（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问董秘，三一重工目前出海业务有哪些？有在海外 投资建厂或技术服务吗？ 三一重工（600031.SH）12月12日在投资者互动平台表示，三一重工的出海业务主要包括挖掘机械、混 凝土机械、起重机械、桩工机械、路面机械等。目前公司在全球有240个直销网点，419家经销商，覆盖 全球超过150个国家和地区。 ...

国信证券近日发布2026年度制冷剂配额核发公示点评：11月销售各类挖掘机20027台，同比增长 13.9%。其中国内销量9842台，同比增长9.11%；出口量10185台，同比增长18.8%。装载机：11月销售 各类装载机11419台，同比增长32.1%。其中国内销量5671台，同比增长29.4%；出口量5748台，同比增 长34.8%。11月电动化率25.7%，环比+0.34pct，1-11月累计电动化率约23.35%，环比1-10月增加 0.26pct。 其他产品：10月汽车和履带起重机内销继续高增长；叉车内外销均维持双位数正增长；升降工作平台出 口不佳拖累整体销量增速。协会数据显示10月销量增速：汽车起重机整体+15%%/内销+41.7%/出 口-4.47%；履带式起重机整体+71.4%/内销+54%/出口+79.7%；随车起重机整体+10.2%/内销+2.4%/出口 +59.2%；塔机整体-6.8%/内销-16.7%/出口+14%；叉车整体+15.9%/内销+16.2%/出口+15.4%；升降工作 平台整体-38.8%/内销-41.8%/出口-36.3%。 11月国内开工小时数同比仍走弱；10月小松海 ...

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [36]. Core Insights - In November 2025, excavator sales reached 20,027 units, representing a year-on-year increase of 13.85% and a month-on-month increase of 10.67%. Domestic sales accounted for 9,842 units, with a year-on-year growth of 9.11% and a month-on-month growth of 16.23% [3]. - Loader sales in November 2025 totaled 11,419 units, showing a year-on-year increase of 32.07% and a month-on-month increase of 6.99%. Domestic sales were 5,671 units, with a year-on-year growth of 29.39% [4]. - The report highlights a significant recovery in demand for excavators in Europe and North America, with both domestic and export sales showing positive trends [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations in Europe and North America, with a projected market for electric construction machinery expected to grow significantly [6]. Summary by Sections Excavator Sales - In November 2025, excavator sales were 20,027 units, with domestic sales at 9,842 units and export sales at 10,185 units, the latter accounting for 50.86% of total sales. Year-to-date sales from January to November reached 212,162 units, a 16.73% increase year-on-year [3]. Loader Sales - Loader sales in November 2025 were 11,419 units, with domestic sales of 5,671 units and export sales of 5,748 units. Year-to-date loader sales reached 115,831 units, reflecting a year-on-year increase of 17.24% [4]. Market Trends - The report notes that while domestic demand in real estate remains weak, there are signs of recovery in the mining sector and infrastructure investments, which could lead to a new growth cycle for the engineering machinery industry [5]. - The report also mentions that the export trade value of engineering machinery products was $4.668 billion in October, with a year-on-year growth of 1.30% [5]. Technological Development - The report stresses the importance of electric and intelligent machinery in the industry, with significant growth potential in the electric machinery market, particularly in light of upcoming regulations in Europe [6].

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

Group 1: Engineering Machinery - Domestic demand for excavators is expected to recover to around 120,000 units in 2025, with a year-on-year increase of 19.6% in the first ten months of 2025 [1][15] - The export of excavators reached 93,800 units in the first ten months of 2025, showing a year-on-year increase of 14.4%, with an expected annual growth rate of around 15% [1][29] - The recovery in domestic demand is primarily driven by small excavators, reflecting increased demand for machinery in rural and small-scale water conservancy projects [15][20] Group 2: Shipbuilding and Offshore Engineering - The global shipbuilding industry saw a decline in new orders, with a total of 9,483.31 million deadweight tons in the first ten months of 2025, down 44.67% year-on-year [2] - The shipbuilding price index has shown a general decline, but there is a recovery in orders for bulk carriers and oil tankers in October 2025 [2] - The upcoming replacement cycle in shipbuilding, combined with tightening global environmental policies, is expected to drive a new round of demand growth [2] Group 3: Cyclical Industries - The cyclical sector is showing signs of recovery in 2025, supported by low baselines and the expansion into new industries [3] - The industrial control market is rebounding, with a notable increase in the OEM market, while project-based markets are showing weaker performance [3] - The industrial robot market is expected to grow by over 10% year-on-year in 2025, indicating a sustained recovery [3] Group 4: AI and Robotics - The AI sector is driving significant changes in various industries, with a focus on humanoid robots, data center equipment, and vertical applications [4] - The demand for data center backup power sources is increasing due to global capacity shortages, with domestic alternatives expected to accelerate [4] - The introduction of humanoid robots is becoming a reality, with significant production plans announced by companies like Tesla for 2026 [4] Group 5: Investment Recommendations - The report recommends focusing on the engineering machinery sector, particularly companies like SANY Heavy Industry, XCMG, and LiuGong, which are expected to benefit from domestic and international demand [5][9] - In the shipbuilding and offshore engineering sector, China International Marine Containers (CIMC) is highlighted as a potential beneficiary of the recovery [5][9] - The AI and robotics sector presents investment opportunities in companies like Weichuang Electric and Jack Technology, which are positioned to benefit from the ongoing industrial transformation [5][9]

Group 1: Equipment Export - The engineering machinery sector is expected to see a full domestic recovery and moderate export recovery in 2025, with a projected revenue growth of 12% year-on-year in the first three quarters of 2025 [52] - Key recommended companies for engineering machinery include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from both domestic and international demand [3][52] - The oil service equipment sector is poised for significant growth due to historical opportunities in the Middle East and the Belt and Road Initiative, with recommended companies including Jereh and Neway [3] Group 2: Domestic Demand Improvement - The photovoltaic equipment sector is entering a platform integration phase, with significant advancements in perovskite and heterojunction technologies, leading to increased equipment value [3] - The lithium battery equipment sector is expected to benefit from ongoing capacity expansions and solid-state battery technology, with recommended companies including Lead Intelligent and Hanke Technology [4] - The semiconductor equipment sector is experiencing a recovery driven by domestic substitution and AI-related demand, with key recommendations including Northern Huachuang and Zhongwei [4] Group 3: High-Growth Sectors - The PCB equipment sector is entering a new expansion cycle driven by AI, with high demand for advanced HDI and SLP boards, with recommended companies including Dazhu CNC and Ding Tai High-Tech [5] - The liquid cooling equipment market is growing rapidly as it becomes a standard for AI server cooling, with key recommendations including Hongsheng and a focus on Invec [5] - The gas turbine and diesel generator sectors are expected to see significant growth due to increased electricity demand driven by AI, with recommended companies including Jereh and Yingliu [5] Group 4: New Technologies and Directions - The mass production of humanoid robots is anticipated, with domestic component manufacturers expected to benefit from cost reductions, with recommended companies including Hengli Hydraulic and New Coordinates [5] - The integration of new technologies in the photovoltaic sector is leading to industry transformation, with a focus on innovative solutions [5] Group 5: Performance Analysis - The semiconductor equipment and PCB equipment sectors are leading in revenue growth, with semiconductor equipment benefiting from advanced process expansions and PCB equipment driven by AI server demand [33] - The profit growth in the PCB equipment and general automation sectors is notable, with improvements in product structure and scale effects [33] - The overall machinery sector is experiencing a mild upward trend, with significant performance disparities among sub-sectors [11][20]

在政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积 极性越来越高。 据同花顺iFinD数据统计，截至12月9日，年内发布股票回购计划的方案中，四成以上的回购目的为全部 注销或部分注销，较2024年的比例进一步提升。 受访人士指出，政策红利持续释放，监管层强化投资者保护，未来或出台更多税收优惠或资金支持政 策，推动注销式回购常态化。目前，部分公司的估值仍处于低位，企业回购仍有动力，企业通过回购注 销向投资者传递"股价被低估"的信号，形成价值发现的良性循环。 年内回购金额超1500亿元 12月8日晚，美的集团发布公告称，截至2025年12月8日，公司累计回购股份数量约为1.35亿股，占公司 总股本的1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股，支付的总金额约为100亿元（不 含交易费用）。综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购方案实施完 毕。 值得一提的是，此次回购金额是A股今年唯一的"百亿级"回购。美的集团表示，根据本次回购方案，回 购股份70%及以上将用于注销并减少注册资本。公司本次累计回购股份1.35亿股，其中9 ...

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

Group 1: Robotics Industry - The U.S. government is focusing on the development of robotics, indicating that robotics technology is becoming a key frontier in U.S.-China competition, with potential for continued resonance between the two countries' industries [1] - The Trump administration's actions suggest a strategic elevation of the U.S. robotics industry, with domestic policies expected to follow suit [1] - U.S. companies are actively investing in the robotics sector, creating a closed loop of "model-simulation-hardware," while China's supply chain is accelerating the implementation of robotics in various scenarios [1] Group 2: Construction Machinery - In November, domestic excavator sales exceeded expectations, and exports maintained high growth rates despite a high base, indicating a strong overall fundamental outlook for the sector [2] - The upward trend in both domestic and international sales of construction machinery has been validated, with a focus on overseas markets where profits from exports account for about 70% of many companies [2] - The performance of companies in the construction machinery sector remains strong, with non-excavator domestic sales also showing significant growth [2] Group 3: Lithium Battery Equipment - The electrification of ships is expanding the application of lithium batteries into new scenarios, with a positive outlook for lithium battery equipment in the upcoming year [3] - The demand for lithium batteries is expected to increase as new technologies like solid-state and sodium-ion batteries emerge, enhancing the electrification rate across various sectors [3] - The mid-term acceptance of solid-state batteries is anticipated to be completed by the end of the year, leading to a new round of order tenders from leading battery manufacturers and vehicle manufacturers [3] Group 4: PCB Equipment - The PCB industry is experiencing a resurgence, characterized by high-end product development and factory establishment in Southeast Asia, which is driving the demand for PCB equipment upgrades [4] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [4] - The industry is evolving towards higher layer counts and more precise wiring due to AI-driven advancements, necessitating improvements in processing technology [4] Group 5: Forklifts & Mobile Robots - Sales of large forklifts are maintaining growth, with domestic sales increasing by 5% to 16% and exports growing by 8% to 23% from July to October [5] - The industry is optimistic about the upward trend in demand for smart logistics and unmanned forklifts, with major companies launching intelligent logistics products in Q4 [5] Group 6: Recommended Companies in Machinery Sector - Key companies recommended include Hengli Hydraulic, Aibin Technology, LiuGong, XCMG, Jereh, Naipu Mining, SANY Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, Huace Testing, Shoucheng Holdings, Xian Dao Intelligent, Bozhong Precision, Haitai International, Yizhiming, Puyuan Precision Electronics, Zhongji United, and Maiwei Shares [6]