东方证券发布研报称，根据中国工程机械工业协会，2025年11月当月销售各类叉车11.97万台，同比增 长14.1%。其中国内销量7.52万台，同比增长23.9%；出口量4.45万台，同比增长0.7%。11月叉车销量的 结构性改善、工作时长和开工率上升，下游需求仍将拉动设备需求。此外，在政策预期下，叉车行业需 求的确定性进一步上升，看好板块投资机会。受益标的：杭叉集团（603298）(603298.SH)、安徽合力 （600761）(600761.SH)、中力股份（603194）(603194.SH)、诺力股份（603611）(603611.SH)。 东方证券主要观点如下： 叉车销量增速保持韧性，大中型叉车温和上升，反映行业需求向好 风险提示 宏观经济波动导致投资不及预期、海外高利率拖累需求、海外贸易摩擦加剧、原材料价格上涨拖累企业 盈利。 叉车平均工作时长和开工率双提升，行业增长有望继续保持增长 根据协会统计，2025年11月，叉车的月平均工作时长/开工率分别为108小时/66.3%，环比高于2025年10 月的106小时/58.5%，同比高于2024年11月的69.3小时/47.3%。叉车属于较通用的工业物 ...

Investment Rating - The report maintains a "Buy" rating for the forklift industry, indicating a strong investment opportunity with expected returns exceeding the market benchmark by over 15% [3][15]. Core Insights - Forklift sales are experiencing structural improvements, with increased working hours and utilization rates, suggesting sustained demand from downstream sectors [3][8]. - The report highlights a significant year-on-year increase in forklift sales, with total sales reaching 119,700 units in November 2025, a 14.1% increase compared to the previous year. Domestic sales accounted for 75,200 units, up 23.9%, while exports reached 44,500 units, a 0.7% increase [8]. - The average working hours and utilization rates for forklifts have risen, with November 2025 figures showing 108 hours and 66.3% respectively, compared to 106 hours and 58.5% in October 2025, indicating improved operational efficiency [8][11]. - Policy support is expected to enhance growth certainty in the forklift sector, with government initiatives aimed at boosting domestic demand and infrastructure development in logistics [8]. Summary by Sections Sales Performance - Forklift sales in November 2025 reached 119,700 units, marking a 14.1% year-on-year increase. Domestic sales were 75,200 units, up 23.9%, while exports were 44,500 units, a 0.7% increase [8]. Operational Metrics - The average working hours for forklifts increased to 108 hours in November 2025, with a utilization rate of 66.3%, both showing improvements from the previous month and year [8][11]. Policy Environment - The report emphasizes the positive impact of government policies on the forklift industry, particularly the focus on domestic demand and the development of smart logistics infrastructure [8].

Core Viewpoint - The article discusses the valuation challenges faced by various industries in the A-share market, highlighting that despite global competitiveness, many sectors are undervalued due to market dynamics and investor behavior [1][10]. Group 1: Industry Valuations - Home Appliances: Midea (13x), Haier (12.3x), Hisense (12.73x) [1] - Engineering Machinery: Sany (23.6x), XCMG (20x), Zoomlion (17x) [2] - Forklifts: Hangcha (16x), Heli (14x) [2] - Tires: Zhongce (12x), Sailun (16x), Senqilin (14x) [2] - Heavy Trucks: China National Heavy Duty Truck (12x) [2] Group 2: Market Dynamics - The industries mentioned are characterized by low-frequency consumption and strong cyclicality, leading to fluctuating performance and valuations based on government subsidies and market conditions [1][2]. - The article suggests that a P/E ratio around 15x is reasonable for stable growth industries, providing a risk premium over ten-year government bonds [1][2]. Group 3: Investment Behavior - Institutional investors hold significant pricing power in these markets, making it challenging for individual investors to influence valuations [1][2]. - The article emphasizes that high expectations can lead to investment disasters, and that long-term returns may be better for established companies despite their low valuations [3][10]. Group 4: Valuation as an Incentive Mechanism - Valuation is described as an incentive mechanism that reflects market competition and societal evolution, where higher valuations encourage innovation and investment in growth sectors like technology [4][5][6]. - Conversely, traditional industries with stable earnings often receive lower valuations due to a lack of societal encouragement for new investments [7][10]. Group 5: Global Comparisons - The article notes that mature manufacturing companies globally, such as Toyota and Caterpillar, also exhibit low valuation multiples, indicating a broader trend beyond the A-share market [14][15][16].

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

Core Viewpoint - Hangcha Group (603298) has launched its new intelligent production base, Hangcha Group Xiangfan Technology Park Phase IV, which began production in November 2023 [1] Group 1 - The new facility covers an area of 76.4 acres and has an investment exceeding 100 million yuan [1] - The annual production capacity includes 10,000 sets of automation equipment, 10,000 mobile robots, 5,000 inspection robots, 1,000 stackers, 2,000 shuttle cars, and 100,000 meters of conveyor lines [1]

Core Viewpoint - Hangcha Group (603298) emphasizes the importance of Jindao Technology (301279) as a key supplier of reducers, indicating a strong reliance on this partnership for product development [1] Group 1 - Hangcha Group prioritizes existing supply chain development for new product launches, highlighting the strategic importance of Jindao Technology in its operations [1] - The product specifications of Jindao reducers are continuously expanding, reflecting the growing collaboration between Hangcha Group and Jindao Technology [1] - A significant portion of Hangcha's forklift-type AGV product line is now equipped with Jindao reducers, showcasing the integration of Jindao's products into Hangcha's offerings [1]

证券日报网讯12月19日，杭叉集团（603298）在互动平台回答投资者提问时表示，人形智能物流机器人 22个独立自由度是指机器人本体，不包括末端执行器(灵巧手)，这些自由度满足当下物流领域工作要 求。 ...

Group 1 - The core viewpoint of the article is that Hangcha Group (603298) is exploring advancements in its wheeled logistics humanoid robots by potentially integrating a combination of rotary and linear motion systems in the future [1] Group 2 - Currently, the company's wheeled logistics humanoid robots utilize a rotary joint module, which consists of a harmonic reducer and a motor [1]

Group 1 - The core viewpoint of the article is that Hangcha Group (603298.SH) is optimistic about the production capacity of its AGV/AMR business, which currently exceeds 5,000 units annually and is expected to increase further as the business expands [2][3] Group 2 - Investors inquired about the expected production capacity of the newly added AGV/AMR investments on the investor interaction platform [2] - Hangcha Group confirmed that the current annual production capacity for AGV/AMR is over 5,000 units [2]

| | | | 杭州具身无限未来智能科技发展合伙企业(有β ◎ | 责一下 | | 脂应用 - | 企业中心 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基本信息 14 | | 法律诉讼 | 经营风险 | 经营信息 | 企业发展 | | 知识产权 | | | | 执行事务合伙人 | | 王磊 【关联企业 4 | 登记状态 | 存续 | | 成立日期 | | 2025-12-17 | | | | | | 田温霞 | 9009.009万元 | | 实缴资本 | | | | | 组织机构代码 | | МАКЗАВН6-Х | 工商注册号 | 330108001737173 | | 纳税人识别号 | | 91330108MAK3A8H6X5 | | | 无亦浮露 | | 有限合伙企业 | 喜亦咱路 | 2025-12-17 至 无固定期限 | | 纳税人资质 | | | | | 人员规模 | | | 参保人数 | | | 核准日期 | | 2025-12-17 | | | 所属地区 | | 浙江省杭州市滨江区 | 登记机关 ...