工程机械逆势走强，建设机械收获两连板

Core Viewpoint - The overall performance of the stock market showed a slight decline, with the Shanghai Composite Index dropping by 0.07% while remaining above the 3900-point mark. However, the engineering machinery sector experienced significant gains, indicating a positive trend in this specific industry [1]. Industry Summary - The engineering machinery sector saw a notable increase, with concept stocks rising over 3%. Companies such as Iron Tuo Machinery, Wanda Bearings, and Fushite experienced gains exceeding 10%, while Construction Machinery achieved a "two consecutive limit-up" and Southern Road Machinery hit the daily limit [1]. - According to the China Construction Machinery Industry Association, the import and export trade volume of China's engineering machinery reached $5.505 billion in September 2025, marking a year-on-year growth of 29.1%. The import value was $234 million, up 18.5%, while the export value was $5.271 billion, reflecting a 29.6% increase year-on-year [1]. - Zheshang Securities indicated that the upward trend in China's engineering machinery exports is expected to continue, driven by increased market share of domestic manufacturers overseas. The domestic cycle is benefiting from demand in agriculture, forestry, and municipal sectors, which is driving growth in small excavator demand. Additionally, breakthroughs in mining machinery and rising demand for large excavators due to water conservancy projects are contributing to this positive outlook [1].