Group 1 - The engineering machinery industry is experiencing a recovery in domestic demand and steady growth in export markets since 2025, with excavator sales reaching 120,500 units in the first half of 2025, a year-on-year increase of 16.8% [1] - Domestic excavator sales accounted for 65,600 units, up 22.9% year-on-year, while exports reached 54,900 units, increasing by 10.2% [1] - Loader sales also showed a positive trend, with total sales of 64,800 units in the first half of 2025, reflecting a year-on-year growth of 13.6% [1] Group 2 - Domestic demand is being driven by equipment updates and local government debt reduction policies, with a notable recovery in housing starts, which improved from a year-on-year decline of 29.6% to 22.8% [2] - Infrastructure investment (excluding electricity) maintained a robust year-on-year growth of 5.6% from January to May 2025 [2] - In June 2025, excavator sales reached 18,800 units, a year-on-year increase of 13.3%, with domestic sales at 8,136 units, up 6.2% [2] Group 3 - Despite facing trade friction risks, the export of engineering machinery products continues to grow, with excavator export volume showing a significant rebound in June [3] - Major overseas markets, including Japan, Europe, North America, and Indonesia, reported varying demand levels, with some regions experiencing growth in operating hours for excavators [3] - The company anticipates a decline in overall overseas demand but is focusing on enhancing its position in emerging markets while expanding its business in Europe and North America [3] Group 4 - The company expects stable positive growth in domestic earth-moving equipment demand in the second half of 2025, with an annual growth rate projected to exceed double digits [4] - Continued government initiatives in urban renewal and old community renovation, along with increased fiscal and monetary policies, are expected to drive rigid replacement demand [4] - Stable support from non-ferrous mining, major water conservancy projects, and high-standard farmland projects will gradually release demand dividends [4]

Investment Rating - The industry investment rating is "Overweight" for the machinery equipment sector, specifically for construction machinery [5][28]. Core Viewpoints - The report indicates a recovery in excavator sales in June 2025, with total sales reaching 18,800 units, a year-on-year increase of 13.3%. Domestic sales were 8,136 units, down 3% month-on-month but up 6% year-on-year, while exports were 10,700 units, up 19% year-on-year [1][2]. - The growth in second-hand excavator exports is expected to drive domestic replacement demand, with a notable increase in the market share of domestic brands overseas [1][4]. - The report highlights that domestic infrastructure investment has shown slight improvement, with a 5.6% year-on-year increase in completed investment in the first five months of 2025 [2]. Summary by Sections Excavator Sales and Market Trends - In June 2025, excavator sales showed a recovery, with a total of 18,800 units sold, marking a 13.3% increase year-on-year. The domestic market saw sales of 8,136 units, while exports reached 10,700 units, reflecting a 19% increase year-on-year [1][2]. - The report emphasizes the role of second-hand excavator exports in supporting domestic demand, with May exports showing a 52% year-on-year increase [3]. Domestic Demand and Infrastructure Investment - The report notes a slight improvement in domestic demand, with new housing starts down 22.8% year-on-year in the first five months, a slight narrowing from a 23.8% decline in the previous period. Infrastructure investment, excluding electricity, increased by 5.6% year-on-year [2]. - The report anticipates that improved project funding will gradually translate into construction and equipment usage [2]. Recommendations for Key Companies - The report recommends key companies in the industry, including SANY Heavy Industry (600031 CH) with a target price of 23.10, LiuGong (000528 CH) with a target price of 14.55, and Hengli Hydraulic (601100 CH) with a target price of 82.00, all rated as "Buy" [6][10].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Investment Rating - The report suggests a positive outlook for the machinery sector, particularly highlighting specific companies for investment opportunities [13]. Core Insights - The engineering machinery sector shows short-term fluctuations in operating rates but maintains a long-term recovery logic driven by domestic demand [7][25]. - The new shipbuilding prices have stabilized and are showing signs of recovery, indicating an upward trend in industry sentiment [7][46]. - The gas turbine sector is experiencing robust growth, with significant increases in orders and production expected [7][55]. Market Review - The SW Machinery Equipment Index increased by 0.26% over the past week, ranking 24th among 31 primary industry categories [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 8.29%, ranking 7th among the same categories [3][18]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The operating rate for major engineering machinery products was 56.9% in June, down 7.55% year-on-year [7][25]. - The average working hours for these products were 77.2 hours, reflecting a decline of 9.11% year-on-year [7][25]. Shipbuilding - The global new ship price index reached 187.11 in June, marking a 0.22% increase, the first rise since February [7][46]. Oilfield Equipment - The global rig count has stabilized at over 1,600 units, indicating a bottoming out of demand in the oilfield equipment sector [48]. Gas Turbines - The gas turbine sector is on a steady upward trajectory, with GEV's new orders increasing by 44.9% in Q1 2025 [55][56]. Industry Dynamics - The report emphasizes the importance of monitoring the recovery trends in various segments, including engineering machinery, shipbuilding, and gas turbines, as they present potential investment opportunities [7][55].

Group 1: Core Achievements in Science and Technology - The 2024 Guangxi Science and Technology Awards recognized 160 achievements across various fields, showcasing Guangxi's robust development in scientific innovation [1] - Notable breakthroughs include the establishment of the world's first gene-edited primary liver cancer monkey model and the development of the first intravenous super-sensitive oncolytic virus, marking significant advancements in cancer treatment [2] - Enterprises played a crucial role, completing 106 of the awarded projects, which accounted for 66.3% of the total, indicating a shift from being "technology followers" to "innovation sources" [4] Group 2: Economic Impact and Contributions - The achievements from enterprises led to a substantial economic impact, generating an additional sales revenue of 420.3 billion, profits of 69.82 billion, foreign exchange earnings of 1.16 billion, and total cost savings of 16.34 billion over the past three years [4] - The innovation efforts of young scientists, such as those from Guangxi Liugong Machinery Co., Ltd. and Liuzhou Oweim Machinery Co., Ltd., have contributed significantly to the local economy, with new product sales reaching 200 million [3] Group 3: Policy and Strategic Initiatives - Guangxi has implemented several policies to enhance scientific innovation, including the "Several Measures for Deepening Scientific and Technological System Reform" and the "14th Five-Year Plan for Scientific and Technological Innovation," aimed at fostering high-quality development [5] - The establishment of the Fangchenggang International Medical Open Experimental Zone exemplifies Guangxi's strategy to create an international scientific cooperation platform, attracting numerous domestic and foreign research institutions and enterprises [5] Group 4: Future Outlook - The 2025 Guangxi Science and Technology Awards Conference serves as a starting point for future innovations, emphasizing the importance of collaboration between top scientists, emerging young talents, research institutions, and enterprises [6] - Guangxi aims to deepen open cooperation with ASEAN, positioning itself as a technological innovation hub that contributes to both regional and global development [6]

点击上图▲立即报名 6月19日至6月20日，"生而全球·共融共建"第二届出海全球峰会在新加坡举行。与 会的1300名企业家与20多位来自学界、企业界、海外的嘉宾一起，探讨中国企业出 海的新方向和新路径。 黄兆华老师在论坛上进行了《全球化发展与本地化融合》专题演讲，本文整理了黄兆 华老师演讲的精华部分，分享给大家。 演讲 / 黄兆华 整理 / 巴九灵（微信公众号： 吴晓波频道） 我曾在柳工担任了10年的海外业务负责人，从海外事业部的副总到总经理到上市公司的高管，一直负责海外业务，在一线干了接近10年，而后创 办了北京出海领航。 回看柳工出海的20年历程，从宏观层面，有三点启示：首先，海外市场的机会比我们想象中要大得多。 2006年，我作为一名咨询顾问，带领一个团队，为柳工提供海外业务咨询服务，当时柳工的海外业务收入只有2亿人民币，2024年，这一数字达到 了137亿，接近柳工全部收入的50%，这个数字超远远超出了20年前所有人的想象。 其次，海外之路并不平坦。回望20年的出海之路，没有哪一天是风平浪静的。当你成为一家像柳工一样的全球性经营企业，在100多个国家开展业 务的时候，地球上发生的每个风险事件好像和你都 ...

根据《上市公司股份回购规则》《深圳证券交易所自律监管指引第 9 号—回购股份》 等相关规定，上市公司应在每个月的前三个交易日内披露截至上月末的回购进展情况， 现将公司截至 2025 年六月末的回购进展情况公告如下： 一、回购股份的进展情况 证券代码：000528 证券简称：柳 工 公告编号：2025-51 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于股份回购（第二期）进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届 董事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期）的议 案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部分公 司已发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。本 次回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元 （含），回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购 决议前三 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-52 广西柳工机械股份有限公司 关于 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 债券代码：127084 债券简称：柳工转2 （二）可转债上市情况 重要内容提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》《深圳证券交易所可转换公司债券业务实施细则》的有关规 定，广西柳工机械股份有限公司（以下简称"公司"）现将 2025 年第二季度可转换公司 债券（以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准广西柳工机械股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2023〕128 号）核准，广西柳工机械股份有限公司（以下 第 1 页，共 3 页 1. 债券简称：柳工转2 2. 债券代码：127084 3. 转股期限：2023年10月9日至2029年3月26日 4. 当前转股价格：人民币7.30元/股 简称" ...

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]

Core Viewpoint - The article highlights the innovative efforts and achievements of Guangxi Liugong Machinery Co., Ltd. under the leadership of Chief Engineer Lin Mingzhi, emphasizing the importance of customer needs and technological advancements in the engineering machinery industry [1][2]. Group 1: Innovation and Development - Lin Mingzhi has dedicated over 30 years to the development of engineering machinery products and technologies, leading his team to overcome multiple technical challenges [1]. - The development of a new side-discharging loader was initiated by Lin Mingzhi in 1989, addressing operational difficulties in tunnel construction and enhancing efficiency [1]. - The company has made significant strides in innovation, including the development of a high-altitude electric loader suitable for environments above 4000 meters, completed in just seven months [2]. Group 2: Customer-Centric Approach - Lin Mingzhi emphasizes the importance of understanding customer needs as a driving force for innovation, leading to improvements such as adding air conditioning to loaders for enhanced driver comfort [2]. - The company has focused on optimizing design and processes to improve dust-proof features, ensuring the health of operators [2]. Group 3: Commitment to Continuous Improvement - Lin Mingzhi advocates for a path of independent innovation, aiming to enhance the company's global competitiveness through product strength [2]. - The research and development team has achieved breakthroughs in various technological fields, including materials, electronic control, remote control, and unmanned driving [2].