Group 1 - In July, domestic excavator manufacturers sold 17,138 units, a year-on-year increase of 25.2%, with domestic sales of 7,306 units (up 17.2%) and exports of 9,832 units (up 31.9%) [1] - From January to July, a total of 137,658 excavators were sold, representing a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [1] - The domestic excavator industry is expected to maintain steady growth over the next three years, driven by improved fixed asset investment and a new growth cycle [1] Group 2 - The export trend for construction machinery is positive, with opportunities arising from increased demand in Southeast Asia, Africa, and the Middle East, as well as improved penetration in high-end markets in Europe and the US [2] - Since March, monthly excavator export volumes have consistently exceeded those of the same months in 2023 and 2024, indicating a strong export performance [2] - The core component supplier, Hengli Hydraulic, is expanding its international strategy and has seen good performance in both direct and indirect exports due to clear growth in overseas demand [2][3] Group 3 - The domestic construction machinery industry is benefiting from increased orders for excavators and cranes in Europe, with significant demand in Southeast Asia and the Middle East due to rapid infrastructure and real estate development [3] - The overall export trend is favorable, supported by improved competitiveness of domestic brands and a recovering market [3] - The excavator industry is expected to see annual exports of approximately 100,000 to 120,000 units over the next three years [3] Group 4 - The replacement demand for excavators is projected to support sales growth, with a compound growth rate of around 30% expected in the coming years [4] - The industry has been experiencing continuous growth since 2024, driven by major infrastructure projects and increased orders for components [4][5] - Large and small excavators have shown strong sales, while medium-sized excavators are experiencing weaker growth [5] Group 5 - The mining sector is expected to drive the recovery of large excavator sales, with fixed asset investment in mining projected to grow by 10.5% in 2024 [5] - A significant hydropower project with an investment of approximately 1.2 trillion yuan has commenced, which is expected to generate substantial demand for construction machinery [5][6] - The construction environment of the hydropower project may lead to increased demand for electric and unmanned equipment, enhancing overall industry profitability [6]

Core Viewpoint - XCMG Machinery (000425) announced on August 12 that it plans to issue asset-backed notes totaling no more than 10 billion yuan to optimize its asset structure and improve asset operational efficiency [1] Company Summary - The company aims to enhance its asset management through the issuance of asset-backed notes [1] - The total amount of the asset-backed notes is capped at 10 billion yuan [1]

Group 1 - The stock of Construction Machinery (600984) reached the daily limit, with a turnover rate of 7.30% and a transaction amount of 336 million yuan, showing a fluctuation of 11.11% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.64%, with a net buying amount of 39.23 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 100 million yuan, with a buying amount of 69.69 million yuan and a selling amount of 30.46 million yuan, resulting in a net buying of 39.23 million yuan [2] Group 2 - The main buying brokerage was Kaiyuan Securities, with a buying amount of 26.89 million yuan, while the largest selling brokerage was Hualong Securities, with a selling amount of 9.21 million yuan [2] - The stock experienced a net inflow of 81.67 million yuan from main funds, with a significant single net inflow of 83.24 million yuan and a large single net outflow of 1.57 million yuan [2] - Over the past five days, the net inflow of main funds reached 101 million yuan [2] Group 3 - The company reported a first-quarter revenue of 434 million yuan, a year-on-year decrease of 14.56%, and a net profit of -242 million yuan [2] - On July 12, the company released a half-year performance forecast, expecting a net profit of -447 million yuan, a year-on-year decline of 6.15% [3]

Core Points - The company, XCMG Machinery, has approved a proposal to issue asset-backed notes totaling no more than 10 billion yuan [1] - This proposal is subject to approval by the shareholders' meeting and the trading association, indicating potential uncertainties [1] - As of July 31, 2025, the company has 11 existing asset-backed note products related to accounts receivable [1]

Core Insights - The 2025 World Robot Conference was held in Beijing from August 8 to 12, showcasing the advancements in industrial and humanoid robots by Zoomlion, a leader in equipment manufacturing [1] - Zoomlion presented its latest achievements in embodied intelligent humanoid robots and future plans in smart manufacturing, providing a new model for the intelligent transformation of the manufacturing industry [1] Group 1: Company Innovations - Zoomlion is the only publicly listed complete machine enterprise in A-shares and the only Chinese company featured in the innovation application section of the conference [2] - The company was one of the first in the construction machinery industry to adopt robotic technology, introducing programmable industrial robotic arms in 2006 for welding crane components [2] - Since 2019, Zoomlion has extensively utilized adaptive robots with perception and mobility capabilities, including visual and tactile recognition robotic arms and autonomous mobile robots (AMRs) [2] Group 2: Smart Manufacturing Implementation - Zoomlion's Smart Industrial City in Changsha integrates over 300 intelligent manufacturing production lines and employs more than 2,000 industrial robots, enabling full lifecycle traceability and scheduling through QR codes [2] - The factory operates like a symphony orchestra, where thousands of robots work in harmony, allowing for flexible production of different product models, achieving unprecedented agile manufacturing of heavy equipment in small batches [2] Group 3: Humanoid Robot Applications - Currently, dozens of humanoid robots are operational in Zoomlion's factories, participating in machining, logistics, assembly, and quality inspection [4] - In logistics, humanoid robots assist in material handling and assembly, while in quality inspection, they utilize their visual systems to detect component defects [4] Group 4: Future Vision and Strategy - Zoomlion has established a humanoid robot training facility with nearly 100 workstations for large-scale data collection and has developed the Zhongke Yungu embodied intelligence platform, which connects all industrial and humanoid robots [5] - The company envisions a future factory model where industrial and humanoid robots collaborate, evolving from agile manufacturing to personalized customization, aligning with national priorities on embodied intelligence [5] - Zoomlion aims to integrate industrial internet, big data, artificial intelligence, and robotics to expand the boundaries of smart manufacturing and reshape the development paradigm of the construction machinery industry and Chinese manufacturing [5]

Market Overview - The engineering machinery sector experienced a slight decline of 0.18% on August 12, with Southern Road Machinery leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Individual Stock Performance - Notable gainers included: - Construction Machinery (600984) with a closing price of 3.80, up 10.14% and a trading volume of 917,600 shares [1] - Noli Shares (603611) closed at 27.53, up 5.24% with a trading volume of 256,300 shares [1] - Hangcha Group (603298) closed at 21.98, up 3.53% with a trading volume of 126,800 shares [1] - Major decliners included: - Southern Road Machinery (603280) closed at 50.95, down 5.82% with a trading volume of 66,000 shares [2] - Wuxin Suizhuang (835174) closed at 63.65, down 4.50% with a trading volume of 61,100 shares [2] - Hengli Drilling Star (836942) closed at 48.71, down 4.08% with a trading volume of 60,400 shares [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 643 million yuan [2] - Key capital flows for selected stocks included: - Construction Machinery (600984) had a net inflow of 83.36 million yuan from institutional investors [3] - Noli Shares (603611) saw a net inflow of 7.28 million yuan from institutional investors [3] - Southern Road Machinery (603280) experienced a net outflow of 24.50 million yuan from retail investors [3]

浙商证券（601878）发布研报称，据中国工程机械工业协会，2025年7月销售各类挖掘机17138台，同比 增长25.2%。其中国内销量7306台，同比增长17.2%;出口量9832台，同比增长31.9%。中国工程机械行 业是全球优势产业(性价比等优势)，有望从进口替代逐步走向供应全球。该行建议持续聚焦行业龙头。 工程机械内需也有望边际改善，海外与国内有望共振，雅江、新藏铁路等项目促新增需求。 浙商证券主要观点如下： 7月挖掘机总销量同比增长25% 其中内销同比增长17%，外销同比增长32%。2025年7月挖掘机总体销量17138台，同比增长25.2%， 2024年4月-2025年7月连续16个月同比正增长;国内销量7306台，同比增长17.2%;出口销量9832台，同比 增长31.9%，2024年8月-2025年7月连续12个月正增长。 1)出口：全球化持续推进，海外市占率有望不断提升。中国工程机械行业是全球优势产业(性价比等优 势)，有望从进口替代逐步走向供应全球。据KHL，2024年全球Top50工程机械制造商总销售额2376亿美 元，其中徐工机械（000425）/三一重工（600031）/中联重科（0 ...

Group 1 - Boleton (01333) has seen a stock increase of over 5%, currently trading at 31.62 HKD with a transaction volume of 12.46 million HKD [1] - The sales revenue for China's new energy construction machinery is projected to reach 1.8 billion USD in 2024, with forecasts of 3.2 billion USD in 2025 and 15.8 billion USD by 2030, indicating strong growth in the sector [1] - The Vice President of the China Construction Machinery Industry Association emphasized the importance of technological collaboration and the establishment of key technology initiatives to enhance China's position in the global green wave [1] Group 2 - The Hang Seng Index Company will release its mid-year review results on August 22, with changes effective from September 8, which may include Boleton in the Hong Kong Stock Connect investment scope [1] - According to research, Boleton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China by shipment volume, holding market shares of 18.3% and 3.8% respectively, making it the only pure new energy construction machinery manufacturer among the leading companies [1]

Core Viewpoint - Boreton (01333) has seen a significant increase of over 5%, currently trading at HKD 31.62 with a transaction volume of HKD 12.46 million. The growth in the company's stock is linked to the rising sales of new energy construction machinery in China, projected to reach USD 1.8 billion in 2024 and USD 3.2 billion in 2025, with a long-term forecast of USD 15.8 billion by 2030 [1]. Industry Summary - The new energy construction machinery sector is becoming a key driver of growth within the industry, with significant sales increases anticipated in the coming years [1]. - The China Construction Machinery Industry Association emphasizes the importance of technological collaboration and open sharing to enhance the industry's global competitiveness in the context of the green transition [1]. Company Summary - Boreton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China, respectively, based on shipment volume, holding market shares of 18.3% and 3.8% [1]. - Boreton is noted as the only pure new energy construction machinery manufacturer among the leading companies in these categories [1]. - The Hang Seng Index Company is set to release its mid-year review results on August 22, with potential adjustments to the Hong Kong Stock Connect investment scope expected to take effect on September 8, which may include Boreton among the eligible stocks [1].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The 2025 World Robot Conference has opened, indicating a boost in demand for engineering machinery driven by the construction of the Yarlung Zangbo River hydropower station [1] - The humanoid robot sector is experiencing significant investment and development, with multiple companies completing substantial funding rounds to enhance technology and production capabilities [4][5][6] - The engineering machinery sector is expected to benefit from increased domestic sales and export growth, particularly in excavators, as infrastructure projects ramp up [15][16] Summary by Relevant Sections Humanoid Robots - Zero Point Robotics completed multiple funding rounds, focusing on technology development and mass production [4] - Fourier launched the Care-bot GR-3, a humanoid robot with advanced interaction capabilities [5] - The humanoid robot industry is projected to see significant growth in 2025, with mass production expected to address data scarcity issues [7] Machine Tools & Cutters - Japan's machine tool orders in June 2025 totaled 133.15 billion yen, showing a slight year-on-year decline but a month-on-month increase [8] - China's metal cutting machine tool production in the first half of 2025 reached 402,600 units, a year-on-year increase of 13.5% [8] - Investment opportunities include companies like Kode CNC and Haitan Precision [8] Agricultural Machinery - The agricultural machinery market in China showed a slight increase in the AMI index, with tractor exports growing significantly [9][10] - The demand for agricultural machinery is expected to rise due to government policies promoting modern agricultural practices [10] Engineering Machinery - The Yarlung Zangbo River hydropower project is expected to create substantial demand for engineering machinery, with total investment around 1.2 trillion yuan [15] - Excavator sales in July 2025 reached 17,138 units, a year-on-year increase of 25.2% [16] - Key companies to watch include Zoomlion and SANY Heavy Industry [16] Forklifts - Forklift sales in June 2025 reached 137,570 units, a year-on-year increase of 23.1% [16] - The market for unmanned forklifts is projected to grow significantly, with a forecasted sales increase of 39.3% in 2025 [17] Rail Transit Equipment - The demand for rail transit equipment is expected to rise due to increased railway investment and passenger traffic recovery [18] Semiconductor Equipment - The implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [19][20] - The focus on advanced semiconductor manufacturing equipment is expected to drive growth in the sector [20] New Energy Equipment - Solid-state battery technology is advancing, with companies like Funeng Technology making significant progress in product development [21][23] - The solid-state battery production line is expected to benefit from new equipment and technology upgrades [23] Low-altitude Economy and EVTOL - The low-altitude economy is anticipated to accelerate in 2025, with potential for new industries and consumer experiences [24][25]