Core Viewpoint - The engineering machinery industry is experiencing significant growth, with September data showing a 25.4% year-on-year increase in excavator sales, driven by both domestic and international markets [4][7]. Group 1: Industry Performance - In the first eight months of the year, excavator sales reached 154,100 units, a year-on-year increase of 17.2% [7]. - Domestic sales accounted for 80,600 units, up 21.5%, while August alone saw sales of 7,685 units, reflecting a 14.8% increase [9]. - Export sales of excavators reached 73,600 units, marking a 12.8% year-on-year growth, with August exports at 8,838 units, up 11.1% [11]. Group 2: Market Drivers - The growth in domestic sales is attributed to strong demand for equipment updates and the initiation of large projects such as the Yajiang Hydropower Station and rural road reconstruction [9]. - The export market is buoyed by recovery in North America and Europe, alongside strong infrastructure demands in Southeast Asia, the Middle East, and Africa [11]. Group 3: Company Insights - Sany Heavy Industry reported a total market value of 198.8 billion, with overseas revenue of 26.3 billion, a year-on-year increase of 11.7%, making up 60.3% of total revenue [17]. - Sany's overseas revenue from the Asia-Pacific region grew by 16.3%, while Africa saw a 40.5% increase [17]. - Heli Hydraulic's total market value is 132 billion, with excavator cylinder sales increasing by over 15% in the first half of 2025 [21]. - Zoomlion's total market value is 72.1 billion, with overseas revenue of 13.81 billion, a 14.7% increase, and a significant growth in Africa of over 179% [23].

Core Viewpoint - A significant trend of full industrial chain overseas expansion is defining the epic journey of Chinese enterprises going global, as highlighted by the recent Shandong Heavy Industry and Weichai Power Global Partner Conference in Qingdao [1][2]. Group 1: Overseas Business Growth - Shandong Heavy Industry's revenue for the first three quarters of this year approached 440 billion, with a growth rate exceeding 9%, and product export revenue reached 72.7 billion, a year-on-year increase of 6%-7%, expected to reach 100 billion for the entire year [5][6]. - Compared to five years ago, overseas revenue was less than 20 billion, with a contribution rate of less than 10%; by 2025, the contribution rate is projected to reach 60%, a fourfold increase [6]. - In the first three quarters, the export revenue of Weichai's engine segment grew by over 30%, achieving a historical high, with overseas business revenue accounting for approximately 46% [6]. Group 2: Market Expansion and Localization - Shandong Heavy Industry has held four global partner conferences in high-growth regions such as Kazakhstan, UAE, Indonesia, and Mexico since 2023 [7]. - China National Heavy Duty Truck Group reported a 37.4% increase in heavy truck sales in Africa and a 41.5% increase in Southeast Asia during the first three quarters [8]. - The localization of products and services has become a core competitive factor for Chinese enterprises overseas, with China National Heavy Duty Truck establishing over 230 dealers and nearly 400 service outlets globally [11]. Group 3: Competitive Strategy - The strategy of not engaging in price wars but focusing on product adaptability and service quality is emphasized, with companies leveraging their service advantages to avoid price competition [14]. - Shandong Heavy Industry's approach includes customized product development based on local market needs, which enhances competitiveness without resorting to price cuts [13][17]. - The company has established over 1,000 overseas channels and 38 trade platforms to maximize resource efficiency in international markets [18]. Group 4: Collaborative Efforts and Future Plans - The group aims to achieve local team management, manufacturing, and R&D to enhance customer satisfaction and trust in their products [19]. - Shandong Heavy Industry plans to invest 13.6 billion in R&D in 2024, maintaining a high intensity of investment at 4.2% of revenue [23]. - The recent global partner conference showcased the company's commitment to collaboration and resource sharing among its subsidiaries to strengthen its global presence [24].

Core Viewpoint - Shandong Heavy Industry Group is significantly expanding its global presence, with a projected export revenue of 100 billion RMB by 2025, marking a fivefold increase from 2020, and aims for over 60% of total revenue to come from overseas operations [2][4][8]. Group Performance - In the first nine months of 2025, Shandong Heavy Industry reported nearly 440 billion RMB in revenue, a year-on-year increase of over 9% [3]. - Export revenue for the same period reached 72.7 billion RMB, with an expected annual total of 100 billion RMB, which is five times the export revenue of 2020 [4][5]. Subsidiary Contributions - Weichai Power, a subsidiary, achieved over 250 billion RMB in revenue in the first three quarters of 2025, with a 30% increase in engine exports [4][6]. - China National Heavy Duty Truck Group (CNHTC) exported 111,000 heavy trucks in the first nine months, a 24.5% increase, maintaining its position as the leading exporter in China [5][6]. - Zhongtong Bus's overseas business accounted for 70% of its revenue, with a 40% increase year-on-year [6][7]. Globalization Strategy - The group emphasizes a balanced global industrial layout to mitigate local market risks, with 30% of overseas revenue coming from local manufacturing and sales of Chinese products [8][9]. - The company aims for deep localization in its global strategy, ensuring that supply chains and production align with local markets [9][10]. Future Directions - Shandong Heavy Industry plans to focus on four strategic directions: new energy, digital intelligence, aftermarket services, and globalization, with a goal of achieving 100 billion USD in revenue by 2030 [11].

Core Viewpoint - The stock of Shantui Construction Machinery Co., Ltd. has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 21.04% [1][2]. Company Overview - Shantui Construction Machinery Co., Ltd. is located in Jining, Shandong Province, and was established on December 14, 1993, with its stock listed on January 22, 1997. The company specializes in the research, development, manufacturing, sales, leasing, maintenance, and technical consulting of construction machinery, mining machinery, agricultural machinery, harvesting machinery, and related components [1]. - The main business revenue composition includes: 73.25% from construction machinery main products, 19.45% from construction machinery parts and others, and 7.31% from other supplementary sources [1]. Financial Performance - For the first half of 2025, Shantui achieved an operating income of 7 billion 4 million yuan, representing a year-on-year growth of 7.61%. The net profit attributable to the parent company was 568 million yuan, showing a significant increase of 35.80% [2]. - Since its A-share listing, Shantui has distributed a total of 1 billion 3 million yuan in dividends, with 526 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shantui was 59,100, a decrease of 6.89% from the previous period. The average circulating shares per person increased by 7.96% to 22,238 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 53.515 million shares, an increase of 7.8414 million shares compared to the previous period. Meanwhile, Huaxia Classic Mixed Fund (288001) ranks as the eighth largest circulating shareholder with 11.644 million shares, a decrease of 106,180 shares [3].

Core Viewpoint - The article emphasizes the rapid growth of sales in the new energy heavy truck market, highlighting the shift from policy-driven purchases to market-driven decisions, with a focus on operational reliability and value enhancement for users [1][4]. Group 1: Market Dynamics - New energy heavy truck sales are booming, with manufacturers competing to seize market opportunities [1]. - Users are increasingly choosing new energy trucks based on market behavior rather than just environmental policies [1][4]. - The operational cost of new energy heavy trucks is significantly lower, approximately one-third of traditional fuel trucks [6][8]. Group 2: Customer Experience - SANY Heavy Truck has been the sales champion for four consecutive years from 2021 to 2024, focusing on direct sales and services to ensure reliable vehicle operation [1]. - The "SANY Heavy Truck 2025 Service Journey" initiative aims to enhance customer service and operational value [1]. - Customers like Jiulitong Logistics have transitioned to new energy trucks due to changing environmental policies and have reported positive experiences with SANY's service model [4][6]. Group 3: Operational Efficiency - Jiulitong Logistics has increased its fleet of SANY electric heavy trucks from 30 to over 100 within a year, emphasizing the need to maximize the efficiency of electric vehicles [8]. - The company faces challenges in managing driver behavior and energy consumption, with some drivers still using habits from traditional fuel trucks [10][11]. - SANY's service team provides targeted training and support to optimize energy consumption and improve overall fleet management [13][15]. Group 4: Service Excellence - SANY's service team is proactive in addressing customer concerns, ensuring that vehicles are maintained without disrupting operations [15][18]. - The company has received high praise from clients for its responsive and effective service, with engineers dedicated to providing after-sales support [15][20]. - The long-term commitment to service excellence has helped SANY establish a strong reputation in the competitive new energy heavy truck market [20][22].

Core Insights - The engineering machinery sector experienced a significant increase of 3.02% on October 15, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Engineering Machinery Sector Performance - Wantong Hydraulic (code: 920839) saw a closing price of 58.90, with a remarkable increase of 21.67% and a trading volume of 92,600 shares, amounting to a transaction value of 505 million [1] - Other notable performers included: - Hengli Hydraulic (code: 601100) with a closing price of 98.41, up 6.91%, and a transaction value of 1.227 billion [1] - Shantui (code: 000680) closed at 12.10, up 6.51%, with a transaction value of 1.149 billion [1] - Fushite (code: 301446) closed at 31.22, up 6.41%, with a transaction value of 107 million [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 458 million from institutional investors, while retail investors experienced a net outflow of 527 million [2] - The main capital inflow was observed in: - XD Sany Heavy Industry (code: 600031) with a net inflow of 27.5 million [3] - Hengli Hydraulic (code: 601100) with a net inflow of 65.99 million [3] - Yongda Co. (code: 001239) with a net inflow of 49.74 million [3]

Investment Rating - The report maintains a "Recommended" rating for the engineering machinery sector [1] Core Insights - The report highlights a strong resonance between domestic and foreign demand, reinforcing the bullish outlook for beta investment opportunities in the sector [1] - Excavator sales reached 19,858 units in September 2025, a year-on-year increase of 25.44%, with domestic sales at 9,249 units (+21.54%) and exports at 10,609 units (+29.05%) [1] - Loader sales totaled 10,530 units, up 30.45% year-on-year, with domestic sales at 5,051 units (+25.58%) and exports at 5,479 units (+35.28%) [1] - The report notes that the domestic market is driven by supply-side renewal demand, with a significant recovery trend observed [1] - The overseas market shows sustained high demand in emerging markets, with exports of engineering machinery amounting to $38.597 billion, a year-on-year increase of 11.4% [1] Summary by Sections Industry Scale - The engineering machinery sector comprises 474 listed companies with a total market capitalization of 4,713.4 billion and a circulating market capitalization of 4,111.5 billion [1] Sales Performance - The report indicates that excavator and loader sales have both shown significant year-on-year growth, with excavators achieving a dual growth rate above 20% for the first time in 54 months [1] - The electric loader segment has seen remarkable growth, with sales increasing by 175.99% year-on-year, achieving a penetration rate of 24.56% [1] Domestic Market Analysis - The report discusses the investment and operational aspects of the domestic market, noting that fixed asset investments in infrastructure and real estate have shown mixed results [1] - The report emphasizes that the current recovery is characterized by structural changes in demand, leading to a stable performance in operating hours despite fluctuations in sales [1] International Market Analysis - Emerging markets continue to show robust demand, with significant growth in exports to regions such as Africa, the Middle East, and Southeast Asia [1] - The report highlights a marginal improvement in demand from Western Europe, which has positively impacted the sales of smaller excavators [1] Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery sector, including XCMG, SANY Heavy Industry, Zoomlion, Shantui, and LiuGong, as well as key component manufacturers like Hengli Hydraulic and ADI Precision [1]

截至发稿，薛良辰累计任职时间147天，现任基金资产总规模2.41亿元，任职期间最佳基金回报 16.21%， 任职期间最差基金回报13.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，恒越基金旗下1只基金重仓山推股份。恒越研究精选混合A/B（006049）二季度持有股数 90.56万股，占基金净值比例为4%，位居第十大重仓股。根据测算，今日浮盈赚取约53.43万元。连续3 天上涨期间浮盈赚取102.33万元。 恒越研究精选混合A/B（006049）成立日期2018年7月4日，最新规模1.16亿。今年以来收益26.56%，同 类排名3082/8161；近一年收益21.35%，同类排名3639/8015；成立以来收益86.34%。 恒越研究精选混合A/B（006049）基金经理为薛良辰。 10月15日，山推股份涨5.19%，截至发稿，报11.95元/股，成交3.84亿元，换手率2.51%，总市值179.27 亿元。山推股份股价已经连续3天上涨，区间累计涨幅1 ...

Core Viewpoint - The construction machinery industry is experiencing significant growth, with excavator sales in September 2025 reaching 19,858 units, a year-on-year increase of 25.4% [3]. Excavator Sales Summary - In September 2025, a total of 19,858 excavators were sold, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [3]. - From January to September 2025, total excavator sales reached 174,039 units, with domestic sales of 89,877 units (up 21.5%) and exports of 84,162 units (up 14.6%) [3]. Loader Sales Summary - In September 2025, loader sales amounted to 10,530 units, reflecting a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%) [3]. - For the period from January to September 2025, total loader sales were 93,739 units, with domestic sales of 49,996 units (up 20.7%) and exports of 43,743 units (up 8.31%) [3]. Industry Outlook - The rapid growth in excavator sales indicates a clear recovery in the industry, driven by a new round of replacement cycles and the commencement of large projects like the Yaxi Water Conservancy Project [3]. - The demand for infrastructure development in countries along the "Belt and Road" initiative is contributing to export growth, while leading companies are enhancing their market share through technological upgrades and global expansion [3]. - The overall industry fundamentals show a positive trend, leading to a maintained "recommended" rating for investments in this sector [3]. Investment Recommendations - Companies with strong global presence are considered more competitive, with a focus on the following: XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [4].

证券之星消息，10月14日工程机械板块较上一交易日下跌0.15%，拓山重工领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。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) | | --- | --- | --- | --- | --- | --- | | 000680 | 山推股份 | 11.36 | 6.67% | 98.13万 | 11.25 乙 | | 000528 | 柳工 | 11.50 | 5.60% | 199.07万 | 22.87亿 | | 301079 | 邵阳液压 | 28.47 | 4.40% | 10.20万 | 2.91亿 | | 920839 | 万通液压 | 48.41 | 3.26% | - 5.77万 | 2.86亿 | | 920101 | 志高机械 | 45.46 | 2.55% | 1.11万 | 5081.17万 | | 001239 | 永达股份 | 17.44 | 1.81% | 11.15万 | 1.96/Z | | 600761 | 安徽合力 ...