智通财经APP获悉，东吴证券发布研报称，工程机械为典型周期行业，判断周期位置为核心。当前国内 外正处于上行周期起点，该行判断未来2-3年板块利润增速约20%+，核心标的2026年利润对应当前估值 仅10-16X，建议重点配置。展望2026年，国内市场方面，此轮周期将呈现斜率较低但周期较长的特 征，整体呈现温和复苏态势；出口市场看，在美联储降息周期下，海外需求有望于2026年进入新一轮上 行周期，行成国内外共振局面。 东吴证券主要观点如下： 2025年工程机械板块国内全面复苏&出口温和复苏，收入端逐步加速 2025年1-10月国内挖机累计销量同比+19.6%，1-10月国内汽车/履带/随车/塔吊起重机累计销量同比分 别-2.8% /+22.9% /+5.9% /-30.6%，相较于2024年明显好转，国内工程机械进入全面复苏阶段。海外来 看，2025年1-10月挖掘机出口累计销量同比+14.5%，开始温和复苏。国内外共振作用下，板块收入端加 速回暖，2025年前三季度，工程机械板块收入端同比增长12%。 展望2026年 (1)国内市场：根据保有量测算&周期更新替换理论，2025-2028年国内挖机需求年均同比增 ...

Group 1 - The 2025 Yangtze River Delta Top 100 Enterprises conference was held in Shanghai, where rankings for the top 100 enterprises and private enterprises were released along with development reports [1] - In 2024, the total revenue of the top 100 enterprises in the Yangtze River Delta reached 21.4 trillion yuan, an increase of 6.7647 billion yuan, representing a growth of 3.27% year-on-year [1] - The average revenue per enterprise reached 2.1373 billion yuan, with the entry threshold set at 767.3 million yuan [1] - Net profit for the top 100 enterprises exceeded 1 trillion yuan, reaching 1.02435 trillion yuan, an increase of 134.15 billion yuan, or 15.07% year-on-year [1] - The total tax payment reached 795.87 billion yuan, an increase of 8.6 billion yuan, or 1.09% year-on-year [1] - Private enterprises made a significant showing, with 54 making the list, an increase of 5 from the previous year, and their revenue reached 12.1 trillion yuan, accounting for 56.61% of the total [1] Group 2 - Jiangsu province had 24 enterprises listed among the top 100, an increase of 1 from the previous year, with Hengli Group Co., Ltd. ranked 3rd and Shenghong Holding Group Co., Ltd. ranked 7th [2] - The listed enterprises from Jiangsu primarily operate in industries such as petrochemicals, metallurgy, commercial banking, new energy, apparel, and construction machinery [2] - The 24 listed enterprises in Jiangsu achieved a combined revenue of 4.3 trillion yuan in 2024, a year-on-year growth of 2.92% [2] - The total assets of these enterprises reached 10.3 trillion yuan, reflecting a year-on-year increase of 12.19% [2] - Research and development expenses amounted to 58.2 billion yuan, representing a year-on-year growth of 4.8% [2]

Group 1 - The 2025 Yangtze River Delta Top 100 Enterprises conference was held in Shanghai, where rankings for the top 100 enterprises and top 100 private enterprises were released along with development reports [1] - In 2024, the total revenue of the top 100 enterprises in the Yangtze River Delta reached a record high of 21.4 trillion yuan, an increase of 676.47 billion yuan, or 3.27% year-on-year [1] - The average revenue per enterprise reached 2.1373 billion yuan, with the entry threshold set at 767.3 million yuan [1] - Net profit for the top 100 enterprises exceeded 1 trillion yuan, reaching 1.02435 trillion yuan, an increase of 134.15 billion yuan, or 15.07% year-on-year [1] - The total tax paid by these enterprises reached 795.87 billion yuan, an increase of 8.6 billion yuan, or 1.09% year-on-year [1] - Private enterprises showed strong performance, with 54 making the list, an increase of 5 from the previous year, and their revenue reached 12.1 trillion yuan, accounting for 56.61% of the total [1] Group 2 - Jiangsu province had 24 enterprises on the list, an increase of 1 from the previous year, with Hengli Group Co., Ltd. ranked 3rd and Shenghong Holding Group Co., Ltd. ranked 7th [2] - The 24 enterprises from Jiangsu achieved a total revenue of 4.3 trillion yuan in 2024, a year-on-year increase of 2.92% [2] - The total assets of these enterprises reached 10.3 trillion yuan, a year-on-year increase of 12.19% [2] - Research and development expenses amounted to 58.2 billion yuan, reflecting a year-on-year increase of 4.8% [2]

Core Insights - The 2025 Yangtze River Delta Top 100 Enterprises list was released, highlighting the growth and performance of companies in the region [1][3] Group 1: Overview of the 2025 Yangtze River Delta Top 100 - The list includes 24 companies from Jiangsu, an increase of 1 from the previous year [3] - Key companies in the top 10 include Hengli Group (ranked 3rd) and Shenghong Holding Group (ranked 7th) [3] Group 2: Financial Performance of Top Enterprises - The 24 listed companies are projected to achieve a total revenue of 4.3 trillion yuan in 2024, reflecting a year-on-year growth of 2.92% [3] - Total assets of these companies amount to 10.3 trillion yuan, with a year-on-year increase of 12.19% [3] - Owner's equity stands at 1.9 trillion yuan, up by 9.34% year-on-year [3] - Research and development expenses are expected to reach 582.1 billion yuan, marking a growth of 4.80% [3] - The total number of employees across these companies is 704,000, which is a 4.80% increase [3] Group 3: Performance of Private Enterprises - The number of private enterprises in the Top 100 has surpassed half, reaching 54, an increase of 5 from the previous year [4] - Private enterprises generated 12.1 trillion yuan in revenue, accounting for 56.61% of the total, marking a significant milestone [4] - The revenue growth rate for private enterprises was 9.51%, exceeding the average growth rate of the Top 100 by 6.24 percentage points [4] - Net profit for private enterprises grew by 23.65%, outpacing the average growth rate of the Top 100 by 8.58 percentage points [4] Group 4: Sector-Specific Insights - The manufacturing sector, particularly in integrated circuits and computers, has shown rapid growth [4] - The service sector also demonstrated revenue growth, with significant profit increases in internet services, water transportation, and insurance [4] - The strong performance of internet service companies has been a key driver of the overall growth in the Yangtze River Delta Top 100 [4]

工程机械：11 月挖机数据超预期，怎么看 2026 年行业机 会？20251208 摘要 2023 年底国内挖掘机销量超预期，实际增速近 20%，主要因年底赶工、 资金到位率提高及个别厂家压库存。海外市场需求同样强劲，实际增速 接近 20%，但缺乏提前预测数据。 开工数据 10 月好转，降幅收窄，与资金到位率提高相符。恒立液压中 大挖油缸和泵阀连续数月同比增长 30%-40%，反映其份额提升及出口 大挖需求强劲。 预计 2026 年国内挖掘机销量将保持增长，小型挖掘机或增长 15%- 20%，中大型挖掘机增速稍逊，但整体仍能实现 10%以上增长，主要 受益于中央特别国债对水利工程等项目的支持。 2026 年海外市场预计受益于美国降息周期，欧美市场虽进入较慢，但 非洲、南美、印尼、中东及中亚等地区矿产资源丰富，中国品牌市占率 提升顺畅，美元走弱将推动矿业设备需求回升。 非挖掘机械产品如起重设备受风电项目拉动，但随车起重机、塔吊及混 凝土机械因电动化技术革新将继续向好，非挖类机械未来两三年仍将保 持良好增长态势。 Q&A 2025 年 10 月份国内外挖掘机销量数据表现如何？ 2025 年 10 月份，国内挖掘机 ...

数读长沙开放型经济：规模质量双提升 新型易货贸易兴起 中新网长沙12月8日电 (记者 唐小晴)进出口总额达1.4万亿元，占全省比重稳步提升；对非贸易年均增长 31.7%，实现翻番；实际使用外资66.4亿美元，占全省72.6%；在长投资世界500强企业达201家；对外实 际投资70.1亿美元，稳居中部省会第一......"十四五"时期，长沙开放发展交出亮眼成绩单。 8日，长沙市"十四五"答卷系列新闻发布会开放高地专场举行。长沙市商务局党组书记、局长吴照舒在 会上表示，五年来，长沙开放型经济成效显著，贸易伙伴覆盖全球233个国家和地区，工程机械、"新三 样"等优势产业出口年均增长超两位数，浏阳烟花、湘绣等特色产品成为全球知名的"长沙名片"。 中欧班列(长沙)常态化运行路线12条，辐射亚欧大陆近30个国家100个城市。长沙市政府物流口岸 办供图 "'十四五'期间累计为三一重工、福田汽车等企业开行定制化专列近900列，运输本省货值占比达55%， 有效保障了企业'出海'供应链稳定。"长沙市政府物流口岸办党组成员、副主任彭维强说。 中国(湖南)自由贸易试验区长沙片区已形成国家级制度创新成果15项，省级制度创新成果53项， ...

Core Viewpoint - The domestic excavator demand is expected to grow at an average annual rate of over 30% from 2025 to 2028, with peak sales projected to reach 250,000 units by 2028, although actual sales in 2025 may fall short due to funding availability issues [1][2] Domestic Market Summary - In the first ten months of 2025, domestic excavator sales increased by 19.6% year-on-year, indicating a significant improvement compared to 2024, marking a comprehensive recovery in the domestic construction machinery sector [1] - The sales of small excavators are expected to dominate in 2025, driven by ample central special government bonds, while the performance of medium and large excavators is hindered by poor local bond funding [1][2] - The overall trend indicates a mild recovery phase characterized by a lower slope but a longer cycle due to funding disruptions [2] Export Market Summary - Overseas excavator sales have been in decline since peaking in 2021, with a continuous drop expected from 2022 to 2025, primarily influenced by the Federal Reserve's interest rate cycle [1][2] - A new upward cycle in overseas demand is anticipated to begin in 2026 as the Federal Reserve enters a rate-cutting phase, potentially creating a resonance effect with domestic demand [2] Profitability and Cost Efficiency - The construction machinery sector is experiencing improved profitability due to increased capacity utilization and ongoing cost reduction efforts, with notable increases in net profit margins for major companies like Sany Heavy Industry and XCMG [2] - For instance, in the first three quarters of 2025, Sany Heavy Industry's net profit margin increased by 2.4 percentage points year-on-year [2] Investment Recommendations - The construction machinery sector is identified as being at the beginning of an upward cycle, with projected profit growth of over 20% in the next 2-3 years, and core stocks are currently valued at only 10-16 times their projected profits for 2026, suggesting a strong investment opportunity [3]

招商引资成效显著，五年累计引进重大项目995个，其中"三类500强"项目313个，总投资超万亿元。实 际使用外资66.4亿美元，1456家外商投资企业稳健发展，德国巴斯夫等龙头项目落户推动外资向高端制 造、现代服务领域集聚。连续举办跨国公司长沙行、德企长沙行、国际采购、产经对接等活动，拓展长 沙与国际市场的连接通道。 对外投资方面，"长沙力量"走向全球。70.1亿美元的对外实际投资，彰显内陆城市"走出去"实力。阿治 曼中国城、中国-巴西农业科技产业园、马达加斯加农业产业园等境外园区成为长沙与当地深化合作的 重要载体。隆平高科、楚天科技等企业通过海外并购、技术合作构建全球产业链，"长沙制造""长沙服 务"国际竞争力持续增强。 开放平台能级跃升 支撑体系更健全 五年来，长沙构建起多层次、高水平的开放平台矩阵，核心平台引领发展。 长沙晚报掌上长沙12月8日讯（全媒体记者 刘捷萍）五年来，长沙开放发展交出亮眼成绩单：进出口总 额达1.4万亿元，出口收汇率超80%；对非贸易年均增长31.7%，实现翻番；实际使用外资66.4亿美元， 占全省72.6%；在长投资世界500强企业达201家；对外实际投资70.1亿美元，稳居中 ...

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the engineering machinery sector [4]. Core Insights - The report highlights strong domestic and export sales of excavators, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (up 9.11%), while exports were 10,185 units (up 18.8%) [1]. - For the first eleven months of 2025, total excavator sales reached 212,162 units, reflecting a 16.7% year-on-year growth, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [1]. - The report notes that the construction intensity in China remains weak, with average working hours for major construction machinery at 84.2 hours in November, down 13% year-on-year [4]. - Infrastructure investment in China has shown stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment decreased by 14.7% [4]. - The report anticipates a rebound in construction demand, as indicated by an increase in the utilization rate of construction cranes in November [4]. - The global engineering machinery market is expected to expand, supported by a decline in interest rates and sustained high mineral prices, with a projected 2% decline in 2025 followed by positive growth in 2026 [4]. - The report identifies key companies to watch in the sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4]. Summary by Sections Domestic Sales - Excavator sales in November 2025 reached 9,842 units, a 9.11% increase year-on-year, contributing to a total of 108,187 units sold domestically from January to November, marking an 18.6% increase [1]. Export Sales - November 2025 saw exports of excavators exceed 10,000 units for the month, with a total of 103,975 units exported from January to November, reflecting a 14.9% increase [1]. Construction Activity - The average working hours for major construction machinery were reported at 84.2 hours in November, a decrease of 13% year-on-year, indicating weak construction activity [4]. Infrastructure Investment - Infrastructure investment in China showed a slight decline of 0.1% year-on-year from January to October 2025, with specific sectors like pipeline transportation and water transportation showing growth [4]. Market Outlook - The global engineering machinery market is projected to face a 2% decline in 2025, with expectations of recovery in 2026, driven by mining and infrastructure demand [4]. Key Companies - The report highlights several key players in the engineering machinery sector, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component manufacturers like Hengli Hydraulic and Aidi Precision [4].

Group 1 - The core point of the article is that Fushite (SZ 301446) announced the convening of its 13th meeting of the second board of directors on December 8, 2025, to discuss significant changes including the cancellation of the supervisory board and the establishment of employee representative directors [1] - For the fiscal year 2024, Fushite's revenue composition is as follows: construction machinery accounts for 56.7%, mining machinery accounts for 42.35%, and other businesses account for 0.94% [1] - As of the report date, Fushite has a market capitalization of 3 billion yuan [1]