工程机械电动化、无人化应用场景及空间探讨 202509004 摘要 工程机械电动化分为动力系统和作业系统电动化，前者发展迅速。无人 化应用于高危环境和重复性作业，电力驱动为无人设备提供稳定基础， 线控技术易于集成。电动化与无人化相辅相成，互相促进。 高空作业平台、矿车、搅拌车等设备电动化较好，因其所需力矩不大且 多为轮式设备。挖掘机等高力矩设备电动化渗透率较低。2024 年全球 工程机械电动化渗透率约 1%-2%，销量增长 110%。 预计未来五年工程机械电动化年复合增长率维持在 30%-50%，中国是 最大市场，2024 年市场规模预计 300 亿-500 亿人民币，主要集中在高 空作业平台和搅拌车领域，2025 年渗透率将翻倍。 中国企业通过电动车满足欧洲碳排放需求，高端液压件劣势已基本消除， 主要劣势在发动机领域。通过混合动力或纯电驱动，中国企业可绕过燃 油车技术壁垒，实现技术突破。 无人技术渗透率低于电动化，但矿山运输设备电动化和无人化加速。 2024 年矿卡电动化渗透率 20%-30%，无人化 7%。预计 2025 年无人 化整体渗透率达 15%，新能源产品渗透率达 50%-60%。 Q&A 工程机 ...

Core Viewpoint - The third Changsha International Construction Machinery Exhibition Southeast Asia sub-exhibition aims to promote cooperation and mutual benefits between China and Malaysia, focusing on high-end, intelligent, and green construction machinery [1][2]. Group 1: Exhibition Overview - The exhibition features over 90 leading global companies, including SANY Heavy Industry, Zoomlion, and LiuGong, showcasing cutting-edge products and innovative technologies [2]. - The event spans three days with a total exhibition area of 6,000 square meters, covering various specialized areas such as concrete machinery, construction machinery, and mining equipment [5]. - A total of 1,000 products and industry solutions are displayed, highlighting the latest achievements in "Chinese manufacturing" and its transformation capabilities [5]. Group 2: Economic Cooperation - The exhibition serves as a significant platform for Chinese construction machinery companies to collaborate with major construction contractors and clients in Southeast Asia, enhancing internationalization and professionalism [2]. - A total procurement signing amounting to 2.227 billion RMB was achieved, covering high-end equipment, intelligent solutions, and supporting services, demonstrating the exhibition's effectiveness in promoting substantial commercial cooperation [5]. - The event includes high-profile activities such as the "China (Hunan) - Malaysia Economic Development Seminar" and forums focused on mining equipment technology and emergency equipment cooperation [5][6]. Group 3: Industry Impact - The exhibition is seen as a bridge for technological exchange and economic cooperation in the construction and mining equipment sectors, injecting new momentum into industry development [3]. - The event aligns with the ongoing transformation and upgrading of the construction and mining industries, showcasing advanced results that can drive further growth [3].

各会员单位、行业同仁： "十四五"规划即将收官，"十五五"蓝图正在酝酿，我国工程机械行业正处在转型升级、迈 向高质量发展的关键时期。为更好地应对新形势、把握新趋势、凝聚行业共识，经研究决 定，于2025年9月23日下午，即中国（北京）国际工程机械、建材机械及矿山机械展览会 （BICES 2025）展期第一天，组织召开"中国工程机械工业协会铲土运输机械分会与工程 机械配套件分会年会"。 本次会议以"新机遇·新动能·新生态"为主题，旨在探讨宏观政策与新基建带来的新机遇， 剖析电动化、智能化、数字化技术革命激发的新动能，构建整机与核心零部件企业协同创 新、共生共荣的新生态，并顺利完成两个分会理事会的换届工作。 我们诚挚邀请您拨冗出席，齐聚北京，共襄盛举，共同描绘行业发展的新篇章！ 一、会议组织 指导单位： 中国工程机械工业协会 主办单位： 中国工程机械工业协会铲土运输机械分会 中国工程机械工业协会工程机械配套件分会 二、会议时间 2025年9月23日13:00-16:00（BICES 2025第一天） 三、会议地点 地点：中国国际展览中心（新馆） 地址：北京市顺义区裕翔路88号 四、会议安排 | | 时间 11:0 ...

Core Viewpoint - The acquisition of KCL Lifttrucks Ltd. by Terberg Group marks a strategic integration aimed at enhancing sales and service capabilities in the Asia-Pacific region, operating under the new identity of Terberg KCL [2][4]. Group 1: Strategic Goals and Market Position - The acquisition aligns with Terberg's strategic goal of providing localized operational support, offering innovative and sustainable customized solutions to clients [4]. - Terberg KCL will provide a full range of Terberg specialty vehicles in the Asia-Pacific market, focusing on high-performance, low-emission equipment solutions [4]. - Terberg KCL aims to play a key role in the transformation of green logistics infrastructure as a proponent of electric transportation solutions in Asia [4]. Group 2: Leadership and Experience - The leadership team of Terberg KCL boasts over 120 years of cumulative industry experience, known for innovation, reliability, and high-quality customer service [6]. - The integration is expected to leverage global expertise and local service capabilities to create greater value for customers and accelerate growth [6]. Group 3: Terberg Group Overview - Terberg Group has over 150 years of history as a family-owned business, dedicated to developing, manufacturing, and modifying specialty vehicles and systems for various industries [7]. - The company emphasizes sustainable growth and continuous innovation as its core values [7].

Core Viewpoint - The "Third Changsha International Construction Machinery Exhibition Southeast Asia Division" has successfully opened in Kuala Lumpur, Malaysia, marking a significant step for Hunan's overseas initiatives in the construction machinery sector [1][3]. Group 1: Event Overview - This year's exhibition is the largest to date, featuring over 100 leading global companies and achieving more than 2 billion yuan in contracts [3][9]. - The event spans three days, covering an area of 6,000 square meters, with specialized zones for various machinery types including concrete, construction, earth-moving, and mining equipment [5][9]. Group 2: Focus on "Changsha Manufacturing" - "Changsha Manufacturing" has become a focal point, showcasing innovative products such as SANY's new energy mixer trucks and Zoomlion's construction hoists, which attracted significant interest from Southeast Asian buyers [7][8]. - The exhibition emphasizes high-end, intelligent, and green technologies in the construction machinery sector, reflecting China's industrial transformation capabilities [5][7]. Group 3: Economic Impact and Collaboration - The exhibition serves as a platform for "exhibition going abroad" to drive "equipment going abroad" and "technology going abroad," fostering practical cooperation between China and Malaysia [8][10]. - The event has facilitated over 2 billion yuan in procurement contracts, highlighting its effectiveness in promoting substantial commercial cooperation [9]. Group 4: Future Prospects - Changsha has extended an invitation for global participation in the upcoming "Fifth Changsha International Construction Machinery Exhibition" scheduled for 2027, aiming to enhance international collaboration [10]. - The Southeast Asia division of the exhibition is positioned as a key initiative under the "Belt and Road" strategy, promoting mutual growth between Chinese smart manufacturing and ASEAN market demands [10].

证券之星消息，9月4日工程机械板块较上一交易日下跌2.93%，恒立液压领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。工程机械板块个股涨跌见下表： 从资金流向上来看，当日工程机械板块主力资金净流出4.09亿元，游资资金净流入9359.95万元，散户资 金净流入3.15亿元。工程机械板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000528 | 柳工 | 1936.99万 | 3.99% | -1969.24万 | -4.05% | 32.25万 | 0.07% | | 301161 | 唯万密封 | 1289.79万 | 4.54% | 835.09万 | 2.94% | -2124.88万 | -7.48% | | 000425 | 徐工机械 | 1162.02万 | 1.01% | 2804.27万 | 2.44% | -396 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In the first half of 2025, the company achieved revenue of 18.181 billion yuan, a year-on-year increase of 13.21%. The net profit attributable to shareholders was 1.230 billion yuan, up 25.05% year-on-year, and the net profit after deducting non-recurring gains and losses was 1.146 billion yuan, an increase of 27.01% year-on-year [2][6]. - The company continues to see rapid growth in both domestic and international sales, with a further increase in global market share for earth-moving machinery. The overall profitability is steadily improving, with a comprehensive gross margin of 22.32%, up 0.22 percentage points year-on-year [2][12]. - The company plans to invest 500 million yuan to establish a new manufacturing plant in Indonesia, which will deepen its global layout and help mitigate trade tariff impacts [2][12]. - The board has approved the "15th Five-Year" strategic plan, aiming for a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [2][12]. Summary by Sections Financial Performance - For Q2 2025, the company reported revenue of 9.032 billion yuan, a year-on-year increase of 11.22%, and a net profit of 573 million yuan, up 17.94% year-on-year [6]. - The domestic revenue grew by 16%, with loader revenue increasing by over 20%, and excavator domestic terminal sales rising by 31%, enhancing market share by 1.6 percentage points [12]. - International revenue increased by 11%, with earth-moving machinery sales outpacing the industry by 19 percentage points, and global market share rising by approximately 1 percentage point [12]. Strategic Initiatives - The establishment of the new Indonesian factory is expected to enhance local market penetration in Southeast Asia and Indonesia, while also expanding the company's dealer network, which has surpassed 400 dealers and over 1,300 service points globally [12]. - The strategic plan outlines a compound annual growth rate (CAGR) of 12% for revenue and 24% for profit from 2024 to 2030, with a profit target of 4.8 billion yuan by 2030 [12]. Profitability and Margins - The gross margin for the first half of 2025 was 22.32%, with domestic gross margin slightly declining by 0.65 percentage points due to intense competition in the electrical equipment sector, while the overseas gross margin improved by 1.49 percentage points [12]. - The pre-stressed and leasing business segments contributed positively to overall profitability, with gross margins increasing by 4.47 percentage points and 1.97 percentage points, respectively [12].

Group 1: Metal Industry Insights - The steel industry is expected to see a rebound in demand in September, traditionally a peak consumption month, with potential price stability due to supply constraints from production limits and maintenance in regions like Tangshan [2][4] - Copper prices are supported by tight supply and potential demand recovery, with a focus on the upcoming Federal Reserve meeting which may influence price movements [2][5] - Aluminum prices are anticipated to remain stable, with demand expected to improve in the peak season, while supply is expected to hold steady [2][5] - Gold prices may see a moderate increase if inflation data meets expectations and employment data is weak, particularly ahead of the Federal Reserve's September meeting [3][7] - The rare earth market is experiencing increased overseas demand due to export controls, with potential price growth in September if overall demand remains strong [4][7] Group 2: Investment Strategies - For the steel sector, the "anti-involution" policy is expected to gradually improve the oversupply situation, with a focus on green and low-carbon transformation as a key driver for future growth [4][5] - In the copper sector, the tight supply situation is expected to support prices, and the "anti-involution" policy may improve the processing sector, making it a favorable investment area [5] - The aluminum sector is projected to benefit from new project capacities and supportive policies, with a recommendation to focus on companies with strong resource guarantees and environmental standards [5] - The rare earth sector is viewed positively due to regulatory changes and the strategic value of resources, with a recommendation to focus on companies involved in resource extraction and processing [7] Group 3: Machinery and Equipment Sector - The machinery and equipment sector has shown strong performance, with the industry index rising 12.67% from August 3 to September 2, outperforming the broader market [8] - The demand for construction machinery is expected to continue growing due to ongoing infrastructure projects and improved market conditions, particularly in the domestic market [8][9] - The humanoid robotics sector is gaining traction with advancements in computing platforms, indicating a critical phase for industry development and investment opportunities [9]

中邮证券研报指出，徐工机械上半年实现归母净利润43.58亿元，同增16.63%；实现扣非归母净利润 44.67亿元，同增35.57%。公司经营业绩向好，经营质量持续提升，上调为"买入"评级。分产品来看， 起重机械、土方机械、桩工机械、高空作业机械、矿业机械、其他工程机械及备件及其他分别实现收入 104.74、170.19、26.15、45.72、47.33、153.95亿元，同比增速分别为3.74%、22.37%、-6.02%、 1.00%、6.32%、2.87%。从客户结构看，国内营销优质客户销售收入同比增长6%，跟踪重大商机项目 同比提升34%。此外，公司发布股权激励方案，绑定管理层与股东利益。 ...

事件： 2025 年8 月30 日，公司公告2025 年半年度报告，25H1 实现营业收入248.55亿元，同比增长1.30%；实 现归母净利润27.65 亿元，同比增长20.84%，基本每股收益0.32 元。 点评： 归母净利润增长明显，期间费用率有所优化 2025 年上半年公司营业收入小幅增长，归母净利润增长明显，同比增长20.84%至27.65 亿元。分季度来 看，Q2 公司实现营业收入127.38 亿元，同比下降0.19%；实现归母净利润13.55 亿元，同比下降 1.29%。25H1 公司毛利率、净利率分别为28.15%和11.67%，分别较去年同期下降0.16pct 和增长 1.31pct。公司期间费用率有所优化，25H1 期间费用率为16.75%，较去年同期下降1.63pct。 全球化进程取得积极进展，人形机器人产业化落地再加速2025 年上半年公司海外收入持续增长，报告 期实现海外市场收入138.15 亿元，同比增长14.66%。分产品来看，报告期内混凝土机械、工程起重机 械、建筑起重机械三大产品线整体出口销售规模同比增幅超13%。分地区来看，上半年海外市场呈现多 维度发展态势，其中非洲区域同 ...