证券日报网讯中联重科10月22日在互动平台回答投资者提问时表示，公司下属子公司湖南中联重科应急 装备有限公司长期专注于消防救援及智能应急装备研发制造，具备较强的系统集成与技术创新能力。目 前，公司已在人形机器人方向开展前瞻性研究，并在智能制造与工程机械领域进行多项试点探索，正积 极推进其在消防救援领域的应用研究。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively engaged in the research and development of humanoid robots for firefighting and emergency response, indicating a commitment to innovation in this critical area [2]. Group 1: Company Initiatives - The company's subsidiary, Hunan Zoomlion Emergency Equipment Co., Ltd., focuses on the development and manufacturing of firefighting and intelligent emergency equipment, showcasing strong system integration and technological innovation capabilities [2]. - The company has initiated forward-looking research in humanoid robots and is conducting multiple pilot explorations in intelligent manufacturing and engineering machinery [2]. - A series of robots have been developed for various emergency scenarios, including high-altitude spraying robots, firefighting and smoke evacuation robots, isolation belt establishment robots, reconnaissance robots, and embankment weeding robots, all of which have shown good performance in practical exercises [2]. Group 2: Future Directions - The company plans to continue exploring the application of humanoid robots in high-risk and complex rescue tasks, aligning its development with the needs of firefighting and rescue departments [2]. - The robotics sector is identified as a cutting-edge technology and a key national strategic industry, with the overall research and application still in the early investment stage, indicating that significant profitability may take time to achieve [2].

Core Viewpoint - The Chinese construction machinery industry is experiencing a strong recovery, driven by both domestic and international market demands, with significant growth in import and export trade figures [2][3]. Group 1: Industry Performance - In September 2025, China's construction machinery import and export trade reached $5.505 billion, a year-on-year increase of 29.1%, with exports accounting for $5.271 billion, up 29.6% [2]. - For the first three quarters of the year, the cumulative trade amount was $45.873 billion, reflecting a 12.8% year-on-year growth, with exports at $43.855 billion, up 13.3% [2]. - Excavator sales in September reached 19,858 units, a 25.4% increase year-on-year, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [2]. Group 2: Market Drivers - The recovery in the construction machinery sector is attributed to the synchronization of domestic and international market demands, with equipment renewal cycles and large project initiations driving domestic demand [3]. - The "Belt and Road" initiative continues to boost infrastructure construction needs in partner countries, enhancing China's machinery exports [3]. - The demand for small excavators is growing due to urbanization and industrialization in "Belt and Road" countries, alongside domestic needs driven by agriculture and municipal projects [3]. Group 3: Stock Market Performance - On October 21, the A-share construction machinery sector saw a 2% increase in the industry index, with a net inflow of 1.394 billion yuan into the sector [3]. - Notable stock performances included Xugong Machinery and Tieshan Heavy Industry, with the latter rising by 7.14% [3]. Group 4: Company Valuations - Among 35 listed companies in the construction machinery sector, the median rolling price-to-earnings (P/E) ratio is 41.2 times, with 12 companies having P/E ratios below 20 times [4]. - Tongli Co. has the lowest rolling P/E ratio at 11.22 times, focusing on non-road dump trucks and mining vehicles [5]. Group 5: International Business Growth - In the first half of the year, 24 listed companies reported overseas business revenues totaling 84.685 billion yuan, a year-on-year increase of over 10% [5]. - Companies like Tuoshan Heavy Industry and Weibow Hydraulic reported significant growth in overseas revenues, with increases of 54.61% and 53.23%, respectively [5].

证券研究报告 | 行业点评 | 工程机械 工程机械 报告日期：2025 年 10 月 21 日 卡特收购矿业软件公司 RPMGlobal，重视矿山机械投资机会 ——工程机械行业点评报告 事件：当地时间 10 月 12 日，卡特彼勒宣布达成协议，收购澳大利亚软件公司 RPMGlobal。 投资要点 ❑ 卡特宣布收购矿业软件公司 RPMGlobal，以强化矿业软件布局 卡特彼勒当地时间 10 月 12 日宣布达成协议，收购澳大利亚软件公司 RPMGlobal，交易预计于 2026 年第一季度完成。根据计划条款，RPM 股东将有 权获得每股 5 澳元现金，该计划对价对应股权价值 11.2 亿澳元（约合 7.3 亿美 元）。RPMGlobal 是唯一一家在澳大利亚证券交易所上市的矿业软件公司。 矿企资本开支和主要金属价格走势正相关性较强。2025 年以来金、银、铜价格 分别上涨 62%、76%、22%（2025 年 1 月 1 日-2025 年 10 月 20 日）。主要金属 价格持续上涨，有望支撑下游矿企资本开支景气上行。 据 Precedence Research，2023 年全球矿山机械市场规模为 1191.2 ...

Core Insights - The engineering machinery sector experienced a significant increase of 2.36% on October 21, with Hengli Drilling Tools leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Engineering Machinery Sector Performance - Hengli Drilling Tools (code: 920942) saw a closing price of 47.80, with a remarkable increase of 22.66% and a trading volume of 156,800 shares, amounting to a transaction value of 724 million yuan [1] - Other notable performers included Wantong Hydraulic (code: 920839) with a 10.61% increase, closing at 56.39, and XGMA (code: 600815) with a 10.14% increase, closing at 3.15 [1] - The total net inflow of main funds in the engineering machinery sector was 908 million yuan, while retail investors experienced a net outflow of 451 million yuan [2][3] Fund Flow Analysis - The main net inflow for Shanhua Intelligent (code: 002097) was 487 million yuan, representing 33.29% of its trading volume, while it faced a net outflow of 227 million yuan from retail investors [3] - XGMA (code: 600815) had a main net inflow of 107 million yuan, accounting for 25.84% of its trading volume, with retail investors also experiencing a net outflow of 48 million yuan [3] - The overall trend indicates that while main funds are entering the sector, retail investors are withdrawing, suggesting a divergence in investment strategies [2][3]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [6]. Core Insights - The mechanical industry is experiencing steady growth, particularly in the low-altitude economy and machinery sectors, supported by policy initiatives and technological advancements [3][4]. - The report highlights a significant increase in excavator sales, with a total of 19,858 units sold in September 2025, marking a year-on-year growth of 25.4%, including a domestic sales increase of 21.5% and an export increase of 29% [3]. Weekly Market Review - From October 13 to October 17, 2025, the Shanghai Composite Index decreased by 1.47%, while the ShenZhen Component Index and the ChiNext Index fell by 4.99% and 5.71%, respectively. The Shenwan Mechanical Equipment Index dropped by 5.84%, underperforming the CSI 300 Index by 3.62 percentage points, ranking 27th among 31 Shenwan first-level industries [11]. - Within sub-sectors, the performance varied, with general equipment down by 5.62%, specialized equipment down by 5.74%, rail transit equipment II down by 2.22%, engineering machinery down by 3.04%, and automation equipment down by 9.06% [11]. Key Sector Tracking - **Low-altitude Economy**: The Suzhou Development and Reform Commission released a dual list of capabilities and demands for the low-altitude economy, indicating strong local enterprise involvement in aircraft development and operations [3]. - **Machinery Equipment**: The report emphasizes the competitive advantage of domestic leading enterprises in both supply and demand, with a positive outlook for the engineering machinery sector [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge. Key component manufacturers include Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Heli, Zhongke Xingtu, and Sichuan Jiuzhou [4]. - In the machinery equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Nine Company for the export chain, and Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery [4]. Economic Data Tracking - The report tracks various economic indicators, including the manufacturing PMI and fixed asset investment completion rates, which provide insights into the overall health of the manufacturing sector [40][44].

在广袤的全球市场攻城略地。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 最近，工程机械行业在9月份交出的数据让风云君为之侧目。 根据中国工程机械工业协会的数据，9月挖机实现销售19858台，同比增长25.4%，其中内外销分别同 比增长21.5%和29%，相比8月的同比增速15%和11%的水平进一步加速。 受相关消息刺激，10月15日，工程机械ETF（560280.SH）上涨2.69%，核心成分股恒立液压（60110 0.SH）、山推股份（000680.SZ）涨超6%，三一重工（600031.SH）、中联重科（000157.SZ）、徐工 机械（000425.SZ）等涨超2%。 一轮牛市不可能只涨"科技"，百花齐放才是常态。当前A股科技相对顺周期板块的超额已经来到历史 高位附近，此时股价还在低位的顺周期板块可能是更有性价比的选择。 行业整体表现稳健，出口与内销共同驱动增长 先看整体数据，今年1-8月，挖掘机累计销量达15.41万台，同比增长17.2%。 其中，国内市场销量8.06万台，同比增长21.5%，8月单月挖掘机销量7685万台，同比增长14.8%，主 要 ...

Core Viewpoint - Zhonglian Heavy Industry has established a mining machinery company in Xiangtan, continuing to expand its mining machinery business layout, with significant growth in both domestic and international markets [1] Group 1: Domestic Business Performance - In the first half of 2025, the domestic mining machinery business experienced counter-cyclical growth, successfully entering the central state-owned enterprise energy customer market [1] - The sales scale of the mining machinery segment increased by over 29% year-on-year in the first half of 2025 [1] Group 2: International Business Performance - The overseas business has fully entered the global high-end mining market, indicating a strong international presence [1] Group 3: Market Conditions - The high-end mining machinery market is valued at hundreds of billions of dollars, with rising prices of gold, silver, and copper expected to support capital expenditures in mining enterprises [1] - Since the beginning of 2025, gold, silver, and copper prices have increased by 60%, 81%, and 21% respectively from January 1 to October 17, 2025 [1] Group 4: Other Business Segments - The domestic earthmoving machinery sector is expected to stabilize and recover, with non-excavation business showing signs of recovery and category expansion creating new growth opportunities [1] - Zhonglian Heavy Industry is considered undervalued in the humanoid robot segment, with accelerated industrialization of humanoid robots in factory operations [1]

Core Viewpoint - Zhonglian Heavy Industry has established a mining machinery company in Xiangtan, continuing to expand its mining machinery business layout, with significant growth in both domestic and international markets [1] Group 1: Domestic Business Performance - In the first half of 2025, the domestic mining machinery business has achieved counter-cyclical growth, successfully entering the central state-owned enterprise energy customer market [1] - The sales scale of the mining machinery segment has increased by over 29% year-on-year in the first half of 2025 [1] Group 2: International Market Expansion - The overseas business has fully entered the global high-end mining market, indicating a strong international presence [1] Group 3: Commodity Price Trends - Since the beginning of 2025, prices for gold, silver, and copper have increased by 60%, 81%, and 21% respectively, supporting capital expenditure in the mining sector [1] - The sustained rise in major metal prices is expected to bolster the capital expenditure of downstream mining enterprises [1] Group 4: Other Machinery Segments - The domestic earthmoving machinery sector is expected to stabilize and recover, with non-excavation business showing signs of recovery and category expansion creating new growth opportunities [1] Group 5: Valuation and Investment Rating - Zhonglian Heavy Industry is considered undervalued in the humanoid robot complete machine segment, with accelerated industrialization of humanoid robots in factory operations [1] - The company maintains a "buy" rating based on its growth prospects and market positioning [1]

Core Insights - The "Zhihui Xiaoxiang Talents Gathering Hunan" recruitment event in Xi'an attracted over 400 companies offering more than 10,000 quality job positions, showcasing a strong commitment to attracting talent from Xi'an universities [1][3] Group 1: Talent Matching and Industry Needs - The recruitment strategy focuses on "precise matching," creating a complete talent recruitment loop that aligns job supply with talent demand and development support [2] - Xi'an's strong academic institutions, such as Xi'an Jiaotong University and Northwestern Polytechnical University, provide a rich talent pool in fields like equipment manufacturing and aerospace, which complements Hunan's industrial needs in engineering machinery and advanced materials [2] - Over 400 participating companies tailored their job offerings to match the strengths of Xi'an's talent, particularly in manufacturing and technology sectors [2][4] Group 2: Job Offerings and Educational Alignment - The job distribution is scientifically planned, with a balanced allocation of positions for both undergraduate and postgraduate candidates, ensuring entry-level opportunities for fresh graduates and advancement prospects for higher-level talents [4] - Technical positions account for 70% of the job offerings, effectively targeting the talent structure of Xi'an universities and minimizing resource wastage [4] Group 3: Hunan's Industrial Strength and Innovation Environment - Hunan boasts a robust industrial foundation, being the first province in China to maintain the largest scale in the engineering machinery industry for 14 consecutive years, hosting leading companies like SANY Heavy Industry and Zoomlion [5] - The province is actively enhancing its innovation and entrepreneurship environment, with initiatives like the construction of global R&D centers and technology parks [5] Group 4: Entrepreneurial Opportunities - The event also highlighted entrepreneurial support, with nearly 1,600 startup workspaces provided by various incubation bases in Hunan, promoting a friendly environment for young entrepreneurs [7] - Young entrepreneurs, such as Bai Zhiliang, have successfully established companies in Hunan, indicating a thriving entrepreneurial ecosystem [7]