渤海证券认为，当前工程机械下游需求增长逻辑清晰，一是雅下水电站、城市更新行动等下游开工端利 好将持续带动工程机械需求，二是全球主要地区关税扰动逐步减弱，国产工程机械性价比优势将进一步 凸显。未来随着大规模设备更新政策的持续深化，行业景气度有望持续回暖。 中国工程机械工业协会根据海关数据整理显示，2025年9月我国工程机械进出口贸易额为55.05亿美元， 同比增长29.1%，其中进口额为2.34亿美元，同比增长18.5%；出口额为52.71亿美元，同比增长29.6%。 浙商证券认为，考虑到我国工程机械主机厂海外市占率提升，我国工程机械出口正增长趋势有望延续。 国内周期筑底上行主要受益于农林、市政需求驱动小微挖需求增长，我国主机厂在矿山机械领域持续突 破及水利需求带来的大挖及超大挖需求，以及国内更新需求逐步启动等因素。 ...

Market Overview - The Shanghai Composite Index rose by 0.86% to close at 3403.95 points, with a daily high of 3417.31 points [1] - The Shenzhen Component Index increased by 0.64% to close at 10354.22 points, reaching a high of 10418.44 points [1] - The ChiNext Index saw a rise of 1.01%, closing at 2083.14 points, with a peak of 2103.37 points [1] ETF Market Performance - The median return for stock ETFs was 0.66%, with the highest return from the Fortune Growth Enterprise 50 ETF at 2.31% [2] - The highest performing industry ETF was the CCB CSI All Share Securities Company ETF, yielding 3.71% [2] - The top thematic ETF was the Dachen CSI Engineering Machinery Theme ETF, which achieved a return of 9.98% [2] ETF Performance Rankings - The top three ETFs by return were: - Dachen CSI Engineering Machinery Theme ETF (9.98%) - Huafu CSI Securities Company Pioneer Strategy ETF (4.61%) - E Fund CSI 300 Non-Bank Financial ETF (4.22%) [4][5] - The ETFs with the largest declines included: - Guotai CSI Photovoltaic Industry ETF (-1.35%) - Huaan CSI Photovoltaic Industry ETF (-1.27%) - Ping An CSI Photovoltaic Industry ETF (-1.23%) [4][5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai Baichuan CSI 300 ETF (inflow of 761 million yuan) - Southern CSI 500 ETF (inflow of 581 million yuan) - Huaxia CSI A500 ETF (inflow of 458 million yuan) [6][7] - The ETFs with the largest outflows included: - Huabao CSI All Share Securities Company ETF (outflow of 442 million yuan) - Huatai CSI Dividend ETF (outflow of 401 million yuan) - Fortune CSI Composite Index ETF (outflow of 191 million yuan) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (563 million yuan) - Huatai Baichuan CSI 300 ETF (391 million yuan) - Guotai CSI All Share Securities Company ETF (378 million yuan) [8][9] - The highest margin selling amounts were for: - Huatai Baichuan CSI 300 ETF (33.976 million yuan) - Huaxia Shanghai Stock Exchange 50 ETF (20.749 million yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (4.698 million yuan) [8][9] Industry Insights - Guoyuan Securities is optimistic about the overall recovery of the engineering machinery industry, suggesting a focus on export chain targets with strong overseas production capabilities and diversified clients [10] - Huachuang Securities anticipates accelerated recovery in the industry due to increased project planning and special bond issuance, alongside rigid demand for equipment updates and regulatory interventions [10]