据中国工程机械工业协会统计： 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03%，环比增长3.62%。 其中：挖掘机68.6小时；装载机98小时；汽车起重机103小时；履带起重机91.4小时；塔式起重机49.9小 时；压路机31.9小时；摊铺机45.8小时；旋挖钻机65.9小时；非公路矿用自卸车161小时；混凝土泵车41.5小 时；混凝土搅拌车65.9小时；叉车106小时。 2025年10月工程机械主要产品月开工率为55%，同比下降10.1个百分点，环比下降0.16个百分点。 其中：挖掘机55.1%；装载机58.2%；汽车起重机69.7%；履带起重机56.9%；塔式起重机39.9%；压路机 42.4%；摊铺机57%；旋挖钻机40.1%；非公路矿用自卸车45.9%；混凝土泵车36.1%；混凝土搅拌车30.9%；叉 车58.5%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 2024年开工情况 数据回顾 ◆ 2024年12月工程机械主要产品月平均工作时长为93.9小时，环比下降2.91% ◆ 2024年10月工程机械主要产品月平均工作时长为88.9小时，环比下降1. ...

据中国工程机械工业协会对装载机主要制造企业统计，2025年10月销售各类装载机10673台，同比增长27.7%。其中国内销量5372台，同比增长33.2%；出口量5301 台，同比增长22.6%。 | | | 2025年10月 中国装载机市场概况 | | | --- | --- | --- | --- | | | 国内 | 문 | 合计 | | 兴期销量 | 5 372 | 5 301 | 10 673 | | 同比涨幅 | 33.2% | 22.6% | 27.7% | | 累计销量 | ર્દ 368 | 49 044 | 104 412 | | 同比涨幅 | 21.8% | 9.69% | 15.8% | 2025年1—10月，共销售各类装载机104412台，同比增长15.8%。其中国内销量55368台，同比增长21.8%；出口量49044台，同比增长9.69%。 | | | | | | 2025年中国电动装载机市场情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | < 3吨 ...

据中国工程机械工业协会对挖掘机主要制造企业统计，2025年10月销售各类挖掘机18096台，同比增长7.77%。其中国内销量8468台，同比增长2.44%；出口量9628 台，同比增长12.9%。 | | | 2025年10月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 그 | 合计 | | 当期销量 | 8 468 | 9 628 | 18 096 | | 去年同期 | 8 266 | 8 222 | 16 791 | | 同比涨幅 | 2.44% | 12.9% | 7.77% | | 累计销量 | 98 345 | 93 790 | 192 135 | | 去年同期 | 82 211 | 81 961 | 164 172 | | 同比涨幅 | 19.6% | 14.4% | 17% | 2025年1—10月，共销售挖掘机192135台，同比增长17%；其中国内销量98345台，同比增长19.6%；出口93790台，同比增长14.4%。 | | | | | 2025年中国电动挖掘机市场情况 | | | | | --- | --- | --- | - ...

Core Viewpoint - Terex plans to exit the aerial work platform business and merge with REV Group, which specializes in manufacturing specialty vehicles such as fire trucks and ambulances [1][3]. Financial Performance - In Q3 2025, Terex reported sales of $1.4 billion, up from $1.2 billion in the same period last year, driven by strong demand for refuse collection vehicles, multifunctional vehicles, parts, services, and digital solutions [4]. - The ESG segment saw a 13.6% increase in sales, reaching $435 million, while the aerial work platform segment experienced a 13.2% decline in sales to $537 million due to decreased sales volume, unfavorable customer mix, and tariff resistance [4]. - The material handling segment's sales fell by 6.1% year-over-year to $417 million, although growth in the aggregate business in North America, Europe, and India offset declines in concrete and crane businesses [4]. Strategic Moves - Terex is seeking strategic options to exit the aerial work platform segment, potentially selling its Genie business to reduce exposure to cyclical end markets [3][4]. - The company aims to become a diversified leader in emergency, sanitation, utility, environmental, and material handling equipment markets, which are characterized by low cyclicality, resilient demand, and strong long-term growth prospects [4]. Merger Details - The aerial work platform business is expected to generate approximately $2 billion in revenue for Terex in 2025, with total group sales projected at $5.4 billion [5]. - Following the merger, the combined sales of Terex and REV Group (excluding the aerial work platform) are expected to reach $5.8 billion in 2025 [5]. - Terex CEO Simon Meester will lead the merged company, which aims to create a large, diversified industrial leader by integrating complementary business portfolios [7]. - Post-merger, Terex shareholders will own 58% of the new entity, while REV Group shareholders will hold 42% [7].

Industry Overview - The engineering machinery sector is a crucial pillar of national economic development, with applications in urban and rural roads, urban infrastructure, national defense, and water conservancy. It is characterized as capital, labor, and technology-intensive [2] - According to data from the China Business Industry Research Institute, the Chinese engineering machinery market is expected to reach $23.4 billion in 2024, accounting for approximately 11.0% of the global market. By 2030, it is projected to grow to $57 billion, with a CAGR of about 16%. Excavators, cranes, and loaders dominate the market, with excavator sales in the first nine months of 2025 reaching 174,039 units, a year-on-year increase of 18.1% [2] - The industry chain includes upstream raw material suppliers, midstream manufacturers, and downstream applications across various sectors. The domestic market is highly concentrated, with a tiered competitive landscape. Globally, the market is characterized by a "tripartite" structure, with Chinese companies transitioning from followers to leaders [2] Development Trends - Recent years have seen the introduction of significant policies supporting the engineering machinery industry, focusing on equipment upgrades, green development, quality infrastructure, and smart manufacturing [4] - The 15th Five-Year Plan emphasizes optimizing the position and competitiveness of the machinery industry in global industrial division. The industry is experiencing a wave of technological innovation centered on "intelligent, high-end, and green" advancements, with leading manufacturers driving industry upgrades through breakthrough product development [4] - Chinese companies are actively expanding into overseas markets through a strategy combining "deep localization" and "global networking," achieving notable success [4] Industry Catalysts - The number and scale of major engineering projects across the country remain high, leading to increased demand for engineering machinery. The Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, is expected to drive machinery procurement between 120 billion to 180 billion yuan [6]

Core Viewpoint - XuGong Machinery (000425) reported a revenue of 78.157 billion yuan for the first three quarters of 2025, marking an 11.61% year-on-year increase, with net profit attributable to shareholders reaching 5.977 billion yuan, up 11.67% year-on-year [1][2]. Financial Performance - The company achieved a net profit of 5.977 billion yuan, reflecting an 11.67% increase compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 6.002 billion yuan, which is a 22.76% increase year-on-year [1][2]. - Operating cash flow net amount reached 5.692 billion yuan, showing a significant growth of 210.47% year-on-year [1][7]. - Basic earnings per share were reported at 0.51 yuan, a 13.33% increase from the previous year [1][2]. - The weighted average return on equity was 9.92%, up 0.79 percentage points year-on-year [5]. Asset and Liability Changes - Total assets increased by 9.87% year-on-year, reaching approximately 179.644 billion yuan [12]. - Short-term borrowings rose by 60.24%, while long-term borrowings decreased by 34.95% [12]. - Accounts receivable increased by 18.49%, and inventory rose by 13.9% [13]. Cash Flow Analysis - The net cash flow from operating activities was 5.692 billion yuan, a substantial increase compared to the previous year [7]. - Financing activities resulted in a net cash outflow of 1.419 billion yuan, a decrease of 55.795 million yuan year-on-year [7]. Industry Context - The engineering machinery industry is showing signs of recovery, with expectations of improved performance in the coming months [18][22]. - The transition to "National IV" emissions standards is set to begin on December 1, which may impact the industry dynamics [18].

Core Viewpoint - LiuGong's Q3 2025 report indicates a positive growth trajectory with revenue and net profit increasing year-on-year, suggesting a recovery in the engineering machinery industry [1]. Financial Performance - LiuGong achieved operating revenue of 25.76 billion yuan in the first three quarters, representing a year-on-year growth of 12.71% [1]. - The net profit attributable to shareholders reached 1.458 billion yuan, up 10.37% year-on-year [1]. - The net profit excluding non-recurring items was 1.318 billion yuan, reflecting an 8.97% increase compared to the previous year [1]. - The company announced a dividend plan of no distribution and no capital increase for Q3, consistent with the same period last year [1]. Industry Trends - The engineering machinery industry is showing signs of recovery, with expectations of improved performance in the coming months [5]. - The transition to "National IV" emissions standards is set to begin on December 1, which may impact the market dynamics [5]. - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70% this year, indicating a shift in market focus [5]. - The industry anticipates a "warm" outlook due to improved operating rates in February [5].

Core Viewpoint - The company, Aidi Precision (603638), reported a revenue of 2.374 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 16.49% and a net profit attributable to shareholders of 316 million yuan, up 12.63% year-on-year [1][2]. Financial Performance - The company achieved an operating revenue of 2.374 billion yuan, a year-on-year increase of 16.49% [2]. - The total profit for the period was approximately 373 million yuan, representing a 13.84% increase compared to the previous year [2]. - The net profit attributable to shareholders was 316 million yuan, with a year-on-year growth of 12.63% [2]. - The net profit after deducting non-recurring gains and losses was 291 million yuan, up 15.23% year-on-year [2]. - The net cash flow from operating activities was 461 million yuan, showing a significant increase of 371.99% [1][7]. - Basic earnings per share were reported at 0.38 yuan, with a year-on-year increase of 11.76% [2]. - The weighted average return on equity was 8.90%, an increase of 0.57 percentage points year-on-year [4]. Asset and Liability Changes - As of the end of Q3 2025, total assets amounted to approximately 6.894 billion yuan, a slight increase of 0.51% from the previous year [2]. - The company's cash and cash equivalents decreased by 43.52% compared to the end of the previous year, while inventory increased by 12.62% [8]. - Accounts receivable decreased by 14.01%, and trade payables decreased by 13.01% [10]. Investment and Financing Activities - The net cash flow from financing activities was -270 million yuan, a decrease of 270 million yuan year-on-year [7]. - The net cash flow from investing activities was -579 million yuan, compared to a positive cash flow of 233 million yuan in the same period last year [7]. Dividend Distribution - The company proposed a dividend distribution plan of 1 yuan per 10 shares (before tax) for all shareholders [1].

Core Viewpoint - Zhonglian Heavy Industry (000157) reported a revenue of 37.156 billion yuan for the first three quarters of 2025, reflecting an 8.06% year-on-year growth, and a net profit attributable to shareholders of 3.920 billion yuan, which is a 24.89% increase compared to the previous year [1][2]. Financial Performance - The company's operating revenue for the first three quarters reached 37.156 billion yuan, up 8.06% year-on-year [2]. - The net profit attributable to shareholders was 3.920 billion yuan, showing a year-on-year increase of 24.89% [1][2]. - The net profit after deducting non-recurring gains and losses was 2.644 billion yuan, with a year-on-year growth of 20.69% [2]. - The net cash flow from operating activities was 2.866 billion yuan, a significant increase of 137.31% year-on-year [1][11]. - Basic earnings per share were 0.45 yuan, representing an 18.42% increase compared to the previous year [2]. - The weighted average return on equity was 6.74%, up 1.24 percentage points year-on-year [12]. Asset and Liability Changes - As of the end of Q3 2025, total assets amounted to 131.106 billion yuan, a 5.95% increase from the end of the previous year [13]. - Inventory decreased by 5.7% compared to the end of the previous year, while long-term receivables fell by 17.01% [13]. - Accounts receivable increased by 14.2%, and financing receivables surged by 144.56% [13]. - Long-term borrowings rose by 34.95%, while short-term borrowings increased by 110.51% [14]. Industry Context - The engineering machinery sector is showing signs of recovery, with improved performance metrics indicating a potential turnaround [16]. - The company primarily engages in the research, manufacturing, sales, and service of engineering machinery, agricultural machinery, and mining machinery [5].

Core Viewpoint - The article highlights the financial performance of Shantui Construction Machinery Co., Ltd. (山推股份) in the third quarter, indicating a modest growth in revenue and a significant increase in net profit, suggesting a potential recovery in the construction machinery industry [1]. Financial Performance - Shantui reported a revenue of 10.488 billion yuan for the first three quarters, representing a year-on-year increase of 2.36% [1]. - The net profit attributable to shareholders reached 838 million yuan, showing a year-on-year growth of 15.67% [1]. - The net profit after deducting non-recurring gains and losses was 823 million yuan, reflecting a year-on-year increase of 24.40% [1]. Industry Trends - The article discusses the recovery signs in the construction machinery industry, suggesting that the sector may be on the path to recovery [2]. - It notes the upcoming transition to "National IV" emissions standards for construction machinery starting December 1, which may impact industry dynamics [2]. - The article mentions a significant increase in exports, with a rise of over 70%, despite a continuous decline in domestic sales for 13 months [2]. - There is an expectation of improved operating rates in February, indicating a warming outlook for the construction machinery sector [2].