每经记者｜黄鑫磊 每经编辑｜董兴生 2025年以来，国内工程机械行业呈现"内需稳增、外需发力"的良好态势。 近日，中国工程机械工业协会发布数据显示，中国挖掘机前三季度共销售17.40万台，同比增长18.1%。 其中，国内销量8.99万台，同比增长21.5%；出口8.42万台，同比增长14.6%。 同时，9月挖掘机平均工作时长为62.7小时，较8月的63.3小时略有下降，开工率为54.5%，也略低于8月 的54.8%。 国金证券研报分析称，欧美需求显著回暖以及新兴市场维持经济高景气，不仅带动挖掘机出口增长，更 推动头部企业业绩提升。目前，头部主机厂海外收入占比均超45%，高毛利的海外业务成为利润核心来 源。 9月挖掘机销量同比增长25.4% 二是大基建拉动内需增长，总投资1.2万亿元的雅下水电站项目、30万公里农村公路新改建项目、新藏 铁路等多个大型基建项目陆续开工，有望拉动挖掘机、混凝土机、起重机等多类工程机械需求。 龙头企业海外业绩大幅增长 在海外市场方面，2025年上半年，恒立液压（SH601100）、三一重工（SH600031）、徐工机械 （SZ000425）、中联重科（SZ000157）等产业链头部上 ...

晨会纪要（2025/10/16） 崔健 渤海证券研究所晨会纪要（2025.10.16） 行业研究 9 月挖掘机销量为 19858 台，同比增长 25.4%——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/10/16） 行业研究 9 月挖掘机销量为 19858 台，同比增长 25.4%——机械设备行业周报 宁前羽（证券分析师，SAC NO：S1150522070001） 1、行业要闻 （1）9 月挖掘机销量为 19858 台，同比增长 25.4%； （2）9 月装载机销量为 10530 台，同比增长 30.5%； （3）9 月工程机械主要产品月平均工作时长为 78.1 小时。 2、公司公告 （1）宗申动力发布 2025 年前三季度业绩预告，归母净利润同比增长 70%-100%； （2）英维克发布 2025 年三季度报告，前三季度营业收入同比增长 40.19%。 3、周行情回顾 2025 ...

资料显示，江苏恒立液压股份有限公司位于江苏省常州市武进高新区龙潜路99号，成立日期2005年6月2 日，上市日期2011年10月28日，公司主营业务涉及高压油缸的研发、生产和销售。主营业务收入构成 为：液压油缸50.70%，液压泵阀及马达38.16%，配件及铸件7.28%，液压系统3.16%，其他(补 充)0.69%。 截至6月30日，恒立液压股东户数4.38万，较上期增加4.26%；人均流通股30647股，较上期减少4.09%。 2025年1月-6月，恒立液压实现营业收入51.71亿元，同比增长7.00%；归母净利润14.29亿元，同比增长 10.97%。 10月15日，恒立液压涨6.91%，成交额12.27亿元。两融数据显示，当日恒立液压获融资买入额5314.39 万元，融资偿还5718.35万元，融资净买入-403.96万元。截至10月15日，恒立液压融资融券余额合计 4.69亿元。 融资方面，恒立液压当日融资买入5314.39万元。当前融资余额4.60亿元，占流通市值的0.35%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，恒立液压10月15日融券偿还1.73万股，融券卖出1600.0 ...

证券之星消息，10月15日工程机械板块较上一交易日上涨3.02%，万通液压领涨。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920839 | 万通液压 | 58.90 | 21.67% | 9.26万 | 5.05亿 | | 601100 | 恒立液压 | 98.41 | 6.91% | 12.80万 | 12.27亿 | | 000680 | 山推股份 | 12.10 | 6.51% | 96.94万 | 11.49亿 | | 301446 | 福事特 | 31.22 | 6.41% | 3.51万 | 1.07亿 | | 920245 | 威博液压 | 31.58 | 5.94% | 1.23万 | 3845.20万 | | 001239 | 永达股份 | 18.46 | 5.85% | 21.06万 | 3.77亿 | | 301161 | 唯万密封 | 3 ...

Investment Rating - The report maintains a "Recommended" rating for the engineering machinery sector [1] Core Insights - The report highlights a strong resonance between domestic and foreign demand, reinforcing the bullish outlook for beta investment opportunities in the sector [1] - Excavator sales reached 19,858 units in September 2025, a year-on-year increase of 25.44%, with domestic sales at 9,249 units (+21.54%) and exports at 10,609 units (+29.05%) [1] - Loader sales totaled 10,530 units, up 30.45% year-on-year, with domestic sales at 5,051 units (+25.58%) and exports at 5,479 units (+35.28%) [1] - The report notes that the domestic market is driven by supply-side renewal demand, with a significant recovery trend observed [1] - The overseas market shows sustained high demand in emerging markets, with exports of engineering machinery amounting to $38.597 billion, a year-on-year increase of 11.4% [1] Summary by Sections Industry Scale - The engineering machinery sector comprises 474 listed companies with a total market capitalization of 4,713.4 billion and a circulating market capitalization of 4,111.5 billion [1] Sales Performance - The report indicates that excavator and loader sales have both shown significant year-on-year growth, with excavators achieving a dual growth rate above 20% for the first time in 54 months [1] - The electric loader segment has seen remarkable growth, with sales increasing by 175.99% year-on-year, achieving a penetration rate of 24.56% [1] Domestic Market Analysis - The report discusses the investment and operational aspects of the domestic market, noting that fixed asset investments in infrastructure and real estate have shown mixed results [1] - The report emphasizes that the current recovery is characterized by structural changes in demand, leading to a stable performance in operating hours despite fluctuations in sales [1] International Market Analysis - Emerging markets continue to show robust demand, with significant growth in exports to regions such as Africa, the Middle East, and Southeast Asia [1] - The report highlights a marginal improvement in demand from Western Europe, which has positively impacted the sales of smaller excavators [1] Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery sector, including XCMG, SANY Heavy Industry, Zoomlion, Shantui, and LiuGong, as well as key component manufacturers like Hengli Hydraulic and ADI Precision [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，嘉合基金旗下1只基金重仓恒立液压。嘉合锦荣混合A（016761）二季度持有股数1.71万股， 占基金净值比例为2.4%，位居第九大重仓股。根据测算，今日浮盈赚取约8.26万元。 嘉合锦荣混合A（016761）成立日期2022年12月27日，最新规模3176.39万。今年以来收益1.19%，同类 排名7689/8161；近一年亏损10.23%，同类排名7984/8015；成立以来亏损23.2%。 嘉合锦荣混合A（016761）基金经理为王东旋。 截至发稿，王东旋累计任职时间10年40天，现任基金资产总规模8275.49万元，任职期间最佳基金回报 111.39%， 任职期间最差基金回报-20.76%。 10月15日，恒立液压涨5.25%，截至发稿，报96.88元/股，成交7.68亿元，换手率0.61%，总市值1298.99 亿元。 资料显示，江苏恒立液压股份有限公司位于江苏省常州市武进高新区龙潜路99号，成立日期200 ...

Summary of China Industrials Update Industry Overview - **China Industrials** is currently experiencing an upcycle driven by industrial upgrade and replacement cycles [6][6][6] - Key long-term drivers identified include: - AI technology diffusion into intelligent manufacturing and equipment - Advanced equipment localization - Global expansion [6][6][6] - The robotics sector is entering a new booming era, with significant growth anticipated [6][6][6] Subsector Insights - **Automation, Robotics, and AIDC Equipment**: - Rated as Overweight (OW) with key stocks including Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve [6][6][6] - **Construction Machinery**: - Rated as Overweight (OW) with key stocks including Sany, Hengli Hydraulic, and Zoomlion [6][6][6] - **Lithium Battery Equipment**: - Rated as Overweight (OW) with key stocks including Wuxi Lead and Hangke [6][6][6] - **Heavy Duty Trucks and Railway Equipment**: - Rated as Equal Weight (EW) with key stocks including Weichai, Sinotruck, and CRRC [6][6][6] - **Solar Equipment and Infrastructure E&C**: - Rated as Underweight (UW) with key stocks including SC New Energy and CSCEC [6][6][6] Market Performance - The automation market showed a mild recovery with a 1% year-on-year increase in sales for 1H25, indicating a less intense competitive environment compared to the previous year [28][28][28] - Anticipated recovery in 2026-27 driven by: - Replacement demand from equipment sold during the 2020-21 capex upcycle - New capex demand from AI applications - Continued benefits from overseas capacity expansion [28][28][28] Financial Metrics - **Return on Equity (ROE)**: Mixed trends observed across subsectors, with growth in ROE for lithium battery equipment, automation, and construction machinery, while solar equipment and E&C show eroding ROE [20][20][20] - **Sector P/E Multiples**: Most subsector valuations are above the five-year median, particularly in automation, solar equipment, and lithium battery equipment [13][13][13] Robotics Market Insights - The Chinese robotics market is expected to double by 2028, with significant growth in drones, mobile robots, and collaborative robots (cobots) [62][62][62] - Localization in robotics is increasing, with domestic players gaining market share [76][76][76] - The market for robot components is projected to reach a total addressable market (TAM) of US$40 billion by 2024, with a 23% CAGR anticipated from 2025 to 2028 [86][86][86] Conclusion - The China Industrials sector is poised for growth, driven by technological advancements and increasing localization. Key subsectors such as automation and robotics are expected to lead this growth, with significant investment opportunities identified in specific companies. The overall market dynamics suggest a favorable environment for both established players and new entrants in the industrial landscape [6][6][6][62][62][62]

华龙证券近日发布工程机械行业点评报告：2025年9月销售各类挖掘机19858台，同比增 长25.4%。其中国内销量9249台，同比增长21.5%；出口量10609台，同比增长29%。2025年 1-9月，共销售挖掘机174039台，同比增长18.1%；其中国内销量89877台，同比增长21.5%； 出口84162台，同比增长14.6%。 以下为研究报告摘要： 事件： 2025年10月13日，中国工程机械工业协会公布工程机械行业主要产品销售数据。 观点： 2025年9月销售各类挖掘机19858台，同比增长25.4%。其中国内销量9249台，同比增长 21.5%；出口量10609台，同比增长29%。2025年1-9月，共销售挖掘机174039台，同比增长 18.1%；其中国内销量89877台，同比增长21.5%；出口84162台，同比增长14.6%。 2025年9月销售各类装载机10530台，同比增长30.5%。其中国内销量5051台，同比增长 25.6%；出口量5479台，同比增长35.3%。2025年1-9月，共销售各类装载机93739台，同比增 长14.6%。其中国内销量49996台，同比增长20.7%；出 ...

证券之星消息，10月14日工程机械板块较上一交易日下跌0.15%，拓山重工领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000680 | 山推股份 | 11.36 | 6.67% | 98.13万 | 11.25 乙 | | 000528 | 柳工 | 11.50 | 5.60% | 199.07万 | 22.87亿 | | 301079 | 邵阳液压 | 28.47 | 4.40% | 10.20万 | 2.91亿 | | 920839 | 万通液压 | 48.41 | 3.26% | - 5.77万 | 2.86亿 | | 920101 | 志高机械 | 45.46 | 2.55% | 1.11万 | 5081.17万 | | 001239 | 永达股份 | 17.44 | 1.81% | 11.15万 | 1.96/Z | | 600761 | 安徽合力 ...

格隆汇10月14日丨中密控股(300470.SZ)在投资者互动平台表示，子公司优泰科与恒立液压等国内国际 多家液压龙头公司有合作。 ...