Investment Rating - The industry investment rating is maintained at "Market Weight" [1][6]. Core Insights - In July 2025, excavator sales reached 17,138 units, a year-on-year increase of 25.19%, while month-on-month sales decreased by 8.86%. Domestic sales were 7,306 units, up 17.20% year-on-year, and exports were 9,832 units, up 31.87% year-on-year, accounting for 57.37% of total sales, marking a two-year high [3]. - For the first seven months of 2025, cumulative excavator sales totaled 137,658 units, a year-on-year increase of 17.75%, with domestic sales at 72,943 units (up 22.67%) and exports at 64,715 units (up 13.02%) [3]. - Loader sales in July 2025 were 9,000 units, a year-on-year increase of 7.41%, with domestic sales at 4,549 units (up 2.48%) and exports at 4,451 units (up 12.97%) [4]. - The cumulative loader sales for the first seven months of 2025 reached 73,769 units, a year-on-year increase of 12.80% [4]. - The report highlights that domestic demand is supported by multiple factors, including the acceleration of local government bond issuance, which totaled approximately 33,071 billion yuan, up 42.72% year-on-year [5]. - Major projects such as the Yarlung Tsangpo River hydropower project and future railway constructions in Tibet are expected to effectively support long-term domestic demand [5]. - In July 2025, the export trade value of construction machinery was 5.238 billion USD, a year-on-year increase of 19.19% [5]. - The report suggests a continued focus on industry leaders such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]. Summary by Sections Excavator Sales - July 2025 excavator sales: 17,138 units, +25.19% YoY, -8.86% MoM [3] - Domestic sales: 7,306 units, +17.20% YoY, -10.20% MoM [3] - Export sales: 9,832 units, +31.87% YoY, -7.84% MoM [3] - Cumulative sales (Jan-Jul 2025): 137,658 units, +17.75% YoY [3] Loader Sales - July 2025 loader sales: 9,000 units, +7.41% YoY, -25.09% MoM [4] - Domestic sales: 4,549 units, +2.48% YoY, -24.37% MoM [4] - Export sales: 4,451 units, +12.97% YoY, -25.08% MoM [4] - Cumulative sales (Jan-Jul 2025): 73,769 units, +12.80% YoY [4] Market Demand and Investment - Local government bond issuance: 33,071 billion yuan, +42.72% YoY [5] - Major projects supporting demand: Yarlung Tsangpo River hydropower project, Tibet railway construction [5] - July 2025 export trade value: 5.238 billion USD, +19.19% YoY [5] Investment Recommendations - Suggested focus on industry leaders: Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Hengli Hydraulic [6]

证券之星消息，8月21日工程机械板块较上一交易日下跌0.18%，万通液压领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301446 | 福事特 | 29.91 | 4.00% | 5.57万 | | 1.65亿 | | 000425 | 徐工机械 | 8.92 | 2.88% | 135.07万 | | 11.95 Z | | 000528 | 柳工 | 11.28 | 1.26% | 77.27万 | | 8.75亿 | | 665788 | 同力股份 | 25.21 | 0.84% | 8.23万 | | 2.09亿 | | 600031 | =一重工 | 21.00 | 0.72% | 65.40万 | | 13.71亿 | | 603298 | 杭叉集团 | 22.38 | 0.67% | 7.53万 | | 1.69亿 | | 0006 ...

% 证券研究报告/投资策略 报告日期: 2025年08月19日 > 机构调研热门公司梳理 近30天机构调研家数前二十的热门公司有东鹏饮料、中宠股份、海康威视、 德福科技和新易盛等。近5天机构调研家数前二十的热门公司有南微医学、安 杰思、金橙子、新强联和百亚股份等。近30天机构调研家数前二十的热门公 司中评级机构家数大于或等于10家的有12家，分别为东鹏饮料、中宠股份、 九号公司、百亚股份、海康威视、杰瑞股份、新易盛、宏发股份、南微医学、 百济神州、华明装备和仕佳光子。其中新易盛、东鹏饮料、中宠股份和九号公 分析师:褚聪聪 执业登记编号： A0190523050005 chucongcong@yd.com.cn 研究助理:赵毅轩 执业登记编号: A0190124060001 zhaoyixuan@yd.com.cn 机构调研、股东增持与公司回购策略周报 (20250811-20250815) 投资要点 2025年8月11日至2025年8月15日，发布重要股东增持进展情况公告目评级 机构家数大于10家的公司共5家，但拟增持金额上下限均值占公告日市值比例 均低于1%。 > 本周A股上市公司回购情况 2025年8月1 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250811-20250815） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研家数前二十的热门公司有东鹏饮料、中宠股份、海康威视、 德福科技和新易盛等。近5天机构调研家数前二十的热门公司有南微医学、安 杰思、金橙子、新强联和百亚股份等。近30天机构调研家数前二十的热门公 司中评级机构家数大于或等于10家的有12家，分别为东鹏饮料、中宠股份、 九号公司、百亚股份、海康威视、杰瑞股份、新易盛、宏发股份、南微医学、 百济神州、华明装备和仕佳光子。其中新易盛、东鹏饮料、中宠股份和九号公 司 2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年8月11日至2025年8月15日，发布重要股东增持进展情况公告且评级 机构家数大于10家的公司共5家，但拟增持金额上下限均值占公告日市值比例 均低于1%。 ➢ 本周A股上市公司回购情况 2025年8月11日至2025年8月15日，共计51家公司发布回购进展情况公告， 评级机构家数大于10家（含10家）的共10家，其中，预计回购金额上下限均 值占预案日市值比例大于 ...

Group 1 - The core viewpoint of the article emphasizes that LiuGong, established in 1958, has become a globally recognized equipment manufacturing enterprise and a pioneer in promoting the development of the national equipment manufacturing industry [2] - The company acknowledges that short-term market fluctuations are influenced by various complex factors such as market sentiment, sector rotation, and specific thematic trends, which do not fully reflect the company's intrinsic value, technological reserves, management level, and future growth potential [2] - LiuGong believes that the key to creating long-term value for shareholders lies in continuously enhancing product technological leadership, expanding profit scale and quality, optimizing asset structure, strengthening risk management, and ensuring stable and predictable returns [2]

Core Viewpoint - The company emphasizes its focus on seizing commercial opportunities arising from major projects such as the Yaxia Hydropower and Xinjiang Railway, which are expected to boost domestic demand [1] Group 1: Company Overview - The company possesses a globally advanced comprehensive product line, covering over 30 complete machine product lines including earthmoving machinery, mining machinery, lifting machinery, and construction prestressing [1] - The company has successfully implemented extensive smart solutions across eight major scenarios: mining, ports, agriculture, infrastructure, factories, logistics, municipal services, and energy [1] Group 2: Competitive Advantages - The company has established differentiated competitive advantages in electric solutions, product matrix, and marketing services [1]

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 excavator sales in July 2025 showed strong performance, with total sales (including exports) reaching 17,138 units, a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2% [3][11]. - The report highlights the ongoing demand for machinery driven by the replacement cycle, estimating a compound growth of around 30% in replacement demand for the coming years [3]. - Government policies from the Two Sessions are expected to support sustained recovery in machinery demand, with significant investments planned in infrastructure projects [4]. - The launch of the Yarlung Tsangpo River hydropower project is anticipated to further boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [7]. - The report notes a significant increase in electric loader sales, with July 2025 sales reaching 2,391 units, a year-on-year growth of 81.5%, indicating a shift towards electrification in the industry [6]. Summary by Sections Sales Performance - In July 2025, excavator sales reached 17,138 units, with domestic sales at 7,306 units, reflecting a year-on-year growth of 25.2% and 17.2% respectively [3][11]. - The first seven months of 2025 saw total excavator sales of 137,658 units, up 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [3][11]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds, increasing infrastructure investment and supporting machinery demand [4]. - The focus on new urbanization and infrastructure development is expected to sustain machinery demand, particularly in underground and municipal construction [4]. Export Trends - Excavator exports in July 2025 reached 9,832 units, a year-on-year increase of 31.9%, with total exports for the first seven months at 64,715 units, up 13.0% [5][11]. - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [5]. Electrification and Innovation - The electric loader sales in July 2025 reached 2,391 units, marking an 81.5% increase, with an electrification rate of 26.6%, up 10.8 percentage points year-on-year [6]. - The report emphasizes that the shift towards green and electric machinery is a key development direction for the industry [6]. Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component manufacturers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [8].

Group 1 - The company is focusing on a "three-full" strategy: comprehensive solutions, comprehensive intelligence, and comprehensive internationalization to coordinate resources for key breakthroughs in both domestic and overseas markets [2] - In the domestic market, the company aims to enhance its market share in earthmoving products by optimizing product structure, expanding marketing channels, and increasing profits through direct sales, targeting a domestic sales growth rate that outpaces the industry by 13 percentage points in 2024 [2] - For the overseas market, the company is implementing a "dual-wheel drive" model (customers + channels) and a diversified product portfolio to strengthen its competitive edge, projecting a 20.05% year-on-year increase in overseas revenue and a sales growth rate that exceeds the industry by 22 percentage points in 2024 [2] Group 2 - The company expects that as overseas regional capabilities are built, manufacturing projects are implemented, and electric business synergies develop, the proportion of overseas revenue is likely to continue increasing [2]

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].

Core Viewpoint - The domestic engineering machinery market is expected to continue its recovery trend in 2025, driven by infrastructure and large-scale water conservancy projects, despite short-term inventory adjustments affecting sales in May 2025 [1] Domestic Market Analysis - The domestic engineering machinery industry has shown two significant upward cycles: 2006-2011 and 2016-2021, with the latter driven by government investment and infrastructure projects [7] - From 2021 to 2023, domestic sales revenue for major companies like SANY and XCMG dropped sharply, while export revenue increased significantly, indicating a shift towards international markets [9] - As of early 2024, domestic demand for hydraulic excavators has shown signs of recovery, with a year-on-year growth rate of around 20% [10][15] - The demand narrative for domestic engineering machinery has fundamentally changed, with a shift away from reliance on real estate towards infrastructure projects and agricultural development [16] Export Market Dynamics - The export ratio of domestic engineering machinery companies has increased from less than 10% to over 50%, enhancing their ability to benefit from global demand recovery [3] - The export of second-hand excavators has accelerated, with 2025 projections indicating that second-hand exports will impact domestic sales significantly, accounting for 76.5% of the influence on new machine sales [18] Global Market Trends - The global engineering machinery market is expected to hit bottom in 2025, with a long-term upward trend beginning in 2026, primarily due to declining growth in major markets like Europe and North America [1] - Caterpillar and Komatsu reported declines in Q2 2025 revenues, with Caterpillar's revenue at $16.569 billion, down 1% year-on-year, affected by pricing pressures and increased manufacturing costs [20][27] - Emerging markets, particularly in Southeast Asia and Africa, continue to contribute positively to global engineering machinery demand, offsetting declines in developed markets [29][35]