Core Viewpoint - The engineering machinery industry is transitioning from scale expansion to value leadership, with a focus on intelligence, greening, and internationalization as the three core themes for transformation, essential for high-quality development [5]. Industry Highlights - The engineering machinery industry may be on the path to recovery, with improved performance indicators [6]. - The industry is set to enter the "National IV" era starting December 1 [6]. - Domestic sales have declined for 13 consecutive months, while exports surged over 70% this year, raising questions about the future of the excavator industry [6]. - February's construction rate showed improvement, leading to optimistic expectations for the engineering machinery sector [6]. - Caterpillar is nearing a cyclical turning point, with its rating downgraded to "neutral" [6]. Market Data - Sales data for excavators and loaders is being tracked for 2025, with monthly breakdowns available [6][7]. - Average working hours for major products are also being monitored for 2025 [8]. Downstream Demand - The average working hours for major products are being recorded monthly for 2025 [8]. - The CCTV excavator index is being tracked for 2025, with monthly data available [8]. - Komatsu's working hours are also being monitored for 2025 [8]. Market Dynamics - February's construction rate improvement has led to a "warm" outlook for the engineering machinery industry [8]. - January's strong credit performance has reinforced expectations for a recovery in domestic demand, suggesting a potential thaw in the engineering machinery sector [8]. Expert Insights - Industry leaders are discussing the current development situation and key tasks for the engineering machinery sector [9]. - Support for the electrification of engineering machinery and commercial vehicles is being advocated by industry representatives [9].

据 中国工程机械工业协会对挖掘机主要制造企业统计，2026年1月销 售各类挖掘机18708台，同比增长49.5%。 | | | 2026年1月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | 40.5% | 49.5% | | 累计销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | | 40.5% 公众号·工程9.5%杂志 | 挖掘机 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%。 装载机 据中国工程机械工业协会对装载机主要制造企业统计，2026年1月 销售各类装载机11759台，同比增长48.5%。 | | | 2026年1月 中国装载机市场概况 | | | --- | --- ...

Core Viewpoint - The loader market is experiencing significant growth, with January 2026 sales reaching 11,759 units, a year-on-year increase of 48.5% [1] Sales Data Summary - In January 2026, domestic sales of loaders were 5,293 units, including 2,701 electric loaders, marking a year-on-year growth of 42.8%. Exports totaled 6,466 units, including 289 electric loaders, with a year-on-year increase of 53.4% [2] - In December 2025, domestic sales were 5,291 units, reflecting a year-on-year growth of 17.6% [4] - Monthly domestic sales for 2025 showed fluctuations, with the highest in March at 8,168 units (23.2% growth) and the lowest in January at 3,706 units (1.01% decline) [4] - The loader market in 2024 showed a mixed performance, with January sales at 3,744 units (54.1% growth) and February at 2,763 units (50.4% decline) [7] - In 2023, loader sales were generally declining, with January sales at 2,430 units (41% decline) and December at 5,599 units (8.47% growth) [7] Industry Trends - The engineering machinery industry is showing signs of recovery, with expectations of improved performance in 2024 and beyond [9] - The transition to "National IV" emissions standards is set to begin on December 1, which may impact the market dynamics [12] - There is a notable increase in exports, with a rise of over 70% despite a continuous decline in domestic sales for 13 months [12]

Market Overview - In January 2026, the total excavator sales in China reached 18,708 units, a year-on-year increase of 49.5% compared to 12,512 units in the same period last year [1] - Domestic sales accounted for 8,723 units, including 24 electric excavators, marking a 61.4% increase from 5,405 units last year [1] - Export sales totaled 9,985 units, including 11 electric excavators, reflecting a 40.5% increase from 7,107 units last year [1] Monthly Sales Data - In December 2025, domestic excavator sales were 10,331 units, up 10.9% year-on-year [3] - Monthly sales data for 2025 shows fluctuations, with the highest sales in March at 19,517 units, a 28.5% increase year-on-year [3] - The lowest sales in 2025 occurred in January, with 5,405 units sold, a slight decrease of 0.3% year-on-year [3] Industry Trends - The excavator industry is showing signs of recovery, with significant year-on-year growth in sales figures [6] - The transition to "National IV" emission standards began on December 1, 2025, indicating regulatory changes impacting the industry [6] - The industry is experiencing a notable increase in exports, with a rise of over 70% despite a decline in domestic sales for 13 consecutive months [6] Expert Insights - Industry experts suggest that the improvement in construction activity and credit availability in January 2023 may signal a potential recovery for the excavator market [12] - The president of the China Construction Machinery Industry Association highlighted the current development trends and key tasks for the industry [12]

<以上为广告> 据中国工程机械工业协会统计： 2026年1月工程机械主要产品月平均工作时长为72.5小时，同比增长23.9%，环比下降5.19%。 其中：挖掘机62.8小时；装载机83.6小时；汽车起重机86.5小时；履带起重机99.5小时；塔式起重机41.7小 时；压路机24.9小时；摊铺机37.1小时；旋挖钻机72小时；非公路矿用自卸车145小时；混凝土泵车37.1小时； 混凝土搅拌车39.4小时；叉车107小时。 2026年1月工程机械主要产品月开工率为48.1%，同比下降2.63个百分点，环比下降3.63个百分点。 其中：挖掘机48.6%；装载机44.6%；汽车起重机60.6%；履带起重机52.1%；塔式起重机36.7%；压路机 35.5%；摊铺机42.9%；旋挖钻机39.2%；非公路矿用自卸车40.9%；混凝土泵车29.7%；混凝土搅拌车18.4%； 叉车65%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 ◆ 2025年12月工程机械主要产品月平均工作时长为76.5小时，同比下降18.6% ◆ 2025年11月工程机械主要产品月平均工作时长为84.2小时，同比下降13% ◆ 20 ...

2026年1月29日，LG新能源公布2025年第四季度及全年财报，介绍2026年业务发展规划。面 对全球复杂多变的市场环境，公司积极优化业务结构、提升运营效率，全年盈利能力实现显著增 强。 2025年全年，LG新能源综合营收达23.7万亿韩元，同比下降7.6%。全年营业利润达1.3万亿 韩元，同比增长133.9%，包含北美生产激励在内的营业利润率为5.7%。 LG新能源首席财务官李昌實表示："2025年，公司在储能电池（ESS）领域取得扎实进展， 尤其在北美市场加快磷酸铁锂（LFP）产能布局，并通过产品组合优化、成本管控与供应链精细 化管理，带动整体盈利提升。尽管电动汽车市场出现阶段性波动，影响了营收规模，但我们通过 资产优化与产能动态调配，进一步增强了运营韧性与资本使用效率。" 2025 年关键成果 运营、订单双线并进，夯实发展基础 2025年，LG新能源通过优化资产管理与推进生产布局多元化，进一步巩固运营基础与市场竞 争力。公司通过重新调配电动汽车和储能电池产能以提高产线利用率，在欧洲提前建设面向中低端 市场的高电压中镍与磷酸铁锂电池生产基地，并出售北美合资工厂建筑等非核心资产，有效提升资 本管理效率。同 ...

<以上为广告> CCCMB 中国机电产品进出口商会 1-12月中国工程机械设备及零部件进出口看板 China Checker of Camberge for Import and 版福来源:语长总书 第计出口额 累计同比 -- 当月出口额 -- 当月同比 累计进出口板 累计间比 图易学班 出口主要国别/地区市场情况 1-12月我国工程机械设备及家部件进出 6023027.34 13. 88 | 642264. 69 26.89 | | 6288366.27 13, 22 5757688. 41 口总额628.8亿美元,送出口金额同比增长 保罗斯 141000 14 13. 2%。其中：出口602. 3亿美元，同比增长 13. 9%: 进口26.5亿美元，同比增长0. 09%: 2025年1-12月工程机械出口月度情况 灯饰, 贸易顺益575.8亿美元。 socca scopp 比增出了方向，12月或日工程机械系计出口或同 也进发13.9%、12月 新月市 地区都滑 南海市 26.9%、 台北 新 新 中 98438，2007年 12月 12月 12月 12 3日 网上推关12.3%、东日日 3月 12月 12 ...

1月29日，A+H上市公司中联重科公告，公司于香港联交所成功发行港股可转换债券（下称"本 次可转债"），获得了全球资本市场投资人的踊跃认购。本次发行标志着公司在国际化资本运 作方面取得又一重要里程碑，募集资金将有助于支持公司加强研发投入和海外业务体系建设， 为公司持续推进创新驱动发展战略和全球化发展战略提供坚实的资本协同。 发行要素稳健均衡 最大化各类股东价值 根据公告，本次可转债发行规模达60亿元人民币，投资人以美元交割结算，发行期限5年，附发行人 于第3年至第5年期间赎回权以及投资人于第3年末之日回售权，票面利率为0.70%，转股价为10.02 港币。本次发行获得了全球优质机构投资者的积极认购，订单规模数倍覆盖，反映了全球投资者对 公司长期增长前景以及信用资质的充分信心。 公司本次可转债发行在定价过程中充分结合近期市场环境及投资人反馈，在保障公司融资条款优势 的同时，兼顾转股潜力与现有股东权益的平衡，展现出公司管理层精准把握资本市场窗口、实现股 东价值最大化的能力。 全球投资者踊跃认购 传递长期看好信号 本次可转债发行获得了来自中国大陆、中国香港、美国、英国、德国、法国、瑞士、爱尔兰、新加 坡等地众多知名 ...

<以上为广告> 卡特彼勒公布2025年第四季度和全年业绩 2025年第四季度销售和收入为191亿美元；全年销售和收入为676亿美元 2025年第四季度每股盈利为5.12美元；调整后每股盈利为5.16美元 全年每股盈利为18.81美元；调整后每股盈利为19.06美元 全年企业经营活动现金流强劲，为117亿美元；2025年结束时，公司拥有100亿美元现金 2025年投入了79亿美元现金，用于股票回购和分红 ↓ | | 第四季度 | | 全年 | | | --- | --- | --- | --- | --- | | (除每股盈利外,单位为亿美元) | 2025 | 2024 | 2025 | 2024 | | 销售和收入 | $191 | $162 | $676 | $648 | | 每股盈利 | $5.12 | $5.78 | $18.81 | $22.05 | | 调整后每股盈利 | $5.16 | $5.14 | $19.06 | $21.90 | 卡特彼勒首席 执行官康益桥（Joe Creed）表示："卡特彼勒的百年华诞是公司一个重要的里程碑：公司在这一年 取得了卡特彼勒历史上最高的全年销售和收入，单季度 ...

Core Viewpoint - The engineering machinery industry is a critical pillar of equipment manufacturing, playing a significant role in national infrastructure construction and facing challenges related to energy consumption, carbon emissions control, and safety production. The industry is at a new starting point for green, intelligent, and international development, with ESG management capabilities becoming a core competitive advantage [1]. Industry Performance - Among 34 engineering machinery companies rated by Green Development Credit Rating Co., Ltd., XCMG and Anhui Heli lead with AAApi ratings, establishing themselves as benchmarks for ESG management. Other notable companies include LiuGong, Zhejiang Dingli, and SANY Heavy Industry with AA+pi ratings. However, 50% of the companies received BB-pi or lower ratings, indicating significant disparities in ESG management across the industry [3][4][5]. Key Issues Focus - The industry is focusing on the "dual carbon" goals, smart manufacturing, and responsible operations. Key environmental management areas include greenhouse gas emission control, clean energy application, and the development of new energy products. Companies are encouraged to establish carbon emission monitoring systems and optimize production processes to achieve low-carbon transitions [6]. Social Dimension - Safety production, employee rights protection, and product responsibility are core concerns. Companies need to establish comprehensive safety management systems, enhance employee welfare, and ensure product quality and customer service responsiveness [7]. Governance Dimension - Effective corporate governance, risk management, and ESG management framework construction are crucial. Companies should establish governance structures, strengthen internal controls, and integrate ESG principles into strategic planning and daily operations [7][11]. Industry Practice Benchmarks - Anhui Heli is actively reducing energy consumption through green factory initiatives and optimizing production processes. Zhejiang Dingli is enhancing its climate change management system and promoting energy-efficient transportation methods. LiuGong is improving product development processes and focusing on innovative technologies [9][10]. Future Directions - The engineering machinery industry should focus on three main areas: deepening green transformation, enhancing social responsibility, and optimizing governance systems. Companies need to establish carbon management frameworks, improve employee welfare, and enhance ESG reporting and compliance [13][14].