Core Viewpoint - Hitachi Construction Machinery will be renamed LANDCROS on April 1, 2027, marking a transition towards innovation based on nearly a century of trust [1]. Industry Highlights - The construction machinery industry may be on the path to recovery, with performance improvements noted [3]. - The industry will officially transition to "National IV" standards starting December 1 [3]. - Domestic sales have declined for 13 consecutive months, while exports have surged over 70% this year, raising questions about when the excavator industry will rebound [3]. - February's construction rate has shown improvement, leading to optimistic expectations for the construction machinery sector [3]. - Caterpillar is nearing a cyclical turning point and has downgraded its rating to "neutral" [3]. Market Data - Excavator sales data is being tracked for the years 2021 to 2025, with monthly breakdowns available for analysis [4][5]. - Loader sales data is also being monitored for the same period [6]. - Average working hours for major products are being recorded, with data available from 2021 to 2025 [8]. Market Dynamics - February's construction rate improvement has led to a warmer outlook for the construction machinery industry [8]. - January's strong credit performance has reinforced expectations for a recovery in domestic demand, suggesting a potential thaw in the construction machinery sector [8]. Expert Insights - Insights from industry leaders, including Su Zimeng, discuss the development trends and current priorities in the construction machinery sector [8]. - Xu Gong Machinery's Chief Engineer and Vice President, Shan Zenghai, emphasizes the importance of supporting the electrification of construction machinery and commercial vehicles [8].

Core Viewpoint - The engineering machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges ahead for the sector [1][3]. Monthly Working Hours Summary - In November 2025, the average working hours for major engineering machinery products was 84.2 hours, a year-on-year decrease of 13% but a month-on-month increase of 4.08% [1]. - Specific working hours for major products in November 2025 included: excavators at 76.5 hours, loaders at 94.4 hours, truck cranes at 104 hours, crawler cranes at 94.2 hours, tower cranes at 48.9 hours, rollers at 32.6 hours, pavers at 46.1 hours, rotary drilling rigs at 69.9 hours, non-road mining dump trucks at 162 hours, concrete pump trucks at 42.4 hours, concrete mixers at 63.4 hours, and forklifts at 108 hours [1]. Monthly Operating Rate Summary - The operating rate for major engineering machinery products in November 2025 was 56.5%, a year-on-year decline of 12.1 percentage points but a month-on-month increase of 1.5 percentage points [1]. - Specific operating rates for major products in November 2025 included: excavators at 57%, loaders at 57.2%, truck cranes at 70.8%, crawler cranes at 56.9%, tower cranes at 40.1%, rollers at 43.2%, pavers at 57.1%, rotary drilling rigs at 41.4%, non-road mining dump trucks at 44.1%, concrete pump trucks at 38.1%, concrete mixers at 30.2%, and forklifts at 66.3% [1]. Historical Working Hours Data - The average working hours for major engineering machinery products showed a downward trend from January to November 2025, with notable figures such as 90.1 hours in March and April, and a significant increase to 46.4 hours in February, which was a 70.3% year-on-year growth [4][5]. Industry Trends - The engineering machinery industry is anticipated to recover, with discussions around the transition to "National IV" emissions standards starting December 1, 2025 [6]. - There is a notable increase in exports, with a rise of over 70% this year, despite a continuous decline in domestic sales for 13 months [7]. Market Dynamics - The improvement in operating rates in February 2025 suggests a warming expectation for the engineering machinery industry, alongside a strong start to credit in January, reinforcing domestic demand recovery [11]. Expert Insights - Industry leaders are discussing the current development situation and the need for support in the transition to new energy for engineering machinery and commercial vehicles [11].

据中国工程机械工业协会对装载机主要制造企业统计，2025年11月销售各类装载机11419台，同比增长32.1%。其中国内销量5671台，同比增长29.4%；出 口量5748台，同比增长34.8%。 | | | 2025年11月 中国装载机市场概况 | | | --- | --- | --- | --- | | | 国内 | 문 | 合计 | | 当期销量 | 5671 | 5748 | 11419 | | 同比涨幅 | 29.4% | 34.8% | 32.1% | | 累计销量 | etosa | 54792 | 115837 | | 同比涨幅 | 22.5% | 11.9% | 17.2% | 2025年1—11月，共销售各类装载机115831台，同比增长17.2%。其中国内销量61039台，同比增长22.5%；出口量54792台，同比增长11.9%。 | | | | | | 2025年中国电动装载机市场情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | <3吨 | 3吨 | 4 ...

据中国工程机械工业协会对挖掘机主要制造企业统计，2025年11月销售各类挖掘机20027台，同比增长13.9%。其中国内销量9842台，同比增长9.11%；出 口量10185台，同比增长18.8%。 | | | 2025年11月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 9 842 | 10 185 | 20 027 | | 去年同期 | 9 020 | 8 570 | 17 590 | | 同比涨幅 | 9.1% | 18.8% | 13.9% | | 累计销量 | 108 187 | 103 975 | 212 162 | | 去年同期 | 91 231 | 90 531 | 181 762 | | 同比涨幅 | 18.6% | 14.9% | 16.7% | 2025年1—11月，共销售挖掘机212162台，同比增长16.7%；其中国内销量108187台，同比增长18.6%；出口103975台，同比增长14.9%。 | | | | 2025年中国电动挖掘机市场情况 | | | | | | --- | --- ...

在频繁转场的市政维护， 在需要快速响应的抢险工地， 或是在多工种交叉的作业现场， 等待设备就位或调度的每一分钟， 都是成本的增加和收益的流失。 它帮助您灵活适应不同工程， 将单一设备的投资价值最大化。 柳工F系列轮式挖掘机， 专注于为您提供更高的出勤率、 更低的综合运营成本与更佳的投资回报！ 【行业热点】 我们深知， 您需要的不仅是一台挖掘机， 更是一个能灵活转场、快速投入工作、 并能胜任多种任务的高效解决方案。 为此，我们正式推出柳工F系列轮式挖掘机家族。 无需拖车， 即可在工地与公路间自由穿行。 这意味着，您能更快地响应下一个任务， 将转场时间和运输成本牢牢掌控在自己手中。 面对多样化需求， 柳工F系列轮挖提供了高效、 稳定的操作系统和快速的属具连接方案。 1.挖掘机销量数据 2025年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 【市场数据】 2024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 ...

Core Viewpoint - The article discusses the import and export performance of China's engineering machinery and related components from January to October 2025, highlighting significant growth in exports and trade surplus, while also noting fluctuations in imports and market dynamics [2][9]. Group 1: Overall Import and Export Data - From January to October 2025, China's total import and export value of engineering machinery and components reached $50.83 billion, with a year-on-year increase of 11% [2]. - Exports amounted to $48.57 billion, reflecting a 12% increase year-on-year, while imports were $2.26 billion, showing a 1% growth [2]. - The trade surplus stood at $46.31 billion, indicating a robust export performance [2]. Group 2: Excavator Import and Export Data - The total import and export value of excavators reached $8.67 billion, with a year-on-year growth of 24.7% [4]. - Exports were $8.52 billion, up 25.9% year-on-year, while imports decreased to $1.5 billion, down 20.6% [4]. - The trade surplus for excavators was $8.38 billion, indicating strong demand recovery in the market [4]. Group 3: Loader and Transport Machinery Data - The total import and export value of loader and transport machinery was $6.26 billion, with a year-on-year increase of 4.7% [6]. - Exports reached $6.09 billion, up 5.7%, while imports were $1.7 billion, down 20.8% [6]. - The trade surplus for this category was $5.92 billion, reflecting stable overall trends [6]. Group 4: Cranes and Industrial Vehicles Data - The total import and export value of cranes was $4.71 billion, with a year-on-year increase of 13.7% [5]. - Exports were $4.62 billion, up 14.2%, while imports were $0.9 billion, down 4.9% [5]. - The trade surplus for cranes was $4.52 billion, indicating a positive market outlook [5]. Group 5: Road Construction and Mixing Machinery Data - The total import and export value of road construction machinery was $1.44 billion, with a year-on-year growth of 9.2% [6]. - Exports were $1.43 billion, up 9.6%, while imports were $0.1 billion, down 22.6% [6]. - The trade surplus for road construction machinery was $1.42 billion, showing a stable export performance [6]. Group 6: Elevator and Escalator Data - The total import and export value of elevators and escalators was $2.18 billion, with a year-on-year increase of 12.2% [7]. - Exports reached $2.15 billion, up 11.9%, while imports were $0.3 billion, reflecting a significant growth of 31% [7]. - The trade surplus for this category was $2.11 billion, indicating a strong export market [7].

11 月30 日讯， 山东重工集团 召开领导干部会议，宣布省委关于山东重工集团主要负责同志调整的决 定，王志坚同志任山东重工集团有限公司党委书记、董事长。 公开资料显示，今年55岁的王志坚出生于1970年12月，在职研究生，工商管理硕士，中共党员。此前任 山东重工集团有限公司党委副书记、董事、总经理， 32年前的1993年，23岁的王志坚加入潍坊柴油机厂后长期扎根我国发动机产业，历任技术研发、质量管 理、市场营销等多领域管理职务，曾主导潍柴动力股份有限公司技术中心和新产品制造中心工作。 2016年起，46岁的王志坚担任潍柴动力执行总裁，负责新产品研发与制造，建成行业首个数字化发动机 研究院，后升任 潍柴重机 董事长。 2022年12月，王志坚出任山东重工集团党委副书记、董事、副总经理。 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. 内销连续下滑13个月，今年出口大涨超7成 周期中的挖掘机行业何日再逢春？ 4. 2月开工率改善 工程机械行业预期"暖洋洋" 5. 卡特彼勒正接近周期性转折点 下调评级至"中性" 【市场数据】 1.挖掘机销量数据 SDHI 山东更工 o 国内品牌 12 WEICHVI ...

[Table_Reportdate] 2025年11月28日 [证券分析师： Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20251128 重点推荐 财经要闻 ➢ 1.国家发改委：要注意防范重复度高的人形机器人产品"扎堆"上市 晨 会 纪 要 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 [table_summary] ➢ 1.基数压力显现，行业亦有分化——国内观察：2025年10月工业企业利润数据 ➢ 2.10月挖掘机外销持续向好，龙头推进电动化全球化——机械设备行业简评 晨会纪要 1.重点推荐 1.1.基数压力显现，行业亦有分化——国内观察：2025 年 10 月工业企业利润数据 | 1. 重点推荐 | | 3 | | --- | --- | --- | | 1.1. 基数压力显现，行业亦有分化——国内观察：2025 | 年 10 月工业企业利润数 | | | 据 | | 3 | ...

Core Viewpoint - The company has demonstrated steady growth in both revenue and profit, with significant contributions from its hydraulic components business, which is expected to benefit from the recovery in the engineering machinery industry [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.37 billion yuan, representing a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 320 million yuan, up 12.6% year-on-year [4]. - In Q3 2025, the company reported a revenue of 810 million yuan, a year-on-year growth of 23.6%, and a net profit of 110 million yuan, which is a 29.7% increase year-on-year [4]. - The gross margin was 28.6%, down 1.8 percentage points year-on-year, while the net margin was 13.5%, down 0.3 percentage points year-on-year [4]. Group 2: Business Segment Performance - The hydraulic components business generated a revenue of 990 million yuan in H1 2025, marking a substantial year-on-year increase of 51.8% [5]. - The breaker hammer business saw a revenue of 420 million yuan, reflecting a year-on-year decline of 17.4% [5]. - Other products, including hard alloy tools, industrial robots, and RV reducers, generated 130 million yuan, down 34.3% year-on-year [5]. Group 3: Industry Outlook - In the first ten months of 2025, excavator sales in China (including exports) reached 192,000 units, a year-on-year increase of 17.0%, with domestic sales at 98,000 units, up 19.6% [5]. - The recovery of the engineering machinery industry is expected to drive demand for machinery attachments and components, positioning the company as a leading beneficiary in the hydraulic components and breaker hammer sectors [5]. - The commencement of the Yarlung Tsangpo River downstream hydropower project is anticipated to further enhance demand for the company's products, particularly in rock processing applications [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has demonstrated steady growth in both revenue and profit, with a revenue of 2.37 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.5%, and a net profit of 320 million yuan, up 12.6% year-on-year [1] - The hydraulic components business has shown remarkable performance, with a revenue of 990 million yuan in the first half of 2025, marking a 51.8% year-on-year increase [2] - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to further boost demand for the company's products, particularly in rock breaking and excavation operations [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 810 million yuan, a 23.6% increase year-on-year, and a net profit of 110 million yuan, up 29.7% year-on-year [1] - The gross margin for Q3 2025 was 30.6%, down 1.3 percentage points year-on-year, while the net margin was 14.1%, up 1.2 percentage points year-on-year [1] Business Segments - The hydraulic components segment is a key growth driver, with significant revenue growth, while the breaker hammer business saw a decline of 17.4% year-on-year [2] - Other products, including hard alloy tools and industrial robots, experienced a revenue decline of 34.3% [2] Market Outlook - The recovery of the engineering machinery industry is anticipated to drive demand for hydraulic components and accessories, positioning the company favorably as a leader in the hydraulic hammer and components market [2] - The ongoing construction of large-scale hydropower projects is expected to enhance the demand for the company's specialized products [3] Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 419 million yuan, 506 million yuan, and 608 million yuan, respectively, with corresponding EPS of 0.50 yuan, 0.61 yuan, and 0.73 yuan [4][5]