经济观察报 . 山西长治屯留区上村镇的乔强，开了一家粮油公司，收购镇内的粮食转卖。他看到，周边地里的水渗 不下去，形成了水洼，地面连续一个多月都是湿的，他出生40多年来第一次遇到这种情况。过去很 长时间，这里更常见的是干旱，水井深度从10米逐年打到50米才能见水。 以下文章来源于经济观察报 ，作者张英 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 本文来自微信公众号： 经济观察报 （ID：eeo-com-cn） ，作者：张英，题图来自：视觉中国 中联重科 （000157.SZ） 的烘干机卖空了。 这家装备制造龙头企业，为应对今年的秋雨，国庆期间开了一场保供会，决定增加一倍的工人，每天 生产量从原来的15台增长到30台。但订单还是源源不断，交货压力巨大，机器刚下生产线就被送 走，库房没有库存。 另一家头部企业安徽正阳科技，今年的粮食烘干机销售量同比已增长40%。近期，其销售负责人正在 北方多省奔走，10月12日，他从安徽六安出发前往北京，一路上没有见过蓝天，全是阴雨或大雨， 他感慨：这个天气干 ...

Core Insights - The article highlights the ranking of Chinese companies in the global aerial work platform manufacturing sector, with Zoomlion and Sinoboom making it to the top 10 list, ranked 5th and 7th respectively, showing improvement from the previous year [1][3]. Company Performance - Zoomlion achieved a sales revenue of $936 million, reflecting a year-on-year growth of 16.42%, and improved its ranking by one position [2][3]. - Sinoboom ranked 7th with a sales revenue of $676 million, marking a significant year-on-year growth of 27%, making it one of the fastest-growing companies in the industry [2][3]. Industry Context - The aerial work platform is a movable mechanical device used for transporting personnel or equipment to elevated work sites, primarily utilized in construction maintenance, equipment installation, and repair [2]. - The global engineering machinery industry is undergoing significant adjustments, and Sinoboom's rise in ranking is attributed to its commitment to product innovation and quality, enhancing its brand influence and competitiveness in the international market [3].

Group 1 - The core viewpoint of the article highlights the significant impact of continuous autumn rain on agricultural production, leading to increased demand for grain drying machines and urgent supply chain challenges for farmers [3][7][31] - A leading equipment manufacturing company has doubled its workforce and increased daily production from 15 to 30 units to meet the rising demand for grain drying machines due to the adverse weather conditions [1] - Anhui Zhengyang Technology has reported a 40% year-on-year increase in sales of grain drying machines, indicating a strong market response to the current agricultural challenges [2][8] Group 2 - The average rainfall in northern provinces since September has reached historical highs, disrupting traditional harvest patterns and causing significant crop damage [3][34] - Farmers are facing unprecedented challenges, with reports of corn and rice crops suffering from waterlogging and mold, leading to a critical need for drying solutions [5][13][23] - The installation of drying machines has increased since the Ministry of Agriculture's directive, but the current capacity remains insufficient to meet the urgent needs of farmers [8][9][31] Group 3 - The demand for drying machines is primarily driven by grain purchasing merchants and large-scale farmers, as many smallholders are forced to sell wet grain due to the inability to dry it properly [23][24] - The article discusses the establishment of drying centers, with some farmers investing significantly in drying facilities to cope with the weather challenges [25][26] - The changing climate patterns are prompting experts to suggest adjustments in agricultural practices and crop planting strategies to adapt to increased rainfall and flooding in northern regions [32][36]

Group 1 - The article highlights the urgent demand for grain dryers due to continuous autumn rains affecting harvests in northern provinces, leading to significant crop damage and increased reliance on drying equipment [3][5][6] - Major equipment manufacturers are ramping up production to meet the soaring demand, with one company doubling its workforce and increasing daily output from 15 to 30 units, yet still facing immense order pressure [3][14] - The average rainfall in northern provinces has reached historical highs, causing unprecedented flooding and crop issues, with farmers experiencing severe losses and increased moisture levels in harvested grains [4][22] Group 2 - The installation of grain dryers has increased since the government issued guidelines to enhance drying capacity, but the current number remains insufficient to meet the needs of small farmers and grain collectors [6][15] - Farmers are resorting to emergency measures, such as using public spaces for drying grains, as many existing dryers can only cater to large-scale operations due to processing capacity and operational costs [6][14] - The market for grain dryers is expanding rapidly, with sales expected to grow from 1,650 units in 2023 to nearly 3,000 units by 2025, driven by climate change and the need for effective grain management [21][24] Group 3 - The article discusses the impact of climate change on agricultural practices, suggesting that planting systems and management techniques need to be adjusted to adapt to increasing rainfall in northern regions and droughts in southern areas [23][24] - Experts predict that the frequency of flooding in the north and drought in the south may increase, necessitating a reevaluation of crop planting strategies and resource allocation [23][24]

Core Viewpoint - The company is positioned as a post-cycle player with strong growth potential in new markets and products, particularly in the context of the ongoing recovery in the domestic engineering machinery sector [1][2]. Group 1: Company Characteristics - The company is a typical post-cycle entity, with the current domestic engineering machinery cycle gradually shifting from excavators to concrete machinery and cranes, indicating potential for post-cycle elasticity [1]. - The company has achieved a three-year CAGR of 62% in overseas revenue, with significant growth in its three new business segments: earthmoving, agricultural machinery, and high-end machinery [1]. Group 2: Valuation and Dividend - The company is considered one of the industry leaders with a low valuation and high dividend yield, maintaining a dividend payout ratio of 50%, highlighting its value proposition [1]. - The ongoing global and diversified strategy has transformed the company from a "cyclical" to a "value growth" enterprise, significantly enhancing the quality and sustainability of its performance [1]. Group 3: Innovation and AI Integration - The company has developed five humanoid robots and established a training facility with hundreds of workstations, with several units already operational in factories [1]. - The launch of the cloud-based intelligent model and toolchain, combined with comprehensive resources in policies, components, and computing power, positions the company favorably in the AI-enabled smart manufacturing landscape [1]. Group 4: Organizational Structure and Market Strategy - The company features a diversified and market-oriented shareholding structure that retains the resource advantages of a state-owned enterprise while enhancing market-driven operational vitality [2]. - The integration of software and hardware in R&D, along with the establishment of the Zhonglian Smart Industrial City, leverages policy benefits to build advanced production capacity at minimal cost [2]. - The direct sales model, complemented by the "airport" model and localization strategies, is expected to enhance profitability and expand the direct sales approach globally [2]. Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 4.8 billion, 6.3 billion, and 8 billion yuan for the years 2025, 2026, and 2027, respectively [2]. - A target price of 10.22 yuan per share for A-shares is set based on a 14x PE ratio for 2026, with a corresponding target price of 9.22 HKD per share for H-shares, maintaining a "buy" rating for both A and H shares [2].

Core Insights - The export of construction machinery from Hunan Province reached 25.57 billion yuan in the first three quarters of 2025, marking a 7.6% increase compared to the same period last year [1]. Group 1: Export Growth - The growth in construction machinery exports is supported by innovative regulatory measures introduced by the Changsha Huanghua Airport Customs and the Changsha Free Trade Airport Zone, which have been recognized at the national level [3]. - The Huanghua Comprehensive Bonded Zone has become a new main hub for Hunan's construction machinery exports, with over 4,200 units exported in 2023, valued at approximately 5 billion yuan [3]. Group 2: Regulatory Innovations - The innovative measures include the introduction of "virtual license plates" to alleviate identification issues, a "one ticket multiple vehicles" policy to address transportation verification challenges, and a "pre-declaration + real-time modification" mechanism to simplify the modification process [3]. - These innovations have resulted in a 50% reduction in overall customs clearance time and a savings of 300 to 500 yuan in logistics costs per vehicle [3]. Group 3: Company Performance - Zoomlion Heavy Industry Science & Technology Co., Ltd. reported a more than 100% year-on-year increase in export value in the first three quarters of this year, facilitated by the optimized customs environment [3]. - The customs measures have significantly improved the clearance process, reducing the time for heavy vehicles to enter and exit customs from one hour to 30 minutes [3]. Group 4: Future Outlook - The Huanghua Airport Customs plans to continue innovating regulatory methods to enhance the functionality and policy advantages of the Huanghua Comprehensive Bonded Zone, contributing to the development of a world-class advanced manufacturing cluster in Hunan [4].

Investment Rating - The report maintains a "Market Weight" rating for the machinery equipment industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [39]. Core Insights - The demand for excavators remains high both domestically and internationally, with September 2025 excavator sales reaching 19,858 units, a year-on-year increase of 25.44% and a month-on-month increase of 20.18% [3][5]. - Domestic excavator sales were 9,249 units, up 21.54% year-on-year, while export sales were 10,609 units, up 29.05% year-on-year, accounting for 53.42% of total sales [3][5]. - Loader sales in September 2025 reached 10,530 units, reflecting a year-on-year increase of 30.45% and a month-on-month increase of 11.55% [4][5]. - The report highlights that while domestic demand in the real estate sector is weak, infrastructure projects are expected to support machinery demand as major projects commence [5]. Summary by Sections Excavator Sales Data - In September 2025, excavator sales totaled 19,858 units, with domestic sales at 9,249 units and export sales at 10,609 units [3]. - Cumulative excavator sales for the first three quarters of 2025 reached 174,039 units, a year-on-year increase of 18.09% [3]. Loader Sales Data - Loader sales in September 2025 were 10,530 units, with domestic sales at 5,051 units and export sales at 5,479 units [4]. - Cumulative loader sales for the first three quarters of 2025 reached 93,739 units, a year-on-year increase of 14.60% [4]. Market Demand and Trends - The report notes that while domestic construction demand is weak, the mining and infrastructure sectors are expected to drive machinery demand [5]. - The export trade value of construction machinery products in August was $5.115 billion, a year-on-year increase of 15.43% [5].

Core Viewpoint - The major shareholder of Taijia Co., Ltd. (002843.SZ), Zoomlion Heavy Industry Science & Technology Co., Ltd. (000157), plans to reduce its stake in the company by up to 7.5521 million shares, which represents 3% of the total share capital [1] Summary by Category - **Shareholder Action** - Zoomlion intends to reduce its holdings in Taijia within three months following the announcement, starting 15 trading days after the disclosure [1]

（文章来源：证券日报） 证券日报网讯 10月16日晚间，泰嘉股份发布公告称，持有本公司股份40，447，876股（占本公司总股 本比例16.07%）的股东中联重科股份有限公司计划自本次减持股份预披露公告发布之日起15个交易日 后的3个月内以集中竞价交易方式减持本公司股份不超过2，517，375股（占本公司总股本比例1%）， 以大宗交易方式减持本公司股份不超过5，034，751股（占本公司总股本比例2%），合计拟减持本公司 股份不超过7，552，126股（占本公司总股本比例3%）。 ...

Core Insights - The domestic construction machinery industry has shown a positive trend since 2025, characterized by stable domestic demand and increasing external demand [1] - In the first three quarters of 2023, excavator sales in China reached 174,000 units, marking an 18.1% year-on-year increase [1] - The average working hours for excavators in September were 62.7 hours, slightly down from 63.3 hours in August, with a utilization rate of 54.5% [1] Domestic Market Performance - In September 2023, excavator sales totaled 19,900 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units (up 21.5%) and exports at 10,600 units (up 29%) [2] - The growth in excavator sales is attributed to a low base effect from the previous year, as both domestic and international demand improved significantly in the third quarter of 2023 [2] - Key drivers for domestic demand include the ongoing release of replacement cycles and large infrastructure projects, with an expected demand for 143,000 units, 195,000 units, and 249,000 units from 2025 to 2027 [2] Overseas Market Performance - Leading companies such as SANY Heavy Industry, XCMG, and Zoomlion reported significant growth in overseas revenues in the first half of 2023, with SANY's overseas revenue reaching 26.302 billion yuan, up 11.72% year-on-year [3] - The demand recovery in developed countries has been stronger than in China, with some overseas clients experiencing revenue growth exceeding 50% [3][4] - Factors contributing to the growth of overseas performance include the recovery of demand in Europe and the U.S., sustained economic growth in emerging markets, and the deepening of global business strategies by leading manufacturers [5]