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]

资讯日报：美国核心个人消费支出(PCE)价格指数符合预期 股票市场概览 港股市场表现 美股市场表现 2025 年 12 月 8 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常关 | 周涨跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 涨跌 | | | | | | (%) | | 恒生指数 | 26,085 | 0,58 | 0.87 | 30.04 | | 恒生科技 | 5,662 | 0.84 | 1.13 | 26.73 | | 恒生国企 | 9.198 | 1.01 | 0.75 | 26.18 | | 上证指数 | 3.903 | 0.70 | 0.37 | 16.44 | | 目经225 | 50.492 | (1 05) | 0.47 | 26.56 | | 新加坡海峡 | 4,531 | (0008) | 0.16 | 0.00 | | 标普500 | 6.870 | 0 19 | 0.31 | 16.81 | | 纳斯达克 | 23.578 | 031 | 0.91 | 22.10 | | 道原斯 ...

（来源：深圳商报） 近日，港交所显示，临工重机股份有限公司（下称"临工重机"）正式向香港联交所递交招股书，拟于香 港主板上市，中金公司和兴证国际担任联席保荐人。 目前，王志中并非临工重机的最高领导，仅担任非执行董事。2025年3月，王志中的女婿张善睿加入临 工重机，5月，张善睿被任命为执行董事兼CEO，负责集团重大业务规划与营运策略。据悉，张善睿加 入仅3个月，获得89.8万元的薪酬。 据了解，2021年12月及2022年6月，临工重机完成A轮及B轮融资，募集资金1.59亿元及15.2亿元。2024 年12月，济南仁信为临工重机增资，作价2.36亿元。 值得关注的是，此次并非临工重机首次尝试登陆资本市场。在此之前，临工重机曾两次冲击A股未果。 2022年12月，临工重机计划于上交所主板上市，后于2024年1月撤回申请。2024年12月，公司又为A股 上市与中金公司签订辅导协议，并向证监会作出上市辅导备案，但未构成上市申请。 据悉，此次赴港IPO，临工重机旨在进一步拓展全球业务，对接国际资本，吸引多元化海外投资。本次 IPO募集资金预计将用于产能提升及现有厂区智能化升级；用于研发各种产品及解决方案，以及电动化 ...

每经AI快讯，拓山重工（SZ 001226，收盘价：40.92元）12月8日晚间发布公告称，公司第二届第十六 次董事会会议于2025年12月8日在公司会议室以现场结合通讯方式召开。会议审议了《关于修订公司章 程的议案》等文件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 贾运可） 2025年1至6月份，拓山重工的营业收入构成为：工程机械占比99.99%，其他行业占比0.01%。 截至发稿，拓山重工市值为31亿元。 ...

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery industry, indicating a positive outlook for the sector [1]. Core Insights - November sales of excavators reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [1]. - For the first eleven months of 2025, total excavator sales were 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 average working hours for major engineering machinery products in November 2025 were 84.2 hours, a decrease of 13% year-on-year, while the operating rate was 56.5%, down 12.1 percentage points year-on-year [4]. - Infrastructure investment in China showed stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment dropped by 14.7% [4]. - The global engineering machinery market is expected to see a rebound in 2026, supported by a decline in interest rates and sustained high mineral prices [4]. - Key companies to watch in the sector include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, with component manufacturers like Hengli Hydraulic and Aidi Precision also highlighted [4]. Summary by Sections Sales Performance - November excavator sales reached 20,027 units, with domestic and export sales showing significant growth [1]. - Year-to-date sales for 2025 indicate a strong upward trend in the market [1]. Market Conditions - Domestic construction activity remains subdued, as indicated by lower working hours and operating rates for machinery [4]. - Infrastructure investment is stable, while real estate construction demand shows signs of bottoming out [4]. Future Outlook - The engineering machinery sector is expected to benefit from a favorable global market environment in 2026 [4]. - Key players in the industry are positioned for growth, with specific companies identified for potential investment opportunities [4].

Investment Rating - The investment rating for the engineering machinery industry is "Recommended" (maintained) [5] Core Viewpoints - The report highlights significant structural growth characteristics, with high-end products and exports being the core driving forces for the machine tool sector [4] - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [8] - For the period from January to November 2025, a total of 212,162 excavators were sold, marking a 16.7% year-on-year increase, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [8] - Loader sales in November 2025 reached 11,419 units, a year-on-year increase of 32.1%, with domestic sales at 5,671 units (up 29.4%) and exports at 5,748 units (up 34.8%) [8] - The report indicates a strong domestic replacement demand for engineering machinery, driven by equipment renewal policies, and a rapid growth in exports with an improving structure [8] - The "Belt and Road" initiative regions are experiencing industrialization and infrastructure growth, while the North American market is expected to recover due to a rate cut cycle and replenishment demand [8] - The European market shows signs of marginal improvement after two years of decline, and Chinese brands have significant growth potential in the European and American markets due to low penetration rates [8] - Electrification and intelligence are opening new growth curves, enhancing both volume and pricing, while also broadening application scenarios [8] - Leading companies are expected to continue increasing their market share overseas, supported by technological upgrades and global expansion strategies [8] Summary by Sections - **Excavator Sales Data**: November 2025 saw excavator sales of 20,027 units, with a 13.9% year-on-year increase. Year-to-date sales reached 212,162 units, up 16.7% [8] - **Loader Sales Data**: November 2025 loader sales were 11,419 units, a 32.1% increase year-on-year, with year-to-date sales at 115,831 units, up 17.2% [8] - **Investment Recommendations**: The report suggests focusing on leading companies with a well-established global presence, including XCMG (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [8]