申万宏源主要观点如下： 事件：据中国工程机械工业协会对挖掘机主要制造企业统计，2025年11月销售各类挖掘机20027台，同 比增长13.9%。其中国内销量9842台，同比增长9.11%；出口量10185台，同比增长18.8%。2025年1-11 月，共销售挖掘机212162台，同比增长16.7%；其中国内销量108187台，同比增长18.6%；出口103975 台，同比增长14.9%。2025年11月销售电动挖掘机19台(6吨级以下5台，6至10吨级2台，10至18.5吨级1 台，18.5至28.5吨级11台)。 11月挖机国内、出口两旺，行业向上进行时 1)国内：挖机销量自24年3月同比增速转正以来持续改善，今年国内销量有望接近12万台，但相较20年 内销29万台仍有非常大的增长潜力；2)出口：11月单月销量再次破万，全年出口有望突破11万台，或创 历史新高。 开工时长、开工率数据显示国内施工强度仍然偏弱 据中国工程机械工业协会统计数据显示，2025年11月工程机械主要产品月平均工作时长为84.2小时，同 比下降13%，环比增长4.08%。11月工程机械主要产品月开工率为56.5%，同比下降12.1个百分 ...

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]

足球在 机械设备/ ■ 零量机械 2025 年 12 月 08 日 内外销两旺，看好工程机械 挖机 11 月销量点评 事件: 据中国工程机械工业协会对挖掘机主要制造企业统计，2025 年 11 月销售各类挖掘机 ● 20027 台，同比增长 13.9%。其中国内销量 9842 台，同比增长 9.11%； 出口量 10185 台，同比增长 18.8%。2025 年 1-11 月，共销售挖掘机 212162 台，同比增长 16.7%； 其中国内销量 108187 台，同比增长 18.6%；出口 103975 台，同比增长 14.9%。 2025 年 11 月销售电动挖掘机 19 台 (6 吨级以下 5 台, 6 至 10 吨级 2 台, 10 至 18.5 吨级 1 台，18.5 至 28.5 吨级 11 台）。 点评: ● 风险提示： 宏观经济波动的风险、行业竞争加剧的风险等。 #研究院 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@s ...

行 业 及 产 业 机械设备/ 工程机械 2025 年 12 月 08 日 内外销两旺，看好工程机械 看好 ——挖机 11 月销量点评 事件： ⚫ 据中国工程机械工业协会对挖掘机主要制造企业统计，2025 年 11 月销售各类挖掘机 20027 台，同比增长 13.9%。其中国内销量 9842 台，同比增长 9.11%；出口量 10185 台，同比增长 18.8%。2025 年 1-11 月，共销售挖掘机 212162 台，同比增长 16.7%； 其中国内销量 108187 台，同比增长 18.6%；出口 103975台，同比增长 14.9%。2025 年 11 月销售电动挖掘机 19 台（6 吨级以下 5 台，6 至 10 吨级 2 台，10 至 18.5 吨级 1 台，18.5 至 28.5 吨级 11 台）。 点评： ⚫ 风险提示：宏观经济波动的风险、行业竞争加剧的风险等。 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 li ...

Investment Rating - The investment rating for the engineering machinery industry is "Recommended" (maintained) [5] Core Viewpoints - The report highlights significant structural growth characteristics, with high-end products and exports being the core driving forces for the machine tool sector [4] - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [8] - For the period from January to November 2025, a total of 212,162 excavators were sold, marking a 16.7% year-on-year increase, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [8] - Loader sales in November 2025 reached 11,419 units, a year-on-year increase of 32.1%, with domestic sales at 5,671 units (up 29.4%) and exports at 5,748 units (up 34.8%) [8] - The report indicates a strong domestic replacement demand for engineering machinery, driven by equipment renewal policies, and a rapid growth in exports with an improving structure [8] - The "Belt and Road" initiative regions are experiencing industrialization and infrastructure growth, while the North American market is expected to recover due to a rate cut cycle and replenishment demand [8] - The European market shows signs of marginal improvement after two years of decline, and Chinese brands have significant growth potential in the European and American markets due to low penetration rates [8] - Electrification and intelligence are opening new growth curves, enhancing both volume and pricing, while also broadening application scenarios [8] - Leading companies are expected to continue increasing their market share overseas, supported by technological upgrades and global expansion strategies [8] Summary by Sections - **Excavator Sales Data**: November 2025 saw excavator sales of 20,027 units, with a 13.9% year-on-year increase. Year-to-date sales reached 212,162 units, up 16.7% [8] - **Loader Sales Data**: November 2025 loader sales were 11,419 units, a 32.1% increase year-on-year, with year-to-date sales at 115,831 units, up 17.2% [8] - **Investment Recommendations**: The report suggests focusing on leading companies with a well-established global presence, including XCMG (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [8]

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000528 证券简称：柳 工 公告编号：2025-91 广西柳工机械股份有限公司 第十届董事会第七次（临时）会议决议公告 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"）董事会于2025年12月1日以电子邮件方式发出召开第十 届董事会第七次（临时）会议的通知，会议于2025年12月4日以通讯表决的方式召开。会议应到会董事 11人，实到会董事11人。会议由董事长郑津先生主持。本次会议通知及召开符合有关法律、法规、规章 及《公司章程》的规定，合法有效。经会议审议，作出了如下决议： 一、审议通过《关于子公司发行优先股暨对子公司进行担保的议案》 1.同意公司全资子公司柳工机械香港有限公司（简称"柳工香港"）优先股发行方案。公司与柳工香港、 中非发展基金有限公司（简称"中非基金"）签署《优先股认购协议》和《股东协议》，柳工香港向中非 基金发行不低于7股且不超过20股（每股面值5,000,000美元）可赎回、累计分红的优先股，交易金额不 高于1亿美元；公司与中非基金签 ...

证券日报网讯 12月4日，柳工在互动平台回答投资者提问时表示，公司长期深耕装备制造行业，核心产 品包括以装载机、挖掘机为主的工程机械设备及以预应力、工业车辆、农业机械等为主的非工程机械设 备，致力于向包括北美区域在内全球客户提供具有核心竞争力的产品组合方案，目前公司已向客户提供 可用于河道、水上船用挖掘机等作业设备。暂无水陆两栖装备。 （编辑 姚尧） ...

证券代码：000528 证券简称：柳 工 公告编号：2025-92 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 关于对子公司发行优先股提供担保的公告 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。 重要内容提示： 1. 广西柳工机械股份有限公司（以下简称"公司"）及全资子公司柳工机械香港 有限公司（以下简称"柳工香港"）拟与中非发展基金有限公司（以下简称"中非基金"） 签署《优先股认购协议》和《股东协议》，柳工香港向中非基金发行不低于 7 股且不超 过 20 股可赎回、累计分红的优先股（每股面值 5,000,000 美元），交易金额不高于 1 亿美元（约合人民币 7.10 亿元），初始股息率为 4.70%（以下简称"本次发行优先股" 或"本次交易"）。 2. 公司拟与中非基金签署《保证协议》，对柳工香港在《优先股认购协议》和《股 东协议》项下的金钱支付义务（包括但不限于分红款、回购价款、违约赔偿等）提供不 超过 1.5462 亿美元（约合人民币 10.98 亿元，该金额为测算值，以优先股全部发行后 8 年届满时回购为假设）的连带保证担 ...

证券代码：000528 证券简称：柳 工 公告编号： 2025-93 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 关于预计 2026 年度日常关联交易额度的公告 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 2025 年 12 月 4 日召开的第十 届董事会第七次（临时）会议审议通过了《关于预计公司 2026 年度日常关联交易额度 的议案》。现将相关情况公告如下： 一、预计 2026 年度日常关联交易的基本情况 （一）预计 2026 年度日常关联交易的概述 公司预计 2026 年与广西康明斯工业动力有限公司等关联方发生关联交易共计 23.40 亿元，其中向关联方采购工程机械产品、各种零部件等物资及接受劳务 16.88 亿 元；向关联方销售工程机械产品、各种零部件等物资及提供劳务 6.52 亿元。2026 年预 计日常关联交易金额达到公司最近一期经审计净资产 175.69 亿元的 13.32%，根据《深 圳证券交易所股票上市规则》（以下简称《股票上市规则》）的规定，本议案须提交 公司股东 ...