Core Viewpoint - The construction of the new energy engineering machinery headquarters base by Great Wall Heavy Industry in Jining High-tech Zone is progressing steadily, marking a significant investment in the local manufacturing sector and contributing to the high-quality development of the city's high-end equipment manufacturing industry [1][6]. Project Development - The project is the second headquarters base established by Great Wall Holdings Group in the country and is one of the major manufacturing projects introduced in Jining in recent years [1]. - The first production line of the project has been operational since September, with a current production capacity of approximately 10 vehicles per day, indicating a ramp-up phase [3]. - The new energy wide-body vehicles produced are primarily used for material transportation in large mines, with a total weight capacity ranging from 90 tons to 150 tons, achieving a 25% efficiency improvement over traditional fuel vehicles [3]. Economic Impact - The project is expected to generate an output value exceeding 26 billion yuan and contribute approximately 1.3 billion yuan in tax revenue to the local economy [5]. - The overall plan includes the annual production of 50,000 units of new energy excavators, loaders, and mining vehicles, along with the development of core components such as three electric systems and autonomous driving hardware [5]. Market Demand - The company has received an order for 1,000 vehicles, with production scheduled to take about three months, and anticipates that orders will continue to increase into mid-next year [3]. - The project aims to leverage the local industrial chain advantages and promote digital transformation to achieve the strategic goal of becoming the "first brand in new energy engineering machinery" [5][6]. Industry Context - The engineering machinery industry is showing signs of recovery, with expectations of improved performance and demand in the coming months [7][8]. - The transition to "National IV" emissions standards starting December 1 is anticipated to further influence the market dynamics within the engineering machinery sector [7].

Core Viewpoint - The excavator industry serves as a key indicator for infrastructure construction and fixed asset investment, with the latest data from the "CCTV Financial Excavator Index" showing a month-on-month increase in average operating rates and workload in October despite holiday impacts [1][3]. Summary by Sections National Overview - In October, the national average operating rate for construction machinery was 45.56%, an increase of 1.4% month-on-month, with a workload growth of 5.25%. The new orders index for the construction industry was at 45.9%, up by 3.7 percentage points from the previous month [3]. Provincial Performance - The top ten provinces by operating rate included Zhejiang, Anhui, Beijing, Hainan, Jiangxi, Liaoning, Jilin, Qinghai, Ningxia, and Hebei. Additionally, 19 provinces had operating rates exceeding 50%, and 22 provinces saw a month-on-month increase in workload [3]. Equipment Performance - The operating rate for lifting equipment was 70.74%, leading among various equipment categories. The operating rate for truck cranes was 75.81%, indicating a significant focus on large equipment installation and project completion in October [8]. Excavator Insights - Excavator operating rates saw the highest month-on-month increase among all equipment categories, rising by 2.15%. The central region had an excavator operating rate of 56.6%, indicating a surge in new project initiations [10]. Regional Highlights - The central region's comprehensive operating rate was 50.43%, with ongoing projects in electronics, automotive manufacturing, high-end equipment, green energy, and logistics. Notably, the workload for stackers in Hunan surged by 225.36% year-on-year [12]. - The northeastern region had a comprehensive operating rate of 49.46%, with road equipment leading at 56.35% and notable year-on-year increases in various equipment categories [14]. - The western region's comprehensive operating rate was 49.22%, with lifting equipment at 78.35%, and significant year-on-year increases in workload for various equipment types [16]. - The eastern region's comprehensive operating rate was 46.14%, with concrete equipment leading at 46.74%, and substantial year-on-year increases in workload for specific equipment [18]. Industry Trends - The article discusses the potential recovery of the construction machinery industry, with expectations of improved operating rates and demand in the coming months [19][22].

Core Viewpoint - The establishment of the Liugong New Energy Intelligent Global Innovation Center marks a significant step towards the company's transformation into a high-end, intelligent, and green enterprise, aligning with national strategies for industrial upgrading and global competitiveness [2][9]. Group 1: Company Developments - The Liugong New Energy Intelligent Global Innovation Center is located in the Liugong Intelligent International Industrial Park, covering nearly 60,000 square meters and accommodating over 2,500 technical and management personnel [12]. - The center is the first in Guangxi to achieve the highest global green building certification, LEED Platinum, demonstrating a commitment to energy efficiency and sustainable development [12]. - Liugong aims to achieve a revenue target of 60 billion yuan by 2025, with over 60% of revenue coming from overseas markets, transitioning from a "Chinese brand" to a "global high-value brand" [9]. Group 2: Industry Context - The opening of the innovation center is seen as a response to industry trends and a crucial move for Liugong to inject new momentum into its development and contribute to the industrial revitalization of Liuzhou [7][8]. - The company is focused on integrating technological innovation with industrial innovation, enhancing cooperation and collaboration across various industry chains [7]. - The establishment of the center is part of a broader strategy to build an intelligent manufacturing industry cluster in the engineering machinery sector, positioning Liugong for long-term growth and competitiveness [18][20].

Core Viewpoint - The engineering machinery import and export trade in China showed a slight increase in October 2025, with exports growing while imports declined significantly [1][3]. Trade Data Summary - In October 2025, the total trade amount for engineering machinery was $484.4 million, a year-on-year increase of 0.07%. The import amount was $17.6 million, down 24.2%, while the export amount reached $4.668 billion, up 1.29% [1][3]. - From January to October 2025, the cumulative trade amount was $50.718 billion, reflecting an 11.5% year-on-year growth. Imports totaled $2.192 billion, a 0.78% increase, and exports amounted to $48.526 billion, up 12% [1][3]. Industry Trends - The engineering machinery industry is showing signs of recovery, with performance improvements noted [6]. - The transition to "National IV" standards is set to begin on December 1, which may impact the industry [6]. - Domestic sales have been declining for 13 consecutive months, but exports have surged over 70%, indicating potential for recovery in the excavator sector [6]. - Improved working rates in February suggest a warming expectation for the engineering machinery industry [6][10]. Market Dynamics - The engineering machinery industry is expected to benefit from improved credit conditions and domestic demand recovery, with a potential "ice-breaking" effect anticipated [10].

Excavator Market Overview - In October 2025, a total of 18,096 excavators were sold, representing a year-on-year increase of 7.77%. Domestic sales accounted for 8,468 units, up 2.44%, while exports reached 9,628 units, marking a 12.9% increase [1][2] - From January to October 2025, a total of 192,135 excavators were sold, reflecting a year-on-year growth of 17%. Domestic sales were 98,345 units, up 19.6%, and exports were 93,790 units, increasing by 14.4% [2] Loader Market Overview - In October 2025, 10,673 loaders were sold, showing a significant year-on-year growth of 27.7%. Domestic sales were 5,372 units, up 33.2%, while exports totaled 5,301 units, increasing by 22.6% [5][6] - For the period from January to October 2025, total loader sales reached 104,412 units, with a year-on-year increase of 15.8%. Domestic sales were 55,368 units, up 21.8%, and exports were 49,044 units, growing by 9.69% [6] Electric Excavator Market - In October 2025, 16 electric excavators were sold, with specific sales across various weight categories [3] Electric Loader Market - In October 2025, 2,707 electric loaders were sold, with notable sales in the 5-ton category (1,633 units) and the 6-ton category (836 units) [7] Grader Market Overview - In October 2025, 634 graders were sold, reflecting a year-on-year increase of 4.11%. Domestic sales were 102 units, up 22.9%, while exports reached 532 units, increasing by 1.14% [8] Crane Market Overview - In October 2025, 1,422 truck cranes were sold, marking a year-on-year increase of 15%. Domestic sales were 738 units, up 41.7%, while exports were 684 units, down 4.47% [10] - For the period from January to October 2025, total truck crane sales were 16,527 units, showing a year-on-year decline of 2.78% [10] Crawler Crane Market Overview - In October 2025, 336 crawler cranes were sold, representing a significant year-on-year increase of 71.4%. Domestic sales were 97 units, up 54%, and exports reached 239 units, increasing by 79.7% [12] - From January to October 2025, total crawler crane sales were 2,701 units, reflecting a year-on-year growth of 22.9% [12] Forklift Market Overview - In October 2025, 114,250 forklifts were sold, with domestic sales of 70,388 units, up 16.2%, and exports of 43,862 units, increasing by 15.4% [17] - From January to October 2025, total forklift sales reached 1,220,656 units, reflecting a year-on-year increase of 14.2% [17] Roller Market Overview - In October 2025, 1,162 rollers were sold, showing a year-on-year increase of 19.3%. Domestic sales were 421 units, up 6.85%, while exports reached 741 units, increasing by 27.8% [18] - For the period from January to October 2025, total roller sales were 14,726 units, reflecting a year-on-year growth of 21.6% [18] Paver Market Overview - In October 2025, 103 pavers were sold, marking a year-on-year increase of 21.2%. Domestic sales were 63 units, up 8.62%, while exports reached 40 units, increasing by 48.1% [20] - From January to October 2025, total paver sales were 1,352 units, reflecting a year-on-year growth of 31.3% [20] Aerial Work Platform Market Overview - In October 2025, 9,120 aerial work platforms were sold, showing a year-on-year decline of 38.8%. Domestic sales were 3,856 units, down 41.8%, while exports reached 5,264 units, down 36.3% [22] - From January to October 2025, total aerial work platform sales were 141,021 units, reflecting a year-on-year decline of 30.6% [22] High-altitude Work Vehicle Market Overview - In October 2025, 322 high-altitude work vehicles were sold, marking a year-on-year increase of 5.23%. Domestic sales were 319 units, up 16.8%, while exports were 3 units, down 90.9% [23] - From January to October 2025, total high-altitude work vehicle sales were 4,140 units, reflecting a year-on-year growth of 37.7% [23]

Core Insights - The article discusses the performance of China's machinery exports, highlighting significant growth in various sectors, particularly in excavators and construction machinery, indicating a recovery in the industry [10][14]. Group 1: Overall Export Performance - From January to September 2025, China's total export value of engineering machinery reached $46.02 billion, with a year-on-year increase of 13.4% [3]. - The total import value during the same period was $2.1 billion, reflecting a year-on-year growth of 5.2% [3]. - The cumulative export value of excavators was $7.64 billion, showing a year-on-year increase of 26.7% [4]. Group 2: Specific Machinery Categories - The total export value of earth-moving machinery was $5.44 billion, with a year-on-year increase of 4.9%, while imports decreased by 2.6% [6]. - The total export value of lifting machinery was $4.29 billion, with a year-on-year increase of 18.2%, and imports decreased by 3.2% [5]. - The total export value of industrial vehicles was $6.63 billion, reflecting a year-on-year increase of 2.8% [6]. Group 3: Market Dynamics - The excavator market showed strong demand recovery, with significant increases in exports to countries like Russia and the Philippines [4]. - The lifting machinery sector experienced stable growth, with exports primarily directed towards markets in Saudi Arabia and Germany [5]. - The industrial vehicle sector's growth was supported by the rapid development of electric vehicles, which is influencing import dynamics [6]. Group 4: Future Outlook - The article suggests that the engineering machinery industry is on a recovery path, with expectations of continued growth driven by domestic demand and international market opportunities [10][14]. - The transition to "National IV" standards starting December 1, 2025, is anticipated to further impact the industry positively [10].

Core Viewpoint - The construction machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges ahead for the sector [1][2][3]. Group 1: Working Hours - In October 2025, the average working hours for major construction machinery products was 80.9 hours, a year-on-year decrease of 9.03% but a month-on-month increase of 3.62% [1]. - Specific working hours for various machinery include: excavators at 68.6 hours, loaders at 98 hours, and concrete pumps at 41.5 hours [1]. Group 2: Operating Rates - The operating rate for major construction machinery products in October 2025 was 55%, down by 10.1 percentage points year-on-year and a slight decrease of 0.16 percentage points month-on-month [2]. - Detailed operating rates for specific machinery include: excavators at 55.1%, loaders at 58.2%, and concrete mixers at 30.9% [2]. Group 3: Historical Data Review - The average working hours for major construction machinery products showed fluctuations throughout 2024 and 2025, with notable declines in several months [5][6]. - For instance, in September 2025, the average working hours were 78.1 hours, reflecting a year-on-year decrease of 13.3% [6]. Group 4: Industry Trends - The construction machinery industry is anticipated to undergo a recovery phase, with discussions around the transition to "National IV" standards starting December 1 [7]. - There is a significant increase in exports, with a rise of over 70% despite a continuous decline in domestic sales for 13 months [7].

Core Viewpoint - The loader market in China is experiencing significant growth, with both domestic and export sales showing strong year-on-year increases in October 2025, indicating a recovery trend in the engineering machinery industry [1][2]. Sales Data Summary - In October 2025, a total of 10,673 loaders were sold, representing a year-on-year increase of 27.7%. Domestic sales accounted for 5,372 units, up 33.2%, while exports reached 5,301 units, increasing by 22.6% [1][2]. - From January to October 2025, cumulative sales of loaders reached 104,412 units, marking a 15.8% year-on-year growth. Domestic sales totaled 55,368 units, up 21.8%, and exports were 49,044 units, with a 9.69% increase [2]. Electric Loader Market Situation - In October 2025, 2,707 electric loaders were sold, with specific breakdowns: under 3 tons (16 units), 3 tons (116 units), 4 tons (3 units), 5 tons (1,633 units), 6 tons (836 units), 7 tons (77 units), 8 tons (9 units), and skid steer loaders (17 units) [3]. Monthly Sales Trends - Monthly domestic sales of loaders in 2025 showed fluctuations, with notable increases in April (7,191 units, +35.4%) and February (4,505 units, +63%), while January saw a slight decline (3,706 units, -1.01%) [4]. - The sales data from previous months in 2025 indicates a recovery trend, especially in the second half of the year, contrasting with the declining sales observed in 2024 [5]. Industry Insights - The engineering machinery industry is anticipated to be on a recovery path, with expectations of improved performance driven by domestic demand and export growth [6]. - The transition to "National IV" emissions standards starting December 1, 2025, is expected to impact the market dynamics positively [6].

Core Viewpoint - The excavator market in China shows a positive growth trend, with significant increases in both domestic sales and exports in October 2025 compared to the previous year [1][2]. Sales Data Summary - In October 2025, a total of 18,096 excavators were sold, marking a year-on-year increase of 7.77%. Domestic sales accounted for 8,468 units (up 2.44%), while exports reached 9,628 units (up 12.9%) [1][2]. - From January to October 2025, cumulative excavator sales reached 192,135 units, reflecting a year-on-year growth of 17%. Domestic sales totaled 98,345 units (up 19.6%), and exports were 93,790 units (up 14.4%) [2]. Electric Excavator Market - In October 2025, 16 electric excavators were sold, categorized by weight: 1 unit in the 6-10 tons range, 1 unit in the 10-18.5 tons range, 9 units in the 18.5-28.5 tons range, and 5 units over 40 tons [3]. Monthly Sales Trends - The domestic sales of excavators in September 2025 were 9,249 units, showing a year-on-year increase of 21.5%. In August, sales were 7,685 units (up 14.8%), and in July, 7,306 units (up 17.2%) [4]. - The sales figures for the first half of 2025 indicate a recovery trend, with significant increases in monthly sales compared to the same months in the previous year [4]. Industry Outlook - The engineering machinery industry is showing signs of recovery, with expectations of continued growth as demand increases and new regulations come into effect [7].

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].