柳工最新推出5吨混动装载机——856TE HEV MAX，以技术创新为驱动，针对各类复杂工况深度适配，集超长续航、高效节能与强悍性能于一体，为绿 色施工再一次提供了全新解决方案。 动力强劲，能量传递效率高 搭载广西康明斯B3.9增程器与34kW·h功率型电池，额定发电功率达80kW； 高速电机匹配技术，实现电机电机与变速箱高效集成，功率密度高，响应迅速； 定轴式变速箱换挡平顺，标配散热器，更利于高速跑车和长时间满负荷作业； 高效节能，超长续航 SALE DEVENTION STATUS P 19 ASSESS IS ERI BCH n ... . IEA UIS B ra STE G 1 2018 e LIUGO 6 C e 0 1 TRE WALLER TREE t eller and and the start of the states of the see and the see and the see and the see and the see and the seat the seems of the seems of the see and the see and the seat the ...

证券代码：000528 证券简称：柳 工 公告编号： 2025-95 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 关于召开 2025 年第三次临时股东会的提示性公告 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 2025 年 11 月 29 日在《中国 证券报》及巨潮资讯网（www.cninfo.com.cn）披露了《柳工关于召开 2025 年第三次 临时股东会的通知》（公告编号：2025-90），并于 2025 年 12 月 5 日披露了《柳工关 于 2025 年第三次临时股东会增加临时提案暨股东会补充通知的公告》（公告编号： 2025-94），公司将于 2025 年 12 月 16 日召开 2025 年第三次临时股东会，现将本次股 东会的有关事项提示如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会。 2、股东会的召集人：公司董事会。 3、会议召开的合法、合规性：本次会议的召集、召开符合《中华人民共和国公司 法》《深圳证券交易所股票上市规则》《深圳证券交易 ...

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [36]. Core Insights - In November 2025, excavator sales reached 20,027 units, representing a year-on-year increase of 13.85% and a month-on-month increase of 10.67%. Domestic sales accounted for 9,842 units, with a year-on-year growth of 9.11% and a month-on-month growth of 16.23% [3]. - Loader sales in November 2025 totaled 11,419 units, showing a year-on-year increase of 32.07% and a month-on-month increase of 6.99%. Domestic sales were 5,671 units, with a year-on-year growth of 29.39% [4]. - The report highlights a significant recovery in demand for excavators in Europe and North America, with both domestic and export sales showing positive trends [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations in Europe and North America, with a projected market for electric construction machinery expected to grow significantly [6]. Summary by Sections Excavator Sales - In November 2025, excavator sales were 20,027 units, with domestic sales at 9,842 units and export sales at 10,185 units, the latter accounting for 50.86% of total sales. Year-to-date sales from January to November reached 212,162 units, a 16.73% increase year-on-year [3]. Loader Sales - Loader sales in November 2025 were 11,419 units, with domestic sales of 5,671 units and export sales of 5,748 units. Year-to-date loader sales reached 115,831 units, reflecting a year-on-year increase of 17.24% [4]. Market Trends - The report notes that while domestic demand in real estate remains weak, there are signs of recovery in the mining sector and infrastructure investments, which could lead to a new growth cycle for the engineering machinery industry [5]. - The report also mentions that the export trade value of engineering machinery products was $4.668 billion in October, with a year-on-year growth of 1.30% [5]. Technological Development - The report stresses the importance of electric and intelligent machinery in the industry, with significant growth potential in the electric machinery market, particularly in light of upcoming regulations in Europe [6].

Group 1: Engineering Machinery - Domestic demand for excavators is expected to recover to around 120,000 units in 2025, with a year-on-year increase of 19.6% in the first ten months of 2025 [1][15] - The export of excavators reached 93,800 units in the first ten months of 2025, showing a year-on-year increase of 14.4%, with an expected annual growth rate of around 15% [1][29] - The recovery in domestic demand is primarily driven by small excavators, reflecting increased demand for machinery in rural and small-scale water conservancy projects [15][20] Group 2: Shipbuilding and Offshore Engineering - The global shipbuilding industry saw a decline in new orders, with a total of 9,483.31 million deadweight tons in the first ten months of 2025, down 44.67% year-on-year [2] - The shipbuilding price index has shown a general decline, but there is a recovery in orders for bulk carriers and oil tankers in October 2025 [2] - The upcoming replacement cycle in shipbuilding, combined with tightening global environmental policies, is expected to drive a new round of demand growth [2] Group 3: Cyclical Industries - The cyclical sector is showing signs of recovery in 2025, supported by low baselines and the expansion into new industries [3] - The industrial control market is rebounding, with a notable increase in the OEM market, while project-based markets are showing weaker performance [3] - The industrial robot market is expected to grow by over 10% year-on-year in 2025, indicating a sustained recovery [3] Group 4: AI and Robotics - The AI sector is driving significant changes in various industries, with a focus on humanoid robots, data center equipment, and vertical applications [4] - The demand for data center backup power sources is increasing due to global capacity shortages, with domestic alternatives expected to accelerate [4] - The introduction of humanoid robots is becoming a reality, with significant production plans announced by companies like Tesla for 2026 [4] Group 5: Investment Recommendations - The report recommends focusing on the engineering machinery sector, particularly companies like SANY Heavy Industry, XCMG, and LiuGong, which are expected to benefit from domestic and international demand [5][9] - In the shipbuilding and offshore engineering sector, China International Marine Containers (CIMC) is highlighted as a potential beneficiary of the recovery [5][9] - The AI and robotics sector presents investment opportunities in companies like Weichuang Electric and Jack Technology, which are positioned to benefit from the ongoing industrial transformation [5][9]

" 当央视镜头记录下柳工挖掘机于南极-40℃极寒中一次启动成功的画面时， "国产挖掘机零下40摄 氏度一秒启动" 的词条已迅速冲上微博热搜榜第三。这并非偶然的走红，而是一场由《中华考工 记》节目点燃的、对中国制造硬核实力的全民见证。 节目播出的南极秦岭站纪实视频，展现了 国产装备直面-38℃极寒与55.6米/秒狂风的双重考验 。在极 限环境中平稳"清雪破冰"的可靠表现，与"一秒启动"的科技实力相互印证，瞬间引爆网络关注，将中国 工程机械的极地征途，推向了公众视野的焦点。 1 热搜背后，一场极寒中的技术考验 南极秦岭站，地球最南端的中国科考前哨。这里的风被称为"杀人风"，冬季气温可骤降至零下40摄氏 度以下。正是在这样的环境中，央视镜头记录下了柳工挖掘机作业的画面。 数据显示，这里的年平均气温低于-10℃，极端最低气温可达-45℃以上。秦岭站所处的区域，常年被冰 雪覆盖，最大风速可达55.6米/秒，相当于17级超强台风的风力。 " 就是在这种环境下，一台柳工液压挖掘机正在平稳地进行清雪破冰作业，为科考站的正常运转和物资运 输开辟道路。它不仅是工具，更是科考队员在极端环境中的"钢铁战友"。 2 一秒启动，硬核科技 ...

Group 1: Equipment Export - The engineering machinery sector is expected to see a full domestic recovery and moderate export recovery in 2025, with a projected revenue growth of 12% year-on-year in the first three quarters of 2025 [52] - Key recommended companies for engineering machinery include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from both domestic and international demand [3][52] - The oil service equipment sector is poised for significant growth due to historical opportunities in the Middle East and the Belt and Road Initiative, with recommended companies including Jereh and Neway [3] Group 2: Domestic Demand Improvement - The photovoltaic equipment sector is entering a platform integration phase, with significant advancements in perovskite and heterojunction technologies, leading to increased equipment value [3] - The lithium battery equipment sector is expected to benefit from ongoing capacity expansions and solid-state battery technology, with recommended companies including Lead Intelligent and Hanke Technology [4] - The semiconductor equipment sector is experiencing a recovery driven by domestic substitution and AI-related demand, with key recommendations including Northern Huachuang and Zhongwei [4] Group 3: High-Growth Sectors - The PCB equipment sector is entering a new expansion cycle driven by AI, with high demand for advanced HDI and SLP boards, with recommended companies including Dazhu CNC and Ding Tai High-Tech [5] - The liquid cooling equipment market is growing rapidly as it becomes a standard for AI server cooling, with key recommendations including Hongsheng and a focus on Invec [5] - The gas turbine and diesel generator sectors are expected to see significant growth due to increased electricity demand driven by AI, with recommended companies including Jereh and Yingliu [5] Group 4: New Technologies and Directions - The mass production of humanoid robots is anticipated, with domestic component manufacturers expected to benefit from cost reductions, with recommended companies including Hengli Hydraulic and New Coordinates [5] - The integration of new technologies in the photovoltaic sector is leading to industry transformation, with a focus on innovative solutions [5] Group 5: Performance Analysis - The semiconductor equipment and PCB equipment sectors are leading in revenue growth, with semiconductor equipment benefiting from advanced process expansions and PCB equipment driven by AI server demand [33] - The profit growth in the PCB equipment and general automation sectors is notable, with improvements in product structure and scale effects [33] - The overall machinery sector is experiencing a mild upward trend, with significant performance disparities among sub-sectors [11][20]

Group 1 - The excavator index experienced a strong surge, with a daily increase of 2.32% [1] - Component stocks showed active performance, with China First Heavy Industries hitting the daily limit [1] - Other companies such as XCMG, Liugong, Shantui, and Zoomlion also saw significant gains [1]

Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

Group 1: Robotics Industry - The U.S. government is focusing on the development of robotics, indicating that robotics technology is becoming a key frontier in U.S.-China competition, with potential for continued resonance between the two countries' industries [1] - The Trump administration's actions suggest a strategic elevation of the U.S. robotics industry, with domestic policies expected to follow suit [1] - U.S. companies are actively investing in the robotics sector, creating a closed loop of "model-simulation-hardware," while China's supply chain is accelerating the implementation of robotics in various scenarios [1] Group 2: Construction Machinery - In November, domestic excavator sales exceeded expectations, and exports maintained high growth rates despite a high base, indicating a strong overall fundamental outlook for the sector [2] - The upward trend in both domestic and international sales of construction machinery has been validated, with a focus on overseas markets where profits from exports account for about 70% of many companies [2] - The performance of companies in the construction machinery sector remains strong, with non-excavator domestic sales also showing significant growth [2] Group 3: Lithium Battery Equipment - The electrification of ships is expanding the application of lithium batteries into new scenarios, with a positive outlook for lithium battery equipment in the upcoming year [3] - The demand for lithium batteries is expected to increase as new technologies like solid-state and sodium-ion batteries emerge, enhancing the electrification rate across various sectors [3] - The mid-term acceptance of solid-state batteries is anticipated to be completed by the end of the year, leading to a new round of order tenders from leading battery manufacturers and vehicle manufacturers [3] Group 4: PCB Equipment - The PCB industry is experiencing a resurgence, characterized by high-end product development and factory establishment in Southeast Asia, which is driving the demand for PCB equipment upgrades [4] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [4] - The industry is evolving towards higher layer counts and more precise wiring due to AI-driven advancements, necessitating improvements in processing technology [4] Group 5: Forklifts & Mobile Robots - Sales of large forklifts are maintaining growth, with domestic sales increasing by 5% to 16% and exports growing by 8% to 23% from July to October [5] - The industry is optimistic about the upward trend in demand for smart logistics and unmanned forklifts, with major companies launching intelligent logistics products in Q4 [5] Group 6: Recommended Companies in Machinery Sector - Key companies recommended include Hengli Hydraulic, Aibin Technology, LiuGong, XCMG, Jereh, Naipu Mining, SANY Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, Huace Testing, Shoucheng Holdings, Xian Dao Intelligent, Bozhong Precision, Haitai International, Yizhiming, Puyuan Precision Electronics, Zhongji United, and Maiwei Shares [6]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the engineering machinery sector [4]. Core Insights - The report highlights strong domestic and export sales of excavators, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (up 9.11%), while exports were 10,185 units (up 18.8%) [1]. - For the first eleven months of 2025, total excavator sales reached 212,162 units, reflecting a 16.7% year-on-year growth, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [1]. - The report notes that the construction intensity in China remains weak, with average working hours for major construction machinery at 84.2 hours in November, down 13% year-on-year [4]. - Infrastructure investment in China has shown stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment decreased by 14.7% [4]. - The report anticipates a rebound in construction demand, as indicated by an increase in the utilization rate of construction cranes in November [4]. - The global engineering machinery market is expected to expand, supported by a decline in interest rates and sustained high mineral prices, with a projected 2% decline in 2025 followed by positive growth in 2026 [4]. - The report identifies key companies to watch in the sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4]. Summary by Sections Domestic Sales - Excavator sales in November 2025 reached 9,842 units, a 9.11% increase year-on-year, contributing to a total of 108,187 units sold domestically from January to November, marking an 18.6% increase [1]. Export Sales - November 2025 saw exports of excavators exceed 10,000 units for the month, with a total of 103,975 units exported from January to November, reflecting a 14.9% increase [1]. Construction Activity - The average working hours for major construction machinery were reported at 84.2 hours in November, a decrease of 13% year-on-year, indicating weak construction activity [4]. Infrastructure Investment - Infrastructure investment in China showed a slight decline of 0.1% year-on-year from January to October 2025, with specific sectors like pipeline transportation and water transportation showing growth [4]. Market Outlook - The global engineering machinery market is projected to face a 2% decline in 2025, with expectations of recovery in 2026, driven by mining and infrastructure demand [4]. Key Companies - The report highlights several key players in the engineering machinery sector, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4].