Core Viewpoint - Shantui Construction Machinery Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness, with the details still under discussion [1] Group 1: Company Overview - Shantui is a leading enterprise in the domestic bulldozer industry, engaged in the research, development, manufacturing, sales, leasing, maintenance, and technical consulting of construction machinery, mining machinery, and agricultural machinery [1] - The company has seen significant growth in its overseas business, with 57.41% of its main business revenue coming from overseas exports in 2024 [2] Group 2: Market Dynamics - The company is restructuring its "9+2" overseas marketing network, which has expanded its marketing, technical, and service personnel, enhancing its revenue structure and risk resistance [2] - The engineering machinery industry is showing signs of recovery, with expectations of improved demand and performance in the coming periods [6]

Core Viewpoint - The "Excavator Index" released by CCTV Finance indicates a steady advancement in infrastructure construction in China, with significant activity in road construction and port equipment in the western regions [1]. Group 1: Infrastructure Construction Trends - In April, the comprehensive construction rate in various provinces showed significant growth, with Anhui leading at 71.31% [2]. - A total of 15 provinces experienced a month-on-month increase in construction rates, with six provinces, including Heilongjiang and Qinghai, seeing growth exceeding 10% [2]. Group 2: Equipment Performance - The road construction equipment saw a month-on-month increase of 7.20% in April, with specific equipment like pavers and rollers showing growth rates of 11.05% and 5.59% respectively [3]. - The western region's port equipment operating rate reached 43.04%, marking a month-on-month increase of 1.34%, reflecting the region's growing importance in international trade [4]. Group 3: Regional Highlights - The Northeast region reported a comprehensive construction rate of 61.13%, with excavator and crane operating rates leading nationally at 69.25% and 73.08% respectively [5]. - The central region's construction rate was 55.62%, with pile-driving equipment operating at 42.77%, the highest in the country [7]. - The eastern region's comprehensive construction rate was 47.91%, with concrete equipment leading at 47.20% [8].

Core Viewpoint - The article highlights the recovery trend in China's construction machinery industry, with significant growth in export figures and a slight decline in imports, indicating a potential shift in market dynamics [1][2][3]. Trade Data Summary - In April 2025, China's construction machinery import and export trade amounted to $5.377 billion, a year-on-year increase of 12%, with imports at $226 million (down 2.2%) and exports at $5.152 billion (up 12.7%) [1]. - In March 2025, the trade total was $5.167 billion, a 7.53% year-on-year increase, with imports at $255 million (down 5.85%) and exports at $4.912 billion (up 8.33%) [1]. - For January to April 2025, the total trade was $18.947 billion, up 8.51% year-on-year, with imports totaling $877 million (down 0.86%) and exports at $18.07 billion (up 9.01%) [1]. Export Performance - In April 2025, the export value in RMB was 36.966 billion, reflecting a 13.6% year-on-year increase, while the cumulative export value from January to April was 129.738 billion, up 10.3% [1]. - March 2025 saw an export value of 35.231 billion, a 9.51% increase year-on-year, with the first quarter's total at 92.787 billion, up 8.99% [2]. Industry Insights - The construction machinery industry is showing signs of recovery, with improved operating rates in February and expectations of a warmer market environment [3][6]. - The domestic demand for construction machinery has been anticipated to strengthen, supported by a positive outlook on credit and market conditions [6].

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]

Core Viewpoint - The company has established a qualified board of directors and supervisory board, ensuring compliance with relevant regulations and enhancing governance structure [1][3][4]. Board of Directors - The tenth board of directors consists of members who meet the qualifications for serving on a listed company board, with no penalties or restrictions from regulatory bodies [1]. - The board includes various specialized committees: Strategy and ESG Committee, Compensation and Assessment Committee, Audit Committee, Nomination Committee, and Compliance Management Committee, with independent directors holding a majority in key committees [2]. Supervisory Board - The tenth supervisory board is composed of three members, including a chairperson and representatives from both non-employee and employee sectors, ensuring a balanced representation [3][4]. - The employee representative on the supervisory board constitutes no less than one-third of its members, adhering to legal requirements [4]. Senior Management - The company has appointed senior management personnel, including the president and several vice presidents, with a term of three years starting from the first meeting of the tenth board [5]. - The board secretary and securities affairs representative have the necessary qualifications and experience, complying with regulatory standards [5]. Industry Insights - The engineering machinery industry is showing signs of recovery, with expectations of improved performance and demand [8][9]. - The industry is transitioning to "National IV" standards starting December 1, indicating regulatory changes that may impact operations [8]. - Domestic demand is anticipated to strengthen, with a notable increase in exports, suggesting a potential turnaround for the excavator sector [9].

Excavator Market - In April 2025, a total of 22,142 excavators were sold, representing a year-on-year increase of 17.6%. Domestic sales accounted for 12,547 units, up 16.4%, while exports reached 9,595 units, up 19.3% [2] - From January to April 2025, a total of 83,514 excavators were sold, marking a year-on-year growth of 21.4%. Domestic sales were 49,109 units, up 31.9%, and exports were 34,405 units, up 9.02% [2] Loader Market - In April 2025, 11,653 loaders were sold, with a year-on-year increase of 19.2%. Domestic sales were 7,191 units, up 35.4%, while exports were 4,462 units, showing a slight decline of 0.18% [3][4] - From January to April 2025, a total of 42,220 loaders were sold, reflecting a year-on-year growth of 16%. Domestic sales were 23,570 units, up 27.8%, and exports were 18,650 units, up 3.87% [3][4] Grader Market - In April 2025, 756 graders were sold, representing a year-on-year increase of 21.5%. Domestic sales were 140 units, up 42.9%, and exports were 616 units, up 17.6% [5] Crane Market - In April 2025, 2,082 truck cranes were sold, showing a year-on-year decline of 3.48%. Domestic sales were 1,250 units, down 3.4%, and exports were 832 units, down 3.59% [6] - For crawler cranes, 280 units were sold in April 2025, marking a year-on-year increase of 2.94%. Domestic sales were 99 units, down 6.6%, while exports were 181 units, up 9.04% [8] - In April 2025, 2,142 truck-mounted cranes were sold, down 14.5% year-on-year. Domestic sales were 1,732 units, down 17.6%, and exports were 410 units, up 2.24% [10] - For tower cranes, 482 units were sold in April 2025, down 42.1% year-on-year. Domestic sales were 266 units, down 61.3%, while exports were 216 units, up 49% [12] Industrial Vehicle Market - In April 2025, 130,109 forklifts were sold, reflecting a year-on-year increase of 5.03%. Domestic sales were 84,317 units, down 0.89%, and exports were 45,792 units, up 18% [13] - A total of 1,713 rollers were sold in April 2025, marking a year-on-year increase of 36.2%. Domestic sales were 641 units, up 1.1%, and exports were 1,072 units, up 71.8% [14] - In April 2025, 200 pavers were sold, representing a year-on-year increase of 51.5%. Domestic sales were 150 units, up 54.6%, and exports were 50 units, up 42.9% [15] Aerial Work Platform Market - In April 2025, 14,635 aerial work platforms were sold, down 49.7% year-on-year. Domestic sales were 6,169 units, down 62.2%, and exports were 8,466 units, down 33.6% [17] - For high-altitude work vehicles, 343 units were sold in April 2025, marking a year-on-year increase of 49.1%. Domestic sales were 297 units, up 39.4%, and exports were 46 units, up 171% [18]

工程机械 行业持续回暖，4月挖掘机销量同比增长17.6%。 据中国工程机械工业协会统计，2025年4月，挖掘机主要制造企业共销售挖掘机22142台，同比增长 17.6%。其中国内销量12547台，同比增长16.4%；出口量9595台，同比增长19.3%。销售电动挖掘机25 台。 2025年前4个月，挖掘机主要制造企业共销售挖掘机83514台，同比增长21.4%；其中国内销量49109台， 同比增长31.9%；出口34405台，同比增长9.02%。 4月，挖掘机国内销量增速放缓，同比增幅较上月收窄了12.1个百分点；出口量大幅增长，同比增幅创2023 年5月以来新高，较上月扩大了16.43个百分点。 当月，反映 工程建设 热度的工程机械开工时长同比增长。 据中国工程机械工业协会统计，4月，工程机械主要产品月平均工作时长为90.1小时，同比增长3.2%；月开 工率为62%，同比下降4.29个百分点。 挖掘机被视为反映国民经济的"晴雨表"，其景气度主要受下游房地产、基建、出口等需求变化以及自身设备 更新周期等因素影响。今年以来，挖掘机销量的持续回升，释放出中国工程机械行业逐渐复苏、内需反弹的积 极信号。 基建方面， ...

Core Viewpoint - The article discusses the leadership transition at SANY Group, with Mr. Tang Xiuguo appointed as the chairman from May 16, 2025, to May 15, 2026, emphasizing adherence to the company's core values and operational standards [1]. Group Leadership - Mr. Tang Xiuguo will serve as the chairman of SANY Group, responsible for daily operations and ensuring compliance with the company's cultural values [1]. Industry Insights - The article highlights the recovery in the construction machinery industry, indicating a potential turnaround with improved performance metrics [3]. - The transition to "National IV" emissions standards for construction machinery is set to begin on December 1, 2025, which may impact industry dynamics [3]. - Domestic sales have seen a continuous decline for 13 months, while exports have surged over 70%, raising questions about the future of the excavator industry [3]. - February's construction activity showed improvement, leading to optimistic expectations for the construction machinery sector [3]. Market Data - The article includes sales data for excavators and loaders, indicating trends and performance metrics for 2023 and 2024 [4]. - It also mentions the operating hours of Komatsu machinery, which can serve as an indicator of market demand and activity levels [5]. Expert Opinions - Industry experts discuss the current development trends in the construction machinery sector and the push for new energy solutions in machinery and commercial vehicles [6].

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, with expectations of domestic and international demand recovery [6][31]. Core Insights - The engineering machinery industry is expected to benefit from a domestic demand recovery that exceeds expectations, leading to a resonance between domestic and international markets [6][31]. - The excavator segment is showing signs of recovery, while other machinery types are stabilizing, indicating a potential for overall industry growth [6][31]. - The report highlights significant improvements in profitability, with a projected year-on-year increase in net profit of 26% for 2024 and 41% for Q1 2025 [13][16]. Summary by Sections Industry Overview - The engineering machinery sector is experiencing a recovery phase, with excavators leading the way in sales growth [6][31]. - The report notes that the domestic excavator sales for 2024 are expected to reach 101,000 units, reflecting a year-on-year increase of 11.7% [12]. Financial Performance - The total revenue for the engineering machinery sector is projected to increase by 3% in 2024 and 11% in Q1 2025, driven by domestic demand and export recovery [12][9]. - The net profit for the sector is expected to rise significantly, with major companies like SANY Heavy Industry and Zoomlion showing strong profit growth [16][14]. Company Analysis - SANY Heavy Industry, XCMG, and LiuGong are identified as leading companies in the excavator market, with SANY's revenue growth outpacing the industry average [12][40]. - The report provides detailed financial metrics for 13 listed companies in the engineering machinery sector, highlighting their market capitalization, revenue, and profit margins [4][12]. Market Dynamics - The report discusses the cyclical nature of the industry, indicating that the bottom of the cycle has been reached and a replacement cycle is underway [32][35]. - It emphasizes the importance of cost control and efficiency improvements among leading companies, which have contributed to enhanced profitability [22][27]. Export Market - The global excavator market is projected to recover as interest rates decline, with emerging markets showing strong demand for mid to large-sized excavators [43][44]. - The report notes that exports to new markets are performing well, particularly in Southeast Asia and Latin America, which are expected to drive future growth [44].

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4月销售各类挖掘机22142台，同比增长17.6%。其中国内销量12547台，同比增长16.4%；出口量9595 台，同比增长19.3%。 | | | 2025年4月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 그 | 合计 | | 当期销量 | 12 547 | ର ୧୨୮ | 22 142 | | 去年同期 | 10 782 | 8 040 | 18 822 | | 同比涨幅 | 16.4% | 19.3% | 17.6% | | 累计销量 | 49 109 | 34 405 | 83 514 | | 去年同期 | 37 228 | 31 558 | 68 786 | | 同比涨幅 | 31.9% | | 9.02%◎ 公众号·工程机械杂志 | 2025年1—4月，共销售挖掘机83514台，同比增长21.4%；其中国内销量49109台，同比增长31.9%；出口34405台，同比增长9.02%。 2025年4月销售电动挖掘机25台（6吨以下1台，10至18.5吨级2台，18.5至28.5吨级1 ...