目前公司属于工业行业，主要产品类型为低压电器类、电动车、重型建筑工程机械、重型卡车与专用 车、专用车，2024年报主营构成为叉车等及配件:98.78%;其他业务:1.22%。 同壁财经讯，企查查数据显示，根据《拖车头与拖平板【重新招标】-结果公告》，安徽合力股份有限 公司于2026年2月10日公告中标江南造船（集团）有限责任公司采购项目，中标金额为152.60万元。 同壁财经讯，企查查数据显示，根据《拖车头与拖平板【重新招标】-结果公告》，安徽合力股份有限 公司于2026年2月10日公告中标江南造船（集团）有限责任公司采购项目，中标金额为152.60万元。 相关上市公司：安徽合力(600761.SH) 同壁财经小贴士： 安徽合力（600761.SH）2024年营业收入为173.25亿元，营业收入增长率为0.99%，归属母公司净利润为 13.20亿元，归属母公司净利润增长率为0.18%，净资产收益率为14.04%。 2025年上半年公司营业收入为93.90亿元，营业收入增长率为6.18%，归属母公司净利润为7.96亿元，归 属母公司净利润增长率为-4.60%。 2025年上半年公司营业收入为93.90亿元，营业 ...

行 业 及 产 业 机械设备 2026 年 02 月 09 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 业绩稳中向好，科技引领价值反转 看好 ——机械行业 2025 年报业绩前瞻 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 我们对 21 家重点跟踪机械公司 25Q4 业绩增速预测如下：中联重科（183%）、鼎泰 高科（179%）、卧龙电驱（82%）、华锐精密（76%）、伟创电气（60%）、三一重 工（41%）、汇川技术 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603273 | 大元智能 | 18.83 | -0.84% | 3.08万 | 5811.79万 | | 6650ZG6 | 同力股份 | 20.64 | 0.05% | 5.23万 | 1.07亿 | | 605305 | 中际联合 | 40.94 | 0.61% | 7.93万 | 3.23亿 | | 301279 | 金道科技 | 31.87 | 0.66% | 1.60万 | 5068.42万 | | 605389 | 长龄液压 | 79.90 | 0.73% | 9150.04 | 7270.46万 | | 920245 | 威博液压 | 28.26 | 0.93% | 3327.73 | 942.29万 | | 920839 | 万通液压 | 37.39 | 1.05% | 8027.51 | 3013.20万 | | 920174 | 五新随装 | 46.32 | 1.14% | 1.70万 | 7819.99万 | | 30020 ...

责任编辑：栎树 | | | | | 工程机械概念板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 涨幅%↓ | 总市值 | 年初至今涨幅% | | 1 | 001400 | 江顺科技 | + | 10.00 | 66.33 Z | 42.17 | | 2 | 600984 | 建设机械 | | 8.98 | 56.44 乙 | 9.78 | | 3 | 688583 | 思看科技 | 1 | 8.86 | 137亿 | 65.88 | | 4 | 601226 | 非用科工 | | 7.38 | 134亿 | 46.56 | | 5 | 600761 | 安徽合力 | 页 | 6.77 | 198亿 | 6.41 | | 6 | 000157 | 中联重科 | 更 | 6.71 | 797亿 | 9.40 | | 7 | 600031 | 三一重工 | 1 | 6.03 | 2085亿 | 7.29 | | 8 | 000680 | 山推股份 | 1 | 5.97 | 186亿 | 3.76 | | ರಿ | 6 ...

MACD金叉信号形成，这些股涨势不错！ | | | | | 工程机械概念板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | 1 | 001400 | 江顺科技 | 1 | 10.00 | 66.33 Z | 42.17 | | 2 | 600984 | 建设机械 | | 8.98 | 56.44 Z | 9.78 | | 3 | 688583 | 思着科技 | 1 | 8.86 | 137亿 | 65.88 | | 4 | 601226 | や曲科工 | | 7.38 | 134亿 | 46.56 | | 5 | 600761 | 安徽合力 | 爱 | 6.77 | 198亿 | 6.41 | | 6 | 000157 | 中联重科 | 東 | 6.71 | 797亿 | 9.40 | | 7 | 600031 | =一重工 | 1 | 6.03 | 2085 乙 | 7.29 | | 8 | 000680 | 山推股份 | 1 | 5.97 | 186亿 | ...

Market Overview - The engineering machinery sector experienced a decline of 2.26% on February 2, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Zhigao Machinery (code: 920101) saw a significant drop of 9.01%, closing at 42.33 with a trading volume of 31,200 shares and a transaction value of 136 million [2] - Other notable declines included Fushite (code: 301446) down 7.31% and Tietuo Machinery (code: 920706) down 7.08% [2] - Conversely, Construction Machinery (code: 600984) increased by 3.52%, closing at 4.12 with a transaction value of 275 million [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 261 million from institutional investors, while retail investors saw a net outflow of 68.44 million [2] - Notably, speculative funds had a net inflow of 329 million [2] Detailed Capital Flow for Selected Stocks - Zhongji United (code: 605305) had a net outflow of 33.05 million from institutional investors, while speculative funds saw a net inflow of 17.02 million [3] - Iron Construction Machinery (code: 688425) reported a net inflow of 12.55 million from institutional investors and 21.61 million from speculative funds [3] - Other stocks like Longling Hydraulic (code: 605389) and Tuoshan Heavy Industry (code: 001226) also showed varying net inflows and outflows across different investor categories [3]

证券之星消息，1月30日工程机械板块较上一交易日下跌0.78%，安徽合力领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600761 | 安徽合力 | 21.82 | -6.19% | 53.51万 | 11.61亿 | | 301446 | 福事特 | 46.81 | -5.43% | 3.08万 | 1.45亿 | | 920839 | 万通液压 | 38.91 | -2.87% | 1.14万 | 4501.36万 | | 301079 | 邵阳液压 | 42.05 | -2.84% | 8.56万 | 3.61亿 | | 600984 | 建设机械 | 3.98 | -2.45% | 33.27万 | 1.34亿 | | 920245 | 威博液压 | 28.66 | -2.45% | 5676.71 | 1648.32万 | | 605305 | 中际 ...

Investment Rating - The report maintains a "Market Perform" rating for the unmanned forklift industry, indicating a high growth potential with low penetration at this stage [5][80]. Core Insights - The unmanned forklift industry is supported by policies and technological advancements, driving growth through increased demand in logistics and labor shortages [5][80]. - The market for unmanned forklifts is expanding, with a significant decrease in product prices from approximately 600,000 yuan per unit in 2018 to about 204,100 yuan per unit by 2024, driven by scale production and increased competition [5][38]. - The report highlights a dual-driven demand for unmanned forklifts, stemming from the expansion of the logistics industry and structural changes in demand, alongside a shortage of labor [5][66]. Summary by Sections 1. Policy Support and Technological Advancements - Unmanned forklifts integrate forklift and AGV/AMR technologies, enabling automated material handling across various production scenarios [5][13]. - National and local policies are fostering the development of unmanned forklifts, emphasizing their inclusion in key research and development areas [5][26]. 2. Market Share and Global Positioning - The market share of unmanned forklifts is increasing, with a notable focus on both domestic and international markets, highlighting their core position in the AGV/AMR sector [5][43]. - The report notes that unmanned forklifts accounted for 30.95% of new product releases in the AGV/AMR category in 2025, underscoring their significance [5][43]. 3. Demand Drivers - The logistics industry's growth and evolving operational models are significantly increasing the demand for unmanned forklifts, which are seen as essential for enhancing efficiency and reducing labor costs [5][57]. - Labor shortages, driven by demographic changes and rising labor costs, are accelerating the adoption of unmanned forklifts [5][66]. 4. Investment Recommendations - The report suggests focusing on companies such as Hangcha Group (603298), Anhui Heli (600761), Zhongli Group (603194), and Noli Forklift (603611) as potential investment opportunities in the unmanned forklift sector [5][80].

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

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].