工程机械内销向上+出口景气延续，科创机械ETF(588850)备受关注

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Industrial Machinery Index rose by 1.58%, with significant gains from stocks such as Liyuanheng (+7.44%), Jieput (+6.58%), and Bolite (+5.38%) [1] - In October, domestic sales of construction machinery showed positive performance, with excavator sales experiencing a slowdown due to inventory impacts, while non-excavator machinery maintained high growth levels [1] - Export trends in October continued to improve, with excavator sales reaching 9,628 units (+12.9% YoY), loader sales at 5,301 units (+22.6% YoY), roller sales at 741 units (+27.8% YoY), paver sales at 40 units (+48.1% YoY), crawler crane sales at 239 units (+79.7% YoY), and truck-mounted crane sales at 379 units (+59.2% YoY) [1] Group 2 - The Pacific Securities report suggests that with funding gradually in place, the commencement of the Yarlung Tsangpo River major water conservancy project, and favorable policies in real estate and infrastructure, the industry is expected to perform well due to improved demand and the initiation of the machinery replacement cycle [2] - As overseas economic conditions improve, particularly in mining capital expenditures, demand for mining machinery is expected to rise, with domestic manufacturers likely to expand into international markets under the Belt and Road Initiative [2] - As of October 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Industrial Machinery Index accounted for 45.42% of the index, including companies like Zhongkong Technology and Daotong Technology [2] - The Sci-Tech Machinery ETF (588850) closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Industrial Machinery Index, focusing on investment opportunities in urban rail equipment, industrial automation, and construction machinery [2]