转自：中国经营报 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（以下简称"绿控传动"）再度向 资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两年后，2025年12月，它卷土重来， 这次的目标换成了创业板。 与此同时，绿控传动的募资金额也从当初的10.72亿元大幅提升至15.8亿元。业绩的快速转身成为其冲刺创业板的底气。招 股书显示，2022年—2025年上半年，营收从7.12亿元跃升至12.19亿元，净利润也实现"逆转"，从亏损9942.82万元飙升至盈 利6829.55万元。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中和'国家战略背景下， 受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠加技术升级带来的场景拓展与成本下降， 新能源商用车经济性优势凸显，其市场规模的快速扩张有效带动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控传动的重要客户， 同 ...

Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]

Group 1 - The core announcement is about the semi-annual index review results of the China Securities Index Co., Ltd. and Hang Seng Index Company, which will affect the CSI Hang Seng Hong Kong Stock Connect AH Smart Index [1] - The index will include SANY Heavy Industry Co., Ltd. (600031.SH, 06031) and Seres Group Co., Ltd. (601127.SH, 09927) [1] - The index will exclude China Eastern Airlines Corporation Limited (600115.SH, 00670) and Qingdao Beer Co., Ltd. (600600.SH, 00168), maintaining a total of 50 constituent stocks [1] Group 2 - The share category for the newly included constituent stocks will be determined by March 2026, aligning with the monthly share category adjustment schedule [1]

该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压、三一重 工、三一国际及极兔速递，当中恒立液压获"高度确信跑赢大市"评级，其余股份获"跑赢大市"评级。 里昂发表研报指，中国工业板块正出现三大关键推动力，包括矿业设备需求上升、人形机器人供应链成 熟，以及快递行业整合。就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资 创新高，将推动挖掘机销售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机器 人量产；而受锂相关领域强劲及价格上升带动，自动化需求预计按年复苏约5%。 ...

Core Viewpoint - In 2025, Hunan's construction machinery exports are projected to reach 34.68 billion yuan, marking a year-on-year growth of 9.6%, with significant contributions from Changsha, which accounts for 91.6% of the total exports [3]. Group 1: Export Performance - Hunan's construction machinery exports are expected to reach 34.68 billion yuan in 2025, reflecting a 9.6% increase compared to the previous year [3]. - Changsha's export value is projected at 31.76 billion yuan, representing 91.6% of the province's total exports [3]. - The general trade export mode accounts for 75.5% of the total, with a value of 26.17 billion yuan, while bonded logistics exports surged by 141.5% to 3.79 billion yuan [3]. Group 2: Market Dynamics - Exports to Africa increased by 75.9%, while exports to West Asia and Southeast Asia grew by 23.7% and 25.9%, respectively, indicating strong demand in emerging markets [3]. - Private enterprises contributed 28.87 billion yuan to exports, making up 83.2% of the total, with a growth rate of 39.9%, while state-owned enterprises also saw a growth of 44.6% [3]. Group 3: Product Breakdown - Special purpose vehicles accounted for 33.1% of exports, totaling 11.46 billion yuan, while exports of bulldozers, excavators, and road rollers reached 8.19 billion yuan, reflecting a growth of 30.5% [3]. - Crane exports amounted to 4.86 billion yuan, with a growth rate of 7% [3]. Group 4: Strategic Initiatives - The Changsha International Construction Machinery Exhibition is a key driver for the acceleration of exports from Changsha [3]. - The establishment of international procurement and global maintenance centers in Hainan is expected to reduce costs significantly, with savings of over 30,000 yuan per unit in tariffs and freight [5]. - Companies are encouraged to increase R&D investment and enhance the industry chain capabilities to leverage the benefits of the free trade port policies [5].

Core Viewpoint - Brazil is actively seeking collaboration with Chinese companies in the fields of battery storage, critical mineral development, and green hydrogen to transform its energy structure and promote sustainable industrial development [3][12]. Group 1: Meetings with Chinese Companies - On January 19, Brazilian Minister Silveira visited SANY Group to discuss investment plans for an industrial center in Brazil focused on heavy machinery, mining, oil and gas, energy, and power storage [4]. - During a meeting with Envision Energy on January 20, Silveira highlighted Brazil's strategic investment opportunities in sustainable aviation fuel, green hydrogen and ammonia, large-scale wind power, and battery storage, emphasizing Brazil's renewable energy potential and stable policy framework [6]. - In discussions with CATL on January 21, the focus was on the upcoming battery storage auction in Brazil scheduled for April 2026, with an emphasis on sustainable development and value enhancement of key minerals like lithium [8]. - On January 23, Silveira met with Huawei to explore battery storage systems and encourage broader participation of Chinese companies in the upcoming battery auction [10]. Group 2: Policy and Market Developments - Brazil's Law No. 15,269, effective November 2025, eliminates import tariffs on battery storage systems and key components, providing direct incentives for investment and collaboration [12]. - The series of visits aims to attract global attention to Brazil's battery storage auction in 2026 and signals Brazil's shift from a traditional resource-exporting country to an active participant in global green technology and industry cooperation [12]. - The 14th International Energy Storage Summit and Exhibition (ESIE 2026) will be held from March 31 to April 3, 2026, in Beijing, focusing on technological innovation, market trends, and global opportunities in the energy storage sector [13].

Core Viewpoint - The engineering machinery industry is a critical pillar of equipment manufacturing, playing a significant role in national infrastructure construction and facing challenges related to energy consumption, carbon emissions control, and safety production. The industry is at a new starting point for green, intelligent, and international development, with ESG management capabilities becoming a core competitive advantage [1]. Industry Performance - Among 34 engineering machinery companies rated by Green Development Credit Rating Co., Ltd., XCMG and Anhui Heli lead with AAApi ratings, establishing themselves as benchmarks for ESG management. Other notable companies include LiuGong, Zhejiang Dingli, and SANY Heavy Industry with AA+pi ratings. However, 50% of the companies received BB-pi or lower ratings, indicating significant disparities in ESG management across the industry [3][4][5]. Key Issues Focus - The industry is focusing on the "dual carbon" goals, smart manufacturing, and responsible operations. Key environmental management areas include greenhouse gas emission control, clean energy application, and the development of new energy products. Companies are encouraged to establish carbon emission monitoring systems and optimize production processes to achieve low-carbon transitions [6]. Social Dimension - Safety production, employee rights protection, and product responsibility are core concerns. Companies need to establish comprehensive safety management systems, enhance employee welfare, and ensure product quality and customer service responsiveness [7]. Governance Dimension - Effective corporate governance, risk management, and ESG management framework construction are crucial. Companies should establish governance structures, strengthen internal controls, and integrate ESG principles into strategic planning and daily operations [7][11]. Industry Practice Benchmarks - Anhui Heli is actively reducing energy consumption through green factory initiatives and optimizing production processes. Zhejiang Dingli is enhancing its climate change management system and promoting energy-efficient transportation methods. LiuGong is improving product development processes and focusing on innovative technologies [9][10]. Future Directions - The engineering machinery industry should focus on three main areas: deepening green transformation, enhancing social responsibility, and optimizing governance systems. Companies need to establish carbon management frameworks, improve employee welfare, and enhance ESG reporting and compliance [13][14].

Core Viewpoint - Sany Heavy Industry's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 200.45 billion yuan, while the company shows a year-to-date stock price increase of 3.17% [1] Financial Performance - For the period from January to September 2025, Sany Heavy Industry reported a revenue of 65.741 billion yuan, reflecting a year-on-year growth of 13.56%, and a net profit attributable to shareholders of 7.136 billion yuan, which is a 46.58% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Sany Heavy Industry decreased by 15% to 452,900, while the average number of circulating shares per person increased by 17.65% to 18,709 shares [2] - The company has distributed a total of 31.876 billion yuan in dividends since its A-share listing, with 8.858 billion yuan distributed over the last three years [3] Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3] - China Securities Finance Corporation remains the fourth-largest shareholder with 233 million shares, unchanged from the previous period [3]

香港联交所最新数据显示，1月22日，小摩减持三一重工（06031）28万股，每股作价24.0119港元，总 金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为10.97%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 香港联交所最新数据显示，1月22日，小摩减持三一重工（06031）28万股，每股作价24.0119港元，总 金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为10.97%。 ...

Group 1 - The core view of the report emphasizes that AI is reshaping manufacturing demand, with mature manufacturing moving towards global markets, and the mechanical industry is expected to benefit significantly from technology and export growth in 2026 [1][9][10] - The mechanical industry index outperformed the CSI 300 by 23.25 percentage points in 2025, with a 40.91% increase in the mechanical industry index compared to a 17.66% increase in the CSI 300 [9][10] - AI technology is expected to have a profound impact on the manufacturing industry, with AI infrastructure reshaping demand patterns and applications driving hardware manufacturing equipment demand [9][11] Group 2 - The report predicts that 2026 will see a significant increase in demand for equipment driven by AI infrastructure, including semiconductor equipment, liquid cooling equipment, and gas turbines [13] - The demand for AI hardware manufacturing equipment and components, such as humanoid robots and 3C automation equipment, is expected to rise [13] - Export-oriented equipment, particularly in the engineering machinery sector, is anticipated to show strong growth in 2026 [13] Group 3 - The semiconductor equipment market is projected to grow, with global sales expected to reach $125.5 billion in 2025, a 7.4% increase, and further growth to $138.1 billion in 2026 [34][40] - The report highlights that the domestic semiconductor equipment market in China is expected to reach approximately 230 billion yuan in 2025, indicating strong growth potential [41] - The PCB industry is entering a new development cycle driven by AI demand, with a projected global PCB market value of approximately $73.57 billion in 2024, reflecting a 5.8% year-on-year increase [54][56] Group 4 - Liquid cooling technology is becoming essential due to the increasing power consumption of AI servers, with the global liquid cooling component market expected to reach $5-10 billion in 2025 and $25 billion by 2030 [84][86] - The report indicates that the demand for liquid cooling solutions will significantly increase as AI processing power continues to rise, making traditional cooling methods inadequate [70][84] - The introduction of advanced liquid cooling systems, such as NVIDIA's GB200 and GB300, is expected to drive market growth and innovation in cooling technologies [84][86]