Group 1 - In July, domestic excavator manufacturers sold 17,138 units, a year-on-year increase of 25.2%, with domestic sales of 7,306 units (up 17.2%) and exports of 9,832 units (up 31.9%) [1] - From January to July, a total of 137,658 excavators were sold, representing a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [1] - The domestic excavator industry is expected to maintain steady growth over the next three years, driven by improved fixed asset investment and a new growth cycle [1] Group 2 - The export trend for construction machinery is positive, with opportunities arising from increased demand in Southeast Asia, Africa, and the Middle East, as well as improved penetration in high-end markets in Europe and the US [2] - Since March, monthly excavator export volumes have consistently exceeded those of the same months in 2023 and 2024, indicating a strong export performance [2] - The core component supplier, Hengli Hydraulic, is expanding its international strategy and has seen good performance in both direct and indirect exports due to clear growth in overseas demand [2][3] Group 3 - The domestic construction machinery industry is benefiting from increased orders for excavators and cranes in Europe, with significant demand in Southeast Asia and the Middle East due to rapid infrastructure and real estate development [3] - The overall export trend is favorable, supported by improved competitiveness of domestic brands and a recovering market [3] - The excavator industry is expected to see annual exports of approximately 100,000 to 120,000 units over the next three years [3] Group 4 - The replacement demand for excavators is projected to support sales growth, with a compound growth rate of around 30% expected in the coming years [4] - The industry has been experiencing continuous growth since 2024, driven by major infrastructure projects and increased orders for components [4][5] - Large and small excavators have shown strong sales, while medium-sized excavators are experiencing weaker growth [5] Group 5 - The mining sector is expected to drive the recovery of large excavator sales, with fixed asset investment in mining projected to grow by 10.5% in 2024 [5] - A significant hydropower project with an investment of approximately 1.2 trillion yuan has commenced, which is expected to generate substantial demand for construction machinery [5][6] - The construction environment of the hydropower project may lead to increased demand for electric and unmanned equipment, enhancing overall industry profitability [6]

（文章来源：证券日报） 证券日报网讯 8月12日晚间，徐工机械发布公告称，公司第九届董事会第三十六次会议（临时）审议通 过了《关于向徐工营销有限公司增资的议案》《关于申请发行资产证券化项目的议案》。 ...

Core Viewpoint - XCMG Machinery (000425) announced on August 12 that it plans to issue asset-backed notes totaling no more than 10 billion yuan to optimize its asset structure and improve asset operational efficiency [1] Company Summary - The company aims to enhance its asset management through the issuance of asset-backed notes [1] - The total amount of the asset-backed notes is capped at 10 billion yuan [1]

Group 1 - The core point of the article is that XCMG Machinery (SZ 000425) held a temporary board meeting on August 12, 2025, to discuss a proposal for capital increase to XCMG Marketing Co., Ltd [1] - For the year 2024, XCMG Machinery's revenue composition is entirely from the specialized machinery repair industry, accounting for 100.0% [1] - As of the report date, XCMG Machinery has a market capitalization of 103.3 billion yuan [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"）第九 届董事会第三十六次会议（临时）通知于 2025 年 8 月 7 日（星 期四）以书面方式发出，会议于 2025 年 8 月 12 日（星期二）以 公司董事会成员 9 人， 非现场的方式召开。 出席会议的董事 9 人， 实际行使表决权的董事 9 人：杨东升先生、孙雷先生、陆川先生、 邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、况世道先生、 杨林先生。公司监事、高级管理人员列席了会议。本次会议的召 集、召开和表决程序符合有关法律、法规和公司《章程》的规定， 会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于向徐工营销有限公司增资的议案 证券代码：000425 证券简称：徐工机械 公告编号：2025-56 徐工集团工程机械股份有限公司 表决情况为：9 票同意，0 票反对，0 票弃权 - 1 - 本议案尚需提交公司股东大会审议，内容详见 2025 年 8 月 （www.cninfo.c ...

Core Points - The company, XCMG Machinery, has approved a proposal to issue asset-backed notes totaling no more than 10 billion yuan [1] - This proposal is subject to approval by the shareholders' meeting and the trading association, indicating potential uncertainties [1] - As of July 31, 2025, the company has 11 existing asset-backed note products related to accounts receivable [1]

证券代码：000425 证券简称：徐工机械 公告编号：2025-57 徐工集团工程机械股份有限公司 关于申请发行资产支持票据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1.徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）于 2024 年申请发行总额不超过人民币 200 亿元（含） 的资产证券化项目（包括深圳证券交易所市场资产支持专项计划 100 亿元和银行间市场资产支持票据 100 亿元），其中银行间市 场资产支持票据 100 亿元注册额度基本使用完毕，本次申请发行 资产支持票据注册额度，接续即将到期的注册额度。 2.本次申请发行资产支持票据注册额度，尚未明确具体项目 的交易安排和发行方案，具体的分期发行规模、发行期限、产品 分层等要素根据基础资产具体情况而定。 3.公司申请发行资产支持票据注册额度，适时有序发行资产 证券化项目将有助于公司盘活存量资产、加快资金周转、优化资 产负债结构，提高资产及资金运营效益。本次申请发行资产支持 票据注册额度，尚需取得交易商协会出具的接受注册通知书，申 请及发行均可能存在不确定性，其实 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-56 徐工集团工程机械股份有限公司 第九届董事会第三十六次会议（临时）决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"）第九 届董事会第三十六次会议（临时）通知于 2025 年 8 月 7 日（星 期四）以书面方式发出，会议于 2025 年 8 月 12 日（星期二）以 非现场的方式召开。公司董事会成员 9人，出席会议的董事 9人， 实际行使表决权的董事 9 人：杨东升先生、孙雷先生、陆川先生、 邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、况世道先生、 杨林先生。公司监事、高级管理人员列席了会议。本次会议的召 集、召开和表决程序符合有关法律、法规和公司《章程》的规定， 会议形成的决议合法有效。 表决情况为：9 票同意，0 票反对，0 票弃权 （二）关于申请发行资产证券化项目的议案 表决情况为：9 票同意，0 票反对，0 票弃权 - 1 - 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一） ...

Core Viewpoint - In July 2025, the heavy truck market experienced a significant year-on-year sales increase of 46%, while the tractor market grew by 29%, continuing to lag behind the overall heavy truck market performance [1][25]. Market Performance - In July 2025, the total sales of heavy trucks reached 84,900 units, a month-on-month decrease of 13% but a year-on-year increase of 46% [4]. - The tractor market sold 42,800 units in July, reflecting a month-on-month decline of 12% and a year-on-year growth of 29%, which is lower than the overall heavy truck market growth [4][10]. - The tractor market's year-on-year growth rate decreased slightly from 31% in June to 29% in July [10]. Historical Trends - Over the past five years, July tractor sales have shown a pattern of decline followed by growth, with July 2025 marking the highest sales in five years at 42,800 units, an increase of nearly 10,000 units compared to July 2024 [6]. - Cumulatively, from January to July 2025, tractor sales reached 313,000 units, marking the second-highest total in five years, with a 5% increase compared to the same period in 2024 [8][17]. Company Performance - In July 2025, the leading company in tractor sales was China National Heavy Duty Truck Corporation (重汽), selling 10,800 units, capturing a market share of 25.13% [12][15]. - Other notable companies included FAW Jiefang (一汽解放) with 9,125 units sold (21.30% market share) and Shaanxi Automobile Group (陕汽集团) with 6,888 units sold (16.10% market share) [12][15]. - The top ten companies accounted for 99.01% of the tractor market, with the top five companies holding 88.50% of the market share [15][21]. Cumulative Sales and Market Share - From January to July 2025, the cumulative sales of the tractor market reached 313,000 units, with a year-on-year increase of 5% [17]. - The cumulative market share of the top ten companies reached 99.04%, with the top two companies, 重汽 and 一汽解放, each exceeding 20% market share [21]. - Companies such as 徐工 and 远程 saw significant growth, with year-on-year increases of 182% and 108%, respectively [19]. Industry Dynamics - The rankings of the top ten companies in the tractor market remained consistent from June to July 2025, with some shifts in positions among the lower-ranked companies [16][23]. - Compared to the end of 2024, the rankings of some companies have changed, indicating a dynamic competitive landscape [23]. Conclusion - The heavy truck market is showing strong growth, but the tractor segment continues to lag behind, raising questions about its potential to catch up in the remaining months of 2025 [25].

Core Insights - The domestic excavator industry in China is experiencing steady growth, with July sales reaching 17,138 units, a year-on-year increase of 25.2% [1] - Domestic sales for the first seven months of the year totaled 73,306 units, up 17.8% year-on-year, indicating a robust market demand [1] - The industry is expected to maintain a stable growth trajectory over the next three years, driven by favorable policies and a new growth cycle [1][4] Domestic Market Performance - In July, domestic excavator sales were 7,306 units, reflecting a year-on-year growth of 17.2% [1] - The average working hours for excavators in July were 66.1 hours, with a utilization rate of 56.7% [1] - The first seven months of 2023 saw a total of 137,658 excavators sold, with domestic sales growing by 22.3% [1] Export Market Dynamics - The export volume of excavators reached 9,832 units in July, marking a 31.9% increase year-on-year [1] - The export trend is expected to remain positive, with projections of 100,000 to 120,000 units exported annually over the next three years [3] - The demand for excavators in Southeast Asia, Africa, and the Middle East is increasing, while challenges such as U.S.-China tariff uncertainties persist [2][3] Industry Outlook - The engineering machinery sector is benefiting from large infrastructure projects, which are expected to boost orders for companies like Hengli Hydraulic [4][6] - The mining sector is projected to drive demand for large excavators, with fixed asset investment in mining expected to grow by 10.5% in 2024 [5] - Major projects like the Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, are anticipated to significantly increase equipment demand [5][6] Technological Advancements - Companies are focusing on international expansion and enhancing product quality to improve competitiveness in global markets [2][3] - The shift towards electric and unmanned equipment is being accelerated by projects in remote areas where fuel supply is challenging [6]