证券研究报告 | 行业深度报告 2026 年 02 月 13 日 与时代共舞，拥抱"科技+出海" 机械行业 2026 年度策略报告 中游制造/机械 复盘 2025 年，机械行业股价显著跑赢沪深 300，行情主要围绕北美 AI 链演绎。 展望 2026 年，我们认为明年是关键的一年，宏观角度看，逢六逢一为顺周期大 年，"AI 商业化+全球再工业化"的宏观叙事背景下，我们对 2026 年制造业板 块投资持乐观积极态度；标的层面，优选确定性和安全性两个方向，选股优先级 排序为产业趋势>卡位优势>估值，长期维度建议配置平台化公司。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 478 | 9.2 | | 总市值（十亿元） | 5558.8 | 4.9 | | 流通市值（十亿元） | 4805.6 | 4.7 | 行业指数 % 1m 6m 12m 绝对表现 7.0 28.8 56.7 相对表现 7.7 13.8 35.6 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Feb/25 Jun/25 Sep/25 Jan/26 (%) 机械 ...

Group 1 - The company Winhe Technology announced on January 30 that its fifth board meeting was held via communication voting, where it reviewed the proposal for the appointment of senior management personnel [1] - The nuclear power construction industry is experiencing a surge, with equipment manufacturers overwhelmed by demand, leading to orders being scheduled until 2028 [1] - Employees in the equipment manufacturing sector are working in three shifts, with production lines operating 24 hours a day to meet the high demand [1]

Group 1 - The company, Yinghe Technology, announced the appointment of Zhu Yeqing as Vice President and Chief Financial Officer, following a nomination by the company's president and approval by the board's nomination committee and audit committee [1] Group 2 - The nuclear power construction industry is experiencing a surge in demand, with equipment manufacturers reportedly busy with orders extending to 2028, operating on a three-shift schedule and maintaining 24-hour production lines [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 根据《公司法》《公司章程》等相关规定，经公司总裁提名，并经公司董事 会提名委员会任职资格审查通过，董事会审计委员会审议通过，公司于 2026 年 1 月 30 日召开第五届董事会第二十五次会议，审议通过了《关于聘任高级管理 人员的议案》，公司董事会同意聘任朱叶清先生为公司副总裁、财务总监，任期 自本次董事会审议通过之日起至第五届董事会任期届满之日止。 通过对朱叶清先生个人履历和工作业绩等情况的审查，未发现其有《公司法》 第 178 条规定的情况，未发现其被中国证监会确定为市场禁入者，朱叶清先生具 备担任公司高级管理人员的资格，符合担任公司高级管理人员的任职要求。 朱叶清先生的简历详见附件。 特此公告。 深圳市赢合科技股份有限公司 董事会 证券代码：300457 证券简称：赢合科技 公告编号：2026-002 深圳市赢合科技股份有限公司 关于聘任高级管理人员的公告 二〇二六年一月三十日 1 附件： 朱叶清先生简历： 朱叶清，男，汉族，中国国籍，无境外永久居留权，1985 年出生，会计硕 士，高级会计师，注册管理会 ...

深圳市赢合科技股份有限公司 第五届董事会第二十五次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：300457 证券简称：赢合科技 公告编号：2026-001 二、董事会会议审议情况 本议案已经公司董事会提名委员会、董事会审计委员会审议通过。 经与会董事认真审议，通过了以下决议： 1、审议通过《关于聘任高级管理人员的议案》 具体内容详见公司同日刊登在巨潮资讯网（http://www.cninfo.com.cn）的 《关于聘任高级管理人员的公告》。 一、董事会会议召开情况 表决结果：同意 9 票，反对 0 票，弃权 0 票。 深圳市赢合科技股份有限公司（以下简称"公司"）第五届董事会第二十五 次会议于 2026 年 1 月 30 日以通讯表决方式召开。会议通知已于 2026 年 1 月 25 日以电子邮件方式送达全体董事和高级管理人员。本次会议应出席董事 9 名，实 际出席董事 9 名，公司高级管理人员列席了本次会议。全体董事知悉本次会议的 审议事项，并充分表达意见。会议由董事长贾廷纲先生召集和主持，会议的召集、 召开和表决程序符合《公 ...

Core Viewpoint - The company is currently focused on lithium battery intelligent equipment and e-cigarette related businesses, and has not yet provided coating machines required for perovskite photovoltaic fields [1] Group 1: Business Focus - The company's main business areas are lithium battery intelligent equipment and e-cigarette related businesses [1] - The company is monitoring industry technology development trends to strategically plan its business direction [1] Group 2: Future Outlook - The company will continue to pay attention to industry trends and will cautiously layout its business direction in line with its strategic planning [1]

Core Viewpoint - The company, Yinghe Technology, emphasizes its core product, the coating machine, which has been recognized as a national-level manufacturing "single champion" and showcases advanced technology in precision coating processes [1] Group 1: Product Development - The coating machine ensures consistency, safety, and cycle life of battery cells through high-precision coating technology [1] - The company plans to deliver a dual-layer extrusion coating machine to a customer in Hungary by 2025, featuring modular design for large-scale production capabilities [1] - In 2026, the company will launch the new Super-E series S-type coating machine, which will enhance speed, stability, integration, energy efficiency, and intelligent maintenance [1] Group 2: Technological Innovation - The company continues to invest in cutting-edge technology, having introduced a solid-state wet coating machine that won the "2025 Product Innovation Award" at the 6th International Science and Technology Innovation Festival [1]

Core Viewpoint - The company, Yinghe Technology, emphasizes its core product, the coating machine, which has been recognized as a national-level manufacturing "single champion" and showcases advanced technology in precision coating processes [1] Group 1: Product Development - The coating machine ensures consistency, safety, and cycle life of battery cells through high-precision coating technology [1] - The company plans to deliver a dual-layer extrusion coating machine to a customer in Hungary by 2025, featuring modular design for large-scale production capabilities [1] - In 2026, the company will launch the new Super-E series S-type coating machine, which will enhance speed, stability, integration, energy efficiency, and intelligent maintenance [1] Group 2: Technological Innovation - The company continues to invest in cutting-edge technology, having introduced a solid-state wet coating machine that won the "2025 Product Innovation Award" at the 6th International Science and Technology Innovation Festival [1]

Group 1 - The lithium battery industry is entering an accelerated expansion phase, with major companies starting a new round of capital expenditures in 2025, and 2026 is expected to see record-high capex investments [1] - The demand for lithium batteries has consistently exceeded expectations in recent years, leading to order overflow from major manufacturers due to insufficient capacity, with an estimated additional production capacity of nearly 1 TWh expected in 2026 [1] - Major lithium battery manufacturers are currently initiating equipment tenders, with hundreds of GWh of orders already visible, and further orders of around 100 GWh are anticipated [1] Group 2 - Orders for lithium battery equipment have reached new highs, with most equipment manufacturers showing positive year-on-year growth in contract liabilities, and many have surpassed historical peaks [2] - The strong order situation in the lithium battery equipment sector is expected to continue into 2026, although profitability improvements may not be realized until 2026 [2] Group 3 - Progress has been made in the research and development of solid-state batteries, with a shift in focus towards cost reduction and efficiency improvements in equipment, laying the groundwork for future testing of solid-state batteries [3] - Major battery manufacturers are expected to begin constructing pilot lines for solid-state batteries in 2026, which will create additional demand and opportunities for equipment companies [3] Group 4 - Companies to watch in this sector include XianDao Intelligent (300450.SZ), XianHui Technology (688155.SH), LianYing Laser (688518.SH), HaiMuXing (688559.SH), DeLong Laser (688170.SH), ST YiFei (688646.SH), YingHe Technology (300457.SZ), HangKe Technology (688006.SH), and XinYuRen (688573.SH) [4]

Core Viewpoint - The year 2025 is recognized as the "year of solid-state battery industrialization," marking a significant transition from experimental technology to mass production, reshaping the energy storage industry at an astonishing pace [1]. Group 1: Technological Breakthroughs and Capacity Implementation - In 2025, solid-state batteries achieved substantial breakthroughs in energy density and industrialization processes, with CATL's sulfide solid-state battery reaching an energy density of 500Wh/kg, and EVE Energy's first solid-state battery successfully rolling off the production line [3][4]. - Major companies like GAC Group and EVE Energy are establishing production lines for solid-state batteries, with GAC's line capable of producing batteries over 60Ah and EVE's Chengdu base being unveiled [3]. Group 2: Beneficiary Segments: Equipment and Materials - The demand for solid-state battery-specific equipment is surging due to the need for new manufacturing processes, leading equipment manufacturers like Xian Dai Intelligent and Winbond Technology to launch dedicated production lines [5]. - The solid-state battery industry is witnessing a critical period for pilot lines from 2025 to 2026, with equipment orders expected to be fulfilled ahead of schedule [5]. Group 3: Industry Development Anchors: Policies, Standards, and Leading Enterprises - Solid-state batteries are included in China's "New Energy Storage Manufacturing Industry High-Quality Development Action Plan," with support for R&D and pilot verification, while global competitors like the EU and the US are also accelerating their efforts [12]. - The first national standard for solid-state batteries is set to be published in September 2026, establishing China's leadership in the next generation of battery technology [13]. - Leading companies like CATL and BYD are planning to demonstrate small-scale production by 2027, indicating a strategic approach to validate technology feasibility [14]. Group 4: Future Application Rhythm: Gradual Penetration from Specialized to Mass Markets - From 2025 to 2027, solid-state batteries are expected to first penetrate specialized and high-end markets, including drones and high-end electric vehicles, which are sensitive to weight, safety, and energy density [16]. - Between 2027 and 2030, solid-state batteries will gradually enter high-end consumer and luxury electric vehicles, paving the way for broader market adoption [17]. - Post-2030, solid-state batteries are anticipated to flourish in mainstream passenger vehicles and general energy storage, leveraging cost control and supply chain scale effects [18]. Conclusion - The year 2025 marks a pivotal transition for solid-state batteries from "technically feasible" to "commercially visible," indicating a significant shift in the industry landscape [19][20].