报告摘要 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025年11月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025年11月电动装载机销量2935台，同比增长192.0%；电动化率达到了25.7%，同比提升了14.1个百 分点。2025年1-11月电动装载机销量27049台，同比增长160.9%；电动化率达到了23.4%，同比提升 了12.9个百分点。中央经济工作会议指出2026年要深入推进重点行业节能降碳改造。我们认为绿色化、 电动化是工程机械行业未来的重点发展方向之一，国内厂商借电动化东风不断超车，工程机械电动化进程 有望加速推进，带来主机厂营收利润的进一步提升。 雅下水电工程开工有望带动工程机械需求提升 7月19日，雅鲁藏布江下游水电工程（以下简称雅下水电工程）开 ...

近日，亿纬锂能与杭叉集团2025年战略研讨会暨战略合作协议签约仪式在杭州举行。亿纬锂能副总裁、商用车电池产品线总裁江吉兵博士，亿纬锂能商用 车电池产品线国内销售部总经理井振江，杭叉集团董事、副总经理兼杭叉电器董事长金华曙，杭叉集团董事单根生，杭叉集团总经理助理、杭叉电器总经 理李明辉出席仪式。 双方围绕"技术共研、产能共建、场景共创"三大维度深化合作关系，促进资源共享、优势互补，实现互惠共赢、共同发展。 近日，亿纬锂能与杭叉集团2025年战略研讨会暨战略合作协议签约仪式在杭州举行。亿纬锂能副总裁、商用车电池产品线总裁江吉兵博士，亿纬锂能商用 车电池产品线国内销售部总经理井振江，杭叉集团董事、副总经理兼杭叉电器董事长金华曙，杭叉集团董事单根生，杭叉集团总经理助理、杭叉电器总经 理李明辉出席仪式。 双方围绕"技术共研、产能共建、场景共创"三大维度深化合作关系，促进资源共享、优势互补，实现互惠共赢、共同发展。 作为合作三年的"黄金伙伴"，杭叉集团与亿纬锂能的合作已超越简单供需关系。杭叉集团有近70年发展历程，构建了1～48吨平衡重式叉车、AGV车辆、 高空作业平台等全系列产品体系，是制造业单项冠军标杆。亿纬锂能则以 ...

Core Viewpoint - The strategic partnership between EVE Energy and Hangcha Group has been upgraded to focus on "ecological symbiosis," aiming to lead the electrification of construction machinery [1][3]. Group 1: Partnership Details - EVE Energy and Hangcha Group have been collaborating for three years and are now deepening their cooperation in three dimensions: "joint technology research, capacity co-construction, and scenario co-creation" [1]. - The partnership aims to integrate advanced battery technology with intelligent equipment to provide higher value green logistics solutions for global customers [3]. Group 2: Industry Context - Hangcha Group is a leading manufacturer with nearly 70 years of history, offering a full range of forklifts and intelligent logistics equipment [2]. - EVE Energy has empowered over 100,000 units of new energy construction machinery with its next-generation open-source battery technology, widely used in critical scenarios such as ports, mines, and warehouses [3]. Group 3: Future Directions - The collaboration will focus on four key areas to promote the electrification of construction machinery vehicles in China, representing a significant step in the transformation of the manufacturing industry towards efficiency, sustainability, and intelligence [3].

Group 1 - The core viewpoint of the article highlights the strategic partnership between EVE Energy and Hangcha Group, focusing on deepening cooperation in technology research, capacity building, and scenario creation to achieve mutual benefits and shared development [2][3] - EVE Energy's commercial vehicle batteries have been supplied to over 100,000 units of Hangcha's new energy engineering machinery, which are widely used in critical scenarios such as ports, mines, and warehouses [2] - The collaboration is evolving from a simple supply relationship to an "ecological symbiosis," emphasizing deep collaboration in warehousing logistics, technological iteration, overseas expansion, and quality upgrades [3] Group 2 - The strategic upgrade of the partnership is seen as a crucial step for both companies, representing a practical example of the transformation of China's manufacturing industry towards efficiency, sustainability, and intelligence [3] - The partnership aims to leverage EVE Energy's open-source battery technology and Hangcha Group's application experience to reshape the global value of commercial vehicle capacity and outline a global blueprint for the electrification of China's engineering machinery vehicles [3]

积极财政政策拉动基建投资，工程机械中期需求持续复苏有保障 2025年12月10日-11日，中央经济工作会议在北京举行。会议指出，2026年要继续实施更加积极的财政 政策，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构，规范税收 优惠、财政补贴政策。会议还指出要推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两 重"项目，优化地方政府专项债券用途管理，继续发挥新型政策性金融工具作用，有效激发民间投资活 力。积极的财政政策有望对明年的基建投资起到拉动作用，进而带动下游设备需求。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025年11月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025年11月我国挖掘机（含出口）销量20027台 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - Domestic demand for excavators continues to grow, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units, up 9.1% year-on-year. For the first 11 months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% increase, with domestic sales at 108,187 units, up 18.6% [3][4]. - The report highlights a significant recovery in non-excavator machinery categories, with loader sales in November 2025 increasing by 29.4%, motor grader sales up 24.7%, and truck crane sales rising by 25.8% [3][4]. - The ongoing replacement cycle in the machinery sector is expected to drive sales growth, with an estimated compound annual growth rate of around 30% for replacement demand in the coming years [4]. - Positive fiscal policies are anticipated to stimulate infrastructure investment, ensuring sustained mid-term demand for machinery [5]. - Export performance remains strong, with excavator exports in November 2025 reaching 10,185 units, a year-on-year increase of 18.8%, and total export value for the first 11 months of 2025 at $53.76 billion, up 12.4% [6]. - The electric loader segment shows remarkable growth, with sales in November 2025 reaching 2,935 units, a 192.0% increase year-on-year, and an electricization rate of 25.7% [7]. - The commencement of the Yarlung Tsangpo River hydropower project is expected to further boost machinery demand, with projected equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Domestic Sales Performance - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units, marking a 9.1% increase year-on-year [3][14]. - Loader sales in November increased by 32.1%, with domestic sales up 29.4% [14]. Export Performance - Excavator exports in November 2025 totaled 10,185 units, reflecting an 18.8% year-on-year increase [6][14]. - The total export value for machinery in November was $5.23 billion, a 16.6% increase [6]. Future Growth Drivers - The report emphasizes the importance of ongoing fiscal policies to support infrastructure investment, which is expected to drive machinery demand [5]. - The electricization trend in machinery is highlighted, with significant growth in electric loader sales and an increasing electricization rate [7]. Key Companies Recommended - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, as well as component manufacturers like Hengli Hydraulic [10].

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 over the next six months [5]. Core Insights - The report highlights a positive trend in the sales of excavators and loaders, with November 2025 showing a year-on-year increase in excavator sales by 13.9% and loader sales by 32.1% [4]. - Domestic sales of excavators and loaders are recovering strongly, supported by government policies and major infrastructure projects [4]. - The report suggests that the engineering machinery industry will continue to recover throughout the year, with a focus on companies with strong brand recognition and efficient cost management [4]. Summary by Sections Excavator Sales - In November 2025, a total of 20,027 excavators were sold, with domestic sales at 9,824 units (up 9.11% year-on-year) and export sales at 10,185 units (up 18.8% year-on-year) [4]. - From January to November 2025, total excavator sales reached 212,162 units, a 16.7% increase year-on-year, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [4]. Loader Sales - In November 2025, 11,419 loaders were sold, marking a 32.1% year-on-year increase, with domestic sales at 5,671 units (up 29.4%) and export sales at 5,748 units (up 34.8%) [4]. - For the period from January to November 2025, loader sales totaled 115,831 units, reflecting a 17.2% year-on-year increase, with domestic sales at 61,039 units (up 22.5%) and exports at 54,792 units (up 14.9%) [4]. Market Trends - The report notes a strong recovery in domestic demand for excavators, driven by government initiatives and infrastructure projects, while export growth is also robust, particularly in emerging markets [4]. - The electric loader market is expanding, with 2,935 electric loaders sold in November 2025, achieving a penetration rate of 25.70% [4]. Company Focus - The report emphasizes the importance of companies like SANY Heavy Industry, which is expanding its global footprint with a new production base in South Africa, enhancing its capacity to serve the African market [4]. - It recommends focusing on leading companies with strong R&D capabilities and efficient cost structures, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [4].

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [36]. Core Insights - In November 2025, excavator sales reached 20,027 units, representing a year-on-year increase of 13.85% and a month-on-month increase of 10.67%. Domestic sales accounted for 9,842 units, with a year-on-year growth of 9.11% and a month-on-month growth of 16.23% [3]. - Loader sales in November 2025 totaled 11,419 units, showing a year-on-year increase of 32.07% and a month-on-month increase of 6.99%. Domestic sales were 5,671 units, with a year-on-year growth of 29.39% [4]. - The report highlights a significant recovery in demand for excavators in Europe and North America, with both domestic and export sales showing positive trends [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations in Europe and North America, with a projected market for electric construction machinery expected to grow significantly [6]. Summary by Sections Excavator Sales - In November 2025, excavator sales were 20,027 units, with domestic sales at 9,842 units and export sales at 10,185 units, the latter accounting for 50.86% of total sales. Year-to-date sales from January to November reached 212,162 units, a 16.73% increase year-on-year [3]. Loader Sales - Loader sales in November 2025 were 11,419 units, with domestic sales of 5,671 units and export sales of 5,748 units. Year-to-date loader sales reached 115,831 units, reflecting a year-on-year increase of 17.24% [4]. Market Trends - The report notes that while domestic demand in real estate remains weak, there are signs of recovery in the mining sector and infrastructure investments, which could lead to a new growth cycle for the engineering machinery industry [5]. - The report also mentions that the export trade value of engineering machinery products was $4.668 billion in October, with a year-on-year growth of 1.30% [5]. Technological Development - The report stresses the importance of electric and intelligent machinery in the industry, with significant growth potential in the electric machinery market, particularly in light of upcoming regulations in Europe [6].

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].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [50]. Core Insights - The mechanical equipment industry has experienced a decline of 1.75% in the past two weeks, underperforming the CSI 300 index by 1.58 percentage points, ranking 27th among 31 industries [2][13]. - Year-to-date, the mechanical equipment sector has increased by 33.14%, outperforming the CSI 300 index by 13.65 percentage points, ranking 7th among 31 industries [13][27]. - The report highlights the ongoing technological innovations leading to industry upgrades, particularly in the electrification and dexterous hand segments of engineering machinery [4][46]. Summary by Sections Market Review - As of November 13, 2025, the mechanical equipment sector has seen a 1.75% decline in the last two weeks, with the general equipment sector showing the highest increase of 0.40% among its sub-sectors [2][21]. - The top three performing stocks in the mechanical equipment sector over the past two weeks are Huafeng Co., World Co., and Jikai Co., with increases of 46.59%, 40.02%, and 36.22% respectively [20][22]. Valuation - The current PE TTM for the mechanical equipment sector is 31.51 times, with sub-sectors showing varied valuations: General Equipment at 43.79 times, Specialized Equipment at 31.81 times, and Automation Equipment at 49.06 times [3][25]. Industry News - The report notes that the demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [5][46]. - Exports of engineering machinery products have shown significant growth, with a year-on-year increase of 29.78% in September [5][46]. Company Announcements - The report suggests focusing on companies like Huichuan Technology and Green Harmonic, which are positioned well in the market due to their strong competitive advantages and growth potential [44][47].