Core Insights - The article discusses the rapid growth and potential of the unmanned forklift industry in China, highlighting both advantages and disadvantages of unmanned forklifts [1][4]. Group 1: Product Advantages and Disadvantages - Unmanned forklifts are efficient, flexible, save labor costs, and allow for real-time monitoring [3]. - However, they are more expensive than traditional forklifts, have limited applicability in complex environments, and incur higher maintenance costs [3]. Group 2: Market Landscape - There are over 100 companies involved in the unmanned forklift sector in China, including established traditional forklift manufacturers and emerging robotics companies [4]. - Key players include Hangcha Group, Anhui Heli, and new entrants like Future Robotics and Hikvision Robotics, each offering a variety of unmanned forklift products [5]. Group 3: Sales and Market Size - Unmanned forklift sales in China are on a rapid upward trend, reaching approximately 5,000 units in 2020, surpassing 10,000 units in 2022, and projected to reach 24,500 units in 2024, representing a year-on-year growth of 25.64% [6]. - The market size for unmanned forklifts in China is around 5 billion yuan, with the industry expected to exceed 4 billion yuan in 2023 and reach approximately 5 billion yuan in 2024 [8]. Group 4: Industry Penetration - The current penetration rate of unmanned forklifts in China is relatively low, estimated at 1.91% for 2024, which is an increase of 0.24% from 2023 [9][12]. - Future growth in penetration is anticipated as the logistics and industrial manufacturing sectors develop and technology advances [9].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

Investment Rating - The report maintains a "Market Perform" rating for the forklift industry, emphasizing the importance of lithium battery replacement and product export as key investment themes [1]. Core Insights - The forklift industry is experiencing a clear transition towards electrification, driven by increasing domestic demand and favorable policies. The focus is shifting towards safety regulations, emission controls, and digital supervision, which guide the industry's upgrade direction [4][11]. - The electrification of forklifts, particularly through lithium batteries, is identified as a primary growth driver. The advantages of electric forklifts include environmental friendliness, low noise, and low energy consumption, leading to increased penetration in high-demand sectors [4][38]. - The report highlights the competitive landscape, noting that domestic leaders are enhancing their core competitiveness through high-performance products and deepening international market presence. The industry is characterized by significant barriers to entry, including technology, brand, and distribution channels [4][29]. Summary by Sections 1. Domestic Demand and Market Overview - The forklift industry in China has seen rapid growth, with a projected 2024 sales volume of 1.45 million units, reflecting a year-on-year increase of 12.93% [18]. - The global forklift market is expected to reach 21.598 million units in 2024, with Asia accounting for 52.01% of sales [18][29]. - The competitive landscape is dominated by foreign companies, with the top three (CR3) holding approximately 53% market share in 2024 [29]. 2. Electrification and Lithium Battery Market - The report emphasizes that lithium batteries will lead the electrification transition, with electric forklifts expected to replace internal combustion models due to stricter environmental regulations [4][38]. - The market for electric forklifts is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.16% from 2025 to 2030, reaching a market size of $71.85 billion [29]. 3. Investment Recommendations - The report suggests focusing on companies with lithium battery technology barriers and strong overseas channels, such as Hangcha Group, Anhui Heli, Zhongli Group, and Noli Group, which are expected to benefit from tightening environmental policies and the electrification wave [4][29].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

Core Viewpoint - As of January 20, a total of 142 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Fenglong Co., which has seen net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Anhui Heli, *ST Guohua, Kangchen Pharmaceutical, Jiuding Investment, Shaanxi Coal and Electricity, Yili Co., Microelectrophysiology, and Gansu Expressway [1]

Core Viewpoint - Anhui Heli stated that by the third quarter of 2025, the revenue from its EU export business is expected to account for approximately 7% of the company's total revenue [2] Group 1: Company Overview - The company has established several sales and research institutions in Europe, including Heli European Center in France, Heli European Headquarters in Germany, and Heli European R&D Center [2] - Sales in the European region are primarily conducted through a combination of the company's sales institutions and agents [2]

证券代码：600761 证券简称：安徽合力 公告编号：临 2026-005 安徽合力股份有限公司 关于使用暂时闲置募集资金进行现金管理的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1 （二）投资金额 1、杭州银行单位大额存单多元服务 G01 期 3 年 30,000 万元（可转让）； 投资种类：大额存单、结构性存款等。 投资金额：杭州银行单位大额存单多元服务 G01 期 3 年 30,000 万元（可转 让）；杭州银行"添利宝"结构性存款产品 2,500 万元（79 天）；杭州银行"添 利宝"结构性存款产品 1,500 万元（111 天）；杭州银行"添利宝"结构性存款 产品 3,000 万元（173 天）；杭州银行"添利宝"结构性存款产品 1,500 万元（201 天）；杭州银行"添利宝"结构性存款产品 1,500 万元（236 天）。 已履行的审议程序：2026 年 1 月 16 日，安徽合力股份有限公司（以下简称 "公司"）第十一届董事会第二十二次会议审议通过了《关于使用暂时闲置募集 ...

Core Viewpoint - As of January 19, a total of 144 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Fenglong Co., which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Anhui Heli, Shanghai Airport, Yong'an Forestry, *ST Guohua, Neway Group, Kangchen Pharmaceutical, Shentong Metro, and Qibin Group [1]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

Group 1 - The company announced the approval of the expected daily related party transactions for the year 2026 by its 11th Board of Directors at the 22nd meeting [2] - The company also approved a proposal to use temporarily idle raised funds for cash management [2]