Zhi Tong Cai Jing·2025-12-23 08:04Core Viewpoint - The forklift industry in China is experiencing a positive growth trend, with sales in November 2025 reaching 119,700 units, a year-on-year increase of 14.1% [1]. Group 1: Sales Performance - Total forklift sales in November 2025 were 119,700 units, with domestic sales at 75,200 units (up 23.9% year-on-year) and exports at 44,500 units (up 0.7% year-on-year) [1]. - Excluding electric walk-behind warehouse vehicles, sales totaled 46,100 units, reflecting a year-on-year increase of 7.31%, with domestic sales at 28,700 units (up 6.85%) and exports at 17,300 units (up 8.08%) [1]. Group 2: Operational Metrics - The average working hours and operating rate for forklifts in November 2025 were 108 hours and 66.3%, respectively, showing an increase from October 2025 (106 hours and 58.5%) and a significant rise from November 2024 (69.3 hours and 47.3%) [2]. - The increase in working hours and operating rates indicates a rise in actual capacity utilization in downstream sectors, suggesting continued growth in forklift sales [2]. Group 3: Policy Support - The forklift industry is closely linked to the overall economy, with domestic policies aimed at boosting internal demand. The Central Economic Work Conference has prioritized "domestic demand as the main driver" for economic tasks in the coming year [3]. - The "Mechanical Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes the acceleration of new facility constructions, such as smart logistics hubs and parks, further supporting industry growth [3]. Group 4: Beneficiary Companies - Companies expected to benefit from the positive outlook in the forklift sector include Hangcha Group (603298.SH), Anhui Heli (600761.SH), Zhongli Co., Ltd. (603194.SH), and Noli Co., Ltd. (603611.SH) [1].