机械设备行业 标配 （维持） 机械设备行业双周报（2025/11/14-2025/11/27） 政策助发展加速，技术迭代迎产业升级 2025 年 11 月 28 日 投资要点： 机械设备二级板块本周涨跌幅：截至2025年11月27日，申万机械设备行业的 5个二级板块中，从双周表现来看，工程机械板块跌幅最小，为0.31%。其他 板块表现如下，自动化设备板块下跌3.50%，专用设备板块下跌3.55%，通用 设备板块下跌3.93%，轨交设备Ⅱ板块下跌6.46%。 机械设备个股涨跌情况：截至2025年11月27日，机械设备板块双周涨幅前三 个股分别为大鹏工业、航天动力、绿岛风，涨幅分别为570.33%、32.72%、 31.58%。机械设备板块双周跌幅前三个股分别为荣亿精密、冀凯股份、速达 股份，跌幅分别为23.70%、23.14%、21.09%。 机械设备本周估值：截至2025年11月27日，申万机械设备板块PE TTM为30.48 倍。通用设备、专用设备、轨交设备Ⅱ、工程机械、自动化设备PE TTM分别 为42.01倍、30.72倍、17.16倍、22.02倍、47.47倍。 ◼ 机械设备行业周观点： 机器人：国 ...

内容概要：矿山挖掘设备是矿山开采的核心装备，用于矿岩的挖掘、装载等关键作业，其类型丰富且适 配不同开采场景，是采矿设备的巨头。近年来，受全球煤炭、金属及工业矿物等物料持续需求的推动， 挖掘设备市场规模呈稳定增长趋势。据统计，2024年全球矿山挖掘设备市场规模达到3620亿元，占全球 矿山设备的49.14%；预计2025年全球矿山挖掘设备市场规模将达到3789亿元，约占全球矿山设备的 448.84%。 上市企业：三一重工[600031]、山东矿机[002526]、天地科技[600582]、郑煤机[601717]、徐工机械 [000425.SZ]、同力重工[834599]、中信重工[601608]、山东矿机[002526]、中联重科[000157] 相关企业：卡特彼勒公司（Caterpillar,Inc.）、小松株式会社（KomatsuLtd.）、山特维克SandvikAB、安 百拓集团EpirocGroup、美卓公司MetsoCorporation、日立建机株式会社、伟尔集团WeirGroup、史密斯 公司、利勃海尔集团、中国煤矿机械装备有限责任公司、VolvoArticulatedHauler、特雷克斯公司、 ...

Group 1 - The core viewpoint of the news is the positive growth in the sales of excavators and loaders in the Chinese construction machinery industry, with significant year-on-year increases in both domestic and export markets [1][2][3] - In October 2025, a total of 18,096 excavators were sold, representing a year-on-year increase of 7.77%, with domestic sales of 8,468 units (up 2.44%) and export sales of 9,628 units (up 12.9%) [1][2] - For the period from January to October 2025, excavator sales reached 192,135 units, marking a 17% year-on-year increase, with domestic sales of 98,345 units (up 19.6%) and export sales of 93,790 units (up 14.4%) [1][2][3] Group 2 - In October 2025, a total of 10,673 loaders were sold, showing a year-on-year increase of 27.7%, with domestic sales of 5,372 units (up 33.2%) and export sales of 5,301 units (up 22.6%) [2] - For the period from January to October 2025, loader sales totaled 104,412 units, reflecting a year-on-year increase of 15.8% [2] - The export value of China's construction machinery and parts reached $38.64 billion from January to August 2025, representing an 11.4% year-on-year increase, with excavator exports increasing by 24.9% [3] Group 3 - The domestic excavator market is experiencing a strong recovery, with a notable increase in sales driven by government policies promoting urban renewal and infrastructure projects [3] - The global demand for excavators is also on the rise, with a 14.4% year-on-year increase in exports from January to October 2025, indicating sustained overseas demand [3] - The establishment of SANY's production base in South Africa and the launch of new compact electric equipment by Zoomlion highlight the ongoing globalization and innovation within the industry [4][5] Group 4 - The industry outlook remains positive, with expectations of continued recovery in the construction machinery sector due to large-scale equipment replacement policies and infrastructure projects [5] - Companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, are recommended for investment [5]

智通财经APP获悉，香港联交所最新资料显示，11月26日，三一重工(06031)股东将股票存入中信里昂证 券，存仓市值19.17亿港元，占比12.35%。 三一重工公告，于2025年11月26日因部分行使超额配股权而发行及配发8901.56万股H股。 ...

三一重工（600031）(06031)发布公告，于2025年11月26日因部分行使超额配股权而发行及配发8901.56 万股H股。 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

格隆汇11月26日丨三一重工(06031.HK)发布公告，于2025年11月26日因部份行使超额配股权而发行及配 发8901.56万股H股。 ...

智通财经APP讯，三一重工(06031)发布公告，于2025年11月26日因部分行使超额配股权而发行及配发 8901.56万股H股。 ...

FF305 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 三一重工股份有限公司 呈交日期： 2025年11月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) 06031 | 說明 H股 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | ...

Group 1 - The mechanical equipment industry has shown a strong performance with a 55.20% increase from January to October 2025, outperforming the CSI 300 index by 25.03 percentage points, ranking fifth among Shenwan industries [14][6][29] - Revenue and net profit attributable to the parent company for the first three quarters of 2025 grew by 6.11% and 14.52% year-on-year, respectively, indicating improved profitability and operational quality [17][29][30] - The industry is benefiting from factors such as product exports, cost control, and optimization of product structure, leading to enhanced profitability [17][29] Group 2 - The engineering machinery sector has experienced significant growth in exports, with a focus on increasing electrification rates. Domestic excavator sales showed a slowdown in October 2025, attributed to preemptive inventory replenishment [34][44][54] - The demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [34][49] - The global market for electric engineering machinery is projected to grow significantly, with China's electrification rate expected to reach 7.90% by 2024 [69][74] Group 3 - The humanoid robot sector is seeing advancements in industrial applications, particularly in dexterous hand technology, which is crucial for the deployment of humanoid robots in various settings [75][78] - The integration of AI models is enhancing the capabilities of robots, making them more versatile for industrial applications [77][78] - Tesla's Optimus Gen3 is set to launch in Q1 2026, with significant demand for components, indicating a robust growth trajectory for humanoid robotics [79][80] Group 4 - The automation equipment sector is experiencing a mixed recovery, with industrial robots facing intensified competition and a shift towards high-end markets [80][81] - The demand for industrial automation is expected to recover in specific sub-sectors, while overall manufacturing PMI remains below the growth line [80][81] - The machine tool sector is witnessing a gradual recovery in revenue growth, supported by improved downstream demand and policy support [80][81] Group 5 - Investment recommendations for 2026 focus on technology development, cyclical recovery, and export chain layout, with specific companies highlighted for potential investment [6][29][40]