Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and oil service equipment sectors [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a projected total investment of $50.28 billion from 2020 to 2024 in six countries [2][21] - The engineering machinery sector shows a mixed outlook, with a decline in domestic excavator sales but a recovery in non-excavator sales and exports, indicating undervalued investment opportunities [3] - The trend towards lightweight humanoid robots is accelerating, with increased application of magnesium alloys and PEEK materials, enhancing performance and efficiency [4][27] Summary by Sections Oil Service Equipment - China's foreign investment in energy projects in the Middle East is expected to reach $50.28 billion from 2020 to 2024, with oil and gas projects accounting for $29.15 billion [2][21] - Leading companies like Jerry and Neway have seen explosive growth in orders from the Middle East, with Jerry's orders expected to double in 2024 [2][23] - The Middle East oil service market is projected to be worth over $100 billion, with significant growth potential for Chinese companies [2][21] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales declining by 1.48% [3] - Non-excavator machinery sales are recovering, with significant year-on-year increases in sales of road rollers and pavers [3] - The sector is currently undervalued, presenting investment opportunities as export sales continue to support overall performance [3] Humanoid Robots - Lightweight design is becoming a core focus for humanoid robot manufacturers, utilizing materials like magnesium alloys and PEEK to reduce weight and improve performance [4][25] - Magnesium alloy's density is only two-thirds that of aluminum, offering advantages in strength and processing, while PEEK materials are expected to see increased application as costs decrease [26][27] - Investment opportunities in magnesium alloy die-casting and PEEK materials are highlighted, with specific companies recommended for attention [5][28] Forklifts and AI in Logistics - The integration of AI in logistics is driving the transformation towards automation, with a focus on unmanned forklifts and smart logistics solutions [6] - Key players in the forklift industry are forming strategic partnerships to enhance their technological capabilities and market reach [6] Lithium Battery Equipment - The lithium battery equipment sector is expected to benefit from the expansion of major players like CATL, with significant investments in new production facilities [10][30] - The report emphasizes the importance of solid-state battery technology as a future growth area, with companies like Xian Dao Intelligent positioned to capitalize on this trend [10][30] Investment Recommendations - The report suggests focusing on companies in the magnesium alloy die-casting sector such as Xusheng Group and Baowu Magnesium, as well as PEEK material companies like Zhongyan Co. and Watte [5][28]

Group 1 - The fourth China-Africa Economic and Trade Expo was held in Changsha, showcasing advanced manufacturing capabilities of Changsha's leading engineering machinery companies like Zoomlion and SANY [3][5] - Zoomlion presented four categories of products including construction cranes, aerial work machinery, earth-moving machinery, and agricultural machinery, tailored to meet the needs of the African market [3][5] - The ZLT3000V501 truck-mounted crane attracted interest from a West African customer, highlighting its superior stability and lifting performance [3][5] Group 2 - High-altitude work machinery and earth-moving machinery received significant attention, with products designed for diverse African user needs, such as the ZE385G hydraulic excavator known for its high-end configuration and energy efficiency [5] - Zoomlion's agricultural machinery, including the TE100 grain combine harvester and RS1604 wheeled tractor, was well-received, emphasizing the company's strong local presence and adaptability to African agricultural modernization [5] - Zoomlion has been a key player in the African market for nearly 20 years, with over 10,000 units of equipment sold, benefiting from a robust overseas business model focused on end-to-end, digital, and localized strategies [5][6]

Group 1 - The Fourth China-Africa Economic and Trade Expo was held in Changsha, Hunan from June 12 to 15, attracting representatives from 53 African countries and over 4,700 Chinese and African enterprises, associations, and financial institutions, with a total attendance exceeding 30,000 and an exhibition area of 100,000 square meters, marking a historical high in scale [1] - The expo featured various specialized exhibition areas and thematic exchanges focusing on key areas of China-Africa economic and trade cooperation, including clean energy, energy conservation and environmental protection, and engineering machinery [4] - The outdoor engineering machinery exhibition highlighted the new energy sector, showcasing a "Zero Carbon Technology Park" that demonstrated microgrid construction scenarios, including a 360-square-meter photovoltaic corridor that operated in conjunction with power supply vehicles for self-sustaining power at the venue [4] Group 2 - Gambian farmer Musa Dabo attended the expo to learn about China's grain processing techniques, reflecting the deepening agricultural cooperation between China and Africa, with several Chinese agricultural aid projects being implemented across Africa [5] - Under the guidance of Chinese hybrid rice technology experts, Musa's farm transitioned to a fully mechanized operation, expanding rice planting from 3 hectares to over 100 hectares, shifting from losses to profitability [7] - The introduction of agricultural machinery and comprehensive technical guidance by Chinese experts has significantly improved local employment opportunities, with Musa aiming to attract 10,000 young people to engage in agriculture [7]

Group 1 - The fourth China-Africa Economic and Trade Expo is taking place in Changsha, showcasing a variety of African products alongside Chinese goods, emphasizing cooperation opportunities under the theme "China-Africa Together to Dream of Modernization" [1] - The exhibition covers an area of 100,000 square meters with over 4,700 domestic and foreign enterprises displaying products across categories such as agricultural products, engineering machinery, electronic products, and handicrafts [1] - In the first five months of this year, China's total trade with Africa reached 963.21 billion yuan, marking a year-on-year increase of 12.4%, setting a historical record for the same period [2] Group 2 - Agricultural cooperation is expanding, with more high-quality African agricultural products entering the Chinese market; during the expo, China Customs signed five agreements for the import of agricultural products from four African countries [3] - A total of 38 entities from China and Africa signed 28 contracts worth $5.27 billion during the infrastructure cooperation exchange event, covering various sectors including transportation, logistics, energy, and housing construction [4] - The expo serves as a platform for promoting high-tech Chinese products such as new energy vehicles and solar panels, which are gaining popularity in Africa, indicating new directions for China-Africa economic cooperation [5] Group 3 - The expo features a "African Good Products" themed live broadcast, promoting African products through cross-border e-commerce platforms, and a service fund of 1 billion yuan was announced to foster China-Africa cross-border industrial chains [6] - Entrepreneurs from Africa are eager to establish online sales channels for their products, highlighting the growing interest in e-commerce and digital platforms for trade between China and Africa [6] - The expo is seen as a strong force for high-quality development in China-Africa economic cooperation, bringing new opportunities and platforms for collaboration [6]

Group 1 - The Fourth China-Africa Economic and Trade Expo is being held in Changsha, Hunan, with participation from 53 African countries and over 4,700 Chinese and African enterprises, associations, and financial institutions, attracting more than 30,000 attendees [1] - The trade volume of Nigerian mineral exports to China exceeded 500 million RMB last year, with expectations to double to 1 billion RMB this year, reflecting the deepening bilateral relations and improved trade facilitation [1] - The announcement of 100% zero-tariff measures on products from 53 African countries by China is expected to enhance the entry of high-quality African goods into the Chinese market, boosting confidence among African exhibitors [1] Group 2 - Chinese manufacturing and services are also expanding into Africa through the platform of the expo, with significant demand for infrastructure, commercial development, and livelihood projects in Africa presenting opportunities for Chinese companies [2] - A Jiangsu agricultural machinery company reported sales of 600-800 units of their combined harvester in Africa annually, indicating growing popularity of Chinese agricultural products [2] - In the first quarter of this year, a Hunan engineering machinery company's sales revenue in Africa surpassed 1 billion RMB, exceeding 60% of last year's total revenue, showcasing strong performance in the African market [2] Group 3 - The trade volume between China and Africa reached a historical high of 295.56 billion USD in 2024, with China maintaining its position as Africa's largest trading partner for 16 consecutive years [2] - In the first four months of this year, the trade volume between China and Africa reached 103.1 billion USD, reflecting an 8.1% year-on-year growth [2]

Core Viewpoint - The engineering machinery industry in China has shown stable economic performance and growth in key indicators, with a focus on innovation, internationalization, and high-quality development in response to market changes [3][4][10]. Group 1: Economic Performance Since 2025 - The engineering machinery industry has implemented national policies effectively, leading to a stable economic operation with key enterprises reporting a 10.1% increase in revenue and a 28.5% increase in profit from January to April 2025 [3]. - Among the twelve major product categories, seven showed positive sales growth in the first four months of 2025, with excavators and loaders seeing significant increases in both total and domestic sales [4]. - The total import and export trade value for engineering machinery reached $18.947 billion from January to April 2025, marking an 8.51% year-on-year increase, with exports alone accounting for $18.07 billion, a 9.01% increase [4][6]. Group 2: Industry Trends and Innovations - The industry is experiencing a shift towards high-end, intelligent, and green development, with significant advancements in technology and product offerings, including electric and new energy machinery [7][8]. - The sales of electric machinery, such as electric loaders and forklifts, have surged, with electric loaders seeing a 255% increase in sales from January to April 2025 [7]. - The industry is enhancing its innovation capabilities and optimizing its structure, with a focus on collaboration among enterprises of various sizes and types [6][7]. Group 3: Outlook for 2025 - The industry is expected to maintain stable growth in 2025, supported by proactive macroeconomic policies and an improving development environment, despite external challenges [10][11]. - Key economic indicators are projected to continue growing, with foreign trade remaining stable [11]. Group 4: Key Tasks for 2025 - The industry aims to integrate technological and industrial innovation, enhance resource efficiency, and stabilize supply chains while promoting international development and cooperation [13][14]. - Efforts will be made to combat "involution" in competition, focusing on brand building, product quality, and service improvement [14][15]. - The industry will leverage artificial intelligence to drive high-quality development and ensure the completion of the "14th Five-Year Plan" objectives [16]. Group 5: Upcoming Events - The China (Beijing) International Engineering Machinery, Building Materials Machinery, and Mining Machinery Exhibition (BICES 2025) is scheduled for September 23-26, 2025, showcasing the latest industry developments and solutions [17][18].

以下文章来源于中国工程机械工业协会 ，作者宣传工作部 中国工程机械工业协会 . 中国工程机械工业协会是经中华人民共和国民政部正式批准登记注册的全国性工程机械行业组织，是由 工程机械行业的制造企业、科研设计检测单位、高等院校、维修、使用、流通单位及其它有关工程机械 行业的企事业单位自愿联合组成的具有法人地位的社会团体。 2025年6月12日，中国（北京）国际工程机械、建材机械及矿山机械展览会（以下简称BICES 2025）新闻发布会暨展商预备会在京隆重召开。会上，中国工程机械工业协会会长苏子孟以 《2025年以来工程机械行业运行情况与全年展望》为题发表讲话，以下为讲话实录。 尊敬的各位嘉宾，女士们、先生们： 大家上午好！ 欢迎大家出席今天的BICES 2025新闻发布会暨展商预备会。首先我代表中国工程机械工业协会 （以下简称协会）和BICES主办方向各位嘉宾和广大展商、观众和媒体朋友们长期以来对工程机 械行业发展和北京BICES展会的关心和支持表示衷心的感谢！ 下面我就工程机械发展情况，谈以下三点，供大家参考。 ㈡ 纳入协会统计的工程机械十二大类主要产品销量整体上趋稳，稳中向好。 1—4月份，协会月报统计的12 ...

以下文章来源于中国工程机械工业协会 ，作者宣传工作部 中国工程机械工业协会 . 中国工程机械工业协会是经中华人民共和国民政部正式批准登记注册的全国性工程机械行业组织，是由 工程机械行业的制造企业、科研设计检测单位、高等院校、维修、使用、流通单位及其它有关工程机械 行业的企事业单位自愿联合组成的具有法人地位的社会团体。 2025年6月12日，中国（北京）国际工程机械、建材机械及矿山机械展览会（以下简称BICES 2025）新闻发布会暨展商预备会在京隆重召开。会上，中国工程机械工业协会秘书长兼北京天施 华工国际会展有限公司董事长吴培国以《BICES 2025展会组织与筹备工作情况》为题，介绍了 BICES 2025筹备情况。以下为讲话实录。 尊敬的各位展商、用户、媒体和活动组织、展会服务单位的朋友们： 大家上午好！ 下面我从五个方面，就BICES 2025筹备工作情况向在座的各位，并通过大家向广大展商、行业 企业、用户朋友、全球各界的朋友们进行汇报。 一、展商、主题展区和特色专区组织基本就绪，行业新质生产力将充分展示 展商报名超过预期。截止目前，现有报名面积已经达到展馆的预定面积，总展览面积将超过15万 平方米， ...

尊敬的各位嘉宾、媒体朋友、行业同仁，女士们、先生们： 大家上午好！ 很高兴在这个充满生机与活力的时节，我们齐聚一堂，以创新为引擎，共同开启BICES 2025的 重要序幕。 随着科技的快速发展，工程机械行业正经历着数字化、智能化、能源多样性变革。技术创新速度 加快，产品更新换代周期缩短，新技术的应用不仅提高了产品的性能和效率，还改变了行业的竞 争格局，作为全球工程机械行业有重大影响力的展会，BICES立足中国、面向世界，为各参展单 位的技术进步、品牌提升、市场拓展提供了帮助，为全球工程机械、建材机械、矿山机械、专用 车辆等全产业链、供应链相关企业实现价值增值提供了高端平台。据了解，BICES 2025将有不 同往届的成千上万种新产品、新技术、新成果全面展示，对此，我们决定对各企业这些新的进展 进行梳理和推介，旨在让每一项创新都能够获得关注，让每一位展商都能收获预期的价值。具体 方案如下： 一、向广大BICES 用户和观众提供新产品、新技术、 新成果（"三新"）进展报告，助力社会各界全面了解 BICES最新展示内容 以下文章来源于中国工程机械工业协会 ，作者宣传工作部 中国工程机械工业协会 . 中国工程机械工业 ...

以下文章来源于中国工程机械工业协会 ，作者宣传工作部 苏子孟在发言中表示，虽然外部环境变化带来的不利影响增多，国际形势严峻复杂，但随着宏观 调控力度的加大，政策效应叠加发力，支撑行业稳定运行和高质量发展的有利因素会继续集聚增 多，中国工程机械行业的发展环境将稳步向好。凭借我国工程机械技术、产品和服务等越来越受 到国际用户的认知、认可和行业企业海外业务布局的不断完善、升级，今年全行业出口额仍将保 持较高水平。 综合判断，预计2025年全年中国工程机械行业将继续呈现平稳运行、稳中有进的发展态势，主要 经济指标将稳定增长，对外贸易保持基本稳定。 关于当前行业的主要工作，苏子孟提出，2025年行业的重点工作包括全面贯彻落实党中央决策部 署，更好的把握行业发展方向，求真务实、奋发有为；高质量推进国际化发展；破解"内卷式"竞 争，构建健康的发展生态；积极利用人工智能技术赋能行业高质量发展；乘势而上，高质量完成 工程机械行业"十四五"发展目标任务；凝聚力量，办一届高品质的北京BICES工程机械展。 苏子孟表示，BICES 2025将全面展示工程机械行业最新发展成果和适合更多场景的施工解决方 案与装备，充分体现工程机械行业" ...