Core Viewpoint - The loader market in China is experiencing significant growth, with a notable increase in both domestic sales and exports in September 2025 compared to the previous year [1][2]. Sales Data Summary - In September 2025, a total of 10,530 loaders were sold, marking a year-on-year increase of 30.5%. Domestic sales accounted for 5,051 units (up 25.6%), while exports reached 5,479 units (up 35.3%) [1][2]. - Cumulatively, from January to September 2025, 93,739 loaders were sold, reflecting a year-on-year growth of 14.6%. Domestic sales totaled 49,996 units (up 20.7%), and exports were 43,743 units (up 8.31%) [2]. Electric Loader Market Overview - In September 2025, 2,586 electric loaders were sold, with the breakdown as follows: under 3 tons (41 units), 3 tons (82 units), 4 tons (4 units), 5 tons (1,576 units), 6 tons (738 units), 7 tons (128 units), 8 tons (2 units), over 8 tons (8 units), and skid steer loaders (7 units) [3]. Monthly Sales Trends - Monthly domestic sales of loaders in 2025 showed fluctuations, with notable increases in April (7,191 units, up 35.4%) and February (4,505 units, up 63%), while January saw a slight decline (3,706 units, down 1.01%) [4]. - The sales data from previous months in 2025 indicates a recovery trend, with consistent growth observed in the latter half of the year [4]. Industry Insights - The engineering machinery industry is showing signs of recovery, with expectations of improved performance as indicated by various market dynamics and sales data [6]. - The transition to "National IV" emission standards starting December 1, 2025, is anticipated to impact the market positively [6].

Core Insights - The average working hours for major construction machinery products in September 2025 decreased to 78.1 hours, representing a year-on-year decline of 13.3% and a month-on-month decline of 0.42% [1] - The operating rate for major construction machinery products in September 2025 was 55.2%, down by 9.08 percentage points year-on-year, but slightly up by 0.06 percentage points month-on-month [2] Monthly Working Hours Summary - In August 2025, the average working hours were 78.4 hours, down 9.45% year-on-year [4] - In July 2025, the average working hours were 80.8 hours, down 6.91% year-on-year [4] - In June 2025, the average working hours were 77.2 hours, down 9.11% year-on-year [4] - In May 2025, the average working hours were 84.5 hours, down 3.86% year-on-year [4] - In April 2025, the average working hours were 90.1 hours, up 3.20% year-on-year [4] - In March 2025, the average working hours were 90.1 hours, up 6.53% year-on-year [4] - In February 2025, the average working hours were 46.4 hours, up 70.3% year-on-year [4] - In January 2025, the average working hours were 74.6 hours, up 3.61% year-on-year [4] Monthly Operating Rate Summary - The operating rates for major construction machinery products in September 2025 were as follows: - Excavators: 54.5% - Loaders: 58.4% - Truck Cranes: 71.5% - Crawler Cranes: 56.7% - Tower Cranes: 39.5% - Rollers: 45.4% - Pavers: 59.4% - Rotary Drilling Rigs: 41.5% - Off-Road Mining Dump Trucks: 45.4% - Concrete Pump Trucks: 36.7% - Concrete Mixers: 32.2% - Forklifts: 59.2% [2]

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9月销售各类挖掘机19858台，同比增长25.4%。其中国内销量9249台，同比增长21.5%；出口量 10609台，同比增长29%。 | | | 2025年9月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 9 249 | 10 609 | 19 858 | | 去年同期 | 7610 | 8221 | 15831 | | 同比涨幅 | 21.5% | 29% | 25.4% | | 累计销量 | 89 877 | 84 162 | 174 039 | | 去年同期 | 73 945 | 73 436 | 147 381 | | 同比涨幅 | 21.5% | 14.6% | 18.1% | 2025年1—9月，共销售挖掘机174039台，同比增长18.1%；其中国内销量89877台，同比增长21.5%；出口84162台，同比增长14.6%。 | | | | | 2025年中国电动挖掘机市场情况 | | | | | --- | --- | --- | --- | ...

Core Viewpoint - Chinese engineering machinery companies are expected to exceed $50 billion in export value by 2024, with growth exceeding 1.5 times during the 14th Five-Year Plan period [1] Group 1: Necessity of Going Global - The phrase "not going global means going out of business" emphasizes the critical need for Chinese engineering machinery companies to establish an early presence in overseas markets to navigate domestic economic cycles effectively [2] - From a macroeconomic perspective, relying solely on the domestic market is unsustainable for a country aiming to develop world-class enterprises [4] Group 2: Quality and Differentiation - The company rejects low-price competition, advocating for a shift towards high-end, differentiated products. The focus is on producing high-quality products and providing excellent customer service [5][6] - The belief that "quality changes the world" drives the commitment to enhance the global image of Chinese manufacturing through superior product quality and service [6] Group 3: Risk Management and Expansion - In the face of complex international challenges, the company emphasizes the importance of risk control while simultaneously pursuing expansion opportunities [7] - Cash flow management is crucial, as a single poor decision can lead to significant consequences. The company has invested hundreds of millions in upgrading smart factories, balancing risk with potential rewards [9] Group 4: Embracing Technological Revolutions - The company advocates for a mindset of "better to make mistakes than to miss opportunities" in the context of technological revolutions, such as the Fourth Industrial Revolution and the Third Energy Revolution [10] - These technological shifts present opportunities for competitive advantages in smart and green low-carbon products, which can help navigate economic cycles [10] Group 5: Entrepreneurial Spirit - Entrepreneurs must tackle challenges related to unfamiliar policies and environments when expanding internationally. Overcoming difficulties through innovation and effort is essential for growth and competitiveness [11] - The entrepreneurial journey is characterized by a willingness to face daily challenges, which is fundamental to achieving success [13] Group 6: Global Presence and Future Goals - Chinese engineering machinery is becoming increasingly visible globally, with products seen in various international locations, indicating a significant presence [14] - Future goals include selling more and better products while leveraging advancements in artificial intelligence and renewable energy to enhance competitiveness and lead industry development [15] - The company aims to reconstruct supply chains and engage in overseas R&D and manufacturing, contributing to global development and sharing opportunities with other nations [17] Group 7: Ambitious Aspirations - The company expresses ambitious aspirations, suggesting that future markets may extend to the Moon or Mars, as terrestrial markets for excavators are nearing saturation [18]

Core Viewpoint - The article emphasizes the transformative impact of Liugong's effective payload function on excavators, enhancing precision in material handling and operational efficiency in construction and mining industries [1][3][7]. Group 1: Effective Payload Function - The effective payload function allows excavators to perform real-time weight measurement, significantly improving the accuracy of material loading compared to traditional methods that relied on visual estimation or repeated weighing [3][5]. - Traditional manual estimation had an error rate of 10%-20%, while the effective payload function reduces this to within ±5% through multi-sensor collaboration and dynamic compensation algorithms [10][11]. - The system automatically saves key data such as loading weight and completion status, facilitating easier management and transparency in operations [13]. Group 2: Efficiency and Cost Management - The effective payload function eliminates the need for secondary weighing, allowing operators to achieve loading targets in one go, thus enhancing equipment utilization and overall fleet capacity [12]. - By transitioning from experience-based estimation to real-time precise weighing, the function addresses pain points of low accuracy, slow efficiency, and difficult management in traditional operations [16]. - This innovation helps managers control material costs, reduce labor expenses, and improve overall project profitability [17]. Group 3: Versatility and Adaptability - The system is designed to adapt to various materials, whether loose soil, gravel, or viscous mud, ensuring stable and accurate weighing across different operational scenarios [14]. - The installation is straightforward, making it suitable for diverse work environments such as mining, municipal projects, and construction [14].

Core Viewpoint - The engineering machinery industry is vital for infrastructure development, showcasing significant advancements in technology and sustainability at the recent BICES 2025 exhibition, with over a thousand exhibitors presenting innovative products and solutions [1][3]. Group 1: Digital Transformation - The industry is experiencing a digital transformation, with companies like LiuGong introducing smart mining solutions that enhance operational efficiency and safety through automation and electric machinery [4]. - LiuGong's large-scale smart green mining solution focuses on large-scale, electric, and intelligent operations, addressing the complex demands of mining environments [4]. - The integration of intelligent systems in engineering machinery has led to improved safety, efficiency, and reduced energy consumption [4]. Group 2: Electrification and Green Development - The engineering machinery sector is accelerating its transition towards electrification, driven by China's dual carbon strategy, with electric machinery gaining competitive advantages such as zero emissions and low noise [6][7]. - Companies like SANY are exploring electric and low-carbon solutions, achieving high energy efficiency in their electric systems, which can save significant operational costs compared to traditional diesel machines [7]. - By 2024, the penetration rates for electric lifting platforms and forklifts are projected to reach 92.5% and 73.6%, respectively, indicating a strong shift towards electric machinery [8]. Group 3: International Market Competitiveness - The recent exhibition attracted global buyers, highlighting the strong competitiveness of Chinese engineering machinery products in international markets, with companies expecting substantial orders from over 50 countries [9][10]. - Chinese engineering machinery firms are increasingly focusing on localized solutions to meet international standards, as seen in the export of large-diameter shield machines to Europe [10]. - From January to August this year, the industry recorded a trade surplus, with exports reaching $38.597 billion, reflecting a 11.4% year-on-year increase [11]. Group 4: Industry Growth and Future Outlook - The share of overseas revenue for A-share listed engineering machinery companies has surged from 11.38% in 2020 to 47.48% in 2024, indicating a significant shift towards international markets [11]. - The engineering machinery industry is expected to maintain a high level of export performance, supported by favorable macroeconomic policies and increasing international recognition of Chinese technology and products [11].

Core Viewpoint - The mechanical equipment industry is experiencing a significant upward trend driven by fundamental industry factors, with expectations for a new upward cycle due to multiple drivers such as cyclical reversal, growth explosion, and export rise [2]. Group 1: Industry Performance - As of September 2025, the Shenwan Mechanical Equipment Industry Index has increased by 37% year-to-date, ranking sixth among all primary industries and significantly outperforming the market [1]. - Major companies like Sany Heavy Industry and XCMG have seen their stock prices reach historical highs, with core component manufacturers like Hengli Hydraulic experiencing over 50% growth [1]. Group 2: Previous Cycle Analysis - The previous cycle (approximately 2016 to 2021) showed a strong correlation between stock performance and industry prosperity, driven by domestic infrastructure projects, improved real estate starts, and strong equipment replacement demand [4]. - Sany Heavy Industry's stock rose approximately 70% from its low in mid-2016 to its peak in August 2017, with the overall cycle lasting about 4.5 years until the first quarter of 2021 [4]. - A significant divergence occurred in early 2021, where Sany Heavy Industry's revenue reached a historical high, yet its stock price fell over 40% from its peak, indicating a warning signal [5]. Group 3: Current Cycle Dynamics - The current cycle is characterized by a more complex structural recovery, shifting from pure investment-driven growth to a combination of domestic stock updates, globalization, and technological paradigm shifts [10]. - The domestic market recovery is supported not only by traditional infrastructure investment but also by the lifecycle replacement of equipment and stringent environmental policies [11]. - The theoretical replacement cycle for major equipment like excavators is approximately 8 to 10 years, with significant sales peaks from 2016 to 2018 now entering a concentrated replacement window [11]. Group 4: Globalization and Risk Management - Leading companies have established deep global layouts to create a key "performance stabilizer," with a consensus that "not going abroad means going out of business" [12]. - The overseas market not only supplements scale but also ensures profit quality, with many manufacturers reporting higher gross margins from international sales compared to domestic [12]. Group 5: Technological Transformation - The current cycle's most profound difference lies in the industrial value reallocation driven by technological iteration, particularly the deep integration of electrification and intelligence [14]. - Electric products accounted for 40% of Sany Group's exhibited equipment at the Changsha International Construction Machinery Exhibition, with sales exceeding 10 billion yuan in 2024 [14]. - The shift towards intelligent equipment, such as unmanned road rollers and remotely controlled excavators, indicates a future competitive landscape focused on technology, data, and ecosystems [14].

Core Viewpoint - The data from January to August 2025 indicates a significant growth in China's engineering machinery exports, with total exports reaching $38.6 billion, reflecting a year-on-year increase of 11.4% [1][4]. Group 1: Overall Import and Export Data - The total import and export amount for engineering machinery from January to August 2025 is $40.49 billion, with a year-on-year growth of 11.06% [1]. - Exports amounted to $38.64 billion, showing a year-on-year increase of 11.4%, while imports reached $1.85 billion, up by 3.7% [1][3]. - The trade surplus for this period stands at $36.79 billion [1]. Group 2: Excavator Import and Export Data - The total import and export amount for excavators from January to August 2025 is $6.84 billion, with a year-on-year growth of 23.9% [3]. - Exports reached $6.71 billion, reflecting a year-on-year increase of 24.9%, while imports were $120 million, down by 13.6% [3]. - The trade surplus in this category is $6.59 billion [3]. Group 3: Loader Import and Export Data - The total import and export amount for loaders from January to August 2025 is $4.94 billion, with a year-on-year growth of 2.6% [5]. - Exports were $4.78 billion, up by 2.6%, while imports reached $160 million, increasing by 4.2% [5]. - The trade surplus in this category is $4.62 billion [5]. Group 4: Crane Import and Export Data - The total import and export amount for cranes from January to August 2025 is $3.86 billion, with a year-on-year growth of 17.5% [4]. - Exports were $3.77 billion, reflecting an 18.2% increase, while imports were $90 million, down by 6.8% [4]. - The trade surplus in this category is $3.68 billion [4]. Group 5: Industrial Vehicle Import and Export Data - The total import and export amount for industrial vehicles from January to August 2025 is $6 billion, with a year-on-year growth of 1.4% [6]. - Exports reached $5.89 billion, up by 1.2%, while imports were $110 million, increasing by 9% [6]. - The trade surplus in this category is $5.78 billion [6]. Group 6: Road Construction Machinery Import and Export Data - The total import and export amount for road construction machinery from January to August 2025 is $1.16 billion, with a year-on-year growth of 8.6% [5]. - Exports were $1.15 billion, reflecting a 9% increase, while imports were $10 million, down by 24.6% [5]. - The trade surplus in this category is $1.14 billion [5]. Group 7: Mixing and Stirring Machinery Import and Export Data - The total import and export amount for mixing and stirring machinery from January to August 2025 is $1.626 billion, with a year-on-year growth of 22.3% [5]. - Exports reached $1.62 billion, up by 22.6%, while imports were $20 million, increasing by 1.3% [5]. - The trade surplus in this category is $1.60 billion [5]. Group 8: Elevator and Escalator Import and Export Data - The total import and export amount for elevators and escalators from January to August 2025 is $1.678 billion, with a year-on-year growth of 10.6% [6]. - Exports were $1.68 billion, reflecting a 10.5% increase, while imports were $30 million, up by 18.6% [6]. - The trade surplus in this category is $1.65 billion [6].

Core Viewpoint - SANY Group actively participated in the Indonesia Mining Exhibition, achieving over 2 billion RMB in signed contracts with local leading companies, showcasing its strength in the mining equipment sector [1][2]. Group 1: Company Developments - SANY Group's mining equipment is designed to meet the full chain of mining engineering needs, enhancing operational efficiency while significantly reducing energy consumption [2]. - The company has established a localized production base and professional service team in Indonesia since 2008, leading to continuous sales growth and positioning itself among the top brands in the Indonesian construction machinery market [2]. - The exhibition served as a platform for SANY Group to demonstrate its technological capabilities and commitment to sustainable development in Indonesia's infrastructure and mining sectors [4]. Group 2: Industry Insights - The Indonesian mining equipment market is transitioning from "quantitative expansion" to "qualitative improvement," presenting significant opportunities for Chinese enterprises [4]. - Key opportunities for Chinese mining equipment companies include accelerating the upgrade of intelligent equipment, promoting local industrial chain integration, and capturing local policy benefits [4]. - Indonesia is expected to become the largest emerging market for mining equipment globally in the next five years, with deeply localized Chinese enterprises likely to play a crucial role in this process [4].

Core Insights - The BICES 2025 Beijing International Engineering Machinery Exhibition was successfully held from September 23 to 26, showcasing Eddie Precision's technological innovations and solutions in hydraulic systems and engineering machinery [1][28]. Indoor Exhibition: Focus on Core Equipment Across Multiple Fields - Eddie's hydraulic exhibition area featured core products for excavators ranging from 1 to 200 tons, including main pumps, valves, motor assemblies, and electric hydraulic products, providing integrated solutions for global customers [1]. - Highlighted products included: - **FECV28F Valve**: Designed for 20-30t excavators, featuring independent control and real-time communication with the main machine's VCU and ECU, enhancing precision and energy efficiency [1]. - **FCV28CP02 Digital Multi-way Valve**: Also for 20-30t excavators, it offers dual closed-loop control for precise valve opening, with a response time of ≤80ms [2]. - **FHP70A High-speed Pump**: An electric high-speed pump with a response speed of 6500 RPM and a displacement of 70cc, designed for quiet and efficient operation in 20-30t excavators [3]. - **Power Splitter**: Suitable for 70-200t excavators, it features a modular design with high efficiency and durability, capable of handling extreme working conditions [6]. - **Complete Hydraulic System for 200t Excavators**: This system has been upgraded for a 15% energy saving, with peak pressure at 45Mpa and improved efficiency [7]. Outdoor Exhibition: High-end Engineering Machinery Attachments - The outdoor area showcased a full range of hydraulic attachments, including breakers, shears, and compactors, with a dynamic demonstration area highlighting the efficiency of quick-change functions [13][18]. - Notable products included: - **Pure Hydraulic Breaker**: Covers applications for 10-80 ton excavators, known for its high frequency, energy efficiency, and low noise [17]. - **Rock Drills**: Featuring new manufacturing techniques for higher impact efficiency [17]. - **Multi-functional Grabs**: Capable of breaking and transporting materials, with enhanced durability and efficiency [18]. Customer Engagement: Deepening Demand Connections - The exhibition attracted significant attention, with Eddie's sales team actively engaging with visitors to discuss product features and address specific business needs, fostering a lively interaction atmosphere [26]. Conclusion: Commitment to Industry Advancement - Eddie Precision's dual exhibition model effectively showcased its technological capabilities in hydraulic components, new energy batteries, and engineering machinery attachments, aligning with industry trends towards domestic substitution and green transformation [28].