Investment Rating - The industry investment rating is maintained at "Market Weight" [1][6]. Core Insights - In July 2025, excavator sales reached 17,138 units, a year-on-year increase of 25.19%, while month-on-month sales decreased by 8.86%. Domestic sales were 7,306 units, up 17.20% year-on-year, and exports were 9,832 units, up 31.87% year-on-year, accounting for 57.37% of total sales, marking a two-year high [3]. - For the first seven months of 2025, cumulative excavator sales totaled 137,658 units, a year-on-year increase of 17.75%, with domestic sales at 72,943 units (up 22.67%) and exports at 64,715 units (up 13.02%) [3]. - Loader sales in July 2025 were 9,000 units, a year-on-year increase of 7.41%, with domestic sales at 4,549 units (up 2.48%) and exports at 4,451 units (up 12.97%) [4]. - The cumulative loader sales for the first seven months of 2025 reached 73,769 units, a year-on-year increase of 12.80% [4]. - The report highlights that domestic demand is supported by multiple factors, including the acceleration of local government bond issuance, which totaled approximately 33,071 billion yuan, up 42.72% year-on-year [5]. - Major projects such as the Yarlung Tsangpo River hydropower project and future railway constructions in Tibet are expected to effectively support long-term domestic demand [5]. - In July 2025, the export trade value of construction machinery was 5.238 billion USD, a year-on-year increase of 19.19% [5]. - The report suggests a continued focus on industry leaders such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]. Summary by Sections Excavator Sales - July 2025 excavator sales: 17,138 units, +25.19% YoY, -8.86% MoM [3] - Domestic sales: 7,306 units, +17.20% YoY, -10.20% MoM [3] - Export sales: 9,832 units, +31.87% YoY, -7.84% MoM [3] - Cumulative sales (Jan-Jul 2025): 137,658 units, +17.75% YoY [3] Loader Sales - July 2025 loader sales: 9,000 units, +7.41% YoY, -25.09% MoM [4] - Domestic sales: 4,549 units, +2.48% YoY, -24.37% MoM [4] - Export sales: 4,451 units, +12.97% YoY, -25.08% MoM [4] - Cumulative sales (Jan-Jul 2025): 73,769 units, +12.80% YoY [4] Market Demand and Investment - Local government bond issuance: 33,071 billion yuan, +42.72% YoY [5] - Major projects supporting demand: Yarlung Tsangpo River hydropower project, Tibet railway construction [5] - July 2025 export trade value: 5.238 billion USD, +19.19% YoY [5] Investment Recommendations - Suggested focus on industry leaders: Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Hengli Hydraulic [6]

证券之星消息，8月21日工程机械板块较上一交易日下跌0.18%，万通液压领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 301446 | 福事特 | 29.91 | 4.00% | 5.57万 | | 1.65亿 | | 000425 | 徐工机械 | 8.92 | 2.88% | 135.07万 | | 11.95 Z | | 000528 | 柳工 | 11.28 | 1.26% | 77.27万 | | 8.75亿 | | 665788 | 同力股份 | 25.21 | 0.84% | 8.23万 | | 2.09亿 | | 600031 | =一重工 | 21.00 | 0.72% | 65.40万 | | 13.71亿 | | 603298 | 杭叉集团 | 22.38 | 0.67% | 7.53万 | | 1.69亿 | | 0006 ...

哆啦好运新能源物流共创平台全国推介会（贵阳首站）暨500辆徐工新能源重卡交车仪式近日 在贵阳举行。投入市场后，500辆徐工新能源重卡将直接服务于贵州省内水泥、砂石等建材的 中短途运输。 本次交付的500辆徐工新能源重卡集成了宁德时代的动力电池技术以及苏州绿控传动的电驱系 统，车辆针对贵州山地复杂地形，专门优化了动力系统，提升了重载爬坡性能。值得一提的 是，首批投入运营车辆在矿山短驳运输线路，单公里能耗成本降低了45%，每月减少二氧化碳 排放超300吨。 "水泥、砂石等大宗建材运输在碳排放中占比较高，是实现绿色转型的重点攻坚方向。"贵州省 水泥工业协会、贵州省建筑材料联合会会长龚雷海在致辞中说，推广新能源重卡已成为建材行 业提升竞争力、实现可持续发展的必然选择。 "贵阳作为西南地区的交通和物流枢纽，其短途高频、路线固定的运输特点，能够充分发挥新 能源重卡的优势。此次500台重卡的投入使用，标志着平台从规划阶段迈入规模化实际运营阶 段。"贵州哆啦好运网络科技有限公司董事长尚剑波说。 贵州省物流行业协会秘书长高波介绍，贵州省新能源物流产业联盟内的企业为新能源车辆预留 了专用停车和充换电区域，多家货主单位也达成了长期 ...

证券之星消息，8月20日工程机械板块较上一交易日上涨1.76%，万通液压领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 830839 | 万通液压 | 51.74 | 30.00% | 10.71万 | | 5.00亿 | | 871245 | 威博液压 | 37.69 | 6.14% | 6.43万 | | 2.38亿 | | 688425 | 铁建車工 | 6.32 | 4.29% | 164.25万 | | 10.17亿 | | 600031 | 三一重工 | 20.85 | 3.12% | 78.01万 | | 16.02亿 | | 001226 | 拓山重工 | 36.43 | 2.39% | 3.12万 | | 1.13亿 | | 601100 | 恒立液压 | 66'EB | 2.33% | 13.01万 | | 10.84亿 | ...

Group 1: Infrastructure Development - Jiangsu's railway construction investment reached 35 billion yuan in the first half of the year, achieving over half of the annual target [1] - Key projects like the Chongqi-Public Railway Bridge and the Ningshu Intercity Railway are progressing ahead of schedule, with significant completion rates reported [2] - The Suzhou East Tunnel of the Tongsujiayong High-Speed Railway is a critical project, with plans to complete 45% of the second shield section by the end of 2025 [3] Group 2: Economic Impact and Connectivity - The "High-Speed Rail +" initiative is enhancing connectivity and transforming lifestyles, making cross-city travel as convenient as commuting [5][6] - The introduction of special trains for sports events has successfully transported nearly 20,000 fans, showcasing the integration of transportation and tourism [5][6] - Jiangsu's railway passenger volume has seen record highs, with over 9.47 million passengers during a peak week, indicating strong demand for rail services [6] Group 3: International Trade and Logistics - The launch of the Xuzhou to Central Asia international freight train has simplified logistics and customs processes, significantly reducing costs and time [7] - The new rail lines at the Khorgos dry port in Kazakhstan enhance operational efficiency for international freight, supporting the growth of the China-Central Asia trade corridor [8] - Jiangsu's international freight trains have expanded to 25 routes, with a total of 1,217 trains operated in the first half of the year, marking a 68.3% year-on-year increase in June [8]

Core Viewpoint - The engineering machinery industry is undergoing a significant transformation driven by the application of AI technologies, with leading companies in the A-share market optimistic about the potential of AI to enhance their strategic positioning and product offerings [1] Group 1: Company Initiatives - SANY Heavy Industry emphasizes that AI technologies like DeepSeek will bring unprecedented changes to the industry, integrating AI into manufacturing, products, services, and operations [1] - The company has already launched products such as unmanned excavators, L4 level unmanned engineering vehicles, and unmanned pavers [1] - XCMG Machinery has partnered with NetEase to apply AI technology to their machinery, enabling remote control and cloud computing capabilities for products like excavators and loaders [1] - Zoomlion has invested heavily in R&D for AI, cloud computing, big data, and IoT, leading the industry in the number of digital technology invention patent applications [1] Group 2: Industry Trends - The trend towards automation and unmanned operations is seen as an inevitable direction for the engineering machinery sector [1] - The integration of AI with the internet, big data, and cloud computing is expected to create a new industrial ecosystem, with each product potentially becoming an "embodied intelligent device" capable of individual intelligence and collaborative operation [1]

证券之星消息，8月19日工程机械板块较上一交易日下跌0.57%，山河智能领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。工程机械板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002097 | 山河智能 | 17.60 | -6.38% | 229.55万 | 41.55 Z | | 603280 | 南方路机 | 52.50 | -5.98% | 7.68万 | 4.14亿 | | 301079 | 邵阳液压 | 33.38 | -4.90% | 14.68万 | 4.94亿 | | 873706 | 铁拓机械 | 28.77 | -3.00% | 8.58万 | 2.53亿 | | 600031 | 三一重工 | 20.22 | -2.32% | 94.86万 | 19.40 乙 | | 0 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301161 | 唯万密封 | 45.37 | 17.30% | 17.14万 | | 7.46亿 | | 630839 | 万通液压 | 34.19 | 11.84% | 6.75万 | | 2.24亿 | | 301079 | 邵阳液压 | 35.10 | 5.47% | 16.97万 | | 5.83亿 | | 601100 | 恒立液压 | 79.50 | 5.23% | 17.30万 | | 13.49 Z | | 873706 | 铁拓机械 | 29.66 | 4.33% | 9.43万 | | 2.70亿 | | 835174 | 五新随装 | 64.95 | 4.05% | 6.76万 | | 4.31亿 | | 871245 | 威博液压 | 33.10 | 3.50% | 1.73万 | | 5669.84万 | | 834599 | 同力股份 | 23.93 | 3.19% | 9.41万 | | 2.22亿 ...

Core Viewpoint - The new energy heavy truck market experienced significant growth in July 2025, with a year-on-year increase of 152%, reaching nearly 17,000 units sold, driven primarily by charging heavy trucks [1][3]. Market Performance - In July 2025, the domestic new energy heavy truck market sold 16,600 units, a month-on-month decrease of 8% but a year-on-year increase of 152% [3][4]. - Pure electric heavy trucks accounted for 98.07% of total sales, with charging heavy trucks continuing to dominate the market [3][4]. - The sales of battery-swapping heavy trucks reached 4,956 units in July, reflecting a year-on-year growth of 127%, although this growth rate is lower than the overall market growth [4][5]. Segment Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 30.32% in July, a slight decrease from the previous month [5]. - From January to July 2025, battery-swapping heavy trucks primarily consisted of tractor and dump trucks, accounting for 87.25% and 11.04% of sales, respectively [9][22]. - The competition in the battery-swapping tractor segment is intense, with four companies selling over 3,000 units each [24]. Company Performance - Foton led the sales of battery-swapping heavy trucks in July with 1,378 units sold, marking its fourth consecutive month at the top [12][15]. - Other notable performers included XCMG, FAW Liberation, and Yuchai, with sales of 821, 749, and 537 units, respectively [12][15]. - From January to July 2025, Foton's cumulative sales reached 5,623 units, a year-on-year increase of 612%, capturing 18.78% of the market share [16][20]. Future Outlook - The battery-swapping heavy truck segment has shown consistent growth, with a year-on-year increase of 138% from January to July 2025 [22][30]. - The industry will continue to monitor which company can break Foton's dominance in the battery-swapping heavy truck market [30].

Group 1 - The meeting between XCMG Group and China Railway 18th Bureau focused on industrial transformation and development, emphasizing equipment research and development, technological innovation, and cooperation in the new energy sector [2][5][7] - Both parties reached a series of consensus on enhancing communication and collaboration in mechanical equipment research, remanufacturing technology, and exploring opportunities in new energy equipment manufacturing and mining development [5][7] - XCMG Group has established a modern industrial system of "5+1+1" and is actively seizing opportunities in the new energy sector, with products exported to over 190 countries and regions [7] Group 2 - China Railway 18th Bureau is implementing a long-term development strategy called "1664," focusing on the collaborative development of six major industries and accelerating transformation and upgrading [5] - The collaboration between XCMG Group and China Railway 18th Bureau is based on a strong foundation of past cooperation, with XCMG providing significant equipment support for major projects undertaken by China Railway 18th Bureau [5][7] - Both companies aim to deepen cooperation in engineering machinery, national key project construction, and global market expansion, while also innovating in new working conditions and processes [7]