Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

智通财经APP获悉，据港交所10月12日披露，三一重工股份有限公司(简称：三一重工)(600031.SH)通过港 交所主板上市聆讯，中信证券为其独家保荐人。按2020年至2024年核心工程机械产品的累计收入计算，三 一重工是全球第三大及中国最大的工程机械企业。 招股书显示，三一重工成立于1994年，是创新驱动的全球工程机械行业领军企业。自创立以来，三一重工 通过内生发展、战略收购以及合资合作的方式，从单一品类、单一国家运营，转型升级为多元化产品、全 球化运营的世界级工程机械行业领军企业。 三一重工拥有行业内领先的多元化产品矩阵，可满足客户不同类型的作业需求，覆盖挖掘机械、混凝土机 械、起重机械、桩工机械、路面机械等主要品类，以及自卸车、消防车等快速发展产品。公司为土方工 程、公共建筑、道路桥梁、机场跑道、楼宇建筑、采矿作业、能源开发、港口物流等各种场景提供量身定 制的产品及解决方案。 作为首批出海的中国工程机械企业，三一重工将全球化作为重要的发展战略之一，并在发展过程中贯彻实 施。自2002年完成首批产品出口以来，公司致力于推动向全球化企业的转型升级，持续完善全球布局，实 现经营、产品、服务、研发及制造的一体 ...