Core Viewpoint - The engineering machinery industry is experiencing a recovery, driven by growth in sales, internationalization, and electrification trends, supported by favorable policies from the government [1][2][3] Group 1: Industry Performance - The engineering machinery industry in China is showing a growth trend, with significant support from recent government policies [1] - In Q1 2025, listed companies in the engineering machinery sector reported revenue of 915.5 billion yuan, a year-on-year increase of 10.3%, and a net profit of 88.8 billion yuan, up 33% [1] - The overall gross margin for the engineering machinery sector was 25.1%, a decrease of 0.4 percentage points year-on-year [1] Group 2: International Trade and Market Expansion - From January to April 2025, China's engineering machinery import and export trade amounted to 18.947 billion USD, an increase of 8.51% year-on-year, with exports reaching 18.07 billion USD, up 9.01% [2] - XCMG Group aims to double its scale by 2030, with international revenue expected to account for over 60% [2] - The demand for Chinese engineering machinery is increasing in overseas markets, particularly in Southeast Asia, Africa, and the Middle East [3] Group 3: Electrification Trends - The sales of electric loaders in China reached 8,139 units from January to April 2025, representing a year-on-year increase of 254.8%, with an electrification rate of 19.3% [2] - The electrification of engineering machinery is seen as a key development direction, with domestic manufacturers leveraging this trend to enhance revenue and profits [3]

黑龙江鸡西市北大荒（600598）庆丰农场采用"运苗小火车"解决秧苗搬运难题，同时配备宽窄行插秧 机、智能巡检无人机等设备。黑龙江垦区前进农场使用插秧机器人（300024），未来还将研发配套运苗 机器人。在新疆巴州和硕县，搭载北斗导航系统的多旋翼农业无人机实现精准施肥。浙江桐乡的数字化 蔬菜育秧工厂采用第五代秧苗嫁接机器人。我国正在加快推进农业机械化，提升农机装备产业的智能化 水平，支持农业种业创新。(央视新闻) ...

Group 1 - The world's first cotton intelligent topping robot was showcased at the 2025 Xinjiang International Agricultural Machinery Expo, featuring "dual-eye vision 3D reconstruction + AI planning algorithm" for high-precision and efficient operations [1][3] - The robot achieves over 95% operational accuracy and can cover 15 acres per hour, equivalent to the work of over 20 people [3] - Xinjiang's cotton planting area reached 36.719 million acres in 2024, with a comprehensive mechanization rate exceeding 97% and a machine harvesting rate surpassing 90% [3][5] Group 2 - Xinjiang Boshiran Intelligent Agricultural Machinery Co., Ltd. showcased upgraded cotton picking machines at the expo, focusing on a complete manufacturing system covering the entire cotton cultivation process [3] - The company has established four production bases in Xinjiang and has a sales and service network that extends to Central Asia, Europe, and South America [3] - The expo featured a wide range of agricultural machinery related to various crops, including corn, tomatoes, peppers, apples, and grapes [3] Group 3 - The self-propelled pepper harvesting machine can achieve a daily operational capacity of 150 acres, equivalent to the efficiency of over 100 workers [4][5] - Xinjiang has been actively promoting agricultural mechanization and the transformation of the agricultural machinery industry, with a comprehensive mechanization level of over 90% in 2024, ranking among the top in China [5]

Group 1 - The article highlights the transformation of China's logistics and automation industry, showcasing the advanced use of robots in sorting packages during the Double Eleven shopping festival [1][3] - The scene of robots charging in an orderly manner is described, emphasizing their efficiency and social-like behavior, which impressed visiting logistics experts [3] - A historical comparison is made, illustrating the shift from manual labor in warehouses to robotic automation, marking a significant evolution in the industry [5][6] Group 2 - The article discusses the challenges faced by Chinese manufacturers in the early 2000s, including high costs of imported robots and the dominance of foreign brands in the automation market [6][8] - It details the efforts of Chinese engineers and entrepreneurs who developed domestic automation solutions, leading to significant advancements in technology and cost reduction [8][10] - The introduction of competitive products, such as AGV carts and SCARA robots, allowed Chinese companies to capture market share in lower-end segments and gradually move into higher precision manufacturing [12][14] Group 3 - By 2013, China became the largest industrial robot market, although foreign brands still held a significant market share, prompting local companies to adopt strategies to penetrate the market [12][14] - The article notes the rapid growth of the Chinese automation industry, with a notable increase in domestic robot sales and a rise in the localization rate of components [19] - The success of Chinese automation products is highlighted, with examples of their application in various industries, showcasing their competitiveness on a global scale [21][23]

随后，双方在会议室举行了座谈会。张洪昌代表古贝春集团，对中国酒业协会领导一行的到来表示热烈欢迎和诚挚感谢，并向调研组详细介绍了古贝春的 发展历程、市场定位、产品创新及品牌建设等方面的基本情况。他强调，古贝春作为一家拥有深厚历史底蕴的酒企，始终坚守品质至上的原则，持续加大 技术研发、人才培养和品牌建设的投入力度。近年来，公司在市场拓展、产品创新等方面取得了显著成效，市场份额稳步增长，品牌影响力持续提升。同 时，张总还分享了古贝春集团在绿色发展、履行社会责任等方面的积极举措，展现了公司良好的社会形象。 刘振国在听取汇报后，对古贝春的发展给予了充分肯定。他表示，古贝春集团在传承传统酿造工艺的基础上，积极探索创新，在机械化、智能化生产方面 取得了显著成果，为行业树立了榜样。同时，他也对古贝春未来的发展提出了期望和建议。他希望古贝春能够继续坚持品质优先，加强品牌建设，进一步 拓展市场，提升企业的核心竞争力。此外，他还希望进一步加强与同行的交流与合作，共同推动中国酒业的健康发展。 文/张志杰 5月12日，中国酒业协会副秘书长甘权、刘振国一行9人，在山东省白酒协会副会长兼秘书长蒋彬的陪同下到古贝春集团开展调研工作。古贝春集 ...

据海关数据整理，2025年4月我国工程机械进出口贸易额为53.77亿美元，同比增长12%，其中：进口额2.26亿 美元，同比下降2.2%；出口额51.52亿美元，同比增长12.7%。 2025年3月我国工程机械进出口贸易额为51.67亿美元，同比增长7.53%，其中：进口额2.55亿美元，同比下降 5.85%；出口额49.12亿美元，同比增长8.33%。 2025年2月进出口合计35.03亿美元，同比下降1.11%，其中：进口额2.22亿美元，同比增长22.5%；出口额32.81 亿美元，同比下降2.38%。 2025年1月我国工程机械进出口贸易额为49.23亿美元，同比增长14.1%， 其中：进口额1.96亿美元，同比下降2.86%；出口额47.27亿美元，同比增长15%。 2025年1—4月，我国工程机械进出口贸易额为189.47亿美元，同比增长8.51%。其中进口金额8.77亿美元，同 比下降0.86%；出口金额180.7亿美元，同比增长9.01%。 按照以人民币计价的出口额计算，4月份出口额369.66亿元，同比增长13.6%。1至4月出口额1297.38亿元，同 比增长10.3%。 3月份出口额35 ...

Group 1 - The core viewpoint is that the 2025 Changsha International Construction Machinery Exhibition is expected to sign annual procurement agreements exceeding 13 billion yuan, with domestic manufacturers focusing on large-scale, electrification, and intelligence [1] - The export of excavators in April increased by 19.3% year-on-year, indicating marginal improvement in overseas demand, and the long-term outlook for the construction machinery sector's international expansion is positive [1] - The general automation sector is projected to experience increased volume but decreased prices in 2024 due to intensified competition, with the injection molding machine industry benefiting from rising capital expenditures in 3C and home appliances as well as accelerated exports [1] Group 2 - The Industrial Mother Machine ETF (code: 159667) tracks the China Securities Machine Tool Index (code: 931866), which reflects the overall performance of listed companies involved in machine tool manufacturing and key component production [1] - The constituent stocks of the index cover core enterprises in machine tool manufacturing and related industries, demonstrating significant industry concentration and technological representation [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]

研究团队提出基于知识迁移的网络架构，创新性地建立了心脏电活动与机械运动模态的关联映射，利用 经过百年验证的心电图信号特征来辅助神经网络识别房颤特有的异常机械波动。该系统实现了非接触、 免操作、无需穿戴设备的检测方式，在大型临床验证中达到了接近心电图诊断的检测性能。该系统在 6258例受试者中进行了测试，检测灵敏度达0.844，特异度达0.995。在对27例房颤发作高风险受试者的 日常主动监测中，系统成功在临床确诊前识别出2例房颤患者。 （文章来源：科技日报） 心电图是房颤诊断金标准，但传统心电图检测仅能持续10秒至数分钟，往往容易错过最佳治疗时机，动 态心电图等可穿戴技术也难以在无症状初期长期应用。因此，如何在首例并发症发生前实现早期诊断， 仍是临床面临的重大挑战。 研究人员介绍，房颤发生时，心脏电脉冲的有序传导遭到破坏，紊乱的电信号在心房内无序传播导致节 律失调。这种电生理紊乱会引发异常的机械运动，进而驱动胸壁位移形成体表机械波动，该现象可被毫 米波雷达检测。这为通过体表机械运动分析诊断房颤提供了新思路。 记者22日从中国科学技术大学获悉，该校陈彦教授研究团队基于心脏电—机械耦合机制，利用毫米波雷 达感知技 ...

Group 1 - The article discusses the April 2025 bond custody data, indicating a slight month-on-month decrease in total bond custody, with policy banks significantly reducing their bond holdings while other institutions increased their bond investments [4] - The IEA and EIA have raised their global oil demand forecasts for 2025, with IEA projecting an increase of 10000 barrels per day to 74000000 barrels per day, driven mainly by emerging economies, despite a decline in demand from OECD countries [5] - In April 2025, exports of electrical equipment showed significant growth, with inverter exports reaching $810 million, up 17% year-on-year and 28% month-on-month, while transformer exports increased by 34% year-on-year [6] Group 2 - The engineering machinery industry is experiencing steady growth, supported by favorable policies from the Two Sessions, indicating a sustained recovery in demand [7] - The snack retail leader, Mingming Hen Mang, is rapidly expanding its business through a franchise model, with a total of 14394 stores by the end of 2024, covering 28 provinces and achieving a GMV of 55.5 billion yuan [9]

2025 年 5 月 22 日 行业研究 工程机械上市公司业绩稳健增长，行业维持复苏趋势 ——工程机械行业 2025 年 4 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -30% -10% 10% 30% 50% 24/05 24/08 24/11 25/02 25/05 机械行业 沪深300 资料来源：Wind 要点 2024 年及 2025Q1 工程机械行业营收稳健增长，利润增速高于营收增速 为分析工程机械行业整体 2024 年 ...