南财智讯2月12日电，中联重科在投资者关系活动中表示，海外业务连续5年高速增长，海外收入2020- 2024年增长5倍；2026年将重点布局西欧、澳洲等高端市场，研发更多符合当地法规和使用习惯的产 品，上述区域海外网点投入将对公司业绩提升提供增量支撑；非洲、拉美等区域已进入收获期，中东、 东南亚等区域基础设施建设需求持续增长。 ...

南财智讯2月12日电，中联重科在投资者关系活动中表示，2025年公司基于数字化思维和端对端管理理 念，搭建数字化存货管理平台，建立商机排产预测模型，同时智能化工厂投产，有效支撑存货与商机的 动态匹配管理；长沙智慧工厂可实现6.5天将钢板转化为挖掘机的高效生产；截至2025年前三季度，公 司存货余额较2025年初减少12.86亿元，下降5.70%，其中单三季度下降21.13亿元、较中报下降9.03%， 存货管理见效明显。 ...

智通财经APP获悉，中国银河证券发布研报称，2026年1月份，国内挖机内外销分别增长 +61.4%/+40.5%，12月汽车/履带式/随车起重机等内外销均高增长。1月庞源租赁塔吊吨米利用率录得22 年以来1月单月最高值，庞源指数2月初的周度值边际抬升，国内挖机和非挖复苏态势延续。海外欧美需 求有所恢复，海外龙头厂商卡特彼勒(CAT.US)在手订单强劲，26年北美工程机械终端需求预计温和增 长；澳非拉矿山机械需求强劲，非洲建筑活动也较活跃。 中国银河证券主要观点如下： 1月份挖机内外销分别增长+61.4%/+40.5% 据协会统计数据，(1)挖掘机：1月销售各类挖掘机18708台，同比增长49.5%。其中：国内销量8723台 (含电动挖掘机24台)，同比增长61.4%；出口量9985台(含电动挖掘机11台)，同比增长40.5%。内销存在 春节错月因素扰动，海外欧美复苏、金属价格走强，澳非拉等地矿山市场需求强劲。(2)装载机：1月装 载机内销同比+42.8%，出口同比+53.4%。1月单月电动化率25.43%，环比+3pct。 其他产品：12月各类工程起重机内外销同比均高增长 协会数据显示，(1)12月销量增速： ...

行 行业周报 1 月挖机销量为 1.87 万台，同比增长 49.5% | | | ——机械设备行业周报 | | | --- | --- | --- | --- | | 分析师： | 宁前羽 | SAC NO： S1150522070001 2026 年 2 月 | 12 日 | | 机械设备 | | 投资要点： | | | 证券分析师 宁前羽 | |  行业要闻 | | | ningqy@bhzq.com | | （1）1 月销售各类挖掘机 台，同比增长 49.5%。 18708 | | | 022-23839174 | | | | | | | （2）1 月销售各类装载机 11759 台，同比增长 48.5%。 | | | | | 月工程机械主要产品月平均工作时长为 小时。 （3）1 72.5 | | | 重点品种推荐 | | | | | 中联重科 | 增持 |  公司公告 | | | 恒立液压 | 增持 | （1）津荣天宇发布关于对外投资产业基金的公告。 | | | 捷昌驱动 | 增持 | | | | 豪迈科技 | 增持 | （2）艾迪精密公告 2025 年经营业绩情况。 | | | | | 周行情回顾 ...

机械设备行业 | | 标配 | | （维持） | | 1 月挖机销量迎开门红，新增专项债加速发行 | | --- | --- | --- | --- | --- | --- | | | | | | | 工程机械行业跟踪点评 | | 2026 | 年 | 2 | 月 11 | 日 | 分析师：谢少威（SAC 执业证书编号：S0340523010003） | | | | | | | 电话：0769-23320059 邮箱：xieshaowei@dgzq.com.cn | 事件： 中国工程机械工业协会公布 2026 年 1 月挖掘机、装载机销量数据。 投资建议：持续关注行业龙头。建议关注：三一重工（600031）、徐工机械（000425）、中联重科（000157）、 柳工（000528）、恒立液压（601100）。 风险提示：（1）若基建/房地产投资不及预期，工程机械需求减弱；（2）若专项债发行进度放缓或发 行金额不及预期，下游项目开工数量将会减少，工程机械需求趋弱；（3）若海外市场对国内企业产品 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险 ...

Core Viewpoint - The engineering machinery industry experienced a strong recovery in 2025, with an index increase of 33.14%, significantly outperforming the CSI 300, and is expected to continue high-quality development in 2026 driven by smart logistics equipment, mining machinery upgrades, and overseas market expansion [1][2]. Group 1: Industry Performance in 2025 - The total operating revenue of the engineering machinery industry reached 303.61 billion yuan in the first three quarters of 2025, a year-on-year increase of 10.84% [2]. - The net profit attributable to shareholders was 29.44 billion yuan, with a year-on-year growth rate of 19.72%, indicating improved profitability [2]. - The gross profit margin increased from 24.86% in Q1 to 25.48% in the first three quarters, reflecting enhanced sales efficiency [2]. Group 2: Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 29.10 billion yuan in the first three quarters, marking a new high for the same period in recent years, with a year-on-year growth rate of 41.79% in Q3 [4]. - Inventory turnover days decreased year-on-year, and the operating cycle was compressed by 3.73%, indicating improved operational efficiency despite a 9.35% increase in inventory value [4]. Group 3: Key Focus Areas for 2026 - Smart logistics equipment is expected to be the most promising growth area in 2026, driven by policy support, surging demand, and technological upgrades [6]. - The continuous growth of e-commerce logistics is a core driver, with the national express package processing volume reaching 7.23 billion during the Mid-Autumn Festival and National Day holidays, pushing the e-commerce logistics business volume index to 132.9 points [6]. - The demand for automation in logistics is urgent, as labor costs account for 29% of logistics companies' warehousing costs, necessitating the replacement of manual labor with smart equipment [6]. Group 4: Policy and Technological Developments - National and local governments are collaborating to promote logistics data openness and the construction of intelligent supply chains, with various supportive policies being implemented [11]. - Technological advancements, such as improved navigation precision and the localization of components, are strengthening the foundation for development in the industry [11]. Group 5: Mining Machinery and Tunnel Equipment - The mining machinery and tunnel engineering equipment sectors are entering a golden period of upgrades, driven by the "14th Five-Year Plan" and carbon neutrality goals [12]. - The demand for deep earth mining is increasing, with non-road dump trucks showing significant operational hours, indicating their essential role in material flow [12]. - The export of mining machinery is growing, with excavator exports reaching 93,800 units in the first ten months of 2025, a year-on-year increase of 14.43% [14]. Group 6: Investment Recommendations - Investment focus for 2026 should be on smart logistics equipment, particularly leading companies in the forklift sector, such as Anhui Heli and Hangcha Group, which are well-positioned to benefit from the trends of electrification and automation [15]. - In the mining machinery and tunnel construction equipment sector, companies like SANY Heavy Industry and Zoomlion are recommended due to their technological maturity and increasing export ratios [15].

Core Insights - The event showcased new products and solutions from Zoomlion Heavy Industry, attracting global clients and resulting in a total order value of 1.1 billion yuan, which boosts the company's market expansion efforts for 2026 [1][3]. Product Launch - Zoomlion introduced the new 136-ton hybrid electric drive dump truck ZTE240HEV, featuring a powerful engine and large-capacity battery, achieving a 15% increase in power, 10% improvement in transport efficiency, and over 12% in overall energy savings [3]. - The truck's design includes a cast-welded torsion-resistant frame and a multi-mode braking system, enhancing reliability and safety in complex mining conditions [3]. Smart Mining Solutions - The company demonstrated its fully automated unmanned mining truck and smart mining supervision platform, receiving positive feedback from clients [5]. - The smart mining solution enables automated collaboration across the entire mining process, with advanced technologies such as 120 milliseconds low-latency remote control and intelligent obstacle avoidance for multiple mining trucks [5]. - The mining supervision platform features three core functions: "3D digital twin," "equipment health monitoring," and "operational precision statistics," providing visual, traceable, and manageable mining operations, thus opening new pathways for cost reduction and efficiency improvement [5]. Customer Engagement - At the event, over 20 star products from the earthmoving machinery sector were showcased, including the newly developed three-section arm narrow-body excavator ZE225GNB, designed for high adaptability and efficiency in complex working conditions [7]. - The excavator's compact width of 2.54 meters allows for compliant transportation, reducing costs, while its three-section arm design enhances operational range and efficiency in tight spaces [7]. - Customers engaged in interactive experiences with the equipment, leading to a significant strategic cooperation consensus, as evidenced by the 1.1 billion yuan in signed contracts, highlighting the global market appeal of Zoomlion's high-end equipment [7].

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院人形机器人研究小组发布的《中国人形机器人（仿生人）行业发 展前景预测与投资战略规划分析报告》。 行业主要上市公司：目前国内人形机器人行业主要的上市公司有汇川技术(300124.SZ)、三花智控 (002050.SZ)、蓝思科技(300433.SZ)、恒立液压(601100.SH)、拓普集团(601689.SH)、领益智造 (002600.SZ)、中联重科(000157.SZ)、金力永磁(300748.SZ)等。 本文核心数据：全球企业分布数量 1、全球超半数的人形机器人企业在中国 据新战略人形机器人产业研究所统计，2024年全球人形机器人整机制造企业数量已超220家。其中，中 国企业数量超110家，占比达到50%以上;美国企业占比约20%，数量超45家;日本企业占比约10%，数量 超22家;剩余约20%的企业主要分布在德国、瑞士等欧洲国家以及韩国，每个国家分布企业数量不超过 10家，以传统工业机器人企业和科技公司为主。中国拥有全球最完整的人形机器人产业链、庞大的应用 场景与快速量产能力，人形机器人企业发展领先全球。 2、中国企业在硬件与集成端表现突出，美 ...

Core Viewpoint - The sales of excavators and loaders in January 2026 show significant growth, indicating a strong recovery in the domestic and international construction machinery market driven by major infrastructure projects and increasing demand for equipment upgrades [2][3][4]. Excavator Sales - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales reaching 8,723 units (up 61.4%) and exports totaling 9,985 units (up 40.5%) [2][3]. - The strong growth in domestic sales is attributed to a low base from the previous year due to the early Spring Festival, and upcoming projects in various sectors are expected to further boost demand [3]. - The export value of excavators in December 2025 was $1.277 billion, a month-on-month increase of 39.28%, and a year-on-year increase of 75.17% compared to December 2024 [3]. Loader Sales - In January 2026, a total of 11,759 loaders were sold, marking a year-on-year increase of 48.5%, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [2][4]. - The growth in domestic loader sales is driven by the commencement of major projects, such as the Yaxia Hydropower Station and the New Tibet Railway, which have increased demand for earth-moving equipment [4]. - The sales of electric loaders reached 2,990 units, with an electric penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [4]. Company Performance - Liugong (000528) is projected to achieve a net profit of 1.526 billion to 1.659 billion yuan for 2025, reflecting a year-on-year growth of 15-25%, driven by stable demand in the domestic construction machinery sector [4]. - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]. Investment Recommendations - The report suggests focusing on companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as SANY Heavy Industry (600031), Zoomlion (000157), Liugong, Shantui (000680), and Hengli Hydraulic (601100) [5].

据工程机械协会，2026年1月销售挖机1.87万台，同比增长49.5%。其中国内销量8723台，同比增长 61.4%；出口量9985台，同比增长40.5%。 据海关总署数据，2025年10—12月二手机出口台数分别同比增长69%、80%、99%，高速增长，存量设 备出清成效显著，为内需刚性更新提供坚实支撑。 华泰证券研报称，全球铜价持续创历史新高，有望持续拉动海外矿山机械需求，继续看好国产主机龙头 及零部件企业。2026年工程机械有望演绎内外共振上行。重点基建项目的陆续落地开工、地产的潜在复 苏有望为内需提供支撑，同时全球金属价格持续上涨有望充分拉动海外矿山机械需求。 国泰海通证券发布研报称，本轮工程机械景气周期中海外表现亮眼，国内企业持续深耕、发力于东南 亚、欧洲、南美等市场，看好行业业绩增长。 工程机械相关产业链港股： 中国龙工(03339)、三一重工（600031）(06031)、三一国际(00631)、中联重科（000157）(01157)、中创 智领（601717）(00564) ...