Core Insights - The engineering machinery sector experienced a rise of 1.04% on December 12, with Shaoyang Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Engineering Machinery Sector Performance - Shaoyang Hydraulic (301079) saw a significant increase of 19.98%, closing at 30.86 with a trading volume of 256,100 shares and a transaction value of 737 million yuan [1] - Other notable performers included Wantong Hydraulic (920839) with an 8.04% increase, closing at 46.24, and Construction Machinery (600984) with a 6.46% increase, closing at 4.78 [1] - The sector also included companies like Tuoshan Heavy Industry (001226) and Hangcha Group (603298), which rose by 4.29% and 3.57% respectively [1] Fund Flow Analysis - The engineering machinery sector saw a net inflow of 15.6469 million yuan from main funds, while retail investors contributed a net inflow of 428 million yuan [2] - However, there was a net outflow of 443 million yuan from speculative funds [2]

证券日报网12月10日讯山推股份（000680）在回答调研者提问时表示，公司销售网络遍布全球160多个 国家和地区，包括150余家海外经销商与超过520家海外营业网点，并设立了13家海外子公司，其中包括 今年已完成设立的印尼、澳大利亚及尼日利亚三家海外子公司。 ...

证券日报网12月10日讯山推股份（000680）在回答调研者提问时表示，截至2025年11月30日，公司通过 股份回购专用证券账户以集中竞价方式回购公司股份11，910，472股，占公司目前总股本的0.79%，最 高成交价10.20元/股，最低成交价8.64元/股，成交总金额111，591，612.24元(不含交易费用)。公司后续 将根据市场情况在回购期限内继续实施本次回购计划，并按照相关法律法规的规定及时履行信息披露义 务。 ...

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components such as tracked chassis and transmission parts [2] - The primary production model is based on market forecasts and reasonable inventory, with dynamic production task arrangements [2] - The sales strategy includes a combination of agency distribution for main products and supporting sales for parts, along with diversified business models such as operational leasing [2] Group 2: Global Presence - The sales network spans over 160 countries and regions, with more than 150 overseas distributors and over 520 overseas sales outlets [3] - The company has established 13 overseas subsidiaries, including new ones in Indonesia, Australia, and Nigeria [3] Group 3: Stock Buyback Progress - As of November 30, 2025, the company has repurchased 11,910,472 shares, accounting for 0.79% of the total share capital, with a total transaction amount of ¥111,591,612.24 [4] - The highest and lowest transaction prices during the buyback were ¥10.20 and ¥8.64 per share, respectively [4] - The company plans to continue the buyback based on market conditions and will comply with relevant disclosure obligations [4] Group 4: On-site Visit - The on-site visit included a tour of the new product trial center and the excavator assembly workshop to understand the company's products and application scenarios [5]

Group 1 - The excavator index experienced a strong surge, with a daily increase of 2.32% [1] - Component stocks showed active performance, with China First Heavy Industries hitting the daily limit [1] - Other companies such as XCMG, Liugong, Shantui, and Zoomlion also saw significant gains [1]

Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Views - In November 2025, total excavator sales reached 20,027 units, a year-on-year increase of 14%, with domestic sales up by 9% and exports up by 19% [2][3] - The total excavator sales from January to November 2025 amounted to 212,162 units, reflecting a 17% year-on-year growth, with domestic sales increasing by 19% and exports by 15% [2] - Loader sales in November 2025 totaled 11,419 units, marking a 32.1% year-on-year increase, with domestic sales rising by 29.4% and exports by 34.8% [3] - The recovery of the engineering machinery industry is characterized by three phases: increasing export market share, improving domestic demand, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - November 2025 excavator sales were 20,027 units, up 14% year-on-year, with domestic sales at 9,842 units (up 9.1%) and exports at 10,185 units (up 18.8%) [2][3] - From January to November 2025, total excavator sales reached 212,162 units, a 17% increase year-on-year, with domestic sales at 108,187 units (up 19%) and exports at 103,975 units (up 15%) [2] Loader Sales - November 2025 loader sales were 11,419 units, a 32.1% year-on-year increase, with domestic sales at 5,671 units (up 29.4%) and exports at 5,748 units (up 34.8%) [3] - From January to November 2025, total loader sales reached 115,831 units, reflecting a 17.2% year-on-year growth, with domestic sales at 61,039 units (up 22.5%) and exports at 54,792 units (up 11.9%) [3] Market Dynamics - The engineering machinery industry is experiencing an increase in overseas market share, driven by the "Belt and Road" initiative and domestic demand for infrastructure and real estate [2][3] - The domestic replacement cycle is expected to gradually initiate, with projections indicating that 2025 will mark the start of this cycle, benefiting from demand in agriculture, forestry, and municipal projects [4][5] Company Developments - Major engineering machinery manufacturers are planning to list on the Hong Kong Stock Exchange, which will enhance their international brand influence and provide efficient financing channels [5] - Sany Heavy Industry's recent H-share listing raised approximately 13.3 billion HKD, indicating strong market interest [5]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the engineering machinery sector [4]. Core Insights - The report highlights strong domestic and export sales of excavators, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (up 9.11%), while exports were 10,185 units (up 18.8%) [1]. - For the first eleven months of 2025, total excavator sales reached 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 report notes that the construction intensity in China remains weak, with average working hours for major construction machinery at 84.2 hours in November, down 13% year-on-year [4]. - Infrastructure investment in China has shown stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment decreased by 14.7% [4]. - The report anticipates a rebound in construction demand, as indicated by an increase in the utilization rate of construction cranes in November [4]. - The global engineering machinery market is expected to expand, supported by a decline in interest rates and sustained high mineral prices, with a projected 2% decline in 2025 followed by positive growth in 2026 [4]. - The report identifies key companies to watch in the sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4]. Summary by Sections Domestic Sales - Excavator sales in November 2025 reached 9,842 units, a 9.11% increase year-on-year, contributing to a total of 108,187 units sold domestically from January to November, marking an 18.6% increase [1]. Export Sales - November 2025 saw exports of excavators exceed 10,000 units for the month, with a total of 103,975 units exported from January to November, reflecting a 14.9% increase [1]. Construction Activity - The average working hours for major construction machinery were reported at 84.2 hours in November, a decrease of 13% year-on-year, indicating weak construction activity [4]. Infrastructure Investment - Infrastructure investment in China showed a slight decline of 0.1% year-on-year from January to October 2025, with specific sectors like pipeline transportation and water transportation showing growth [4]. Market Outlook - The global engineering machinery market is projected to face a 2% decline in 2025, with expectations of recovery in 2026, driven by mining and infrastructure demand [4]. Key Companies - The report highlights several key players in the engineering machinery sector, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4].

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]