Core Insights - The report highlights a positive trend in China's trade, with April's import and export volume reaching 3.84 trillion yuan, a year-on-year increase of 5.6% [6][9] - The Consumer Price Index (CPI) showed a slight increase of 0.1% month-on-month in April, while the Producer Price Index (PPI) decreased by 2.7% year-on-year, indicating ongoing deflationary pressures [6][9] - The China Securities Regulatory Commission (CSRC) has outlined its legislative work plan for 2025, focusing on key projects related to public and private funds, futures, and listed companies [6][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,342.00, down 0.30%, while the Shenzhen Component Index fell by 0.69% to 10,126.83 [4] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are at 13.71 and 36.60, respectively, indicating a suitable environment for medium to long-term investments [10][15] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [5] Industry Analysis - The report notes a significant increase in photovoltaic (PV) installations in March, with a year-on-year growth of 124.39%, although the sector faced a decline of 10.61% in April [22][23] - The nuclear power sector is experiencing accelerated project approvals, with the recent approval of 10 nuclear reactors, indicating a strong growth outlook for nuclear energy in China [33][34] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and stable earnings, such as traditional engineering machinery and high-speed rail equipment, while also considering emerging technologies like humanoid robots [31][32] - It emphasizes the importance of monitoring policy developments and market conditions, particularly in the technology and consumer sectors, for potential investment opportunities [10][15]

装备制造 [Table_ReportDate] 2025 年 5 月 12 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 4 月 28 日-5 月 9 日，机械设备、电力设备及汽车行业指数涨 跌幅分别为+5.07%、+3.46%及+2.55%，在 31 个申万一级行业 中排名分别为第 3、8、12 位；同期沪深 300 涨跌幅为+1.56%。 行业观点： 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 工程机械景气持续，展现业绩弹性 [Table_ReportType]装备制造行业周报（5 月第 2 周） [Table_S 市场行情回顾： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Ta ...

Investment Rating - The report suggests a positive investment outlook for the equipment manufacturing industry, particularly in engineering machinery and automotive sectors, indicating a strong market performance [1][2]. Core Insights - The engineering machinery sector shows significant growth, with Q1 2025 revenue increasing by 10.4% year-on-year and profit rising by 30.6%, driven by domestic demand and stable export growth [2]. - The automotive sector's passenger vehicle segment reported a revenue of approximately 2.04 trillion yuan in 2024, a year-on-year increase of 9.8%, with expectations for new energy vehicles to exceed a 50% market penetration in 2025 [2]. - The photovoltaic sector is experiencing declining profitability, while the wind power sector shows signs of improvement, indicating a shift in market dynamics [2]. Market Performance Review - From April 28 to May 9, 2025, the indices for machinery equipment, power equipment, and automotive sectors increased by 5.07%, 3.46%, and 2.55% respectively, ranking them 3rd, 8th, and 12th among 31 primary industries [7][8]. - Specific segments within the machinery equipment sector, such as specialized equipment, saw a rise of 6.12%, while passenger vehicles experienced a slight decline of 0.83% [8]. Industry News and Key Company Announcements - The Indian wind power industry is recovering, with significant order increases for local manufacturers, indicating a positive trend in the sector [17]. - Major companies in the robotics field are securing funding for technology development, highlighting the growing interest and investment in robotics and automation technologies [17][18]. - Recent announcements from companies like Tongwei Co. and Trina Solar indicate challenges in the photovoltaic sector, with significant revenue declines attributed to price drops in the industry [21].

A 股策略周报 20250511 修复之后，关注变化 2025 年 05 月 11 日 ➢ 经济潜在的走弱即将验证，而对政策期待还需要时间兑现。此前全球大部分 市场基于贸易争端缓和预期的修复是一种短暂的平静，资产的波动率可能将再次 放大。本周中美市场似乎已经摸到"天花板"：A 股、港股都在刚好接近 4 月 2 日水平之前出现回落，美股在修复到 4 月 2 日水平时开始止步不前，两个市场都 需要支撑上涨的进一步证据。A 股自 4 月 2 日以来涨幅前 10 的二级行业平均海 外营收占比是 10%，而跌幅前 10 的二级行业平均海外营收占比是 8%，意味着 A 股的进一步修复要么需要贸易上出现积极改善信号，促使落后的外需型行业反 弹，要么是内部出现增量的扩内需政策。就前者而言，虽然中美经贸高层会谈于 当地时间 10 日上午在瑞士日内瓦开始举行，但从本周美国高调公布的"重大贸 易协议"仅是与英国之间达成了一份模糊的协议来看，要中美之间通过一次会议 接触就拿出一份有重大进展的贸易协议的难度很高，"夹在"中国供给和美国需 求之间的越南股市的较差表现也侧面印证了这一点。就后者而言，中美两国政策 都进入了"自动巡航"的阶段 ...

188.98/240.11/94.08/50.23/86.78/63.62/40.63/152.16 亿元， 分别同 比-10.80%/+6.43%/-9.76%/+45.21%/-2.31%/+8.55%/+6.42%/-8.63%。分地区看，公司境内/境外业务分别 实现收入499.72/416.87 亿元，分别同比-10.17%/+12.00%。 公司境外收入占比45.48%，同比提升5.39pcts，公司持续推进全球一体化运营和海外业务跨越式发展， 公司拥有40 多家海外子公司，300 多个海外经销商，2000多个海外服务备件网点，产品远销190 多个国 家和地区，覆盖"一带一路"沿线95%以上的国家和地区。2024 年公司在日本、马来西亚等地成立了贸易 类子公司。 公司毛利率小幅增长，盈利能力持续增强 事件 公司发布2024 年报及2025 年一季报，公司2024 年实现营收916.6 亿元，同比下滑1.28%；实现归母净利 润59.76 亿元，同比增长12.2%。公司2025Q1 实现营收268.15 亿元，同比增长10.92%；实现归母净利润 20.22 亿元，同比增长26.37%。 公司持续推动 ...

Group 1 - The fourth Changsha International Construction Machinery Exhibition is set to begin on May 15, with a strong presence of global top 50 construction machinery brands, including Zoomlion, SANY, and Caterpillar [1][3] - The first batch of participating companies has completed 70% of their exhibition setup, indicating a well-organized event [1] - Guangxi Liugong Machinery Co., Ltd. is participating for the fourth time and reported a sales revenue of $2.842 billion in 2024, ranking as the 19th largest construction machinery manufacturer globally [2][3] Group 2 - Liugong Group is showcasing over 20 representative equipment models, emphasizing innovations in green and intelligent engineering equipment [4] - The featured 960FE dual-power excavator can reduce energy costs by 50% to 70% compared to traditional models, potentially saving over 500,000 yuan annually with 3,000 working hours [4] - The excavator is equipped with a reliable 272 kW Cummins National IV engine and features an upgraded bucket capacity of 3.6 cubic meters, demonstrating high performance in complex working conditions [4]

今晚7：30，湖南卫视《创业有得聊》第五期即将播出。本期特邀三一集团党委书记、董事长向文波作为创业导 师，与来自湖南大学、英国华威大学的五位年轻创业者展开跨越代际的对话，解码"中国制造"背后的创业哲学。 作为三一集团的"掌舵者"，向文波从益阳芦苇荡走出，用近40年时间将涟源焊接材料厂发展为全球工程机械巨 头。节目中，他首次披露创业初期的艰难抉择——放弃"铁饭碗"投身商海。面对家人的不理解与反对，却始终坚 信"产业报国"的理想。这种"自我驱动"与"社会责任感"的结合，正是他眼中优秀企业家的核心特质。 "企业家要把工作等同于生命。" 向文波直言。谈及当下创业环境，他感叹："现在是最好的时代，湖南'背着双肩 包就能创业'的支持力度，让年轻人有了更多试错空间。" 节目中，湖南大学两位创业者带来的项目引发热议。何遥从大三起便投身工程机械智能化领域，其团队研发的远 程操控系统可让驾驶员在空调房内精准操作井下设备，既保障安全又提升效率。却被向文波指出："你与主机厂在 同一赛道竞争，但缺乏硬件支撑。" 他建议聚焦存量设备改造，与中小企业合作实现差异化突围。面对团队管理 困惑，向文波以三一法国工厂为例，强调"20 人规模无需复 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, focusing on domestic demand recovery and opportunities in equipment exports [1]. Core Insights - The machinery equipment industry is expected to benefit from a recovery in domestic demand, particularly in engineering machinery, with a projected revenue increase of 3% in 2024 and 11% in Q1 2025 for selected companies [1]. - The report highlights the importance of key sectors such as general automation, humanoid robots, and testing services, indicating potential growth opportunities in these areas [2][3][9]. Summary by Sections Engineering Machinery - The engineering machinery sector is projected to see a revenue increase of 290.5 billion CNY in 2024 and 80.3 billion CNY in Q1 2025, with a year-on-year growth of 3% and 11% respectively [1]. - Key drivers include rural water conservancy projects and a global interest rate reduction cycle, leading to a recovery in domestic and export demand [1]. General Automation - The general automation sector is expected to achieve a revenue of 59.25 billion CNY in 2024, with a year-on-year growth of 6% [2]. - The injection molding machine segment shows promising growth, with companies like Haitian International and Yizumi projected to achieve revenue increases of 23% and 24% respectively [2]. Humanoid Robots - The humanoid robot industry is entering a golden development period, with a focus on dexterous hands and lightweight materials [3]. - Investment opportunities are identified in micro-screw components and sensors, which are crucial for the functionality of dexterous hands [3]. Testing Services - The testing services sector is projected to generate 46.8 billion CNY in revenue in 2024, despite a 4% decline year-on-year [9]. - The report emphasizes the resilience of the sector, particularly when excluding companies heavily involved in medical testing [9]. Forklift Industry - The forklift sector is expected to see a revenue of 47.3 billion CNY in 2024, with a 2% year-on-year growth [4]. - The report notes a shift towards overseas markets, which are expected to grow by 7% [4]. Semiconductor Equipment - The semiconductor equipment sector is projected to achieve a revenue of 73.22 billion CNY in 2024, with a year-on-year growth of 33% [10]. - The report highlights the importance of domestic equipment manufacturers in capturing market share as the industry continues to grow [10]. Photovoltaic Equipment - The photovoltaic equipment sector is expected to generate 84.86 billion CNY in revenue in 2024, with a slight increase of 2% year-on-year [11]. - The report suggests that leading companies in this sector are well-positioned to navigate through the current challenges [11].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Views - The machinery equipment industry is expected to benefit from domestic demand recovery and increased exports, particularly in sectors like engineering machinery and oil services [1][4] - The report highlights a significant improvement in the performance of engineering machinery companies, with projected revenue growth of 3% in 2024 and 11% in Q1 2025 [1] - The report emphasizes the importance of smart logistics in the forklift sector, suggesting a second growth curve for companies in this space [4] Summary by Sections Engineering Machinery - The analysis of 13 A-share listed companies in the engineering machinery sector shows a total revenue of 290.5 billion CNY in 2024, with a year-on-year increase of 3% [1] - The net profit for these companies is projected to reach 20.3 billion CNY in 2024, reflecting a 26% increase year-on-year [1] - Key companies to watch include SANY Heavy Industry, XCMG, and LiuGong [1] General Automation - The industrial automation sector is expected to see a revenue of 592.48 billion CNY in 2024, with a year-on-year growth of 6% [2] - The injection molding machine segment is projected to grow significantly, with companies like Haitian International and Yizumi showing strong revenue growth [2][22] - The report identifies opportunities in the FA automation segment, particularly for companies like Yihada [2][21] Forklift Industry - The forklift sector is projected to achieve a total revenue of 473 billion CNY in 2024, with a year-on-year increase of 2% [4] - The report notes a shift towards overseas markets, with overseas revenue expected to grow by 7% [4] - Companies such as Anhui Heli and Hangcha Group are highlighted as key players [4] Semiconductor Equipment - The semiconductor equipment sector is expected to see a total revenue of 732.2 billion CNY in 2024, with a year-on-year growth of 33% [10] - The net profit for semiconductor equipment companies is projected to reach 119 billion CNY, reflecting a 15% increase year-on-year [10] - Key companies include North China Innovation and Zhongwei Technology [10] Photovoltaic Equipment - The photovoltaic equipment sector is projected to achieve a total revenue of 848.6 billion CNY in 2024, with a year-on-year growth of 2% [11] - The report indicates a significant decline in net profit, expected to drop by 57% to 54.8 billion CNY [11] - Companies such as Jingcheng Machinery and High Measurement are recommended for investment [12] Testing Services - The testing services sector is expected to generate revenue of 468 billion CNY in 2024, with a year-on-year decline of 4% [9] - The net profit for the sector is projected to decrease by 56% to 18 billion CNY [9] - Recommended companies include Huace Testing and Guodian Measurement [9][30]

2025 年 5 月 9 日 请务必阅读正文之后的免责声明部分 工程机械产业链梳理 证券研究报告 上游 原材料与核心零部件 中游 主机制造商 下游 应用领域 钢铁 液压件 ◼ 恒立液压：油缸、泵阀 ◼ 艾迪精密：液压破碎锤、泵阀、马达 ◼ 长龄液压：中央回转接头、张紧装置 发动机 基建 采矿业 房地产 2023年销量份额 （剔除叉车） 高空作业平台 34% 挖掘机 32% 装载机 17% 起重机 12% 压路机 2% 平地机 1% 主要机种 ◼ 三一重工：挖掘机、混凝土机械、起重机 ◼ 中联重科：起重机、混凝土机械、挖掘机、 高空作业平台 ◼ 徐工机械：起重机、挖掘机、高空作业平 台、混凝土机械 ◼ 柳工：装载机、挖掘机 ◼ … 采矿业 数据来源：中国工程机械工业协会，东吴证券研究所 2 工程机械板块相关公司 工程机械行业2024年报&2025年一季报总结 内需复苏超预期，工程机械行业有望迎来国内外共振 首席证券分析师：周尔双 执业证书编号：S0600515110002 联系邮箱：zhouersh@dwzq.com.cn • 我们选取了A股13家主营业务为工程机械的上市公司进行分析，选取公司及细分产品领域如下 ...