Core Insights - The average working hours for major construction machinery products in September 2025 decreased to 78.1 hours, representing a year-on-year decline of 13.3% and a month-on-month decline of 0.42% [1] - The operating rate for major construction machinery products in September 2025 was 55.2%, down by 9.08 percentage points year-on-year, but slightly up by 0.06 percentage points month-on-month [2] Monthly Working Hours Summary - In August 2025, the average working hours were 78.4 hours, down 9.45% year-on-year [4] - In July 2025, the average working hours were 80.8 hours, down 6.91% year-on-year [4] - In June 2025, the average working hours were 77.2 hours, down 9.11% year-on-year [4] - In May 2025, the average working hours were 84.5 hours, down 3.86% year-on-year [4] - In April 2025, the average working hours were 90.1 hours, up 3.20% year-on-year [4] - In March 2025, the average working hours were 90.1 hours, up 6.53% year-on-year [4] - In February 2025, the average working hours were 46.4 hours, up 70.3% year-on-year [4] - In January 2025, the average working hours were 74.6 hours, up 3.61% year-on-year [4] Monthly Operating Rate Summary - The operating rates for major construction machinery products in September 2025 were as follows: - Excavators: 54.5% - Loaders: 58.4% - Truck Cranes: 71.5% - Crawler Cranes: 56.7% - Tower Cranes: 39.5% - Rollers: 45.4% - Pavers: 59.4% - Rotary Drilling Rigs: 41.5% - Off-Road Mining Dump Trucks: 45.4% - Concrete Pump Trucks: 36.7% - Concrete Mixers: 32.2% - Forklifts: 59.2% [2]

据中国工程机械工业协会对挖掘机主要制造企业统计，2025年9月销售各类挖掘机19858台，同比增长25.4%。其中国内销量9249台，同比增长21.5%；出口量 10609台，同比增长29%。 | | | 2025年9月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 9 249 | 10 609 | 19 858 | | 去年同期 | 7610 | 8221 | 15831 | | 同比涨幅 | 21.5% | 29% | 25.4% | | 累计销量 | 89 877 | 84 162 | 174 039 | | 去年同期 | 73 945 | 73 436 | 147 381 | | 同比涨幅 | 21.5% | 14.6% | 18.1% | 2025年1—9月，共销售挖掘机174039台，同比增长18.1%；其中国内销量89877台，同比增长21.5%；出口84162台，同比增长14.6%。 | | | | | 2025年中国电动挖掘机市场情况 | | | | | --- | --- | --- | --- | ...

Core Viewpoint - Chinese engineering machinery companies are expected to exceed $50 billion in export value by 2024, with growth exceeding 1.5 times during the 14th Five-Year Plan period [1] Group 1: Necessity of Going Global - The phrase "not going global means going out of business" emphasizes the critical need for Chinese engineering machinery companies to establish an early presence in overseas markets to navigate domestic economic cycles effectively [2] - From a macroeconomic perspective, relying solely on the domestic market is unsustainable for a country aiming to develop world-class enterprises [4] Group 2: Quality and Differentiation - The company rejects low-price competition, advocating for a shift towards high-end, differentiated products. The focus is on producing high-quality products and providing excellent customer service [5][6] - The belief that "quality changes the world" drives the commitment to enhance the global image of Chinese manufacturing through superior product quality and service [6] Group 3: Risk Management and Expansion - In the face of complex international challenges, the company emphasizes the importance of risk control while simultaneously pursuing expansion opportunities [7] - Cash flow management is crucial, as a single poor decision can lead to significant consequences. The company has invested hundreds of millions in upgrading smart factories, balancing risk with potential rewards [9] Group 4: Embracing Technological Revolutions - The company advocates for a mindset of "better to make mistakes than to miss opportunities" in the context of technological revolutions, such as the Fourth Industrial Revolution and the Third Energy Revolution [10] - These technological shifts present opportunities for competitive advantages in smart and green low-carbon products, which can help navigate economic cycles [10] Group 5: Entrepreneurial Spirit - Entrepreneurs must tackle challenges related to unfamiliar policies and environments when expanding internationally. Overcoming difficulties through innovation and effort is essential for growth and competitiveness [11] - The entrepreneurial journey is characterized by a willingness to face daily challenges, which is fundamental to achieving success [13] Group 6: Global Presence and Future Goals - Chinese engineering machinery is becoming increasingly visible globally, with products seen in various international locations, indicating a significant presence [14] - Future goals include selling more and better products while leveraging advancements in artificial intelligence and renewable energy to enhance competitiveness and lead industry development [15] - The company aims to reconstruct supply chains and engage in overseas R&D and manufacturing, contributing to global development and sharing opportunities with other nations [17] Group 7: Ambitious Aspirations - The company expresses ambitious aspirations, suggesting that future markets may extend to the Moon or Mars, as terrestrial markets for excavators are nearing saturation [18]

Core Viewpoint - The excavator market is experiencing significant growth, with domestic sales and exports both showing strong year-on-year increases, driven by favorable fiscal policies and rising infrastructure demands [1] Group 1: Sales Performance - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4% [1] - Domestic sales reached 9,249 units, up 21.5% year-on-year [1] - Export volume was 10,609 units, reflecting a 29% increase compared to the previous year [1] Group 2: Market Outlook - Guotai Junan Securities anticipates that domestic sales growth of excavators will continue to rise due to counter-cyclical fiscal policies and an upward industry cycle [1] - Despite potential trade friction risks, major domestic manufacturers have limited exposure to the U.S. market, keeping risks manageable [1] - Donghai Securities highlights that long-term global infrastructure demand in emerging markets is increasing, favoring high-quality domestic equipment [1] Group 3: Industry Trends - The average lifespan of an excavator is around 8 years, with the previous sales peak occurring between 2019 and 2022 [1] - Government policies promoting the replacement of old equipment are expected to stimulate demand for new excavators, leading to a rational growth phase in the market [1] - Overall, the excavator industry in 2025 presents both opportunities and challenges, with opportunities outweighing risks [1]

每经AI快讯，有投资者在投资者互动平台提问：请问贵司全资子公司湖州盈灿投资目前投资了哪些项 目？ 潍柴动力（000338.SZ）10月14日在投资者互动平台表示，公司子公司湖州盈灿投资合伙企业（有限合 伙）持有徐工机械367,957,139股。 （记者 胡玲） ...

Core Viewpoint - Sany Heavy Industry is nearing its goal of achieving "A+H" listing, with the recent update on the Hong Kong Stock Exchange indicating that the company is on the verge of H-share listing [1][3]. Company Overview - Sany Heavy Industry, established in 1994, is a leading global player in the engineering machinery sector, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [3]. - The company has a strong market presence in excavators, concrete machinery, cranes, pile machinery, and road machinery, with leading market shares in multiple segments [1][5]. Listing Progress - The company began planning for its Hong Kong listing in February 2025, officially submitted its application in May, and received approval from the China Securities Regulatory Commission in October [3][4]. - Sany plans to issue up to 1.083 billion overseas listed ordinary shares to raise funds for global sales and service network development, enhancing R&D, increasing overseas manufacturing capacity, and supplementing working capital [3][4]. Financial Performance - In the first half of 2025, Sany Heavy Industry achieved a total revenue of 447.80 billion yuan, a year-on-year increase of 14.64%, with a net profit of 52.16 billion yuan, up 46% [5][6]. - The company reported a significant increase in net profits for 2023 and 2024, with figures of 45.27 billion yuan and 59.75 billion yuan, reflecting growth rates of 5.53% and 31.98% respectively [5]. Market Dynamics - The overseas market has become the main revenue driver for Sany Heavy Industry, with international sales accounting for 60.26% of its main business revenue in the first half of 2025 [6]. - The company’s products are sold in over 150 countries and regions, with steady revenue growth across major areas: Asia-Pacific (114.55 billion yuan, +16.3%), Europe (61.52 billion yuan, +0.66%), Americas (50.65 billion yuan, +1.36%), and Africa (36.30 billion yuan, +40.48%) [7]. Product Performance - In the first half of 2025, Sany Heavy Industry's sales revenue for excavators was 174.97 billion yuan (+15.00%), concrete machinery was 74.41 billion yuan (-6.49%), cranes was 78.04 billion yuan (+17.89%), pile machinery was 13.41 billion yuan (+15.05%), and road machinery was 21.59 billion yuan (+36.83%) [5]. - The gross profit margin for overseas main business improved to 31.18%, up from 30.14% year-on-year, driven by price adjustments, product structure optimization, and cost reduction measures [7].

Core Insights - The construction machinery industry in China is experiencing a decline in operational rates and average working hours for major products in September 2025 compared to the previous year [1] Group 1: Operational Rates - The overall monthly operational rate for major construction machinery products in September 2025 is 55.2%, which represents a year-on-year decrease of 9.08 percentage points and a slight month-on-month increase of 0.06 percentage points [1] - Specific operational rates for key machinery include: - Excavators at 54.5% - Loaders at 58.4% - Truck cranes at 71.5% - Crawler cranes at 56.7% - Tower cranes at 39.5% - Rollers at 45.4% - Pavers at 59.4% - Rotary drilling rigs at 41.5% - Off-road mining dump trucks at 45.4% - Concrete pump trucks at 36.7% - Concrete mixers at 32.2% - Forklifts at 59.2% [1] Group 2: Average Working Hours - The average working hours for major construction machinery products in September 2025 is 78.1 hours, reflecting a year-on-year decrease of 13.3% and a month-on-month decrease of 0.42% [1] - Average working hours for specific machinery are as follows: - Excavators at 62.7 hours - Loaders at 95.7 hours - Truck cranes at 109 hours - Crawler cranes at 89.3 hours - Tower cranes at 47.5 hours - Rollers at 34.9 hours - Pavers at 52.2 hours - Rotary drilling rigs at 66.8 hours - Off-road mining dump trucks at 153 hours - Concrete pump trucks at 42.1 hours - Concrete mixers at 66.3 hours - Forklifts at 97.1 hours [1]

Market Overview - The market opened lower and experienced fluctuations throughout the day, with the Shanghai Composite Index nearing a positive close [6][8] - The overall performance of the A-share market showed a decline, with the Shanghai Composite Index down by 0.19% and the ChiNext Index down by 1.11% [8][9] - The hard technology sector outperformed, while the innovative small and medium enterprises lagged behind [8] Economic Indicators - In September, China's exports (in USD) increased by 8.3% year-on-year, while imports grew by 7.4%, resulting in a trade surplus of $90.45 billion [17][18] - The central bank conducted a 137.8 billion yuan reverse repurchase operation with a fixed rate of 1.40% [19][20] Industry Dynamics - In September, mobile manufacturers launched a series of mid-to-high-end earphone products, with products priced above 500 yuan accounting for 56% of the earphone market's sales [27][28] - The global semiconductor wafer foundry market is projected to reach $270 billion by 2029, with a compound annual growth rate of 8.7% from 2025 to 2029 [10] Company Updates - XCMG Machinery signed a contract for the world's first 14,000-ton ring track crane, marking a significant milestone in China's super-large lifting equipment sector [29][30] - Haisco's innovative drug HSK39297 has been included in the list of breakthrough therapy drugs, targeting primary IgA nephropathy [31][32] - BGI Manufacturing's subsidiary signed a licensing agreement for the CoolMPS sequencing technology, with expected licensing fees of at least $120 million [33][35] - Times New Material disclosed a daily operating contract worth approximately 4.49 billion yuan for wind turbine blade sales [36]

Core Insights - A new company named Hohhot City Shengwei Engineering Machinery Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhang Xijiang [1] - The business scope includes processing of metal and non-metal waste materials, rental of construction machinery and equipment, and sales of construction materials [1] Company Overview - The company is registered with a capital of 100,000 RMB [1] - It operates in various sectors including waste processing and construction equipment rental [1] - The company is authorized to conduct business activities independently based on its business license [1]

Group 1: Baima Tea Industry - Baima Tea Industry has passed the Hong Kong Stock Exchange hearing for its IPO, establishing itself as a leader in the high-end tea market in China [1] - According to Frost & Sullivan, Baima Tea ranks first in sales in the Chinese oolong and black tea markets as of 2024, with its Tieguanyin sales leading the nation for over 10 years [1] - The successful hearing paves the way for Baima Tea to raise funds for expansion and digitalization, serving as a model for other tea companies to address branding challenges [1] Group 2: SANY Heavy Industry - SANY Heavy Industry has also passed the Hong Kong Stock Exchange hearing for its IPO, with CITIC Securities as its sole sponsor [2] - Founded in 1994, SANY has transformed from a single product and country operation to a diversified, global leader in the engineering machinery industry, ranking as the largest in China and third globally based on cumulative revenue from 2020 to 2024 [2] - The IPO is a key move in SANY's globalization strategy, allowing the company to raise capital for overseas manufacturing and R&D, enhancing its international brand recognition [2] Group 3: Cambridge Technology - Cambridge Technology has received approval for its IPO application on the Hong Kong Stock Exchange, focusing on the design, development, and sales of connectivity and data transmission devices [3] - As of 2024, Cambridge Technology ranks fifth globally in the optical and wireless connectivity device industry, holding a market share of 4.1% [3] - The company's revenue primarily comes from overseas markets, and the IPO will broaden its financing channels to support R&D in optical modules, aligning with the demand for data transmission driven by artificial intelligence [3] Group 4: Dipo Technology - Dipo Technology has passed the Hong Kong Stock Exchange hearing for its IPO, specializing in enterprise-level large model AI application solutions [4] - The company ranks fifth in the Chinese market for enterprise-level large model AI application solutions, with a market share of 4.2% as of 2024 [4] - The IPO aligns with the growing trend of AI application deployment and highlights the attractiveness of the Hong Kong stock market for tech innovation companies [4]