "十五五"是工业母机发展的关键时期。通用技术集团总工程师周舟表示，将聚焦航空、航天等重点领域攻坚五轴联动、重型超重型机床等高端装备，保 障产业链自主可控；同时面向汽车、新能源等产 ...

Core Viewpoint - Tsugami Machine Tool China (01651) has seen its stock price increase by over 6%, reaching a new historical high of 43.4 HKD, following the announcement of significant financial performance improvements for the first three quarters of the fiscal year [1] Financial Performance - For the nine months ending December 31, 2025, Tsugami's revenue in China was 81.58 billion JPY, representing a year-on-year increase of 28.3% [1] - The segment profit for the same period was 22.534 billion JPY, showing a substantial year-on-year increase of 51.2% [1] Market Position and Growth Prospects - Tsugami has established itself as one of the largest foreign brand CNC machine tool manufacturers in the Chinese market, focusing on high-end CNC machine tool manufacturing and sales [1] - The company is expected to maintain steady growth in its automotive-related business from 2026 to 2028, with a recovery in its 3C business and rapid growth in new AI-related ventures [1] - The lathe business is projected to achieve stable growth of 20%-25%, driven by high-margin products such as precision lathes and grinding machines, positively impacting the company's profitability [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen its stock price rise over 6%, reaching a new historical high of 43.4 HKD, driven by strong financial performance and growth prospects in the high-end CNC machine tool market [1] Financial Performance - The controlling shareholder, Tsugami Japan, reported financial results for the nine months ending December 31, 2025, with revenue in China amounting to 81.58 billion JPY, representing a year-on-year increase of 28.3% [1] - The segment profit reached 22.534 billion JPY, reflecting a year-on-year increase of 51.2% [1] Market Position and Growth Prospects - Tsugami Machine Tool China has established itself as one of the largest foreign brand CNC machine tool manufacturers in the Chinese market, focusing on high-end CNC machine tool manufacturing and sales [1] - According to Haitong International's research report, the company's automotive-related business is expected to maintain steady growth from 2026 to 2028, with a recovery in the 3C business and rapid growth in new AI-related ventures [1] - The lathe business is projected to achieve stable growth of 20%-25%, driven by high-margin products such as precision lathes and grinding machines, positively impacting the company's profitability [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen a significant stock price increase, reaching a new historical high, driven by strong financial performance and growth prospects in various business segments [1] Financial Performance - Tsugami's parent company, Tsugami Japan, reported a revenue of 81.58 billion JPY for the nine months ending December 31, 2025, representing a year-on-year increase of 28.3% [1] - The segment profit for the same period was 22.534 billion JPY, showing a year-on-year increase of 51.2% [1] Business Growth and Market Position - Tsugami has established itself as one of the largest foreign brand CNC machine tool manufacturers in the Chinese market, focusing on high-end CNC machine tool manufacturing and sales [1] - The company is expected to maintain steady growth in its automotive-related business from 2026 to 2028, with a recovery in its 3C business and rapid growth in new AI-related ventures [1] - The lathe business is projected to achieve stable growth of 20%-25%, with new high-margin products such as precision lathes and grinding machines positively contributing to profitability [1]