Core Insights - The mechanical equipment industry experienced a 5.3% increase from October 20 to October 24, 2025, ranking 4th among 31 primary industries [2][3] - Sub-sectors such as specialized equipment (+6.1%), general equipment (+5.97%), and automation equipment (+5.69%) showed strong performance, indicating a positive trend in the industry [2][3] Industry Performance - The overall mechanical equipment sector recorded an increase, with specialized and general equipment performing particularly well [2][3] - The engineering machinery import and export trade in September reached $5.505 billion, a year-on-year increase of 29.1%, with exports contributing significantly to this growth [3] Market Trends - The upcoming Asia International Logistics Technology and Transportation Systems Exhibition will focus on smart equipment upgrades and low-carbon technologies, which are expected to positively impact the forklift sector [4] - The forklift industry is seeing significant sales growth, driven by a low base effect from the previous year, and is expected to maintain this growth trajectory [4] Investment Opportunities - Recommendations include focusing on companies with strong performance support, such as XCMG Machinery and SANY Heavy Industry in the engineering machinery sector [3] - In the semiconductor equipment sector, domestic companies are expected to benefit from increased demand due to local production expansion plans [5] - The industrial robot sector saw a 28.3% increase in production in September, indicating potential investment opportunities as the industry may be on the verge of recovery [5]

Core Insights - The forklift industry is experiencing significant growth, with both domestic and export sales showing double-digit year-on-year increases from January to September 2025, driven by a low base effect in the second half of 2024 [1] - The logistics sector is identified as an ideal application for intelligent robotics, with ample opportunities for forklift usage [1] - The industry is undergoing a transformation towards automation and intelligence, with the rise of unmanned forklifts expected to enhance profitability as their penetration rate increases [1] - The fundamentals of the industry are strong, supported by electrification and globalization, which provide a solid foundation for the upgrade to intelligent systems [1] Sales Data Summary - In September 2025, a total of 130,380 forklifts were sold, representing a 23% year-on-year increase, with domestic sales of 81,119 units (up 29.3%) and exports of 49,261 units (up 13.9%) [1] - From January to September 2025, cumulative forklift sales reached 1,106,406 units, marking a 14% year-on-year increase, with domestic sales of 697,375 units (up 13.1%) and exports of 409,031 units (up 15.5%) [1] - Excluding electric walk-behind warehouse vehicles, 51,150 forklifts were sold in September 2025, reflecting an 18.2% year-on-year increase, with domestic sales of 31,910 units (up 15.7%) and exports of 19,240 units (up 22.7%) [2] - For the period from January to September 2025, a total of 451,048 forklifts (excluding electric walk-behind warehouse vehicles) were sold, showing a 5.99% year-on-year increase, with domestic sales of 298,148 units (up 3.32%) and exports of 152,900 units (up 11.6%) [2]

Investment Rating - The investment rating for the forklift industry is "Recommended (Maintain)" [5] Core Viewpoints - Forklift sales in June 2025 showed significant growth, with total sales reaching 137,570 units, a year-on-year increase of 23.1%. Domestic sales were 83,892 units, up 27.3%, while exports were 53,678 units, increasing by 17.2% [7] - Cumulative forklift sales from January to June 2025 totaled 739,334 units, reflecting an 11.7% year-on-year growth. Domestic sales accounted for 476,382 units, a 9.79% increase, and exports reached 262,952 units, up 15.2% [7] - The forklift industry is expected to benefit from a low base effect in the second half of 2024, leading to a sustained increase in domestic sales growth, which will positively impact valuations [7] - The advancement of artificial intelligence and automation technologies is driving the forklift industry towards smart and unmanned upgrades, with higher-priced unmanned forklifts expected to enhance industry profitability as penetration rates increase [7] - The overall valuation of the industry is currently low, providing a safety margin for investors [7] Summary by Relevant Sections - **Sales Data**: In June 2025, excluding electric walk-behind warehouse vehicles, 53,266 forklifts were sold, marking a 14.5% year-on-year increase. Domestic sales were 34,899 units, up 15.3%, and exports were 18,367 units, increasing by 13% [7] - **Investment Recommendations**: Companies to focus on include Anhui Heli, Hangcha Group, and Noli Forklift, which are expected to perform well in the current market environment [7][8]