ZHESHANG SECURITIES·2025-10-21 13:47Investment Rating - The industry investment rating is "Positive" [7] Core Views - Caterpillar announced the acquisition of Australian software company RPMGlobal to enhance its mining software portfolio, with the deal expected to close in Q1 2026. RPM shareholders will receive A$5 per share, valuing the equity at A$1.12 billion (approximately US$730 million) [2] - The mining machinery market is projected to reach US$125.91 billion in 2024 and US$207.37 billion by 2033, with a CAGR of 5.7% from 2023 to 2033. The market is supported by rising prices of gold, silver, and copper, which have increased by 62%, 76%, and 22% respectively since the beginning of 2025 [3] - The Chinese construction machinery industry is experiencing a recovery, with excavator sales in September 2025 reaching 19,858 units, a 25% year-on-year increase. Domestic sales were 9,249 units, up 22%, while exports rose by 29% to 10,609 units [4] Summary by Sections Acquisition and Market Dynamics - Caterpillar's acquisition of RPMGlobal aims to strengthen its position in the mining software sector, with the transaction expected to complete in early 2026 [2] - The mining machinery market is currently valued at US$119.12 billion in 2023, with significant growth anticipated due to rising metal prices and increased capital expenditure from mining companies [3] Sales Performance and Recovery - The excavator sales data indicates a robust recovery in the construction machinery sector, with significant growth in both domestic and export markets. The overall sales for the first nine months of 2025 reached 174,039 units, marking an 18% increase year-on-year [4][5] - The recovery is driven by improved domestic demand from infrastructure projects and a global push for market share expansion [4] Company Listings and Incentives - Major construction machinery manufacturers are planning to list on the Hong Kong stock exchange, which is expected to enhance their international brand presence and provide efficient financing channels [6] - XCMG has announced a stock incentive plan for 2025, aiming to grant rights to up to 4.7 million shares, representing approximately 4% of the company's total equity [6]