中国自动化与机械行业周评：工程机械及 AI PCB 设备数据向好-China Automation and Machinery Weekly Highlights Positive Data Points for Construction Machinery and AI PCB Equipment

Summary of Key Points from the Conference Call Industry Overview - Construction Machinery: - According to the China Construction Machinery Association (CCMA), domestic excavator shipment/export volume increased by 61% and 40% year-over-year (YoY) in January 2026, attributed to a low base effect from January 2025 [1][4][11]. - The tower crane leasing rate index decreased by 6% week-over-week (WoW) as the Chinese New Year (CNY) low season approaches, but remains 15% higher than the same period last year, marking the third consecutive week of YoY increase [1][12]. - Factory Automation: - Ta Liang Technology (3167.TW), a Taiwanese peer of Han's CNC, reported a 120% YoY revenue growth in January 2026, up from 61% and 53% in December 2025 and November 2025 respectively, indicating strong demand for PCB drilling equipment from AI PCB manufacturers [1][8][10]. Company Insights - Top Picks in Construction Machinery: - Recommended companies include: - Zoomlion (1157.HK) - Sany Heavy (6031.HK) and Sany Heavy Equipment International Holdings Company Ltd (631.HK) - In the AI PCB and Apple equipment theme: - Han's Laser (002008.SZ) and Han's CNC (301200.SZ) - For humanoid robots: - Hengli Hydraulic (601100.SS) [1]. - Price Adjustments: - THK (6481.T) announced a 10% increase in the average selling price (ASP) of all ball screw products effective from February 2, 2026, to reflect rising raw material and operating costs. This follows similar price hikes by SKF and Schaeffler in January 2026 [2]. Upcoming Events - A business update call with Sany International (631.HK) is scheduled for 10 AM HKT on February 12, 2026, focusing on how rising commodity prices may benefit mining equipment [1]. Additional Notes - The ball screw is estimated to account for approximately 2% of total revenue in 2026E for THK [2]. - The report emphasizes the importance of monitoring the construction machinery and factory automation sectors for potential investment opportunities, especially in light of the recent positive data points and company performance metrics [1][2].