Investment Rating - The report maintains an "Overweight" rating for the engineering machinery industry, indicating a positive outlook for the sector [1]. Core Insights - November sales of excavators 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%) [1]. - For the first eleven months of 2025, total excavator sales were 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 average working hours for major engineering machinery products in November 2025 were 84.2 hours, a decrease of 13% year-on-year, while the operating rate was 56.5%, down 12.1 percentage points year-on-year [4]. - Infrastructure investment in China showed stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment dropped by 14.7% [4]. - The global engineering machinery market is expected to see a rebound in 2026, supported by a decline in interest rates and sustained high mineral prices [4]. - Key companies to watch in the sector include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, with component manufacturers like Hengli Hydraulic and Aidi Precision also highlighted [4]. Summary by Sections Sales Performance - November excavator sales reached 20,027 units, with domestic and export sales showing significant growth [1]. - Year-to-date sales for 2025 indicate a strong upward trend in the market [1]. Market Conditions - Domestic construction activity remains subdued, as indicated by lower working hours and operating rates for machinery [4]. - Infrastructure investment is stable, while real estate construction demand shows signs of bottoming out [4]. Future Outlook - The engineering machinery sector is expected to benefit from a favorable global market environment in 2026 [4]. - Key players in the industry are positioned for growth, with specific companies identified for potential investment opportunities [4].

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]

Group 1 - The company approved a proposal for its wholly-owned subsidiary, LiuGong Machinery Hong Kong Co., Ltd., to issue preferred shares to the China-Africa Development Fund, with a total transaction amount not exceeding $100 million (approximately 710 million RMB) [20][24][25] - The preferred shares will have a par value of $5,000,000 each, with an initial dividend rate of 4.70%, which will increase by 2.20% after five years [20][25] - The company will provide a joint guarantee for LiuGong Hong Kong's payment obligations under the agreements, with a maximum guarantee amount of $154.62 million (approximately 1.098 billion RMB) [20][21][29] Group 2 - The company estimated its daily related party transaction amount for 2026 to be 2.34 billion RMB, which represents 13.32% of the company's latest audited net assets of 17.569 billion RMB [6][37] - The estimated related party transactions include 1.688 billion RMB for purchasing machinery products and services from related parties and 652 million RMB for selling products and services to related parties [6][37] - The proposal for the estimated related party transactions will also be submitted for shareholder approval [6][37]

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 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-94 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 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 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 日在巨潮资 讯网（www.cninfo.com.cn）披露了《关于召开 2025 年第三次临时股东会的通知》（公 告编号：2025-90），公司定于 2025 年 12 月 16 日下午 14:15 以现场表决与网络投票相 结合的方式召开公司 2025 年第三次临时股东会（以下简称"本次股东会"）。 2025 年 12 月 4 日，公司董事会收到公司控股股东广西柳工集团有限公司（简称"柳工 集团"）书面提交的《关于提请增加广西柳工机械股份有限公司 2025 年第三次临时股 东会临时提案的函》，为提高会议效率，减少召开会议的成本，柳工集团提议将《关于 子公司发行优先股暨对子公司进行担保的议案》《关于预计公司 2026 年度日常关联交 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-91 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 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， ...

Core Viewpoint - The company, LiuGong (000528.SZ), is focused on the equipment manufacturing industry, offering a competitive product portfolio to global customers, including those in North America [1] Group 1: Company Overview - LiuGong has a long-standing commitment to the equipment manufacturing sector, with core products including loaders and excavators as part of its construction machinery lineup [1] - The company also produces non-construction machinery, such as prestressed equipment, industrial vehicles, and agricultural machinery [1] Group 2: Product Offerings - LiuGong is dedicated to providing a competitive product mix to its global clientele, which includes specialized equipment for river and marine excavation [1] - Currently, the company does not offer amphibious equipment [1]