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]

报告中称，2025年10月18日，中国工程工业协会发布9月工程机械行业主要产品销售快报。据中国工程 机械工业协会对叉车主要制造企业统计，2025年9月当月销售各类叉车130380台，同比增长23%。其中 国内销量81119台，同比增长29.3%;出口量49261台，同比增长13.9%。1—9月叉车累计销量：2025年1-9 月，共销售叉车1106406台，同比增长14%;其中国内销量697375台，同比增长13.1%;出口409031台，同 比增长15.5%。 智通财经APP获悉，华龙证券发布研报称，叉车行业销量数据亮眼，内外销数据1-9月均实现同比两位 数增长，受益于2024下半年低基数效应，预计四季度增速具备持续性，对估值有提振作用;物流行业是 具身智能机器人的理想落地场景，叉车应用场景充足。随着人工智能和自动化技术的发展，叉车行业正 迎来智能化与无人化升级，无人叉车单价较高但更具经济性，伴随渗透率提升有望增厚行业盈利;行业 基本面向好，电动化和全球化为智能化升级提供了坚实基础。 此外，不含电动步行式仓储(Ⅲ类)车辆销量：2025年9月当月销售不含电动步行式仓储车辆的叉车合计 51150台，同比增长18. ...

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]