智通财经APP获悉，太平洋证券发布研报称，国内市场挖机已于去年逐渐走出底部，今年上半年，国内 挖机共销售65637台，同比增长22.9%，整体继续向上，从月度趋势看，一季度高增38.3%，4月份同比 增长16.4%，5月略下滑1.5%，6月同比实现转正6.2%，7月增速进一步扩大至17.2%，淡季不淡，7月同 比增速超预期增长。继续看好工程机械板块，下半年国内有望继续取得不错表现、出口景气度也有望延 续，各主机厂业绩释放预期强。 太平洋证券主要观点如下： 7月挖机销售超预期，国内、出口均实现较高增速 工程机械工业协会发布7月挖机销售数据，2025年7月销售挖掘机17138台，同比增长25.2%，其中国内 销售7306台，同比增长17.2%(较上月同比增幅扩大11pct)，出口销售9832台，同比增长31.9%(较上月同 比增幅扩大超12pct，单月同比增幅为近两年最高)。 内销淡季不淡，看好下半年需求继续景气向上 国内市场挖机已于去年逐渐走出底部，今年上半年，国内挖机共销售65637台，同比增长22.9%，整体 继续向上，从月度趋势看，一季度高增38.3%，4月份同比增长16.4%，5月略下滑1.5%，6月同 ...

内销淡季不淡，看好下半年需求继续景气向上。国内市场挖机已于去年逐渐走出底部， 今年上半年，国内挖机共销售65637台，同比增长22.9%，整体继续向上，从月度趋势看， 一季度高增38.3%，4月份同比增长16.4%，5月略下滑1.5%，6月同比实现转正6.2%，7月增 速进一步扩大至17.2%，淡季不淡，7月同比增速超预期增长。展望下半年，我们认为随着 资金端逐步到位，雅鲁藏布江重大水利工程的开工，地产、基建端利好政策的推进，以及叠 加工程机械更新周期，行业在政策端带来需求好转及更新周期启动双重利好下，有望继续取 得不错表现。 出口销售同比增幅显著扩大，看好对主机厂利润端带来积极影响。出口销售从去年下半 年以来逐渐走出底部，今年上半年整体延续向上趋势，上半年出口共销售54883台，同比增 长10.2%，7月单月显著提速，为近两年单月同比增幅最高月份。从海关出口口径统计的下 游区域来看，今年以来，欧洲市场需求在边际好转，东南亚、中东、南美、非洲等区域月度 出口销售持续表现较好，整体看海外趋势向好。同时根据2024年报披露数据，工程机械主机 厂中三一、徐工、柳工、中联、山推海外毛利润占比分别为68.74%、51. ...

证券研究报告 | 2025年07月14日 工程机械行业跟踪点评 挖机 6 月内销同比转正，外销持续增长 |  行业研究·行业快评 | |  | 机械设备·工程机械 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 吴双 | 0755-81981362 | wushuang2@guosen.com.cn | 执证编码：S0980519120001 | | 证券分析师： | 年亚颂 | 0755-81981159 | nianyasong@guosen.com.cn | 执证编码：S0980523100002 | 事项： 挖掘机：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%。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 ...

Core Viewpoint - The engineering machinery sector shows strong sales performance in June 2025, indicating resilience in domestic demand and a positive outlook for the industry [3][4]. Group 1: Sales Performance - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3% [4]. - Domestic sales accounted for 8,136 units, with a year-on-year growth of 6.2%, while export sales reached 10,668 units, marking a 19.3% increase [4]. Group 2: Operational Metrics - The average working hours for major engineering machinery products in June were 77.2 hours, a decrease of 9.11% year-on-year [4]. - The monthly operating rate for major engineering machinery products was 56.9%, down 7.55 percentage points year-on-year [4]. Group 3: Market Outlook - The domestic market is experiencing a slowdown in operations due to the timing of fund availability, but the sales recovery in June suggests strong underlying demand [4]. - The industry is entering a renewal cycle, supported by favorable policies in real estate and infrastructure, which is expected to boost demand [4]. - Export sales continue to grow, with June marking the highest monthly sales volume since last year, driven by improving demand in Europe and strong performance in Southeast Asia, the Middle East, South America, and Africa [4]. - The overall outlook for the engineering machinery sector remains positive, with expectations of strong profit contributions from overseas markets [4].

Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]