证券研究报告|机械设备 [行业Table_Summary] 事件： 近日，中国工程机械工业协会公布最新统计数据，6 月销售各类挖掘机 18,804 台，同比增长 13.3%，6 月销售各类装载机 12,014 台，同比增 长 11.3%。 投资要点： 6 月中国挖掘机海内外销量同比齐增长。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 6 月销售各类挖掘机 18,804 台，同比 增长 13.3%。其中国内销量 8,136 台，同比增长 6.2%；出口量 10,668 台，同比增长 19.3%。2025 年 1-6 月，共销售挖掘机 120,520 台，同比 增长 16.8%；其中国内销量 65,637 台，同比增长 22.9%；出口 54,883 台，同比增长 10.2%。电动化方面，6 月销售电动挖掘机 27 台。 6 月中国装载机内销表现亮眼。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6 月销售各类装载机 12,014台，同比增长11.3%。 其中国内销量 6,015 台，同比增长 13.6%；出口量 5,999 台，同比增长 9.11%。2025 年 1-6 月，共销 ...

Core Viewpoint - The article discusses the implementation of mechanized reasonable planting techniques in rice cultivation in Foshan, Guangdong, which has led to significant increases in rice yield, highlighting the importance of agricultural innovation for food security [2][28]. Group 1: Experiment and Results - A trial was conducted in a rice field in the Mingcheng Town of Gaoming District, where five different planting distance combinations were tested [3][9]. - The highest yield was achieved with a planting distance of 14 cm between plants and 30 cm between rows, resulting in a yield of 623 kg per mu, an increase of over 100 kg per mu compared to conventional planting methods [10][11]. Group 2: Expert Insights - Experts from South China Agricultural University emphasized the importance of mechanized reasonable planting to enhance crop yield and ensure precise planting density, which creates favorable conditions for rice growth [20][21]. - The trial aims to develop a replicable technology path for farmers to improve rice yields through mechanization [14][15]. Group 3: Broader Implications - The Ministry of Agriculture and Rural Affairs continues to prioritize the increase of crop yields as a key task, with Guangdong focusing on food security and large-scale yield enhancement actions [26][28]. - In 2024, further trials of reasonable planting techniques will be conducted in Huizhou, Zhongshan, and Jiangmen, with expected yield increases of up to 28% [29][30].

Core Viewpoint - A-shares showed a positive trend with significant gains in the ChiNext index, driven by strong performance in the photovoltaic sector and other emerging concepts [1] Market Performance - The three major A-share indices opened mixed but continued to rise during the session, with the Shanghai Composite Index up by 0.58%, the Shenzhen Component Index up by 1.27%, and the ChiNext Index up by 2.26% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 873 billion, an increase of approximately 101.2 billion compared to the previous day, with a net inflow of about 1.5 billion from main funds [1] Sector Highlights - The photovoltaic sector experienced a significant surge, with stocks like Shihang New Energy and Tongwei Co. hitting the daily limit, while Yamaton showed a "ceiling and floor" performance [1] - The consumer electronics sector rebounded, highlighted by Industrial Fulian reaching the daily limit [1] - The gaming sector performed well, with Ice Glacier Network leading the gains [1] - Other sectors such as rare earth permanent magnets, semiconductors, blind box economy, and engineering machinery also saw early gains [1] Weak Sectors - Major financial concepts, including banking and insurance, showed collective weakness [1] - Other sectors such as agriculture, animal husbandry, fishing, ice and snow economy, and tourism and hotels experienced early declines [1]

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6月销售各类挖掘机18804台，同比增长13.3%。 其中国内销量8136台，同比增长6.2%；出口量10668台，同比增长19.3%。 2023年 挖掘机 数据回顾 2022年 挖掘机 数据回顾 2025年1—6月，共销售挖掘机120520台，同比增长16.8%；其中国内销量65637台，同比增长22.9%；出口 54883台，同比增长10.2%。 2025年6月销售电动挖掘机27台（6吨以下11台，10至18.5吨级4台，18.5至28.5吨级12台）。 [数据来源：中国工程机械工业协会] 2025年 挖掘机 数据回顾 2024年 挖掘机 数据回顾 ◆ 2025年5月挖掘机国内销量8392台，同比下降1.48% ◆ 2025年4月挖掘机国内销量12547台，同比增长16.4% ◆ 2025年3月挖掘机国内市场销量19517台，同比增长28.5% ◆ 2025年2月挖掘机国内市场销量11640台，同比增长99.4% ◆ 2025年1月挖掘机国内市场销量5405台，同比下降0.3% ◆ 2024年12月挖掘机国内市场销量9312台，同比增长22.1% ...

据中国工程机械工业协会统计： 2025年6月工程机械主要产品月平均工作时长为77.2小时，同比下降9.11%，环比下降8.56%。其中：挖掘机 64.2小时；装载机92.7小时；汽车起重机109小时；履带起重机86.6小时；塔式起重机47.7小时；压路机35.1小 时；摊铺机44.7小时；旋挖钻机61.3小时；非公路矿用自卸车142小时；混凝土泵车42.7小时；搅拌车64.7小 时；叉车92.7小时。 2025年6月工程机械主要产品月开工率为56.9%，同比下降7.55个百分点，环比下降2.65个百分点。其中：挖掘 机58.2%；装载机59.5%；汽车起重机73.3%；履带起重机58.7%；塔式起重机39.5%；压路机45.7%；摊铺机 57.1%；旋挖钻机45%；非公路矿用自卸车47.4%；混凝土泵车37.7%；搅拌车34.7%；叉车53.4%。 【来源：中国工程机械工业协会】 2024年开工情况 数据回顾 2025年开工情况 数据回顾 ◆ 2024年12月工程机械主要产品月平均工作时长为93.9小时，环比下降2.91% ◆ 2024年10月工程机械主要产品月平均工作时长为88.9小时，环比下降1.24% ...

今年，山西农业大学经济作物所芝麻研究室刘文萍研究员团队选育出的新品种"晋芝837"，已经提请山 西省品种审定委员会认定。 据介绍，该品种对山西芝麻种植来讲是一个具有划时代意义的品种。作为山西省第一个宜机收的芝麻品 种，让芝麻种植者告别弯腰，实现了从种到收全程机械化；同时该品种抗裂蒴、抗落粒的特性，很好地 解决了千百年来芝麻底部蒴果一熟就落、影响产能的难题，可以让收芝麻像收小麦一样颗粒归仓。 芝麻作为高油高蛋白作物，目前在国内需求旺盛，进口依赖度较高。随着高需求与小生产之间的矛盾在 山西有了科研工作者提供的解决方案，加上芝麻作为耐旱作物，生育期短，可让山西在一季长两季短的 地区，实现一季粮一季油的一年粮油双收，适宜在果园林下间作，同时可以作为一种抗风险作物，弥补 因干旱错过播种季节造成的损失等，与山西的地域特性匹配度高。2023年起，山西芝麻种植进入快速发 展时期。 那么，山西的芝麻种植能否为农民打开一扇新的致富门呢？ 合作社理事长张东东的经济账 山西省运城市芮城县位于晋陕豫交界处，是山西小麦生产大县，全县芝麻种植面积1万亩左右。2022 年，芮城县东恒农机专业合作社试种了50亩机收芝麻，成熟季节，周边农户自发 ...

Core Insights - The article highlights the impressive graduation works of Nie Shichang, a graduate from the China Academy of Art, which have gained significant attention online due to their unique blend of mechanical dynamics and traditional Chinese culture [1][3][5]. Group 1: Artwork and Themes - Nie Shichang's five graduation projects explore various themes, including the relationship between small changes and grand order in the universe, the dialectical relationship between nature and technology, and the interaction between life and technology [7][8][10][11][13]. - The works include "Dripping Instrument," inspired by traditional Chinese compass elements, "Xuanji Instrument," based on ancient astronomical instruments, and "Cyclic Instrument," which reflects the philosophical concepts from "Xunzi" [7][8][10]. - The projects were completed over a year, showcasing Nie's dedication and meticulous attention to detail in the creation process, including precise measurements and intricate mechanical designs [23][46]. Group 2: Personal Journey and Background - Nie Shichang's journey to becoming an artist involved overcoming numerous challenges, including economic hardships and health issues, which shaped his perspective on art and life [3][40][50]. - Growing up in a rural area, he faced financial constraints but was supported by his parents, who encouraged his education despite their limited means [27][28][36]. - His experiences in various art schools and the struggle to gain admission to prestigious institutions reflect his determination and resilience in pursuing his artistic aspirations [30][33][36]. Group 3: Artistic Philosophy and Future Aspirations - Nie emphasizes the importance of maintaining creative vitality and exploring traditional culture through his art, aiming to create works that resonate with a broader audience [41][48][53]. - He acknowledges the influence of both historical and contemporary artists on his work, indicating a desire to blend traditional elements with modern techniques [46][48]. - Despite achieving recognition, he remains focused on the creative process rather than financial success, indicating a commitment to his artistic journey [43][52].

Core Viewpoint - The article highlights the advancements in agricultural mechanization in Hainan, particularly focusing on the development and demonstration of smart agricultural machinery for tropical crops, which aims to enhance production efficiency and reduce labor costs [2][4]. Group 1: Agricultural Mechanization Developments - A pineapple harvesting machine demonstrated its capability to replace seven to eight manual workers, showcasing the efficiency of mechanization in agriculture [2]. - The event featured various smart agricultural devices, including a remote-controlled grass cutter and intelligent rubber tapping machines, which are designed to improve operational efficiency and reduce labor dependency [3][4]. - The Hainan government is actively promoting the research and application of smart agricultural equipment, with plans to support the mechanization of tropical crop production processes [4]. Group 2: Training and Collaboration - A training session for the mechanization of tropical crop production was held in Danzhou, attracting participants from various provinces to observe and learn about innovative agricultural technologies [2]. - The event was organized by the Ministry of Agriculture and Rural Affairs and the provincial agricultural department, indicating a collaborative effort to enhance agricultural practices [2].

为优化北京电网网架结构，国网北京电力投产了环球、姜庄湖220千伏输变电工程等关 键项目，均通过新建220千伏变电站与配套输电线路，构建多级电源支撑，融合智能技术， 显著提升区域电网互联互通能力，增强电网韧性和可靠性。此类工程融入新型电力系统建 设，主要为通州文化旅游区和北京城市副中心西南部提供充足电力，满足朝阳大屯地区商业 及高端产业用电需求，支撑中关村科学城北区人工智能、算力平台等产业发展，并为首都城 市防灾减灾与能源低碳转型夯实保障基础。 作为北京电网补强的重点项目，国网北京电力建成了会展、龙泉湖等110千伏输变电工 程，完成生命园、米各庄等110千伏变电站主变扩建工程，通过扩容变电容量、缩短供电半 径，服务重点产业发展和民生保障，提升极端天气应对能力。一大批110千伏电网工程中， 既有提高供电质量、精准赋能创新高地打造，支撑高精尖产业、航空工业和乡村振兴产业发 展的项目，也不乏缓解区域供电压力，聚焦交通枢纽、大型商圈、人口导入区域等多样化场 景，匹配城市更新公共服务设施扩容需求的新建或扩建工程。 7月3日，国网北京市电力公司正在全力推进2025年电网度夏补强重点工程，67项工程将 于7月上旬全部投入运行 ...

晨会纪要（2025/07/03） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.07.03） 固定收益研究 金融工程研究 主要指数全部上涨，两融余额小幅上升——融资融券周报 行业研究 央行释放积极信号，中东局势出现缓和——金属行业周报 杭州机器人展成功举办，关注人形机器人量产节奏——机械设备行业 7 月投 证 券 研 究 报 告 晨 会 纪 收益率整体下行，高等级拉久期仍有空间——信用债 7 月投资策略展望 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 要 资策略展望 晨会纪要（2025/07/03） 固定收益研究 收益率整体下行，高等级拉久期仍有空间——信用债 7 月投资策略展望 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 1、核心观点 6 月各期限发行指导利率多数下行，整体变化幅度为-16 BP 至 4 BP。6 月信用债发行规模环比增长，各品种 发行金额均环比增加；信用债净 ...