行 297 华福证券 轨交设备Ⅱ 2026 年 02 月 28 日 业 研 究 轨交设备Ⅱ 春节超 28 亿人次出行，流动中国彰显蓬勃活力 投资要点： 客流创新高，多元出行成主流 行 业 定 期 报 告 2026 年春节 9 天假期，我国全社会跨区域人员流动量累计超 28 亿人次，同比增长 8.2%创历史新高，正月初六单日流动量首达 3.8 亿 人次。其中 26.5 亿人次选择公路出行，自驾占比 86%，日均近 2.7 亿 人次驾车出行；铁路发送旅客 1.21 亿人次、同比增 11.5%，西延、广 湛、沈白等高铁新线首次投入春运，5 万公里高铁网让出行更便捷。 运量齐增长，人流物流共繁荣 本次春节假期铁路、公路、水路客运量同比增幅均超 10%，民航 客运量增幅达 7.3%，多种运输方式运量实现大幅增长。与此同时物流 运输同样旺盛，假期里每天有近 2 亿件包裹完成揽投，950 万吨货物通 过铁路运输，不断完善的交通基础设施让"人享其行、物畅其流"加 速实现，旺盛的人流与物流共同勾勒出活力满满的"流动的中国"。 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 年国务院印发《"十四五"现代综合交通运输 ...

以上内容基于公开资料整理，不构成投资建议。 经济观察网 中国中车港股（代码：01766.HK）在近一周（2026年2月17日至2月23日）表现活跃，受春 节后市场情绪影响。截至2月23日，股价报收5.90港元，单日上涨1.90%，振幅2.25%；近一周区间涨跌 幅为1.55%，区间振幅3.27%。资金面上，2月23日主力净流入224.79万港元，显示短期资金参与度提 升。技术面显示，股价近期震荡，布林带中轨位于5.839港元，压力位关注5.957港元。同期，轨交设备 板块整体上涨2.99%，恒生指数上涨2.57%，公司表现与板块趋势基本同步。 ...

Funding Situation - Main capital flow showed significant volatility in January 2026, with a net inflow of 1.173 million yuan on January 9, contrasting with a net outflow of 3.836 million yuan on January 7, indicating short-term market sentiment divergence [1] - As of January 26, 2026, the financing balance stood at 82.2743 million yuan, accounting for 4.63% of the circulating market value, which is at a historically high level within the top 80% percentile over the past year, potentially increasing stock price volatility [1] Industry Policy and Environment - The rail transit equipment industry is expected to benefit from ongoing investments in infrastructure and policy support, particularly from the "14th Five-Year Plan" which emphasizes railway network upgrades, with infrastructure investment policies likely to act as catalysts for future stock price movements [2] Company Fundamentals - The Q3 2025 financial report indicated revenue of 551 million yuan, a year-on-year increase of 12.27%, and a net profit of 56.5127 million yuan, also up 12.18% year-on-year; however, both revenue and net profit saw a decline in the third quarter compared to the previous year, with accounts receivable representing a high proportion of profit at 379.92%, necessitating attention to future improvements [3] - As of September 30, 2025, new institutional shareholders, such as the China Europe Value Selection Mixed Fund, may bolster market confidence [3] - Future focus areas include monitoring the company's order progress, technology conversion efficiency, and macro policy signals, as these factors could influence long-term valuation recovery; the upcoming annual report disclosures may also represent critical events for the company's performance outlook [3]

资金面情况 2026年2月12日当日成交额达2.71亿元，换手率10.37%，量比2.95，显示短期资金参与度较高。此前多 个交易日主力资金呈净流出态势(如2月4日净流出395万元)，但股价突破近期震荡区间后，可能吸引技 术性买盘。 经济观察网朗进科技（300594）在2026年2月12日股价上涨9.00%，收盘价为29.06元，创下60日新高。 股价表现主要受以下因素影响： 行业政策现状 目前经营状况 同日机械设备板块上涨1.45%，轨交设备板块上涨0.54%，大盘指数小幅上行，行业情绪对个股形成一 定支撑。公司作为轨道交通空调细分领域企业，其业务调整(如收缩低毛利订单)可能被部分投资者视为 长期优化信号。 根据2026年1月30日发布的业绩预告，公司预计2025年归母净利润亏损1100万元至1600万元，较2024年 同期亏损7640.6万元大幅收窄。减亏原因包括海外订单增长带动毛利率提升、应收账款减值损失减少， 以及成本管控优化。尽管仍处亏损，但市场可能对盈利改善趋势抱有预期。 公司已连续多年亏损，2025年前三季度净利润为-1350.20万元，主营业务盈利能力尚未根本扭转。2025 年曾因资金占用问题 ...

Core Viewpoint - Yan'ao Co., Ltd. (300923) holds a solid position in the rail transit electrical equipment sector, but faces financial health risks due to negative cash flow and high accounts receivable [1][2] Financial Performance - In the first three quarters of 2025, the company reported a revenue of 338 million yuan, reflecting a year-on-year growth of 20.78%, while net profit reached 25.72 million yuan, up 36.77% year-on-year [1][2] - The gross margin decreased to 25.50%, and the net profit margin is approximately 7.9%, indicating pressure on profitability [2] - The asset-liability ratio stands at 14.99%, suggesting a stable financial structure, but ongoing cash flow issues remain a core risk [2] Operational Challenges - The company has a negative net cash flow from operating activities, with accounts receivable accounting for 43.84% of total assets, highlighting pressure on capital turnover [1] - Future focus should be on improving accounts receivable management and signaling a turnaround in cash flow [1] Industry Opportunities - Opportunities in the industry include the urban rail transit renewal and transformation cycle, as well as expansion into overseas markets [1] - Contributions from new business areas, such as energy storage, are still under observation [1] Stock Performance - Over the past week, Yan'ao's stock price has shown a fluctuating upward trend, with a 2.68% increase, closing at 29.49 yuan, and a daily increase of 1.31% [3] - The stock is approaching a 20-day resistance level of 29.54 yuan, with MACD indicators showing a bullish arrangement, although there has been a net outflow of 279,300 yuan from institutional investors, with retail investors dominating [3] - The rail transit equipment sector has seen a slight increase of 0.34%, slightly outperforming the broader market [3]

轨交设备Ⅱ 2026 年 02 月 08 日 业 研 究 轨交设备Ⅱ 铁路系统锚定发展目标，客运提质货运增量启新程 投资要点： 精准发力施策，北京局多维赋能发展大局 行 业 定 期 报 告 中国铁路北京局集团紧扣发展目标，立足区位特点锚定"首善" 标准推进各项工作。服务京津冀协同发展，首次开行环线高铁，优化 列车运行时刻与开行方案，提升区域通达性和客运承载能力；深化客 运提质，优化车站服务、扩大多类便民服务范围，定制开行特色专列、 擦亮旅游列车品牌，激活文旅新动能；聚焦货运增量，发力核心及新 兴品类运输，推进市场化运营改革，盘活货场并构建多式联运体系， 提升货运市场份额的同时助力降低社会物流成本。 聚焦重点攻坚，兰州局多措并举提质增效 中国铁路兰州局集团围绕客运提质、货运增量等重点落实工作会 议精神。客运方面升级列车品牌服务、打造车站品牌样板，落地多项 提质项目并试点便民服务，做强旅游线路、打造特色旅游列车，力争 年内开行超 110 列旅游列车；货运方面与企业签订大宗协议锁定货源， 深化合作拓展运量，发展高附加值货物运输和多式联运；同时完成铁 路站点、设备改造，增加中转列车，系统补强点线能力、保障运输畅 通。 ...

Core Insights - The report maintains a "positive" rating for the mechanical equipment industry, highlighting the ongoing recovery in the engineering machinery sector and the high demand for humanoid robots due to their participation in the 2026 Spring Festival Gala [7][70] - Key companies recommended for investment include Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595), all rated as "buy" [4][70] Industry Overview Market Review - From January 4 to February 3, 2026, the CSI 300 Index rose by 0.65%, while the Shenwan Mechanical Equipment Index increased by 8.42%, outperforming the CSI 300 by 7.77 percentage points, ranking 7th among all primary industries [6][59] - As of February 3, 2026, the price-to-earnings ratio (PE, TTM) for the Shenwan Mechanical Equipment Industry was 51.18 times, with a valuation premium of 265.16% compared to the CSI 300 [6][66] Engineering Machinery - The engineering machinery sector is experiencing a sustained recovery, driven by the rollout of key projects and favorable policies for large-scale equipment upgrades. Excavator sales for 2025 are projected to reach 235,300 units, a year-on-year increase of 17% [7][70] - Domestic leading manufacturers are accelerating their expansion into overseas markets, leveraging their competitive advantages in technology and cost-effectiveness [7][70] Industrial Robots - The industrial robot sector is maintaining high demand, with 2025 projected to see a cumulative production of approximately 773,100 units, reflecting a year-on-year growth of 28%. In December 2025 alone, production reached 90,100 units, up 14.7% year-on-year [43][44] - The upcoming 2026 Spring Festival Gala is expected to enhance brand visibility and commercialization of humanoid robots, potentially reigniting widespread interest in the sector [7][70] Rail Transit Equipment - In 2025, the total fixed asset investment in national railways reached 901.5 billion yuan, marking a year-on-year increase of 5.98%. The cumulative production of high-speed trains for the year was 1,994 units, up 6.7% [48][53] Company Announcements - TuoSiDa announced a profit forecast for 2025, expecting a net profit of 60 million to 80 million yuan, driven by improved profitability in its industrial robot and injection molding machine segments [57] - Zhonghe Technology won a bid for the Taizhou Urban Railway S2 Line signal system procurement project, with a contract value of approximately 432.35 million yuan [57]

Market Performance - The rail transit equipment sector increased by 1.81% compared to the previous trading day, with Gongda Gaoke leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Gongda Gaoke (688367) closed at 38.45, up 5.63% with a trading volume of 46,200 shares and a transaction value of 172 million yuan [1] - Dinghan Technology (300011) closed at 8.64, up 3.10% with a trading volume of 296,500 shares and a transaction value of 261 million yuan [1] - China CNR (601766) closed at 6.48, up 2.86% with a trading volume of 2.8144 million shares and a transaction value of 1.806 billion yuan [1] - Shenzhou Gaotie (000008) closed at 3.00, up 2.74% with a trading volume of 537,300 shares and a transaction value of 160 million yuan [1] - Other notable stocks include Times Electric (688187) up 1.78% and China Railway Materials (000927) up 1.77% [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 296 million yuan from institutional investors, while retail investors experienced a net outflow of 143 million yuan [2] - Major stocks like China CNR had a net inflow of 3.30 billion yuan from institutional investors, but a net outflow of 1.38 billion yuan from retail investors [3] - Shenzhou Gaotie had a net inflow of 17.2 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Core Viewpoint - The railway transportation equipment sector experienced a rise of 1.54% on February 3, with Langjin Technology leading the gains. The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. Group 1: Sector Performance - The railway transportation equipment sector saw a net inflow of 61.85 million yuan from main funds, while retail funds experienced a net inflow of 21.69 million yuan. However, speculative funds had a net outflow of 83.54 million yuan [1]. - The top-performing stock in the sector was Langjin Technology, which closed at 26.85 yuan, reflecting a 9.24% increase with a trading volume of 95,500 shares and a transaction value of 253 million yuan [1]. Group 2: Individual Stock Performance - Other notable stocks included: - Zhonghe Technology, closing at 8.44 yuan, up 3.43%, with a trading volume of 221,000 shares and a transaction value of 185 million yuan [1]. - Tianzhixin Material, closing at 8.24 yuan, up 3.13%, with a trading volume of 187,000 shares and a transaction value of 153 million yuan [1]. - Jiaokong Technology, closing at 24.92 yuan, up 3.10%, with a trading volume of 21,200 shares and a transaction value of 52.27 million yuan [1]. Group 3: Fund Flow Analysis - The fund flow analysis indicated that: - China CNR Corporation had a main fund net inflow of 122 million yuan, but both speculative and retail funds showed net outflows of 66.39 million yuan and 55.25 million yuan, respectively [2]. - Jiuzhou Yitui had a main fund net inflow of 9.37 million yuan, with speculative funds showing a net outflow of 7.18 million yuan [2]. - The overall trend showed that while main funds were entering the sector, speculative funds were withdrawing, indicating a cautious sentiment among traders [2].

众合科技（000925）是一家高科技轨交设备企业，在智慧交通领域市占率保持前三，主业稳定，持续往 新兴产业拓展，在低空经济和半导体行业取得一定进展。 关于近期证监局的警示函的内容，此前已经在众合科技2024年年报里已经详细说明，2024年10月21日， 众合科技将东亚银行杭州分行募集资金专户1.2亿元转入东亚银行杭州分行保证金账户，购买7天通知存 款，用于闲置募集资金现金管理，购买前履行了公司内部审批流程，2024年 11月18日，东亚银行杭州 分行保证金账户转回12,014.00万元（其中12,000.00万元为本金，14万元为利息）至公司东亚银行杭州分 行募集资金专户。 最近，众合科技发布新的公告，一方面是2025年的业绩预告，另一方面是证监局警示函，从表面来看， 会误以为是有利空，而且在最近股价下跌里也释放了投资者的情绪。 针对众合科技的公告内容，需要透过现象看到公司本质的情况。 营收快速增长，单季度盈利修复 2025年业绩预告，营业收入同比增长，虽然表面上看年度净利润为负值，但是2025年三季度净利润来 看，三季度净利润亏损4621.56万元，四季度减亏，亏损收窄，四季度亏损4000万至6000万，众 ...