行业与风险分析 当日机械设备板块下跌0.96%，通用设备板块下跌0.56%，液冷概念板块下跌0.92%，行业整体调整对个 股形成拖累。尽管维谛技术25Q4财报显示液冷市场需求旺盛(订单同比增252%)，但市场更关注国内产 业链实际落地进度，情绪面趋于理性。 公司基本面 公司2025年三季报显示，前三季度营收48.35亿元(同比-2.45%)，净利润4.28亿元(同比-9.68%)。虽然第 三季度单季营收同比增长6.88%，但整体业绩仍处于修复阶段，估值(TTM市盈率30.02倍)相对行业中枢 存在调整压力。 经济观察网冰轮环境（000811）在2026年2月13日出现逆市下跌，主要受以下几方面因素影响： 股价与资金表现 截至2月13日收盘，股价报17.61元，当日跌幅3.82%，振幅2.62%。股价在2月12日大涨4.63%至18.31元 后，接近布林带上轨18.22元压力位，技术面存在回调需求。MACD指标虽保持金叉(DIF=0.322， DEA=0.208)，但KDJ的J值达81.56，处于超买区间，短期获利盘兑现压力增大。 资金面情况 2月13日主力资金净流出2228.68万元，主力流入占比仅15%，而 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

公司状况 公司已于2026年1月26日发布2025年年度业绩预告，预计归属于上市公司股东的净利润为1.65亿元至1.90 亿元，同比增长77.47%至104.36%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网青达环保股东冰轮环境（000811）因自身经营需要，计划减持不超过公司总股本3%的股 份。同时，公司此前发布的2025年业绩预告显示，净利润预计同比增长77.47%至104.36%。 股价异动原因 根据公告，公司股东冰轮环境技术股份有限公司计划通过集中竞价和大宗交易方式减持股份不超过总股 本的3%(即不超过372.68万股)，其中集中竞价减持不超过1%，大宗交易减持不超过2%。减持期间为 2026年3月9日至2026年6月8日。 ...

相关上市公司：冰轮环境(000811.SZ) 同壁财经讯，企查查数据显示，根据《中国石油化工股份有限公司石家庄炼化分公司石家庄炼化绿色转 型发展项目RTC复合型表面蒸发空冷器空冷器招标结果公告》，冰轮环境技术股份有限公司于2026年2 月12日公告中标中国石化国际事业有限公司采购项目，中标金额为7059.40万元。 同壁财经小贴士： 相关上市公司：冰轮环境(000811.SZ) 同壁财经小贴士： 冰轮环境（000811.SZ）2024年营业收入为66.35亿元，营业收入增长率为-11.48%，归属母公司净利润 为6.28亿元，归属母公司净利润增长率为-4.76%，净资产收益率为10.96%。 冰轮环境（000811.SZ）2024年营业收入为66.35亿元，营业收入增长率为-11.48%，归属母公司净利润 为6.28亿元，归属母公司净利润增长率为-4.76%，净资产收益率为10.96%。 2025年上半年公司营业收入为31.18亿元，营业收入增长率为-6.92%，归属母公司净利润为2.66亿元，归 属母公司净利润增长率为-19.71%。 目前公司属于工业行业，主要产品类型为风泵机械、专用设备与零部件，2024 ...

证券之星消息，2月12日山东国企改革板块较上一交易日上涨0.89%，雅博股份领涨。当日上证指数报收 于4134.02，上涨0.05%。深证成指报收于14283.0，上涨0.86%。山东国企改革板块个股涨跌见下表： 从资金流向上来看，当日山东国企改革板块主力资金净流入10.49亿元，游资资金净流出1.45亿元，散户 资金净流出9.04亿元。山东国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000977 | 浪潮信息 | 6.48 Z | 13.72% | -2.67 Z | -5.66% | -3.81 Z | -8.06% | | 000338 潍柴动力 | | 4.40 Z | 10.02% | 1.23亿 | 2.81% | -5.64 Z | -12.83% | | 600188 | 兖矿能源 | 1.74亿 | 8.43% | -2180.01万 | -1.06% | - ...

Investment Rating - The report rates the machinery equipment industry as "Overweight" [1] Core Insights - The machinery equipment sector is experiencing significant growth driven by increased demand for efficient cooling solutions in data centers and AI infrastructure [3][22] - Major companies like Trane Technologies and Johnson Controls are reporting strong order growth, indicating a robust market environment [9][15] - Google's substantial capital expenditure plans for 2026 highlight the increasing investment in AI and cloud infrastructure, which is expected to further boost demand for related equipment [21] Summary by Sections 1. Trane Technologies Financial Review - Trane Technologies reported Q4 2025 revenue of $5.1 billion, a 6% year-over-year increase, with adjusted EPS of $2.86, up 10% [9] - The company saw a 24% increase in new orders, with a record backlog of $7.8 billion, indicating strong future revenue potential [10] - The commercial HVAC business is a key growth driver, with orders up over 35% in Q4 2025 [10] 2. Johnson Controls Performance - Johnson Controls achieved Q1 2026 revenue of $5.8 billion, a 7% increase year-over-year, with a 39% rise in self-owned business orders [15] - The company has raised its adjusted EPS guidance for FY 2026 to approximately $4.70, reflecting a 25% year-over-year growth [15] - The introduction of new products like the YORK YDAM chiller is aimed at enhancing data center cooling solutions [20] 3. Google's Cloud Business - Alphabet reported Q4 2025 revenue of $113.8 billion, an 18% increase, with cloud revenue growing 48% due to AI infrastructure demand [21] - The company plans to invest $175 to $185 billion in capital expenditures for 2026, nearly doubling its previous year's investment [21] 4. Investment Recommendations - The report suggests that the growth in data centers will create opportunities for Chinese cooling equipment manufacturers, such as Ice Wheel Environment and Linde Co., to capitalize on the demand for cooling solutions [22] - Companies like Invek, which provide comprehensive liquid cooling solutions, are also highlighted as potential beneficiaries of this trend [22] 5. Caterpillar Financial Review - Caterpillar reported 2025 revenue of $67.6 billion, a 4% increase, with Q4 revenue reaching a record $19.1 billion [28] - The power and energy segment saw a 23% increase in sales, driven by demand from data centers [29] - The construction machinery segment also grew, but profit margins were pressured by rising costs [29]

Core Insights - The Chinese quick-freezing machine industry is at a critical juncture of opportunities and challenges, characterized by strong demand growth and accelerated technological upgrades. The market size is projected to reach approximately 3.946 billion yuan in 2024, representing a year-on-year growth of 10.35% [1][8]. Industry Overview - Quick-freezing machines, also known as freezing equipment, are industrial refrigeration devices primarily used for rapid freezing of food products. They function by using refrigeration systems and air circulation to lower the center temperature of items to below -18°C within 30 minutes, minimizing nutrient loss [2][4]. - The industry includes various types of quick-freezing machines, such as tunnel freezers, spiral freezers, fluidized freezers, and liquid nitrogen freezers [3]. Market Size - The growth in the quick-freezing machine market is driven by multiple demand engines, including the explosive growth of the prepared food industry, which increases the demand for high-end equipment like liquid nitrogen and spiral freezers. Additionally, the biopharmaceutical sector's requirements for ultra-low temperature storage and frost-free technology, along with the expansion of cold chain logistics, are contributing to the demand [1][7][8]. Industry Chain - The upstream of the quick-freezing machine industry includes raw materials and components such as steel, stainless steel, compressors, evaporators, fans, sensors, control systems, and environmentally friendly refrigerants. The midstream involves the manufacturing of quick-freezing machines, while the downstream applications span food processing, biopharmaceuticals, chemicals, and electronics [4]. Key Companies - The competitive landscape of the quick-freezing machine industry is characterized by leading companies such as Ice Wheel Environment, which offers a full-service capability from core compressors to large-scale spiral and tunnel freezing production lines. Ice Mountain Cold is also a key player with advanced technology in industrial refrigeration and commercial cold chain sectors [8][9][11]. Industry Development Trends 1. **Technological Innovation**: The focus is shifting from merely preserving food to enhancing its quality through advanced freezing technologies, such as the "cloud freezing" technology that minimizes cell damage and juice loss [13]. 2. **Customized Solutions**: The rapid growth of the prepared food industry is driving the need for diverse and refined equipment solutions, requiring quick-freezing machines to adapt to various food types and freezing requirements [14]. 3. **Smart and Green Development**: The industry's future will revolve around smart technologies and sustainability, integrating IoT, AI, and energy-efficient practices to enhance operational efficiency and reduce environmental impact [15].

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

机械设备行业 行业研究 | 动态跟踪 美国数据中心建设加剧用电紧张，燃机板 块景气度上升，产业链迎来投资机会 核心观点 投资建议与投资标的 美国数据中心的快速建设带来电力建设需求，但我们看到了美国政策导向将推动科技公 司更大规模投建发电设备，我们认为行业的景气度有望继续走强。从目前产业链公司财 报看，海外燃机公司的订单已经进入高景气状态，且进入产能扩张期。在此背景下，我 们认为产业链公司有望获得更多市场份额，带来投资机会。相关标的：杰瑞股份 (002353，买入)、联德股份(605060，未评级)、应流股份(603308，未评级)、冰轮环境 (000811，未评级)、迪威尔(688377，未评级)。 风险提示 宏观经济波动导致投资不及预期、数据中心建设不及预期、海外竞争加剧，原材料价格 上涨拖累企业盈利 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 07 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 特斯拉 V3 即将落地，有望成为明星产品， | ...

Core Viewpoint - The company Ice Wheel Environment, through its subsidiaries Dunham-Bush and Ice Wheel Heat Exchange Technology, provides cooling equipment for data centers and liquid cooling systems, highlighting its strong market position and technological advancements in the HVAC industry [2]. Group 1: Company Overview - Dunham-Bush has a 131-year history and is recognized as a leading player in the HVAC sector in Europe and North America [2]. - The company’s products, including the "Variable Frequency Centrifugal Chiller" and "Air-Cooled Screw Chiller with Integrated Natural Cooling Function," are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [2]. Group 2: Market Presence - The company has successfully served numerous domestic projects, including major data centers for the National Supercomputing Center in Guangzhou and China Mobile, among others [2]. - Internationally, Dunham-Bush collaborates with local integrators to serve projects across North America, Australia, Southeast Asia, and the Middle East, indicating a robust global market presence [2]. Group 3: Product Innovations - Ice Wheel Heat Exchange Technology offers a range of products, including evaporative condensers and closed cooling towers, with its "Low-Carbon Energy-Saving Closed Cooling Technology" recognized as a national energy-saving demonstration technology [2]. - The company has seen a shift in the IDC chiller market, with a decreasing proportion of screw-type chillers and an increasing share of centrifugal chillers, particularly magnetic levitation types [2]. Group 4: Manufacturing and Standards - The company faces high standards for IDC chillers, including requirements for operational conditions, seismic resistance, reliability, energy efficiency, and recovery time after power outages, which create significant entry barriers [2]. - Dunham-Bush has expanded its overseas manufacturing base while its domestic facilities begin to support international markets [2].