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]

来源：环球网 在系列前作《流浪地球2》中，徐工机械就曾深度参与，影片中可行驶、可作业、可变形的UEG地球联 合政府机械设备，均出自徐工集团，其硬核工业实力与科幻美学的融合，给观众留下深刻印象。 【环球网科技综合报道】10月16日消息，电影《流浪地球 3》已于今年 4 月正式开机，作为《流浪地 球》系列的第三部作品，《流浪地球3》改编自刘慈欣同名小说，将分为上下两部呈现。影片延续系列 IP制作班底，由郭帆执导，吴京、刘德华、屈楚萧、赵今麦等原班主演悉数回归，计划于2027年2月6日 （农历大年初一）与观众见面。 今年5月，徐工机械在央视节目中明确表示将参与《流浪地球3》拍摄保障，且投入规模较上一部显著提 升；10月15日，公司进一步通过互动平台透露，专项支持团队已全面进驻拍摄相关环节，以专业服务保 障影片拍摄需求。（纯钧） ...

浙商证券（601878）发布研报称，据中国工程机械工业协会，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%。考虑到工程机械海 外市占率提升，国内更新周期逐步启动，以及2024年下半年业绩基数较低等因素影响，预计工程机械龙 头三季报业绩整体有望实现提速。该行建议持续聚焦行业龙头，推荐三一重工(600031.SH)、徐工机械 （000425）(000425.SZ)等。 考虑到我国工程机械主机厂海外市占率提升，"一带一路"区域城镇化与工业化推进带来的基建和地产需 求增长等因素影响，我国工程机械出口正增长趋势有望延续。国内周期筑底上行主要受益于农林、市政 需求驱动小微挖需求增长，我国主机厂在矿山机械领域持续突破及水利需求带来的大挖及超大挖需求， 以及国内更新需求逐步启动等因素。 浙商证券主要观点如下： 9月挖掘机总销量同比增长25%，其中内销同比增长22%，外销同比增长29% 9月挖掘机总销量19858台，同比增长25%，其中国内销量9249台，同比增长22%;出口量10609台，同比 增长29%。9月总体及内外销同比增速 ...

Group 1 - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2334.29 points, up 1.05%, with a trading volume of 39.892 billion yuan and a turnover rate of 1.5% on October 15 [1] - Among the index constituents, 31 stocks rose, with Shenhuo Co., Ltd. leading with a 5.9% increase, while 11 stocks fell, with Fuan Energy leading the decline at 3.99% [1] - The top ten constituents of the index include BOE Technology Group (9.64% weight), Wuliangye Yibin (7.95% weight), and Hikvision (7.72% weight), with total market capitalizations of 153.397 billion yuan, 473.828 billion yuan, and 305.832 billion yuan respectively [1] Group 2 - The net inflow of main funds into the index constituents totaled 0.987 billion yuan, while retail investors experienced a net outflow of 0.882 billion yuan [1] - Detailed fund flow data shows that Chang'an Automobile had a net inflow of 0.651 billion yuan from main funds, while retail investors had a net outflow of 0.386 billion yuan [2] - Other notable stocks include BOE Technology Group with a net inflow of 0.221 billion yuan from main funds and a net outflow of 0.735 billion yuan from retail investors [2]

Core Viewpoint - XCMG is recognized as a global leader in the construction machinery sector, with a comprehensive business layout and significant growth driven by both traditional strengths and emerging sectors [1] Company Summary - XCMG has enhanced its traditional earth-moving segment while achieving rapid growth through new sectors such as mining machinery and international expansion [1] - Following the completion of its mixed-ownership reform in 2022, the company has released a three-year return plan and a substantial stock incentive plan for 2025 [1] - The company's net profit margin has steadily improved for two consecutive years, while both on-balance and off-balance sheet risk exposures have decreased over the same period [1] - Operational cash flow has shown continuous improvement, indicating a healthier financial position [1] Industry Summary - The construction machinery industry is expected to enter a new phase of recovery, with XCMG positioned to benefit from this trend [1] - The growth potential of the company's mining machinery and other emerging sectors is viewed positively, contributing to the overall optimism regarding the industry [1] - The target price for XCMG has been raised to 13.4 yuan, maintaining a "buy" rating, reflecting confidence in the company's future performance [1]

Core Viewpoint - XCMG Group is actively involved in the production of the film "The Wandering Earth 3," providing equipment and engineering services to support complex filming needs, which has garnered significant attention from various sectors [1] Group 1: Company Involvement in Film Production - XCMG is fully engaged in the filming of "The Wandering Earth 3," providing not only equipment but also engineering services to assist the film crew [1] - The company has established a joint innovation laboratory for film industrialization in collaboration with Dengfeng International and Guo Fan Film Industry, which is expected to enhance the efficiency and flexibility of film production [1] Group 2: Strategic Business Development - The collaboration with the "Wandering Earth" series is part of XCMG's broader "service-oriented" strategy, leading to the initiation of more specific business plans in the cultural tourism and creative industries [1] - The company is considering inviting investors to visit the filming site, allowing them to experience the integration of Chinese industry and science fiction cinema firsthand [1]

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]

Core Viewpoint - The construction machinery industry is experiencing significant growth, with excavator sales in September 2025 reaching 19,858 units, a year-on-year increase of 25.4% [3]. Excavator Sales Summary - In September 2025, a total of 19,858 excavators were sold, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [3]. - From January to September 2025, total excavator sales reached 174,039 units, with domestic sales of 89,877 units (up 21.5%) and exports of 84,162 units (up 14.6%) [3]. Loader Sales Summary - In September 2025, loader sales amounted to 10,530 units, reflecting a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%) [3]. - For the period from January to September 2025, total loader sales were 93,739 units, with domestic sales of 49,996 units (up 20.7%) and exports of 43,743 units (up 8.31%) [3]. Industry Outlook - The rapid growth in excavator sales indicates a clear recovery in the industry, driven by a new round of replacement cycles and the commencement of large projects like the Yaxi Water Conservancy Project [3]. - The demand for infrastructure development in countries along the "Belt and Road" initiative is contributing to export growth, while leading companies are enhancing their market share through technological upgrades and global expansion [3]. - The overall industry fundamentals show a positive trend, leading to a maintained "recommended" rating for investments in this sector [3]. Investment Recommendations - Companies with strong global presence are considered more competitive, with a focus on the following: XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 13.40 [1] Core Views - The company is a global leader in the engineering machinery sector, with a comprehensive business layout. It has improved the quality of its traditional earth-moving machinery while achieving rapid growth through emerging sectors like mining machinery and overseas expansion. The company has seen a steady increase in net profit margin over the past two years and a continuous improvement in operating cash flow [1][17] - The domestic demand for excavators is expected to recover, with a projected year-on-year growth rate exceeding 20% from January to August 2025. The company is well-positioned to benefit from this recovery due to its leading position in various engineering machinery segments [2][17] - The global demand for mining and infrastructure is strong, with significant growth opportunities for domestic brands in overseas markets. The company has established a comprehensive global development model, enhancing its market share [3][18] - The mining machinery sector has substantial room for domestic substitution, and the company is expected to leverage the trend towards new energy to achieve rapid growth. The global market for mining equipment is large, with significant opportunities for domestic brands to increase their market share [4][19] Summary by Sections Domestic Demand Recovery - The domestic excavator market is showing signs of recovery, with a year-on-year increase in sales expected in 2024. The company is likely to benefit from this new cycle of demand recovery, particularly in rural and new infrastructure projects [17][20] Export Opportunities - The company has seen a significant increase in overseas revenue, with a compound annual growth rate (CAGR) of 62% from 2020 to 2024. The demand for engineering machinery in South America and Africa is robust, and the company is well-positioned to capture market share in these regions [18][21] Mining Machinery Growth - The global mining machinery market is expected to grow, with the company focusing on new energy and automation trends. The company has secured multiple contracts for new energy mining equipment, positioning itself for significant growth in this sector [4][19] Financial Projections - The company is projected to achieve a net profit of RMB 7.9 billion in 2025, with a steady increase in revenue and profitability expected through 2027. The target price has been adjusted to RMB 13.40 based on improved valuation metrics [6][11]

Core Insights - A-share listed companies are experiencing a surge in stock buybacks, with 17 companies announcing buyback progress on October 14 alone [1] - From January 1 to October 14, 2023, 1,374 A-share companies have executed buybacks, totaling over 11.25 billion yuan in repurchased shares [1] - The trend of "cancellation buybacks" is gaining attention, driven by policy guidance and market logic [2] Group 1: Buyback Trends - 1374 A-share listed companies have repurchased over 11.25 billion shares, amounting to 112.596 billion yuan [1] - 13 companies have repurchased over 1 billion yuan, with Midea Group leading at 6.769 billion yuan [1] - The number of companies disclosing buyback plans and implementing them is increasing, indicating a growing trend [1] Group 2: Policy Support - The People's Bank of China has optimized stock buyback financing policies, reducing the self-funding ratio from 30% to 10% and extending loan terms from 1 year to 3 years [2] - A total of 750 companies or major shareholders have accessed buyback financing, amounting to approximately 151.854 billion yuan [3] - The merger of financing tools aims to enhance flexibility and efficiency in utilizing policy funds [3] Group 3: Market Impact - The stock buyback financing has provided low-cost capital to companies, boosting investor confidence and market attention [3] - The ongoing support for buybacks is expected to evolve from a temporary measure to a more permanent mechanism, stabilizing the market [3]