日本5月核心机械订单月率 -0.6%，预期-1.50%，前值-9.10%。 ...

日本5月核心机械订单年率 4.4%，预期3.4%，前值6.60%。 ...

这是美国麻省理工学院和东北大学的研究团队日前在 机器人领域顶级期刊《Science Robotics 》 上发表的 最新成果，让看似矛盾的设想变成了现实。 让软体机器人第一次拥有了连续传递扭矩的能力！ 长期以来，软体机器人领域面临着一个根本性的悖论：要么像章鱼触手一样柔软安全但无法传递扭矩，要么像 传统机械臂一样刚硬有力但存在安全隐患。这项研究 首 次打破 了这个 "非软即硬" 的二元对立， 通过一种 被称为TRUNC（Torsionally Rigid Universal Coupling，扭转刚性万向接头）的机械超材料，实现了软体 让人很难相信，一条柔软如章鱼触手的机械臂， 不仅能像大象鼻子一样灵活弯曲， 还 能像电钻一样进行拧 螺丝、装灯泡、开关阀门等日常操作！ 机器人连续传递扭矩的能力。更令人惊讶的是，这种新型软体机械臂 在扭转方向上的 刚度是弯曲方向的52 倍，真正做到了"该软的地方软，该硬的地方硬"。 ▍ 从自然界汲取灵感：植物茎秆的智慧 研究团队的突破性思路来自于对自然界的观察。在漫长的进化过程中， 许多植物已经掌握了在不同方向上展 现不同刚度的秘密。 比如，某些植物的茎秆和叶柄通过调整自身的几 ...

柳工（000528）7月11日在分析师会议上表示，预计下半年国内土方机械的市场需求将继续保持增长势 头，全年挖掘机、装载机的行业整体销量有望实现两位数以上同比增速，经济财政政策环境以及各类结 构性需求也会带来机会。国际市场面临全球贸易保护主义回潮等多重复杂因素挑战，整体仍处于需求筑 底期，2026年有望逐步复苏，区域之间的分化依旧存在，新兴市场的增长将保持韧性，因新能源和技术 升级的趋势加快，成熟市场的发展机遇也值得关注。(人民财讯) ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a "Radiator Installation Structure and Engineering Machinery" to Shaanxi Zhonglian Western Earthmoving Machinery Co., Ltd. and Zhonglian Heavy Industry Earthmoving Machinery Co., Ltd. The patent was announced with the authorization number CN223085833U and the application date is September 2024 [1] - The patent pertains to the technical field of engineering machinery, specifically involving a radiator installation structure that includes an installation component and a limiting component. The installation component is designed to mount the radiator on the front cover assembly and includes a plug-in installation support and installation base [1] - The installation support and installation base are connected to the radiator and front cover assembly, respectively, with radial and axial damping components placed between them to reduce vibration impact on the radiator, thereby extending its lifespan [1] Group 2 - Shaanxi Zhonglian Western Earthmoving Machinery Co., Ltd. was established in 2020, located in Weinan City, with a registered capital of 135 million RMB. The company has participated in 111 bidding projects and holds 496 patent records [2] - Zhonglian Heavy Industry Earthmoving Machinery Co., Ltd. was founded in 2019, located in Changsha City, with a registered capital of 380 million RMB. The company has made investments in 2 enterprises, participated in 146 bidding projects, and holds 570 patent records [2]

丨证券研究报告丨 行业研究丨点评报告丨机械 [Table_Title] 6 月挖机销量点评：内销重回增长通道，出口显 著提速 报告要点 [Table_Summary] 6 月我国挖掘机内销量同比增长 6.2%，继 5 月内销同比微幅下滑后重回增长通道；展望后续， 国内伴随更新周期上行、人工替代、电动化等因素，预计未来上行趋势明确。出口方面，6 月 挖机出口量同比增长 19.3%，环比 5 月明显提速，Q2 增速较 Q1 或有改善；中长期看，工程 机械出海增长具备持续性：1）伴随国产品牌全球竞争力提升，海外份额有望稳步抬升；2）新 兴市场景气或较好，同时欧美需求有望筑底回升。此外，头部主机厂持续推进内部管理优化、 降本提效等措施，叠加结构优化，板块盈利能力有望持续上行，持续看好工程机械板块性机会。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 王硕 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.c ...

[Table_Reportdate] 2025年07月11日 [table_invest] 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn [table_stockTrend] -22% -8% 7% 21% 36% 50% 64% 24-07 24-10 25-01 25-04 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle 上半年挖掘机 ] 内销大增，新兴国家加速 渗透 ——机械设备行业简评 [table_main] 投资要点： 装载机：2025年6月销售各类装载机12014台，同比增长11.3%。其中国内6015台，同比增 长13.6%；出口5999台，同比增长9.11%。2025年6月销售电动装载机3049台。2025年上 半年共销售装载机64769台，同比增长13.6%。 ➢ 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。 行 业 研 究 [table_product] ➢ 事件：中国工程机械工业协会发布2025年6月主要企业挖掘机和装载机销 ...

Core Viewpoint - The article discusses the acquisition of Jiangsu Changling Hydraulic Co., Ltd. by He Xin Ting Tao and Cheng Lian Shuang Ying, highlighting the strategic implications for the company and the hydraulic industry as a whole [1][2]. Company Overview - Jiangsu Changling Hydraulic Co., Ltd. was established in December 2006 and listed on the Shanghai Stock Exchange in March 2021, with stock code 605389. The company specializes in hydraulic components, precision castings, and reduction gears, serving various industries including construction machinery, energy extraction, and automotive manufacturing [2]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise and has multiple production and R&D bases. It holds over a hundred effective patents and has developed several proprietary products [2]. Acquisition Details - He Xin Ting Tao and Cheng Lian Shuang Ying plan to acquire a total of 43,211,714 shares of Changling Hydraulic, representing 29.99% of the company's total shares. Additionally, a public tender offer for 17,290,448 shares (12.00% of total shares) will be made at a price of 36.24 yuan per share, with total funding not exceeding 626,605,835.52 yuan [1]. - Upon completion of the acquisition, the acquirers and their concerted parties will hold up to 60,502,162 shares, accounting for 41.99% of the total shares, leading to a change in the actual controller of the company to Hu Kangqiao [1]. Industry Context - The hydraulic industry is experiencing a potential recovery, with signs of improvement in the construction machinery sector. The article notes a significant increase in excavator exports, which rose over 70% this year, despite a 13-month decline in domestic sales [3]. - The industry is transitioning to the "National IV" emission standards starting December 1, indicating regulatory changes that may impact production and sales dynamics [3]. Market Dynamics - The article highlights a positive outlook for the engineering machinery industry, with improved operating rates in February and expectations of a "warm" market environment. The increase in credit in January also suggests a potential recovery in domestic demand [6]. - Major players in the industry, such as Caterpillar, are approaching cyclical turning points, which may influence market sentiment and investment strategies [3].

Core Viewpoint - The excavator sales in China showed significant growth in the first half of the year, exceeding expectations, with a total of 120,520 units sold, representing a year-on-year increase of 16.8% [1] Sales Performance - In the first half of the year, domestic sales reached 65,637 units, up 22.9%, while exports totaled 54,883 units, marking a 10.2% increase [1] - In June alone, excavator sales reached 18,804 units, a 13.3% year-on-year increase, with domestic sales at 8,136 units (up 6.2%) and exports at 10,668 units (up 19.3%) [3] Market Trends - After a brief decline in May, domestic excavator sales rebounded in June, supported by accelerating second-hand machine exports and policy-driven demand [2] - The construction machinery industry is experiencing a recovery, with the real estate sector's negative impact on excavator sales diminishing and infrastructure investment remaining resilient [3] Export Dynamics - The export value of China's construction machinery in May was 36.168 billion yuan, a 10.1% increase year-on-year, with a total export value of 165.91 billion yuan from January to May, also up 10.2% [4] - Emerging markets in the Middle East, Southeast Asia, and Africa are driving demand, with Chinese equipment's cost-performance advantage facilitating market expansion [4] Industry Outlook - Major construction machinery companies are optimistic about the market recovery, with expectations of stable growth in domestic and overseas markets [5][7] - The industry is anticipated to continue its upward trajectory, driven by infrastructure investments, new urbanization, and the increasing penetration of renewable energy products [9]

Group 1: Industry Overview - The sales of various excavators reached 18,804 units in June 2025, representing a year-on-year increase of 13.3%, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [1] - In the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year growth of 16.8%, with domestic sales of 65,637 units (up 22.9%) and exports of 54,883 units (up 10.2%) [1] - The domestic excavator sales in June showed a year-on-year growth of 6.2%, rebounding by 7.7 percentage points compared to previous values, driven by accelerated second-hand exports and a low base from the previous year [1] Group 2: Market Dynamics - The construction machinery industry is expected to maintain stable growth in excavator sales, with domestic earth-moving equipment projected to achieve double-digit growth for the year [2] - The demand for excavators is shifting towards recovery, particularly in the mining sector and major water conservancy projects, while the demand for small excavators is slowing down [2] - The government plans to issue long-term special bonds and increase local government special bonds to stimulate infrastructure investment, which is expected to boost downstream equipment demand [5][6] Group 3: Company Performance - Zoomlion (000157) anticipates that domestic sales will enter a growth trajectory, expanding its business from domestic markets to global markets across engineering, agricultural, and mining machinery [3] - Sany International (00631) reported a revenue of 5.876 billion yuan in Q1 2025, a year-on-year increase of 14.6%, with net profit rising by 23.2% [7] - The company is focusing on expanding its overseas business, particularly in emerging regions, while also enhancing its product offerings in earth-moving, agricultural, and mining machinery [7]