Investment Rating - The report maintains a strong buy recommendation for leading companies in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [10]. Core Insights - The engineering machinery sector is experiencing a significant recovery driven by both domestic and international demand, with a notable increase in performance elasticity [8]. - The sector's revenue for the first half of 2025 reached 187.92 billion yuan, reflecting a year-on-year growth of 8.02%, while net profit increased by 22.94% to 18.661 billion yuan [19][22]. - The report highlights a shift from an "export-only" growth model to a "dual-core" model, with both domestic and international sales contributing to revenue growth [19]. Summary by Sections 1. Operating Conditions: Accelerated Revenue Growth and Strong Profit Elasticity - The engineering machinery sector has shown significant excess returns, with the sector's stock price increasing by 27.56% from the beginning of 2025 to September 9, compared to a 16.16% increase in the CSI 300 index [8][14]. - Domestic excavator sales from January to August 2025 increased by 21.55% year-on-year, driven by structural infrastructure projects [2]. - The average expense ratio for the sector decreased by 0.3 percentage points, primarily due to increased foreign exchange gains [8]. 2. Engineering Machinery: Steady Recovery and Upward Trend - Domestic excavator sales are expected to continue growing, with major projects like the Yaxia Hydropower Station accelerating demand [2][3]. - The overseas market saw excavator exports increase by 12.79% year-on-year, reversing a two-year decline, with total engineering machinery exports reaching 33.486 billion USD, up 10.8% [3][8]. - The report emphasizes the strong performance of leading manufacturers in both domestic and international markets, with SANY Heavy Industry and LiuGong showing particularly strong revenue growth [19][24]. 3. Investment Recommendations - The report suggests focusing on leading manufacturers of complete machines, component manufacturers, and high-altitude work platform/forklift manufacturers due to the expected recovery in demand [9][10]. - Specific companies recommended for investment include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for complete machines, and Hengli Hydraulic and Aidi Precision for components [9][10].

证券代码：000528 证券简称：柳 工 公告编号：2025-69 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 关于全资子公司中恒国际租赁"3 号第 1-6 期资产支持专 项计划资产支持证券"收到上海证券交易所挂牌转让 无异议函的公告 广西柳工机械股份有限公司董事会 一、中恒国际租赁 3 号第 1-6 期资产支持专项计划资产支持证券采取分期发行 方式，其中，非续发型资产支持证券发行总额不超过 30 亿元，可续发型资产支持证 券各期存量余额合计 0 亿元。首期发行应当自函件出具之日起 12 个月内完成。函件 自出具之日起 24 个月内有效，中恒国际租赁应在函件有效期内按照报送上交所的相 关文件完成发行。 第 1页 /共 2页 二、自函件出具之日起至每期资产支持证券挂牌转让前，如发生可能影响当期资 产支持证券挂牌条件、投资价值、投资决策判断等重大事项或拟变更计划说明书相关 内容，中恒国际租赁应当及时向上交所报告。 三、中恒国际租赁应当在每期资产支持证券完成发行后，按照上交所相关规定及 时办理挂牌转让手续。 公司及中恒国际租赁将按照有关法律法规、上交所无异议函的要求及公司股东大 会的授权， ...

Group 1 - The core viewpoint of the article highlights the performance and trends in China's metal products industry, particularly focusing on export values and growth rates [1] - In May 2025, the export value of the national metal products industry was 41.86 billion yuan, showing a year-on-year decline of 6.8% [1] - Cumulatively, from January to May 2025, the total export value reached 203.64 billion yuan, reflecting a year-on-year growth of 4% [1] Group 2 - The article references several listed companies in the metal products sector, including Jingda Co., Ltd. (600577), Jinggong Steel Structure (600496), Southeast Network Frame (002135), and others [1] - The data presented is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating the reliability of the information [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

Core Insights - The company, Liugong (000528.SZ), is experiencing rapid growth in the domestic electric loader penetration rate and is currently in a highly competitive environment characterized by "involution" [1] - Liugong is maintaining its leading profitability in the domestic market by upgrading its T-series products, enhancing product structure towards high-end offerings, and improving the gross margin of loaders through oil-electric combinations [1] - The company has established a first-mover advantage in the high-end electric market in Europe and regions like Southeast Asia and South Asia, achieving both volume and price growth while maintaining high gross margins and brand value [1] - Liugong is actively advancing core technologies in electric control, battery cells, and battery management systems, leading the formulation of multiple industry standards in electric construction machinery [1] - The company has 13 electric product lines covering various categories such as loaders, excavators, graders, road machines, mining trucks, forklifts, and high-altitude machines, having launched 110 electric products to achieve full-scene electrification and commercialization [1] - To ensure sales and profitability of electric products, Liugong is implementing strategies such as major customer marketing, scenario-based marketing, technological innovation, and comprehensive electric solutions, aiming to maintain its leading market position amid the electrification wave [1] Industry Context - The electric loader market is witnessing a significant increase in global sales, with a reported year-on-year growth of 193% in the first half of 2025, particularly notable in overseas electric products [3] - There is a growing market interest in the profitability of electric products compared to traditional fuel products, prompting inquiries about the company's strategies for ensuring sustainable profits from electric offerings [3]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending investments in PCB equipment for import substitution, technological iteration, and industry expansion logic, as well as solid-state battery equipment for accelerated industrialization [1]. Core Insights - The report highlights the significant increase in demand for high-end HDI (High-Density Interconnect) PCB equipment driven by the surge in AI computing server requirements, projecting a 33% year-on-year growth in the PCB market for servers and storage in 2024, reaching a value of 10.916 billion yuan [2][3]. - The solid-state battery equipment sector is identified as a key area for investment, with isostatic pressing technology being crucial for mass production, offering potential for industrialization due to its efficiency in achieving densification [4][21]. - The report emphasizes the growth potential in the silicon carbide (SiC) market, particularly with NVIDIA's new generation of GPUs expected to adopt SiC substrates, which could significantly enhance thermal management and reduce packaging size [5][28]. Summary by Sections PCB Equipment - The demand for drilling equipment is expected to rise significantly due to the increasing complexity of HDI boards, with domestic PCB manufacturers like Shenghong Technology and Huitian Electronics planning capacity expansions [2][3]. - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9%, driven by the AI computing infrastructure [29]. - Key players in the PCB equipment sector include Dazhu CNC, Chip Quik, and Dongwei Technology, with recommendations to focus on drilling, exposure, and plating segments [31]. Solid-State Battery Equipment - Isostatic pressing technology is highlighted as a critical bottleneck for solid-state battery mass production, with domestic and international players accelerating the industrialization of this technology [4][21]. - The report suggests that the value of isostatic pressing equipment in solid-state battery production lines could reach 2.9 billion yuan by 2029, indicating substantial growth potential [21]. Silicon Carbide (SiC) - NVIDIA's plans to integrate SiC substrates into its next-generation GPU chips are expected to create new growth opportunities in the SiC market, with significant substrate demand anticipated [5][28]. Engineering Machinery - The report notes a strong recovery in excavator sales, with a 17.2% year-on-year increase in sales from January to August 2025, indicating robust domestic and export demand [6][10]. - Major infrastructure projects, such as the Yarlung Tsangpo River project, are expected to drive further demand for engineering machinery, with a projected market impact of approximately 108 billion yuan [36][37].

Market Performance - The engineering machinery sector rose by 1.59% on September 5, with Changling Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers in Engineering Machinery - Changling Hydraulic (code: 605389) closed at 45.04, up 6.20% with a trading volume of 31,800 lots and a turnover of 141 million yuan [1] - Hangcha Group (code: 603298) closed at 24.59, up 5.76% with a trading volume of 156,200 lots and a turnover of 378 million yuan [1] - Zhongji United (code: 605305) closed at 38.70, up 5.33% with a trading volume of 148,900 lots and a turnover of 570 million yuan [1] Market Capital Flow - The engineering machinery sector experienced a net outflow of 96.58 million yuan from institutional investors, while retail investors saw a net inflow of 104 million yuan [2] - The top stocks with significant net inflows from retail investors include Changling Hydraulic and Zhongji United [2][3] Individual Stock Performance - Yichang Heavy Industry (code: 600031) had a net inflow of 39.30 million yuan from institutional investors, while retail investors had a net outflow of 29.07 million yuan [3] - Liugong (code: 000528) saw a net inflow of 25.38 million yuan from institutional investors, with a net outflow of 18.96 million yuan from retail investors [3]

Group 1 - The manufacturing PMI in August showed a slight recovery, increasing by 0.1 percentage points to 49.4%, indicating a modest improvement in market demand [1] - The production and new orders indices were reported at 50.8% and 49.5%, respectively, with increases of 0.3 and 0.1 percentage points, suggesting a warming in manufacturing market demand [1] - The company observes structural opportunities in AI infrastructure and new consumption, with expectations for improved profitability in downstream manufacturing by the second half of 2025 [1] Group 2 - Excavator sales, both domestic and international, saw significant year-on-year growth of 17% and 32% respectively, indicating a positive outlook for external sales and improving profit margins for manufacturers [2] - Companies such as XCMG, Liugong, and Zoomlion are recommended for investment due to their potential in the improving market [2] Group 3 - Leading companies in lithium battery equipment, such as Sieng and Hanke Technology, have shown a turning point in revenue, profit, and cash flow, confirming the timely release of downstream demand [3] - An investment of approximately 6 billion yuan is expected for solid-state battery research, with potential short-term catalysts anticipated from the Ministry of Industry and Information Technology's project acceptance [3] - Long-term trends indicate increasing battery penetration rates in Europe and the U.S., with recommendations for companies like Sieng, Hanke Technology, Lianying Laser, and Keda Li [3] Group 4 - The PCB equipment and materials sector is entering a new innovation and expansion cycle, with capital expenditure expected to accelerate from the fourth quarter of 2024 [4] - The PCB industry's capital expenditure is projected to increase monthly, with potential for upward revisions in industry orders [4] - In the liquid cooling segment, demand is expected to rise due to overseas capital expenditure expansion, with recommendations for companies like Invec and Tsugami Machine Tool [4]

Core Viewpoint - The article highlights the increasing involvement of engineering machinery companies in the agricultural machinery sector, emphasizing their role in enhancing agricultural productivity and modernizing farming practices through technological innovation and cross-industry collaboration [1][2]. Group 1: Engineering Machinery Companies' Involvement - Several engineering machinery companies, such as SANY Heavy Industry and XCMG, are expanding into agricultural machinery production, leveraging their technological expertise to address common challenges in the agricultural sector [2][3]. - SANY Heavy Industry's electric micro-excavator, originally designed for narrow engineering scenarios, is now being utilized in agricultural settings like vineyards and orchards, showcasing the versatility of engineering machinery [2]. - XCMG has focused on practical applications, producing a wide range of agricultural machinery, including tractors and harvesters, to meet market demands [3]. Group 2: Technological Innovations - Engineering machinery companies are applying advanced technologies, such as hydraulic control and precision positioning, to enhance agricultural machinery's efficiency and effectiveness [3][5]. - The introduction of smart technologies, including IoT, big data, and AI, is driving the intelligent upgrade of agricultural machinery, significantly improving operational efficiency [6][7]. - SANY Heavy Industry has developed a fully automated rice planting machine that reduces labor requirements and increases planting efficiency through advanced navigation systems [7][8]. Group 3: Market Expansion and Export Growth - China's agricultural machinery exports have seen significant growth, with a 37.1% increase year-on-year in the first half of 2025, indicating a positive trend in international demand [8][10]. - Hunan Province has reported a remarkable 109.5% increase in agricultural machinery exports, with notable growth in exports to Germany and Indonesia [8]. - Companies like SANY Heavy Industry and LiuGong are successfully penetrating international markets, with SANY's micro-excavators meeting stringent European environmental standards and LiuGong delivering specialized machinery to Thailand [9][10].

Group 1 - The crossover of engineering machinery companies into agricultural machinery represents a strategic choice for finding new growth points and reflects the deeper logic of upgrading Chinese manufacturing [1][2] - The application of engineering standards to enhance agricultural machinery levels is evident in companies like Zoomlion, XCMG, and LiuGong, which systematically translate their engineering strengths into agricultural competitiveness [2] - The technology and management advantages accumulated in Chinese manufacturing are forming transferable and replicable "general capabilities," allowing companies to switch flexibly between different sectors [2][3] Group 2 - The complexity and regional differences of agricultural scenarios require companies to adapt and conduct localized research and development, exemplified by LiuGong and XCMG customizing machinery for specific agricultural needs [2] - The innovation vitality of companies transitioning from engineering to agriculture is a microcosm of the transformation of Chinese manufacturing from large to strong [3]