在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（简称"绿控传动"）再度向资本市场发起冲刺。 2022年12月，它首次叩响科创板大门 ，却在次年3月撤回。 沉寂近两年后， 2025年12月，它卷土重来 ，这次的目标 换成了创业板 。 与此同时，绿控传动的 募资金额也从当初的10.72亿元大幅提升至15.8亿元。业绩的快速转身成为其冲刺创业板的底气 。招股书显示，2022年至2025年上半年，营 收从7.12亿元跃升至12.19亿元，净利润也实现"逆转"，从亏损9942.82万元飙升至盈利6829.55万元。 对于公司 业绩实现大幅增长 的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中和'国家战略背景下，受传统燃油车排放标准提升、重点领域清 洁运输目标与路权优先等政策驱动，叠加技术升级带来的场景拓展与成本下降， 新能源商用车经济性优势凸显，其市场规模的快速扩张有效带动公司业绩增长 ， 公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定 。招股书显示，这两大巨头既是绿控传动的重要客户，同时也是公司的股东，2024年合计贡献 ...

2026年首批936亿元超长期特别国债支持设备更新资金已于近期下达，额度较2025年同期有所提升，为新的一年经济良好开局注入确定性的同时，也再度彰显出今 年稳投资政策力度加码。 2025年，设备工器具购置投资同比增长11.8%，占全部固定资产投资比重近两成，是稳住投资基本盘的关键一环。 当前，我国仍处于第四轮设备投资周期，制造业、医疗、教育等领域普遍存在系统性设备代际差，产业转型升级催生旺盛的更新需求。 据相关机构测算，仅工农业等重点领域，年设备更新需求就超过5万亿元。 （来源：互联网） 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. 内销连续下滑13个月，今年出口大涨超7成 周期中的挖掘机行业何日再逢春？ 4. 2月开工率改善 工程机械行业预期"暖洋洋" 5. 卡特彼勒正接近周期性转折点 下调评级至"中性" 【市场数据】 1.挖掘机销量数据 2025年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 、 【11月】 、 【12月】 2024年 【 ...

Core Viewpoint - The article highlights the significant growth in China's construction machinery import and export trade, indicating a recovery in the industry, particularly in exports, which have seen substantial increases in recent months [1][2]. Import and Export Data - In December 2025, China's construction machinery trade amounted to $6.63 billion, a year-on-year increase of 26%, with imports at $0.212 billion (down 1.79%) and exports at $6.417 billion (up 27.2%) [1][2]. - For the entire year of 2025, the cumulative trade value reached $62.743 billion, reflecting a 13.2% increase year-on-year, with imports totaling $2.575 billion (down 0.63%) and exports at $60.169 billion (up 13.8%) [2]. Monthly Trade Trends - Monthly trade data shows fluctuations in both imports and exports throughout 2025, with notable increases in export values in December compared to previous months [2]. - For instance, in November 2025, the trade value was $5.4 billion, with exports at $5.23 billion (up 16.6%) and imports at $0.17 billion (down 11.9%) [2]. Industry Insights - The article discusses the potential recovery of the construction machinery industry, with a focus on the transition to "National IV" standards starting December 1, 2025 [5]. - It also notes a significant increase in exports, which have surged over 70% despite a continuous decline in domestic sales for 13 months [5]. - The article mentions an improvement in construction activity in February, suggesting a warming outlook for the industry [10]. Market Dynamics - The article emphasizes the positive market dynamics, including improved operating rates and a strong expectation for domestic demand recovery, driven by increased credit availability in January [10]. - It also highlights expert opinions on the industry's development and the push for new energy solutions in construction machinery [10].

Core Viewpoint - Caterpillar is advancing its capabilities in artificial intelligence and autonomous technology to transform heavy equipment into intelligent, interconnected systems that empower global infrastructure development [9][11]. Group 1: Company Overview - Caterpillar is a leading global enterprise in construction machinery, mining equipment, diesel and gas engines, industrial gas turbines, and hybrid power systems, operating in three main business segments: resource industries, construction, and energy and transportation [2]. - The company has invested $30 billion in research and development over the past 20 years and plans to increase its investment in digitalization and technology by 2.5 times by 2030 [23]. Group 2: Technological Innovations - The introduction of the Cat AI Assistant aims to integrate Caterpillar's diverse digital applications with high-quality data into a streamlined conversational experience, enhancing decision-making on construction sites [13][15]. - Caterpillar is expanding its collaboration with NVIDIA to accelerate the development of AI-powered features and resilient production systems, leveraging NVIDIA's AI infrastructure and Caterpillar's extensive experience in the real world [16]. Group 3: Autonomous Equipment - Caterpillar is leveraging decades of leadership in autonomous mining equipment to drive transformation in the construction industry, showcasing five models of autonomous equipment designed for safe and reliable operation in complex environments [19][21]. - The company emphasizes its commitment to talent development, pledging $25 million over five years to ensure employees and customers can utilize advanced technologies in emerging roles [21]. Group 4: Industry Trends - The construction machinery industry is showing signs of recovery, with expectations of improved operating rates and a significant increase in exports, despite a decline in domestic sales for 13 consecutive months [22]. - Caterpillar is approaching a cyclical turning point, with a recent downgrade to a "neutral" rating reflecting current market conditions [22].

Core Viewpoint - The "Excavator Index" released by CCTV Finance indicates a steady increase in construction activity across multiple regions in China, reflecting a positive trend in infrastructure investment and fixed asset investment [1][3]. Group 1: Construction Machinery Operating Rates - The national operating rate for construction machinery in 2025 is reported at 44.89%, with 18 provinces exceeding a 50% operating rate, indicating a broadening vitality in infrastructure and industrial investment [3][5]. - The top ten provinces by operating rate include Anhui, Zhejiang, Hainan, Jiangxi, Fujian, Beijing, Guangdong, Hebei, Henan, and Hubei, with the Yangtze River Economic Belt provinces leading for four consecutive years [3][5]. Group 2: Regional Performance - The central region boasts the highest comprehensive operating rate at 50.54%, with Anhui leading at 66.45%, followed by Jiangxi at 63.43%, and Henan at 56.37% [8]. - In terms of equipment categories, the central region leads in operating rates for lifting equipment at 75.17%, excavators at 58.17%, and pile-driving equipment at 40.66% [8]. Group 3: Equipment Utilization - Lifting equipment has an operating rate of 71.64%, significantly higher than other equipment categories, indicating a focus on heavy infrastructure and industrial projects [12]. - The automotive crane has been the most active equipment type, maintaining the top position for 12 consecutive months, reflecting ongoing major project construction [16]. Group 4: Foreign Trade and Port Equipment - China's foreign trade reached a record high in 2025, with imports and exports totaling 45.47 trillion yuan, a growth of 3.8% [13]. - The operating rate of port equipment has shown continuous growth for six months, highlighting the active state of foreign trade logistics and port operations [13][14].

Company Insights - LiuGong has positioned its agricultural machinery business as a strategic emerging sector, aiming to mitigate cyclical risks from its core construction machinery operations. The company currently does not assess this segment's performance but focuses on enhancing product technology, quality development, and channel layout to create globally competitive agricultural machinery products [1] - The company has already achieved small-scale sales of high-power heavy-duty tractors equipped with power shift and hybrid technology, with plans for mass market introduction starting in 2026, which is expected to steadily increase the scale of its agricultural machinery business [1] Industry Trends - The construction machinery industry is showing signs of recovery, with expectations of improved performance as the sector transitions to the "National IV" emissions standards starting December 1 [2] - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70%, indicating a potential turning point for the excavator industry [2] - February's construction activity is expected to improve, contributing to a more optimistic outlook for the construction machinery sector [2][7]

Core Viewpoint - The article provides a comprehensive overview of the sales performance of various construction machinery in China for December 2025, highlighting significant growth in several categories, particularly in excavators and loaders, indicating a potential recovery in the industry [1][4][7]. Excavator Market Summary - In December 2025, a total of 23,095 excavators were sold, representing a year-on-year increase of 19.2%. Domestic sales accounted for 10,331 units (up 10.9%), while exports reached 12,764 units (up 26.9%) [1][2]. - For the entire year of 2025, total excavator sales reached 235,257 units, marking a 17% increase compared to the previous year, with domestic sales at 118,518 units (up 17.9%) and exports at 116,739 units (up 16.1%) [2]. Loader Market Summary - In December 2025, 12,236 loaders were sold, showing a 30% increase year-on-year. Domestic sales were 5,291 units (up 17.6%), and exports were 6,945 units (up 41.5%) [4][5]. - For the full year of 2025, loader sales totaled 128,067 units, a growth of 18.4%, with domestic sales at 66,330 units (up 22.1%) and exports at 61,737 units (up 14.6%) [5]. Electric Excavator Market Summary - In December 2025, 39 electric excavators were sold, with a breakdown of 11 units under 6 tons, 7 units between 6-10 tons, 2 units between 10-18.5 tons, 19 units between 18.5-28.5 tons, 1 unit between 28.5-40 tons, and a decrease of 1 unit over 40 tons [3]. Electric Loader Market Summary - December 2025 saw sales of 2,722 electric loaders, with 72 units under 3 tons, 181 units at 3 tons, 10 units at 4 tons, 1,499 units at 5 tons, 820 units at 6 tons, 129 units at 7 tons, and 3 units each for 8 tons and above [6]. Grader Market Summary - In December 2025, 792 graders were sold, reflecting a 14% year-on-year increase, with domestic sales of 133 units (up 70.5%) and exports of 659 units (up 6.81%) [7]. Crane Market Summary - December 2025 recorded sales of 1,911 truck cranes, a 38.1% increase year-on-year, with domestic sales of 886 units (up 39.1%) and exports of 1,025 units (up 37.2%) [9]. - For the entire year, truck crane sales reached 19,974 units, a slight increase of 1.39% [9]. Roller Market Summary - In December 2025, 1,343 rollers were sold, marking a 25.6% increase year-on-year, with domestic sales of 437 units (up 18.4%) and exports of 906 units (up 29.4%) [15][16]. - The total sales for rollers in 2025 were 17,434 units, a 23% increase [16]. Paver Market Summary - December 2025 saw sales of 107 pavers, a decline of 11.6%, with domestic sales of 59 units (down 32.2%) and exports of 48 units (up 41.2%) [16]. Aerial Work Platform Market Summary - In December 2025, 14,326 aerial work platforms were sold, down 8.36% year-on-year, with domestic sales of 4,446 units (down 25.1%) and exports of 9,880 units (up 1.92%) [16].

Core Viewpoint - The commitment made by Shandong Heavy Industry to resolve the competition issue between Shantui and Leiwo Heavy Industry has been postponed for three years due to Leiwo's poor financial condition, which poses risks to Shantui's financial statements [1][4][6]. Financial Condition of Leiwo Heavy Industry - As of December 31, 2024, Leiwo Heavy Industry has an asset-liability ratio of 112.20%, a net asset of -770 million yuan, and an undistributed profit loss of 1.839 billion yuan [4][6]. - Leiwo's revenue for 2024 was 5.07 billion yuan, but it only achieved a net profit of 22 million yuan, with a negative cash flow from operating activities of -491 million yuan [6][7]. Background of the Commitment - The commitment to avoid competition was initially made on January 26, 2021, when Shandong Heavy Industry acquired Leiwo Heavy Industry as part of a larger acquisition [5][6]. - The original five-year commitment to resolve the competition issue is now extended to January 26, 2029, due to Leiwo's inadequate financial health [8][12]. Proposed Solutions to Competition - To mitigate competition during the three-year extension, Shandong Heavy Industry has proposed a detailed plan involving product tonnage segmentation and sales channel isolation [10][12]. - Shantui will focus on producing and selling large, high-end, and electric loaders of 5 tons and above, while Leiwo will be restricted to producing loaders below 5 tons, targeting agricultural and light-duty applications [10][11]. - Shandong Heavy Industry has established strict guidelines to prevent shared or cross-authorized dealers between Shantui and Leiwo, effectively isolating Leiwo's loader business to a niche market [12].

Industry Highlights - The engineering machinery industry may be on the path to recovery, with improved performance indicators [2] - The transition to "National IV" standards for engineering machinery will commence on December 1 [2] Market Data - Domestic sales have declined for 13 consecutive months, while exports have surged over 70% this year, raising questions about when the excavator industry will rebound [3] - February's construction activity rate has shown improvement, leading to optimistic expectations for the engineering machinery sector [4] - Caterpillar is nearing a cyclical turning point and has downgraded its rating to "neutral" [5] Downstream Demand - Average working hours for major products are being monitored, with data projected for 2025 [6] - The CCTV excavator index will also be tracked, with projections extending into 2025 [6] Market Dynamics - February's construction activity rate improvement suggests a warming outlook for the engineering machinery industry [7] - January's strong credit performance has reinforced expectations for a domestic demand recovery, indicating a potential thaw in the engineering machinery sector [7] Expert Insights - Su Zimeng, the president, discussed the development trends and current key tasks of the engineering machinery industry [7] - Xu Gong Machinery's Chief Engineer and Vice President, Shan Zenghai, emphasized support for the electrification of engineering machinery and commercial vehicles [7]

Core Viewpoint - The engineering machinery industry in China is expected to maintain high prosperity in 2025, with significant growth in both domestic and export sales of excavators, indicating a recovery trend in the industry [1][2]. Domestic Market Summary - In December 2025, major excavator manufacturers sold a total of 23,095 units, a year-on-year increase of 19.2%. Domestic sales reached 10,331 units, up 10.9%, while exports totaled 12,764 units, marking a 26.9% increase [1]. - For the entire year of 2025, a total of 235,257 excavators were sold, representing a 17% year-on-year growth. Domestic sales accounted for 118,518 units, up 17.9%, and exports reached 116,739 units, increasing by 16.1% [1]. - The recovery of the domestic engineering machinery industry is driven by fiscal stimulus, the renewal of existing equipment, and accelerated exports of used excavators. The demand for medium and large excavators is expected to significantly contribute to industry performance starting in 2025 [1]. Export Market Summary - China's engineering machinery companies have accelerated their expansion into overseas markets, particularly in countries involved in the "Belt and Road" initiative, which has become a major growth point for profitability. The overseas demand is gradually recovering from the bottom, especially in emerging markets [2]. - The low penetration rate of engineering machinery in overseas markets, combined with relatively high gross profit margins, presents opportunities for growth as the global market recovers [2]. Industry Trends - The engineering machinery industry is entering a new phase with the implementation of "National IV" emission standards starting December 1, 2025, which may influence market dynamics [3]. - The industry is experiencing a positive shift in performance, with expectations of a warming trend in the sector as construction activity improves [4][8].