点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【钢铁】5月国内氧化铝产能利用率降至2023年以来新低——金属周期品高频数据周报（2025.6.16-6.22） 2025年2月8日，工信部对《钢铁行业规范条件（2015年修订）》进行了修订，形成《钢铁行业规范条件（2025 年版）》，对钢铁企业实施"规范企业"和"引领型规范企业"两级评价，在发改委"供给侧更好适应需求变化"的 大政策目标下，我们认为钢铁板块的盈利有望修复到历史均值水平，钢铁股的PB也有望随之修复。 （王招华/戴默）2025-06-23 您可点击今日推送内容的第1条查看 【基础化工】山东暂停高密仁和化工产业园资格，看好化工行业龙头长期价值—— 基础化工 行业周报 （20250616-20250620） （ ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 2025年5月国内挖掘机内销销量短期承压 2025年1-5月我国挖掘机（含出口）销量101716台，同比增长17.4%；其中内销57501台，同比增长 25.7%。单月来看，2025年5月我国挖掘机（含出口）销量18202台，同比增长2.1%；其中内销8392台，同 比下降1.5%。开工数据方面，2025年5月工程机械主要产品月平均工作时长为84.5小时，同比下降3.9%， 环比下降6.3%；工程机械主要产品月开工率为59.5%，同比下降5.0个百分点，环比下降2.5个百分点。 我们认为2025年5月我国挖掘机内销销量短期承压一方面由于下游开工情况低迷，另一方面年初挖掘机内 销销量高增也一定程度上透支了后续月份挖掘机的采购需 ...

结构方面，2025年政府工作报告提出要深入实施新型城镇化战略，持续推进城市更新和城镇老旧小区改 造，加快健全城市防洪排涝体系，以及燃气、给排水、热力、地下管廊等建设;发展数字化、智能化基 础设施，完善无障碍适老化配套设施。 光大证券发布研报称，近期工程机械行业内销销量有所承压，该行认为主要受下游开工情况低迷以及年 初挖机销量高增对后续月份采购需求的透支影响。向后看，该行仍看好工程机械更新换代的持续增长对 工程机械的销量拉动，行业短期具备良好催化剂;两会政策对工程机械行业支持力度较大，行业中期需 求持续复苏有保障;同时随着工程机械行业国际化、电动化进程不断推进，工程机械龙头企业有望量利 齐升。该行看好行业后续长期表现。 光大证券主要观点如下： 2025年5月国内挖掘机内销销量短期承压 2025年1-5月我国挖掘机(含出口)销量101716台，同比增长17.4%;其中内销57501台，同比增长25.7%。单 月来看，2025年5月我国挖掘机(含出口)销量18202台，同比增长2.1%;其中内销8392台，同比下降 1.5%。开工数据方面，2025年5月工程机械主要产品月平均工作时长为84.5小时，同比下降3.9% ...

Core Viewpoint - The engineering machinery industry is witnessing significant changes with the completion of a major equity transaction between Lingong Group and Volvo Construction Equipment, marking a pivotal moment for both companies and the industry as a whole [2][4][6]. Group 1: Transaction Details - Lingong Group has successfully acquired 70% of Shandong Lingong Engineering Machinery Co., Ltd. from Volvo Construction Equipment through a newly established fund, gaining full ownership and management control [4]. - This acquisition follows a historical context where Volvo acquired the same 70% stake in Shandong Lingong for 327.5 million RMB in January 2007, establishing a long-term partnership [5]. Group 2: Strategic Implications - The acquisition is seen as a critical step in Lingong Group's strategic layout, aiming to integrate resources, enhance technological research and development, and improve product quality and market competitiveness [6]. - Industry experts suggest that this move will optimize management decision-making processes and operational efficiency for Lingong Group, potentially reshaping the competitive landscape within the engineering machinery sector [6].

Core Viewpoint - The engineering machinery industry in China is experiencing a recovery, with significant growth in export values despite a decline in import values in recent months [7][8]. Trade Data Summary - In May 2025, China's engineering machinery import and export trade amounted to $5.238 billion, a year-on-year increase of 8.1%, with imports at $214 million (down 0.74%) and exports at $5.024 billion (up 8.51%) [1]. - In April 2025, the trade total was $5.377 billion, a 12% increase year-on-year, with imports at $226 million (down 2.2%) and exports at $5.152 billion (up 12.7%) [2]. - For March 2025, the trade value was $5.167 billion, reflecting a 7.53% year-on-year growth, with imports at $255 million (down 5.85%) and exports at $4.912 billion (up 8.33%) [2]. - The cumulative trade from January to May 2025 reached $24.185 billion, an 8.49% increase year-on-year, with imports totaling $1.09 billion (down 0.86%) and exports at $23.095 billion (up 8.98%) [3]. - From January to April 2025, the trade value was $18.947 billion, an 8.51% increase year-on-year, with imports at $877 million (down 0.86%) and exports at $18.07 billion (up 9.01%) [4]. Export Performance - In April 2025, the export value was 36.966 billion yuan, a year-on-year increase of 13.6%, while the cumulative export from January to April was 129.738 billion yuan, up 10.3% [5]. - In March 2025, the export value was 35.231 billion yuan, reflecting a 9.51% year-on-year increase, with the first quarter's total exports at 92.787 billion yuan, up 8.99% [6]. - The export value for January 2025 was 34.001 billion yuan, a 16.8% increase year-on-year, while February saw a decline to 23.558 billion yuan, down 1.27% [6]. Market Dynamics - The engineering machinery industry is expected to see improved conditions, with a notable increase in demand and a positive outlook for the coming months [9][10].

Core Viewpoint - The 2025 New Energy Engineering Machinery Conference highlighted the significant transformation and innovation within the engineering machinery industry, focusing on the integration of new energy technologies and the importance of collaboration among industry stakeholders to drive advancements in electrification and sustainability [1][2][4][8]. Group 1: Conference Overview - The conference was held from June 17 to 19, 2025, in Yantai, Shandong, organized by the Tianjin Engineering Machinery Research Institute and attended by over 300 representatives from various sectors of the engineering machinery industry [1]. - Key leaders and experts delivered speeches emphasizing the industry's shift towards high-end, intelligent, green, and international development, while also recognizing the need for continued research and innovation in new energy applications [2][4][6]. Group 2: Industry Trends and Innovations - The engineering machinery sector is undergoing unprecedented changes, with new energy becoming a core focus, showcasing resilience and vitality in response to market demands [4][8]. - Companies like Aidi Precision are investing heavily in digitalization and intelligent manufacturing, aiming to enhance their production capabilities and develop new energy products, such as advanced battery systems [8][12]. - The market for new energy engineering machinery is expected to see significant growth, driven by decreasing battery costs and the adoption of energy-saving technologies, with projections indicating that user demand may be met by 2028 [14][44]. Group 3: Technological Developments - Innovations in electric hydraulic systems, battery technologies, and intelligent control systems are critical for the advancement of new energy engineering machinery [14][18][24]. - The development of high-efficiency transmission systems and distributed pump control technologies is essential for improving the energy efficiency of electric machinery [18][26]. - Companies are focusing on creating customized solutions for converting traditional machinery to electric, which can lead to substantial cost savings and improved operational efficiency [26][50]. Group 4: Future Outlook - The conference underscored the importance of establishing a comprehensive service capability that integrates research, standards, testing, and industry practices to foster high-quality development in the engineering machinery sector [6][58]. - The transition towards electrification and intelligent systems in engineering machinery is expected to accelerate, with significant implications for market dynamics and competitive strategies [44][46].

机械设备行业 | | 标配 | （维持） | | 5 月挖机内销短期承压，出口延续增长趋势 | | --- | --- | --- | --- | --- | | | | | | 工程机械行业跟踪点评 | | 2025 | 年 6 | 月 20 | 日 | 分析师：谢少威（SAC 执业证书编号：S0340523010003） | | | | | | 电话：0769-23320059 邮箱：xieshaowei@dgzq.com.cn | 事件： 5月挖机内销增速转负，累计销量保持较快增速。2025年5月挖机内销同比增速转负；工程机械主要产 品月平均工作时长、工程机械主要产品月开工率分别环比下降6.25%、2.45pct，我们认为主要系5月 进入淡季和年初透支部分需求导致。1-5月新增地方政府债券加速发行（新增一般债券发行金额、新 增专项债券发行金额分别同比增长19.73%、40.73%）将加速资金落地，叠加基建固定资产投资、更新 替换政策等持续发力，将有效支撑国内需求。出口方面，2025年4月工程机械出口贸易额为51.52亿美 元，同比增长12.46%，环比提升4.89%；1-4月累计出口贸易额为180.73 ...

QYResearch 拥有专业的研究团队，团队成员具备丰富的行业知识和研究经验，能够深入挖掘机械行业的市场 信息。公司在机械行业研究中，可凭借强大的数据库平台、丰富的专家资源，为客户提供深入的市场研究报告 和专业的行业前景预测。在机械领域，QYResearch 成功解决了统计局、海关、协会等官方单位无法统计到的 细分产品数据问题，为客户提供了精准的市场洞察，更为其决策提供了有力支持QYResearch 在机械行业报告 中，会对市场进行多维度的分析。除了基本的市场规模、份额等数据统计外，还会研究市场的发展趋势、驱动 因素、有利因素、不利及阻碍因素、行业政策等，帮助客户全面了解机械行业的市场环境。 2025年6月12日，东实精工齿轮（武汉）有限公司与QYResearch洽谈电子锁差速器定制项目，包括全球及中国 各自的市场数据，从而助力企业精准把控海内外市场、以及企业在产品性能、使用体验和科技创新等方面有了 进一步提升。作为深耕差速器的企业，凭借产品创新与行业洞察，再掀差速器新趋势。同时，作为全球经济产 业第三方数据挖掘和分析机构，QYResearch协助客户洞察市场动向，找到新的机遇，助力企业营收再突破。 近期， ...

Group 1 - In May 2025, a total of 18,202 excavators were sold, representing a year-on-year increase of 2.12%. Domestic sales were 8,392 units, down 1.48%, while exports reached 9,810 units, up 5.42% [1] - From January to May 2025, a total of 101,716 excavators were sold, marking a year-on-year increase of 17.4%. Domestic sales were 57,501 units, up 25.7%, and exports were 44,215 units, up 8.2% [2] - In May 2025, 36 electric excavators were sold, with various weight categories contributing to the total [3] Group 2 - In May 2025, a total of 10,535 loaders were sold, showing a year-on-year increase of 7.24%. Domestic sales were 6,037 units, up 16.7%, while exports were 4,498 units, down 3.31% [4][5] - From January to May 2025, a total of 52,755 loaders were sold, reflecting a year-on-year increase of 14.1%. Domestic sales were 29,607 units, up 25.4%, and exports were 23,148 units, up 2.39% [5] Group 3 - In May 2025, 649 graders were sold, down 3.28% year-on-year. Domestic sales were 112 units, up 31.8%, while exports were 537 units, down 8.36% [7] - From January to May 2025, a total of 3,580 graders were sold, marking a year-on-year increase of 14.9%. Domestic sales were 677 units, up 40.7%, and exports were 2,903 units, up 10.1% [7] Group 4 - In May 2025, 1,748 truck cranes were sold, down 8.1% year-on-year. Domestic sales were 978 units, down 3.36%, while exports were 770 units, down 13.5% [7] - From January to May 2025, a total of 9,103 truck cranes were sold, reflecting a year-on-year decrease of 8.94%. Domestic sales were 5,181 units, down 13.8%, and exports were 3,922 units, down 1.61% [8] Group 5 - In May 2025, 261 crawler cranes were sold, up 31.8% year-on-year. Domestic sales were 56 units, down 3.45%, while exports were 205 units, up 46.4% [10] - From January to May 2025, a total of 1,282 crawler cranes were sold, marking a year-on-year increase of 5.25%. Domestic sales were 402 units, down 1.23%, and exports were 880 units, up 8.51% [11] Group 6 - In May 2025, 1,681 truck-mounted cranes were sold, down 20.3% year-on-year. Domestic sales were 1,286 units, down 27.5%, while exports were 395 units, up 18.6% [13] - From January to May 2025, a total of 10,695 truck-mounted cranes were sold, reflecting a year-on-year decrease of 3.85%. Domestic sales were 8,535 units, down 6.71%, and exports were 2,160 units, up 9.42% [14] Group 7 - In May 2025, 538 tower cranes were sold, down 28.4% year-on-year. Domestic sales were 292 units, down 51.7%, while exports were 246 units, up 67.3% [15] - From January to May 2025, a total of 2,334 tower cranes were sold, marking a year-on-year decrease of 36.6%. Domestic sales were 1,278 units, down 57.1%, and exports were 1,056 units, up 51.1% [16] Group 8 - In May 2025, 123,472 forklifts were sold, representing a year-on-year increase of 11.8%. Domestic sales were 79,129 units, up 9.25%, while exports were 44,343 units, up 16.6% [17] - From January to May 2025, a total of 601,764 forklifts were sold, reflecting a year-on-year increase of 9.33%. Domestic sales were 392,490 units, up 6.66%, and exports were 209,274 units, up 14.7% [18] Group 9 - In May 2025, 1,589 rollers were sold, up 17% year-on-year. Domestic sales were 577 units, up 6.07%, while exports were 1,012 units, up 24.3% [19] - From January to May 2025, a total of 7,772 rollers were sold, marking a year-on-year increase of 23.7%. Domestic sales were 2,905 units, up 10.8%, and exports were 4,867 units, up 32.9% [20] Group 10 - In May 2025, 149 pavers were sold, up 30.7% year-on-year. Domestic sales were 107 units, up 33.8%, while exports were 42 units, up 23.5% [21] - From January to May 2025, a total of 708 pavers were sold, reflecting a year-on-year increase of 31.4%. Domestic sales were 521 units, up 32.2%, and exports were 187 units, up 29% [22] Group 11 - In May 2025, 15,653 aerial work platforms were sold, down 26.2% year-on-year. Domestic sales were 5,284 units, down 48.1%, while exports were 10,369 units, down 5.8% [25] - From January to May 2025, a total of 74,533 aerial work platforms were sold, marking a year-on-year decrease of 33.5%. Domestic sales were 29,191 units, down 48.3%, and exports were 45,342 units, down 18.4% [26] Group 12 - In May 2025, 296 high-altitude work vehicles were sold, down 33.3% year-on-year. Domestic sales were 286 units, down 34.1%, while exports remained flat at 10 units [26] - From January to May 2025, a total of 1,906 high-altitude work vehicles were sold, reflecting a year-on-year increase of 12.2%. Domestic sales were 1,803 units, up 9.74%, and exports were 103 units, up 87.3% [27]

超配 行 业 简 评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn [Table_Reportdate] 2025年06月16日 ➢ 风险提示：贸易摩擦风险；海外需求放缓；市场竞争风险；政策不及预期风险。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 机 械 设 备 [table_invest] [table_stockTrend] -27% -14% -1% 12% 25% 38% 51% 24-06 24-09 24-12 25-03 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle] 5月挖机淡季内销收缩，龙头企业赴港股 上市 ——机械设备行业简评 [table_main] 投资要点： 装载机：2025年5月销售各类装载机10535台，同比增长7.24%。其中国内6037台，同比 增长16.7%；出口4498台，同比下降3.31%。2025年5月销售电动装载机276 ...