7月工程机械出口增速提升 | 投研报告

Market Overview - The mechanical equipment, power equipment, and automotive industry indices experienced weekly changes of +2.75%, +2.28%, and +4.7% respectively, ranking 17th, 20th, and 7th among 31 Shenwan primary industries; during the same period, the CSI 300 index rose by +4.18% [2] Industry Insights - In July 2025, China's engineering machinery export value reached $5.238 billion, marking a year-on-year increase of 19.3%, with a cumulative year-on-year growth rate of 10.8% from January to July; in RMB terms, the export value for July was 37.538 billion yuan, up 20% year-on-year, with a cumulative growth rate of 12% for the same period [3] - Leading company Sany Heavy Industry reported an 11.7% year-on-year increase in export revenue, with significant growth in Africa and Asia-Pacific regions at 40.5% and 16.3% respectively; demand from emerging markets along the Belt and Road is expected to continue contributing to growth in the second half of the year, despite a slowdown in demand from Europe and the US [3] - The photovoltaic industry saw an overall increase in raw material prices, particularly polysilicon, influenced by expectations of future operating rates and content from a recent photovoltaic conference; the conference emphasized strengthening industry regulation and quality standards [4] - In the automotive sector, retail sales of passenger vehicles from August 1 to 17 showed a slight year-on-year increase, with new energy vehicle sales growing at a faster rate; retail sales reached 866,000 units, a 2% increase year-on-year, while new energy vehicle sales totaled 502,000 units, up 9% year-on-year [4][5] - The domestic automotive market is expected to maintain rapid growth, supported by promotional activities and the launch of new models, with a recommendation to focus on manufacturers with brand and scale advantages, as well as companies related to Huawei's supply chain [5]