Group 1 - The core viewpoint is that excavator sales are expected to grow significantly in August 2025, with total sales reaching 16,523 units, a year-on-year increase of 12.8% [1] - Domestic sales in August 2025 are projected at 7,685 units, reflecting a year-on-year growth of 14.8%, while export sales are expected to be 8,838 units, up by 11.1% [1] - The domestic sales accounted for 47% of total sales in August 2025, while exports made up 53% [1] Group 2 - The average working hours for major construction machinery in August 2025 decreased by 9.45% year-on-year, with excavators averaging 63.3 hours [2] - The operating rate for major construction machinery also declined, with an overall rate of 55.1% in August 2025, down by 6.83 percentage points year-on-year [2] Group 3 - Trade friction risks are considered manageable, as most Chinese construction machinery manufacturers have low exposure to the U.S. market, with companies like XCMG and Zoomlion having less than 1% and around 1% of total revenue from the U.S., respectively [3] Group 4 - Recommended stocks include SANY Heavy Industry, Zoomlion, XCMG, and Hengli Hydraulic, with LiuGong identified as a beneficiary [4]

2025年3月份开始，新能源重卡销量连续5个月超过1.5万辆，其中充电重卡自4月份起月销量保持超万辆水准，贡献最大。8月份，新能 源重卡整体销量继续保持高位，达到1.78万辆，充电重卡的突出表现也还在继续。 从细分车型来看，2025年1-8月份挂牌上路的充电重卡仍以牵引车、自卸车，以及混凝土搅拌车为主，分别达到5.29万辆、9918辆和 8908辆，占比分别达到69.68%、13.07%和11.74%。此外，洗扫车、清洗车等环卫车型也是充电重卡的重要细分车型，合计占比达 到4.82%。 请看第一商用车网的分析报道。 8月销1.2万辆大增246%，连续20个月翻倍涨 2025年8月份，国内新能源重卡市场共计销售1.78万辆（注：本文数据来源为交强险实销口径，不含出口和军车，下同），环比今年7 月份增长7%，同比增长182%。8月份，纯电动重卡（包括换电和充电）销售1.75万辆，占比高达98.66%，较上月（98.07%）小幅 提升，仍是新能源重卡最重要的组成部分。这其中，充电重卡销售1.20万辆，环比增长6%，同比增长246%，同比增幅较上月 （+205%）扩大41个百分点，这是充电重卡连续第20个月实现翻倍增 ...

2025年8月份，我国新能源重卡市场继续保持高位，整体销量接近1.8万辆。 今年以来，新能源重卡市场最重要的"存在"自然是占比最大的纯电动重卡。不过，即便是"存在感"比纯电动重卡弱了许多，2025年燃 料电池重卡和混合动力重卡也有各自的看点和亮点。 请看第一商用车网的分析报道。 氢能重卡遭遇"5连降"，混动重卡同比增长145% 根据第一商用车网掌握的最新数据，2025年8月份，国内新能源重卡共计销售1.78万辆（注：本文数据来源为交强险实销口径，不含出 口和军车，下同），同比增长182%，其中纯电动、燃料电池和混动动力（包括柴油混合动力、甲醇混合动力和天然气混合动力，下 同）车型分别销售1.75万辆、162辆和76辆，环比分别增长7%、-31%和-12%，同比分别增长208%、-72%和145%，燃料电池重 卡连续五个月遭遇同比下降，混合动力重卡同比虽实现增长，但同比增速低于新能源重卡市场整体增速，继续跑输新能源重卡市场"大 盘"。 根据第一商用车网的观察，混合动力重卡和氢燃料电池重卡今年的"存在感"都不强。上图可见，今年1-8月，除了3月份、6月份和7月 份燃料电池重卡能被一眼看见（3月份、6月份和7月份燃 ...

Core Viewpoint - The report from Guojin Securities highlights the positive outlook for the engineering machinery sector, driven by the resonance of domestic and international sales, leading to growth in scale, profit release, and improved operational quality [1][2]. Domestic Market Performance - In the first half of 2025, domestic sales of earthmoving machinery remained strong, with notable recovery in non-earthmoving sectors such as cranes. The revenue growth rates for major manufacturers were as follows: Sany Heavy Industry at 21.4%, Liugong at 15.7%, XCMG at 5.5%, and Zoomlion at -11.6% [1][2]. - The gross profit margins of leading manufacturers in the domestic market were 5%-10% lower compared to the peak in 2020, but there is potential for increased performance as non-earthmoving sales rise [1]. International Market Dynamics - The overseas market remains a critical area for profit release for major manufacturers, with gross profit margins significantly higher than those in the domestic market. The margin differences for Sany, XCMG, Zoomlion, and Liugong were 9.1%, 3.7%, 7.3%, and 13.9% respectively [1][2]. Global Demand Recovery - The engineering machinery sector is expected to benefit from a global demand recovery, with a projected increase in excavator replacement demand from 79,000 units in 2023 to 249,000 units by 2027. The demand for non-earthmoving machinery is also anticipated to rise as it begins to recover from a lag behind excavator sales [3]. - Major infrastructure projects, such as the Yajiang Hydropower Station and rural road reconstruction, are expected to boost demand for various types of engineering machinery [3]. Interest Rate Impact on Overseas Demand - The report suggests that the current interest rate reduction cycle will support a recovery in overseas engineering machinery demand. In North America, demand is expected to release in 2025, while in Europe, there are signs of growth in excavator exports [4]. - Emerging markets are also projected to maintain high demand due to economic growth, urbanization, and mining activities, particularly in regions like Southeast Asia and the Middle East [4].

Core Insights - The 17th China (Beijing) International Engineering Machinery, Building Materials Machinery and Mining Machinery Exhibition (BICES 2025) is being held from September 23 to 26, showcasing the strength of high-end equipment manufacturing in Changsha [1] Group 1: Event Overview - The exhibition theme is "High-end Green, Smart Future," featuring two special exhibition areas, four themed pavilions, and thirteen special zones to highlight the latest advancements in high-end, intelligent, and green engineering machinery [1] - Major companies like SANY Group, China Railway Construction Heavy Industry, and Zoomlion are presenting innovative products and solutions [1] Group 2: SANY Group Highlights - SANY Group showcased 16 electric and intelligent equipment models, including the new SY245E electric excavator and "Concrete Action" electric mixer truck, emphasizing their advancements in electric and intelligent technology [1][3] - The SY245E electric excavator supports 4,500 full charge cycles and has undergone 3,000 hours of testing in various harsh conditions [3] - The "Concrete Action" mixer truck features a battery co-developed with CATL, boasting low loss, slow degradation, good low-temperature performance, and fast charging capabilities [3] - SANY Group claims to have established a comprehensive solution capability for equipment electrification, energy cleanliness, and operational intelligence [3] Group 3: China Railway Construction Heavy Industry Highlights - China Railway Construction Heavy Industry presented a complete solution for tunnel construction, showcasing innovative products like the "Jianghai" shield machine and the world's first pure electric highland-type three-arm rock drilling rig [2][5] - The company emphasizes its commitment to technological innovation and high-quality development in providing equipment for major national projects [5] Group 4: Zoomlion Highlights - Zoomlion's exhibition theme is "Green, Intelligent Manufacturing, Building a Beautiful World," featuring ten key products across four categories [6] - The ZT160HEV, the world's largest hybrid mining dump truck, has a rated load of 100 tons and features an advanced hybrid system [7] - The ZE1050G hybrid excavator utilizes a new generation of electro-hydraulic hybrid system architecture, showcasing the company's focus on efficiency and environmental sustainability [7] - Zoomlion aims to drive the industry towards high efficiency, green, and intelligent upgrades in line with ongoing carbon neutrality goals [7]

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].

Group 1 - The World Brand Lab released the 2025 "Asia Brand 500" report, highlighting that China has 217 brands on the list, ranking first in Asia [1] - Hunan Broadcasting and Television Group ranked 88th, while SANY Heavy Industry and Zoomlion ranked 108th and 111th respectively [1][2] - SANY Heavy Industry has implemented a "globalization, digitalization, and low-carbon" strategy, achieving significant market presence in over 180 countries and regions [1] - SANY's electric products sales exceeded 10 billion, with 101 electric products launched and 57 new technologies developed [1] Group 2 - Zoomlion has been on the "Asia Brand 500" list for 20 consecutive years, with its ranking improving to 111th [2] - The company leverages decades of industrial experience and data accumulation to enhance its competitiveness through advancements in AI, IoT, cloud computing, and big data [2] - Zoomlion aims to accelerate its transformation towards diversification, globalization, and digitalization while strengthening its brand [2]

Market Overview - The engineering machinery sector experienced a decline of 1.32% on September 25, with Shanhe Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Shanhe Intelligent's stock price fell by 7.98% to 13.38, with a trading volume of 1.44 million shares and a transaction value of 199.8 million [2] - Other notable declines included Huadong Heavy Machine down 5.25% and Wantong Hydraulic down 4.22% [2] - In contrast, Zhongji United and Changling Hydraulic saw slight increases of 1.11% and 0.82%, respectively [1] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 785 million from institutional investors, while retail investors contributed a net inflow of 714 million [2] - The table of capital flow indicates that individual stocks like Weiman Sealing and Xugong Machinery had varying levels of net inflow and outflow from different investor types [3]

【文/观察者网 王一】在全球汽车产业格局经历"洗牌"的当下，中国制造正瞄准海外市场，积极"走出 去"。 "我们已经看到海外市场的快速发展。"不过，三一集团重卡事业部董事长梁林河也补充说，在海外市场 推广电动卡车首先要克服的最大挑战是，许多国家电力基础设施落后于中国。 三一集团2021年才正式进军电动卡车领域，却已迅速在国内拿下16%的市场份额。2025年，预计电动卡 车全年销量可以达到3万辆，其中大部分在中国销售。 电动卡车在中国已越来越普及。中国第一商用车网数据显示，今年前8个月，中国柴油卡车销量占比已 跌至51%，2023年同期这一比例为75%。与此同时，电动卡车的渗透率已从两年前的4%飙升至24%。 英国《金融时报》9月24日报道称，中国最大电动卡车制造商三一集团表示，将大幅扩展海外市场版 图，力争到2030年实现一半销售额来自海外市场，向海外传统重卡产业发起挑战。此外，比亚迪和北汽 福田等中国车企也早已将卡车运往意大利、波兰、西班牙和墨西哥等国销售，并积极寻求在海外建设组 装工厂。 《金融时报》分析指出，电池成本的急剧下降、续航能力的提升，加上中国政府为卡车车队提供的换车 补贴，都助推中国电动卡车制造 ...

Core Viewpoint - The meeting between China Railway Construction Corporation (CRCC) and SANY Group aims to deepen cooperation and promote high-quality development in the construction and engineering machinery sectors [1][3]. Group 1: Cooperation and Strategic Alignment - CRCC's Chairman Dai Hegen expressed gratitude for SANY Group's long-term support and highlighted SANY's leadership in the engineering machinery industry, noting its high management standards and effective execution [3]. - Both companies have established a strong relationship based on mutual trust and support, with a focus on enhancing cooperation in areas such as high-end intelligent equipment, lighthouse factories, supply chain collaboration, management mechanisms, and research [3]. - SANY Group's Chairman Xiang Wenbo acknowledged the strong foundation for cooperation and emphasized the complementary nature of both companies' industries, aiming to leverage their strengths in infrastructure, new equipment, new energy, overseas business, and technological innovation [3]. Group 2: Future Development and Goals - The collaboration aims to create a model of cooperation between state-owned and private enterprises, focusing on achieving mutual benefits and higher quality development [3]. - Both companies are committed to exploring overseas markets together and providing customized solutions to meet CRCC's needs [3].