BOHAI SECURITIES·2025-09-10 10:22Investment Rating - The industry is rated as "Positive" [2][32] - The specific companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Estun (002747), and Haomai Technology (002595) [2][32] Core Insights - In August, excavator sales reached 16,500 units, representing a year-on-year growth of 12.8% [10] - Loader sales in August totaled 9,440 units, with a year-on-year increase of 13.3% [10] - The average working hours for major construction machinery products in August was 78.4 hours, showing a year-on-year decrease of 9.45% [11] - The industry is experiencing a strong recovery, with both domestic and international market sales maintaining double-digit growth [32] - The demand for construction machinery is expected to continue growing due to favorable policies and reduced tariff disturbances globally [32] Industry News - In August, excavator sales included 7,685 units sold domestically (up 14.8%) and 8,838 units exported (up 11.1%) [10] - For the first eight months of 2025, a total of 154,181 excavators were sold, marking a 17.2% increase year-on-year [10] - The average operating rate for major construction machinery products in August was 55.1%, down 6.83 percentage points year-on-year [12] Company Announcements - Ruina Intelligent announced the signing of a contract for a project by its wholly-owned subsidiary [20] - Taifu Pump Industry is planning a significant asset restructuring to acquire at least 51% of Nanyang Huacheng Technology [21] Market Review - From September 3 to September 9, 2025, the CSI 300 index fell by 1.21%, while the Shenwan Machinery Equipment industry decreased by only 0.01%, outperforming the CSI 300 by 1.20 percentage points [22] - As of September 9, 2025, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment industry was 30.62, with a valuation premium of 133.32% compared to the CSI 300 [23]