| | | | 2025年中国电动挖掘机市场情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | < 6t | 6~10t | 10~18.5t | 18.5~28.5t | 28.5~40t | > 40t | 总计 | | 2025-12 | 11 | 7 | 2 | а | । | - J | 39 | | 2025-11 | 5 | 2 | T | 11 | | | лә | | 2025-10 | | J | 1 | 9 | | 5 | 16 | | 2025-09 | 5 | 17 | | | 1 | 8 | 31 | | 2025-08 | 6 | 3 | 2 | 14 | 2 | 4 | 31 | | 2025-07 | 2 | 1 | | 4 | 2 | | 9 | | 2025-06 | 11 | | 4 | 12 | | | 27 | | 2025-05 | 13 | | 2 | 16 | | 5 | 36 | | 2025-04 | T | | 2 | 18 | 1 | 3 | 25 | | 2025 ...

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12月销售各类装载机12236台，同比增长30%。其中国内销量5291台，同比增长17.6%；出 口量6945台，同比增长41.5%。 | | | 2025年12月 中国装载机市场概况 | | | --- | --- | --- | --- | | | 国内 | 문 | 合计 | | 当期销量 | 5 291 | 6 945 | 12 236 | | 同比涨幅 | 17.6% | 41.5% | 30% | | 累计销量 | 66 330 | 61 737 | 128 067 | | 同比涨幅 | 22.1% | 14.6% | 18.4% | 2025年，共销售各类装载机128067台，同比增长18.4%。其中国内销量66330台，同比增长22.1%；出口量61737台，同比增长14.6%。 | | | | | | 2025年中国电动装载机市场情况 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | < 3吨 | ...

据中国工程机械工业协会统计： 2025年工程机械主要产品平均工作时长为926小时，同比下降6.15%。其中：挖掘机815小时；装载机1088 小时；汽车起重机1228小时；履带起重机1056小时；塔式起重机550小时；压路机390小时；摊铺机461小时； 旋挖钻机812小时；非公路矿用自卸车1716小时；混凝土泵车484小时；混凝土搅拌车724小时；叉车1116小 时。 2025年工程机械主要产品开工率为55.4%，同比下降5.77个百分点。其中：挖掘机56.9%；装载机57.2%； 汽车起重机71%；履带起重机57.7%；塔式起重机38.1%；压路机42.1%；摊铺机50.7%；旋挖钻机43%；非公路 矿用自卸车43.9%；混凝土泵车35.7%；混凝土搅拌车31.5%；叉车57.5%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 ◆ 2025年11月工程机械主要产品月平均工作时长为84.2小时，同比下降13% ◆ 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03% ◆ 2025年9月工程机械主要产品月平均工作时长为78.1小时，同比下降13.3% ◆ 2025 ...

据中国工程机械工业协会统计： 2025年12月工程机械主要产品月平均工作时长为76.5小时，同比下降18.6%，环比下降9.19%。其中：挖 掘机69.3小时；装载机80.4小时；汽车起重机93.8小时；履带起重机94.7小时；塔式起重机43.9小时；压路机 24.9小时；摊铺机35.9小时；旋挖钻机72.4小时；非公路矿用自卸车154小时；混凝土泵车39.5小时；混凝土搅 拌车53.8小时；叉车110小时。 2025年12月工程机械主要产品月开工率为51.8%，同比下降12.5个百分点，环比下降4.72个百分点。其 中：挖掘机52.6%；装载机46.5%；汽车起重机67.2%；履带起重机56.9%；塔式起重机39.3%；压路机38.1%； 摊铺机56.3%；旋挖钻机41.7%；非公路矿用自卸车41.8%；混凝土泵车34.7%；混凝土搅拌车26.5%；叉车 66.2%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 ◆ 2025年11月工程机械主要产品月平均工作时长为84.2小时，同比下降13% ◆ 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03% ◆ 2025 ...

中国机电产品进出口商会 CHAR China Chunder at Continue for Import and 2025年11月 中 国 机 电 产 品 外 贸 数 据 看 板 中国机电产品进出口商会 工程农业机械分会 中国机电产品进出口商会 1-11月中国工程机械设备及零部件进出口看板 China Chanber of Contineree for Import and 被抓实派;边外交警 累计出口部 累计同比 | 当月出口额 当月同比 累计进出口罩 | 累计同比 留易年份 出口主要国别/地区市场情况 1-11月我国工程机械设备及家部件进出 5380772. 75 523827. 71 | 5624327, 93 12. 50 16, 88 11. 89 5137217. 56 0总额562.4亿美元,进出口全额同比增长 快3官方 107 2025年1-11月工程机械出口月度情况 11. 9%。其中：出口538. 1亿美元，同比增长 12. 5%:进口24. 4亿美元，与上年同期持平 万美大 :贸易顺差513,7亿美元。 1-11月我国工程机械累计出口编剧 十六大香 比较长12.5%，11月当月出口镇同 ...

Core Viewpoint - The establishment of the Xiang-Qiong Advanced Manufacturing Industrial Park marks a significant step in cross-regional collaboration between Hunan and Hainan, focusing on the remanufacturing and modification of heavy engineering machinery to promote resource recycling [1][5]. Group 1: Industrial Development - The Xiang-Qiong Industrial Park officially commenced operations on December 23, with a focus on remanufacturing and modifying heavy engineering machinery [1]. - The park aims to leverage the industrial advantages of both provinces and provide continuous support for companies expanding into overseas markets [5]. Group 2: Tax Incentives and Orders - SANY Group is benefiting from Hainan's free trade port tax incentives, including a 15% corporate income tax reduction, which has already resulted in receiving an order worth 100 million from Southeast Asia and Africa on the first day of operation [3]. Group 3: Industry Trends - The engineering machinery industry is showing signs of recovery, with expectations of improved performance as it transitions into the "National IV" era starting December 1 [6]. - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70%, indicating a potential turning point for the excavator industry [7].

Company Overview - Tao Jiajin, born in May 1973, is currently the Deputy Secretary of the Party Committee, Vice Chairman, and General Manager of Taiyuan Heavy Industry Group (THIG), and is proposed for further use [1] - Tao has held various positions in state-owned enterprises in Shanxi, including roles in Taiyuan Iron and Steel Group and Shanxi Cloud Era Technology Co., Ltd. [1] - THIG, established in 1950, is recognized as the first heavy machinery manufacturing enterprise designed and built independently by New China, contributing significantly to the national economy [2] Corporate Leadership Changes - Han Zhentang, the current Party Secretary and Chairman of THIG, is 60 years old and has reached retirement age [2] - In May of this year, Tao Jiajin succeeded Han Zhentang as the Chairman of Taiyuan Heavy Industry Co., Ltd., the only publicly listed company under THIG [1][4] Industry Insights - The engineering machinery industry is showing signs of recovery, with improved operating rates expected in February [5][11] - Domestic demand is anticipated to strengthen, with a notable increase in exports exceeding 70% this year, despite a 13-month decline in domestic sales [6][11] - The industry is transitioning to the "National IV" emission standards starting December 1 [6] Market Dynamics - The engineering machinery sector is expected to experience a "warming" trend, with credit conditions improving in January [11] - Experts are discussing the industry's development and the push for new energy solutions in construction machinery and commercial vehicles [11]

Core Viewpoint - The engineering machinery industry in China is expected to continue its recovery throughout the year, driven by large-scale equipment renewal policies, real estate financial policies, and significant water conservancy projects. Domestic demand is rebounding, while companies are expanding their overseas presence and establishing local production capabilities, leading to increased market penetration [1]. Group 1: Excavator Sales - In November 2025, a total of 20,027 excavators were sold, representing a year-on-year increase of 13.9%, with domestic sales of 9,824 units (up 9.11%) and export sales of 10,185 units (up 18.8%) [1]. - From January to November 2025, a total of 212,162 excavators were sold, marking a 16.7% year-on-year increase, with domestic sales of 108,187 units (up 18.6%) and export sales of 103,975 units (up 14.9%) [1]. Group 2: Loader Sales - In November 2025, 11,419 loaders were sold, reflecting a year-on-year increase of 32.1%, with domestic sales of 5,671 units (up 29.4%) and export sales of 5,748 units (up 34.8%) [2]. - From January to November 2025, a total of 115,831 loaders were sold, showing a 17.2% year-on-year increase, with domestic sales of 61,039 units (up 22.5%) and export sales of 54,792 units (up 14.9%) [2]. Group 3: Domestic and International Market Trends - The domestic excavator market is experiencing a strong recovery, with a 16.7% year-on-year increase in sales from January to November 2025. The growth in November was 9.11%, influenced by high sales figures in the previous year and seasonal weather impacts [3]. - The export of excavators has also shown positive trends, with a 14.9% year-on-year increase from January to November 2025, and an 18.8% increase in November alone. The total export value of engineering machinery reached $48.526 billion from January to October 2025, up 12% year-on-year [4]. Group 4: Electric Loader Sales - In November 2025, 2,935 electric loaders were sold, achieving a penetration rate of 25.70%. The growth in electric loader sales is attributed to expanding applications and market recognition of their economic benefits [5]. Group 5: Company Developments - SANY Group's South Africa industrial park was completed in November 2025, which will produce 1,000 excavators annually and enhance the company's global presence. SANY has already sold over $3 billion worth of equipment in Africa, establishing a comprehensive service network across the continent [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 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].

Core Viewpoint - The article highlights the growth in China's engineering machinery import and export trade, with a significant increase in exports while imports have declined, indicating a potential recovery in the industry [1][2]. Trade Data Summary - In November 2025, China's engineering machinery trade amounted to $5.4 billion, a year-on-year increase of 15.4%. Exports reached $5.23 billion, up 16.6%, while imports were $1.7 billion, down 11.9% [1][2]. - Cumulatively, from January to November 2025, the total trade value was $56.118 billion, reflecting an 11.8% year-on-year growth. Exports totaled $53.756 billion, a 12.4% increase, while imports were $2.362 billion, a slight decline of 0.28% [2]. Monthly Trade Trends - Monthly trade data shows fluctuations in both imports and exports throughout 2025, with notable increases in exports in several months, particularly in September (29.1% increase) and November (16.6% increase) [2]. - Import values have shown a downward trend in several months, with the most significant drop occurring in October (24.2% decrease) [2]. Industry Insights - The engineering machinery industry is showing signs of recovery, with performance improvements and expectations of a positive shift in market conditions [5]. - The transition to "National IV" emission standards starting December 1 is expected to impact the industry positively [5]. - Domestic sales have been declining for 13 consecutive months, but exports have surged by over 70%, raising questions about the future of the excavator sector [5]. Market Dynamics - Improved construction rates in February and a strong start to credit in January suggest a potential rebound in domestic demand for engineering machinery [12]. - Experts are optimistic about the industry's future, with discussions on supporting the transition to new energy in engineering machinery and commercial vehicles [12].