柳州柳工挖掘机有限公司，成立于2006年，位于柳州市，是一家以从事专用设备制造业为主的企业。企 业注册资本92218.47万人民币。通过天眼查大数据分析，柳州柳工挖掘机有限公司共对外投资了2家企 业，参与招投标项目100次，专利信息834条，此外企业还拥有行政许可226个。 广西柳工机械股份有限公司，成立于1993年，位于柳州市，是一家以从事专用设备制造业为主的企业。 企业注册资本203220.0321万人民币。通过天眼查大数据分析，广西柳工机械股份有限公司共对外投资 了39家企业，参与招投标项目1371次，财产线索方面有商标信息27条，专利信息3062条，此外企业还拥 有行政许可516个。 国家知识产权局信息显示，柳工常州机械有限公司、柳州柳工挖掘机有限公司、广西柳工机械股份有限 公司取得一项名为"动臂回转装置和挖掘机"的专利，授权公告号CN117344812B，申请日期为2023年10 月。 天眼查资料显示，柳工常州机械有限公司，成立于2010年，位于常州市，是一家以从事专业技术服务业 为主的企业。企业注册资本53000万人民币。通过天眼查大数据分析，柳工常州机械有限公司参与招投 标项目122次，专利信息 ...

截至9月30日，柳工股东户数10.08万，较上期增加26.20%；人均流通股20140股，较上期减少20.29%。 2025年1月-9月，柳工实现营业收入257.60亿元，同比增长12.71%；归母净利润14.58亿元，同比增长 10.37%。 分红方面，柳工A股上市后累计派现51.02亿元。近三年，累计派现11.22亿元。 机构持仓方面，截止2025年9月30日，柳工十大流通股东中，香港中央结算有限公司位居第二大流通股 东，持股8028.94万股，相比上期增加1423.55万股。南方中证500ETF（510500）位居第五大流通股东， 持股2348.34万股，相比上期减少49.44万股。嘉实价值长青混合A（010273）位居第七大流通股东，持 股1949.48万股，相比上期减少151.05万股。嘉实港股优势混合A（010041）位居第八大流通股东，持股 1799.44万股，相比上期减少135.38万股。嘉实价值精选股票A（005267）位居第九大流通股东，持股 1725.96万股，相比上期减少667.94万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出6157.90万元，特大单买入1730.18万元 ...

国家知识产权局信息显示，柳州柳工挖掘机有限公司;柳工常州机械有限公司;广西柳工机械股份有限公 司申请一项名为"针对挖掘机的液压泵智能化控制方法及装置"的专利，公开号CN121382602A，申请日 期为2025年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 柳工常州机械有限公司，成立于2010年，位于常州市，是一家以从事专业技术服务业为主的企业。企业 注册资本53000万人民币。通过天眼查大数据分析，柳工常州机械有限公司参与招投标项目122次，专利 信息1207条，此外企业还拥有行政许可42个。 广西柳工机械股份有限公司，成立于1993年，位于柳州市，是一家以从事专用设备制造业为主的企业。 企业注册资本203220.0321万人民币。通过天眼查大数据分析，广西柳工机械股份有限公司共对外投资 了39家企业，参与招投标项目1370次，财产线索方面有商标信息27条，专利信息3062条，此外企业还拥 有行政许可516个。 专利摘要显示，本发明涉及挖掘机控制技术领域，公开了针对挖掘机的液压泵智能化控制方法及装置， 包括：确定目标挖掘机的液压泵压力信 ...

转自：前瞻产业研究院 行业主要上市公司：安徽合力(600761);杭叉集团(603298);厦工股份(600815);诺力股份(603611);柳工 (000528)等 本文核心数据：无人叉车销量;无人叉车行业市场规模;无人叉车发展潜力 无人叉车优劣势明显 无人叉车是一种新型的搬运装备，和传统叉车不同，无人叉车装有自主导航装置，能够在无人操作的状 态下完成物料搬运等工作。无人叉车稳定性高、灵活度大，同时适用于高危环境，降低了人工成本。另 外，联通了数据系统的无人叉车能够对货物搬运工作进行实施监督，提升了工作效率。 但无人叉车相较于传统叉车价格更高，且无法在复杂环境内应用，维护保养成本也更高，因此无人叉车 的大规模应用仍需时日。 | 指标 | 具体分析 | | --- | --- | | 产品优点 | 高效、灵活、节省人力成本、可以实时监控 | | 产品缺点 | 价格高、适用范围有限、维护成本高 | 中国无人叉车布局企业较多 目前，布局无人叉车的企业数量较多，根据移动机器人产业联盟数据，无人叉车领域企业数量已经超过 100家，代表性企业包括杭叉集团、安徽合力、中力股份传统叉车企业，也包括未来机器人、海康机器 人 ...

国家重点工程宜涪高铁，作为沪渝蓉沿江高铁的核心区段，承载着贯通沿江高铁大通道的重要使命，是我国"八纵八横"高铁网沿江通道关键部分。 线路起于湖北宜昌北站、止于重庆长寿北站，新建正线约471公里，设计时速350公里，建成后将贯通沿江高铁大通道，构建川渝与华中地区高速新动脉。 2025年12月30日，宜涪无人驾驶装载机项目完成现场调试，正式投运！这一助力宜涪高铁建设的重要智能装备，不仅标志着项目智能建造水平迈上新台 阶，更以硬核科技为搅拌站施工打造"高效、安全、绿色、智能"新典范。 在该项目投用的柳工新一代T系列无人驾驶电动装载机，以更高算力的车规级域控制器为核心，集成多源融合感知动态避障系统与室内搅拌站场景专用高 精度融合定位算法。 可实现 360° 全向环境感知、实时位姿监测与厘米级高精定位，自动感知物料、精准识别作业边界，从源头杜绝错装漏装与设备倾翻风险，为宜涪高铁建 设筑牢坚实的生产安全防线。 依托全球领先智能铲装技术，自动匹配最优铲掘参数，平均满斗率超95%，大幅减少物料浪费。同时，纯电驱动践行"零碳"理念，24小时全无人作业颠覆 传统用工模式，实现环保与效益双提升。 面对复杂施工场景，856TE依然游 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

Group 1 - Company Guangxi Liugong Machinery Co., Ltd. won a procurement project from China Aneng Group Second Engineering Bureau with a bid amount of 13.48 million yuan [1][2] - In 2024, the company's operating revenue is projected to be 30.063 billion yuan, with a growth rate of 9.24% [3] - The net profit attributable to the parent company for 2024 is expected to be 1.327 billion yuan, reflecting a growth rate of 52.92% [3] Group 2 - For the first half of 2025, the company's operating revenue reached 18.181 billion yuan, with a growth rate of 13.21% [3] - The net profit attributable to the parent company for the first half of 2025 is estimated at 1.230 billion yuan, with a growth rate of 25.05% [3] - The company operates in the industrial sector, primarily focusing on heavy construction machinery, with its main product composition in 2024 being earth-moving machinery at 59.68%, other construction machinery and parts at 30.2%, prestressing machinery at 8.37%, and financing leasing business at 1.75% [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920706 | 铁拓机械 | 31.02 | -5.94% | 8.45万 | 2.69 Z | | 300201 | 海伦哲 | 7.48 | -5.67% | 68.36万 | 5.16亿 | | 301079 | 邵阳液压 | 46.05 | -5.38% | 12.43万 | 5.79亿 | | 301446 | 福事特 | 38.26 | -4.83% | 3.22万 | 1.26亿 | | 920839 | 万通液压 | 41.30 | -4.18% | 1.72万 | 7212.86万 | | 301279 | 金道科技 | 33.22 | -3.29% | 2.55万 | 8580.45万 | | 301161 | 唯万密封 | 38.16 | -3.25% | 4.71万 | 1.82亿 | | 600984 | 建设机械 | 3.93 | -2.96% | 35.18万 | 266ET | | 920942 | 恒立钻具 | ...

Company Insights - LiuGong has positioned its agricultural machinery business as a strategic emerging sector, aiming to mitigate cyclical risks from its core construction machinery operations. The company currently does not assess this segment's performance but focuses on enhancing product technology, quality development, and channel layout to create globally competitive agricultural machinery products [1] - The company has already achieved small-scale sales of high-power heavy-duty tractors equipped with power shift and hybrid technology, with plans for mass market introduction starting in 2026, which is expected to steadily increase the scale of its agricultural machinery business [1] Industry Trends - The construction machinery industry is showing signs of recovery, with expectations of improved performance as the sector transitions to the "National IV" emissions standards starting December 1 [2] - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70%, indicating a potential turning point for the excavator industry [2] - February's construction activity is expected to improve, contributing to a more optimistic outlook for the construction machinery sector [2][7]