Core Viewpoint - The construction machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges in demand and utilization [1][2]. Monthly Working Hours Summary - In August 2025, the average working hours for major construction machinery products was 78.4 hours, a year-on-year decrease of 9.45% and a month-on-month decrease of 2.92% [1]. - Specific working hours for various machinery types in August 2025 include: - Excavators: 63.3 hours - Loaders: 96.3 hours - Truck Cranes: 113 hours - Crawler Cranes: 92 hours - Tower Cranes: 48.9 hours - Road Rollers: 40.5 hours - Pavers: 51 hours - Rotary Drilling Rigs: 72.1 hours - Off-road Mining Dump Trucks: 128 hours - Concrete Pump Trucks: 42.4 hours - Concrete Mixers: 67.7 hours - Forklifts: 95.7 hours [1]. Monthly Operating Rate Summary - The operating rate for major construction machinery products in August 2025 was 55.1%, a year-on-year decrease of 6.83 percentage points and a month-on-month decrease of 1.14 percentage points [2]. - Specific operating rates for various machinery types in August 2025 include: - Excavators: 54.8% - Loaders: 57.9% - Truck Cranes: 71.9% - Crawler Cranes: 57.5% - Tower Cranes: 39.5% - Road Rollers: 47% - Pavers: 60.4% - Rotary Drilling Rigs: 42% - Off-road Mining Dump Trucks: 41.2% - Concrete Pump Trucks: 36.6% - Concrete Mixers: 33.1% - Forklifts: 58.4% [2]. Historical Data Review - The average working hours for major construction machinery products in July 2025 was 80.8 hours, a year-on-year decrease of 6.91% [5]. - The average working hours in June 2025 was 77.2 hours, a year-on-year decrease of 9.11% [5]. - The average working hours in May 2025 was 84.5 hours, a year-on-year decrease of 3.86% [5]. - The average working hours in April 2025 was 90.1 hours, a year-on-year increase of 3.20% [5]. - The average working hours in March 2025 was 90.1 hours, a year-on-year increase of 6.53% [5]. - The average working hours in February 2025 was 46.4 hours, a year-on-year increase of 70.3% [5]. - The average working hours in January 2025 was 74.6 hours, a year-on-year increase of 3.61% [5].

Core Viewpoint - The loader market in China is showing positive growth trends, with significant increases in both domestic and export sales in August 2025 compared to the previous year [1][2]. Sales Data Summary - In August 2025, a total of 9,440 loaders were sold, marking a year-on-year increase of 13.3%. Domestic sales accounted for 4,774 units (up 18.3%), while exports reached 4,666 units (up 8.69%) [1][2]. - Cumulatively, from January to August 2025, 83,209 loaders were sold, reflecting a year-on-year growth of 12.9%. Domestic sales totaled 44,945 units (up 20.2%), and exports were 38,264 units (up 5.3%) [2]. Electric Loader Market Overview - In August 2025, 2,477 electric loaders were sold, with the breakdown as follows: - Under 3 tons: 15 units - 3 tons: 117 units - 4 tons: 1 unit - 5 tons: 1,529 units - 6 tons: 720 units - 7 tons: 88 units - 8 tons: 3 units - Over 8 tons: 1 unit - Skid steer loaders: 3 units [3][4]. Monthly Sales Trends - Monthly domestic sales of loaders in 2025 showed fluctuations, with notable increases in April (7,191 units, up 35.4%) and February (4,505 units, up 63%). However, January saw a slight decline (3,706 units, down 1.01%) [5]. - The sales data from previous months indicates a recovery trend in the loader market, particularly in the first half of 2025, following a challenging period in 2024 [5][6][8]. Industry Insights - The engineering machinery industry is experiencing a recovery, with expectations of improved performance in the coming months. Factors contributing to this outlook include increased domestic demand and a shift towards electric machinery [9][12].

"针对当地复杂的地质与水文条件，技术团队应用了国际领先的掘进机设计理念，针对性开发了永磁驱动、快速装 机和转场设计等新技术，整机维保具有可视化和智能提醒等功能，极大提升施工效率、安全性与作业舒适度。"铁 建重工相关负责人介绍，为符合欧盟准入标准，设备集成了符合欧洲指令的气体检测、通风、应急照明、通信、 供电等系统，有效确保了整机通过欧盟CE安全认证。 据了解，这是铁建重工出口罗马尼亚的第三台盾构机，该设备需要穿越黏土、粉质黏土、砂卵石等挑战性地层， 高效完成区间掘进。 目前，铁建重工产品已累计出口意大利、瑞士、波兰、新加坡、罗马尼亚、塞尔维亚、新加坡、智利、沙特等50 多个国家和地区。接下来，铁建重工将全面深化合作，以优质的产品和服务，为全球基础设施建设持续提供更多 中国方案和中国智慧。 长沙晚报掌上长沙9月5日讯（全媒体记者 匡小娟）9月5日，一台直径12.49米的土压平衡盾构机在铁建重工长沙第 二产业园区验收下线。该设备是铁建重工出口欧洲最大直径盾构机，将参建罗马尼亚锡比乌—皮特什蒂高速公路3 号标段隧道工程。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In H1 2025, the company achieved revenue of 54.808 billion yuan, a year-on-year increase of 8.04%. The net profit attributable to shareholders was 4.358 billion yuan, up 16.63% year-on-year, and the net profit after deducting non-recurring gains and losses was 4.467 billion yuan, an increase of 35.57% year-on-year [2][6]. - Domestic sales have shown recovery, with a year-on-year increase of 1.5%, while overseas sales continued to grow, with a year-on-year increase of 16.6%. The gross profit margin for both domestic and international sales has improved, and asset quality has significantly enhanced, with off-balance-sheet guarantees reduced by approximately 9 billion yuan compared to the end of 2024 [2][11]. - The company expects better growth rates in both domestic and international sales in the second half of the year, driven by cost reduction, quality improvement, and the increasing profitability of new energy products [2][11]. Summary by Sections Revenue and Profitability - The company reported a revenue of 54.808 billion yuan in H1 2025, reflecting an 8.04% increase year-on-year. The net profit attributable to shareholders was 4.358 billion yuan, marking a 16.63% increase year-on-year, while the net profit after deducting non-recurring items was 4.467 billion yuan, up 35.57% year-on-year [2][6]. Domestic and International Sales - Domestic sales have shown a recovery trend, with a 1.5% year-on-year increase, benefiting from the growth in the earth-moving machinery sector. International sales grew by 16.6% year-on-year, with overseas revenue accounting for approximately 47% of total revenue, an increase of 3 percentage points [11]. Gross Margin and Asset Quality - The gross profit margin reached 22.0%, an increase of 0.7 percentage points year-on-year. The company has also improved its asset quality, with off-balance-sheet guarantees reduced by about 9 billion yuan compared to the end of 2024 [11]. Future Outlook - The company anticipates that both domestic and international sales growth will exceed the first half of the year, supported by cost reduction, quality enhancement, and improved margins for new energy products. The projected net profits for 2025 and 2026 are 7.402 billion yuan and 9.578 billion yuan, respectively, with corresponding price-to-earnings ratios of 15 times and 12 times [11].

感谢您对中铁工业的关注！公司作为我国盾构机行业的开拓者和领军者，自主研制的隧道掘进机已广泛 应用于珠三角水资源配置、环北部湾水资源配置、引江补汉、滇中引水等重大水利工程项目，截至2024 年末，公司盾构机/TBM产品在国内水利水电工程建设领域市场占有率超过60%，其中抽水蓄能电站领 域占有率约85%。我国西南地区水电项目普遍具有高海拔、高埋深、高地应力等特点，公司联合四川省 水利发展集团在西南地区打的首个全断面隧道掘进机智能总装产线已正式投产，将瞄准高纬度高海拔地 区高端装备需求持续开展盾构机、TBM、钻爆法专用设备等产品的研发制造，为川西、西藏等西南地 区的水利水电、铁路等项目提供关键技术和产品支持，随着相关重大工程的推进，公司产品有望得到更 多应用。谢谢！查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 投资者提问： 请问董事长，我国西南地区水利水电建设加快是否对中铁工业是利好？ 董秘回答(中铁工业SH600528)： ...

证券之星消息，9月5日工程机械板块较上一交易日上涨1.59%，长龄液压领涨。当日上证指数报收于 3812.51，上涨1.24%。深证成指报收于12590.56，上涨3.89%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605389 | 长龄液压 | 45.04 | 6.20% | 3.18万 | | 1.41亿 | | 603298 | 杭叉集团 | 24.59 | 5.76% | 15.62万 | | 3.78亿 | | 605305 | 中际联合 | 38.70 | 5.33% | - 14.89万 | | 5.70亿 | | 001226 | 拓山重丁 > | 36.94 | 5.33% | - 3.54万 | | 1.29亿 | | 871245 | 威博液压 | 35.55 | 4.59% | 2.72万 | | 9523.14万 | | 603194 | 中力股份 | 40.11 | 3.99% | 4.73万 | | 1.87亿 ...

智通财经APP获悉，中金发布研报称，8月制造业景气水平有所回升，PMI环比上升0.1ppt，PMI因季节 性因素仍相对平淡，建议关注AI基建等需求支撑。该行观察到AI基建、新消费类结构性机会仍存，该 行认为2025H2下游制造业盈利能力提升值得期待。此外，9月份看多工程机械、锂电设备与AI基建链中 的PCB设备和液冷环节。 中金主要观点如下： 8月PMI指数环比有所回升 (1)宏观：8月制造业PMI为49.4%、环比+0.1ppt;其中，生产和新订单指数分别为50.8%/49.5%，环比 +0.3/0.1ppt，表明制造业市场需求有所回暖。(2)中微观：8月份制造业仍处于淡季，但该行观察到AI基 建、新消费类结构性机会仍存，该行认为2025H2下游制造业盈利能力提升值得期待。 工程机械内外需共振，盈利持续改善 (2)液冷：受益海外算力资本开支扩张，高密度散热加速液冷需求释放。具体细分环节建议关注全链条 液冷解决方案龙头英维克;液冷接口加工需求建议关注津上机床中国;液冷压缩机相关标的包括冰轮环 境、磁谷科技、鑫磊股份、汉钟精机(均未覆盖)。 风险 下游行业需求不及预期、新品拓展不及预期、海外景气度降低。 7月挖 ...

Group 1 - The third "Changsha International Construction Machinery Exhibition Southeast Asia Division" opened in Kuala Lumpur, Malaysia, marking the first overseas self-hosted international professional exhibition by Hunan [1] - The exhibition attracted over 300 government representatives, business executives, professional buyers, and media from Malaysia, Singapore, Indonesia, Thailand, Vietnam, and China, showcasing nearly 100 leading global enterprises [1][2] - The event achieved over 2 billion yuan in signed contracts, establishing an efficient platform for "Chinese intelligent manufacturing" to expand internationally [1][4] Group 2 - The exhibition focused on "high-end, intelligent, and green" themes, displaying cutting-edge technologies and product trends in the global construction machinery sector [2] - The total exhibition area reached 6,000 square meters, featuring diverse thematic exhibition areas including concrete machinery, construction machinery, earth-moving machinery, and more [2] - Notable companies such as SANY Heavy Industry, Zoomlion, and LiuGong Machinery showcased popular export products, highlighting the strength of China's construction machinery industry's transformation and upgrade [2][3] Group 3 - The event served as a bridge for cooperation between China and Malaysia, promoting the export of equipment and technology, and aligning with Malaysia's industrial upgrade and digital economy transformation needs [3] - The construction machinery cluster in Changsha has surpassed 250 billion yuan, accounting for over 30% of the national total, with products exported to over 180 countries and regions [3] - Five companies from Changsha have been listed in the "Global Top 50 Construction Machinery" for four consecutive years, showcasing a complete ecosystem covering R&D, manufacturing, and services [3] Group 4 - The exhibition facilitated substantial commercial cooperation, with 11 companies, including SANY and Zoomlion, signing contracts totaling over 2 billion yuan for high-end equipment and intelligent solutions [4] - Additional activities included trade development seminars and forums, as well as nearly 20 one-on-one business matching sessions to enhance supply chain and capital connections [4] - Changsha extended an invitation to global businesses to participate in the upcoming "Fifth Changsha International Construction Machinery Exhibition" in 2027 [4]

Market Overview - The US dollar index stabilized and rose by 0.15%, closing at 98.29 [2] - Spot gold ended a seven-day winning streak, dropping 0.38% to close at $3545.78 per ounce after reaching nearly $3510 per ounce during the day [2] - Spot silver fell below $41 per ounce, closing down 1.32% at $40.67 per ounce [2] Economic Indicators - The US ADP employment growth for August slowed significantly to 54,000, below the market expectation of 65,000, with July revised to 104,000 [3] - Initial jobless claims in the US increased by 8,000 to 237,000, the highest since June, exceeding the expected 230,000 [3] - The US trade deficit surged by 32.5% in July to $78.3 billion, higher than the expected $75.7 billion, marking a four-month high [4] Federal Reserve Insights - The Federal Reserve's third-ranking official indicated that gradual rate cuts would be appropriate if economic conditions align with expectations [5] - A 2026 voting member reiterated opposition to a rate cut in September, citing persistent high inflation [5] Trade Relations - The US and Japan reached an agreement on tariff trade terms, with Japan committing to increase US rice purchases by 75% [3] - The US government criticized Norway's sovereign wealth fund for withdrawing investments from Caterpillar, indicating concerns over the fund's actions [4]

标配 （维持） 出口加速助发展，科技成长迎突破 机械设备行业 2025 半年报业绩综述 投资要点： 2025 年 9 月 5 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 细分行业评级 | 工程机械 | 标配 | | --- | --- | | 自动化设备 | 标配 | 机械设备（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 ◼ 机械设备：盈利能力增强，现金流明显改善。2025上半年申万机械设备板块 营收、归母净利润分别同比+7.45%、+19.09%。2025Q2，营收为5447.52亿元， 同比增长5.21%，环比增长19.05%；归母净利润为422.19亿元，同比增长 15.14%，环比增长26.92%。从季度来看，营收、归母净利润保持稳定增长趋 势。盈利能力方面，2025上半年机械设备行业毛利率、净利率分别同比提升 0.06pct、0.86pct。2025Q2，毛利率为23.46%，同比提升0.43pct，环比提升 0.67pct；净利率为8.2 ...