今天上午，市场风格发生明显变化，科技股大幅调整，中际旭创、中芯国际、寒武纪、华虹公司等龙头股下跌。顺周期、高股息板块迎来反弹，白酒、煤 炭、银行、保险等板块涨幅居前。四大行——工商银行、农业银行、建设银行、中国银行集体上涨，"股王"贵州茅台上涨2.35%。 截至午间收盘，上证指数上涨0.21%，深证成指下跌1.02%，创业板指下跌2.24%。 顺周期主线走强 今天上午，顺周期主线走强，白酒、工程机械、房地产等板块上涨。 具体看，白酒板块中，酒鬼酒、舍得酒业等个股涨幅居前。 | | | 白酒 | | | | --- | --- | --- | --- | --- | | | | 3053.91 2.97% | | | | 成分股 | 基金 | 简况(F10) | 资金 | 板块分析 | | 名称代码 | | 最新 | 涨幅 ◆ | 流通市值 | | 酒鬼酒 融 000799 | | 63.75 | 7.02% | 207亿 | | 王得漫业 融 600702 | | 62.23 | 6.92% | 207亿 | | 泸州老窖 ■ 000568 | | 132.76 | 4.29% | 1951亿 | | 金徽酒 ...

Core Insights - The construction machinery industry in China is experiencing a sustained recovery, with excavator sales increasing by 18.1% year-on-year from January to September 2025 [1] - The domestic market shows significant recovery, with excavator sales reaching 89,877 units, a 21.5% increase year-on-year [1] - The demand for equipment updates is a crucial factor in the domestic market's recovery, as older machinery from the previous sales peak (2016-2021) is now entering a concentrated replacement phase [1] Market Performance - From January to September 2025, major excavator manufacturers sold a total of 174,039 units, with September alone seeing sales of 19,858 units, a 25.4% increase year-on-year [1] - The overseas market continues to grow, with excavator exports reaching 84,162 units from January to September, marking a 14.6% increase year-on-year [2] - The engineering machinery import and export trade value was $40.398 billion from January to August, with exports significantly exceeding imports [2] Future Outlook - The recent interest rate cuts by the Federal Reserve are expected to enhance optimism for overseas markets, potentially leading to increased project initiations [3] - The recovery cycle in the engineering machinery industry is characterized by a sequential pattern, starting with excavators followed by concrete machinery and cranes, indicating a sustained demand driven by real construction needs [3] - The domestic market's recovery is expanding from excavators to concrete and crane sectors, with sales growth in these areas exceeding initial expectations [3]

Core Insights - Sinopec Heavy Lift Transportation Engineering Co., Ltd. and XCMG Group signed a contract for China's first 14,000-ton rail-mounted crane, marking a breakthrough in the field of super-large lifting equipment and achieving independent control of core technologies [1][2] - The new crane aims to address challenges in large-scale construction projects, such as long construction periods and high costs, by providing a "Chinese solution" for major projects in chemical, nuclear power, and marine engineering [1] Group 1 - The 14,000-ton rail-mounted crane is designed to meet international market demands and has overcome two major technical barriers: the world's first application of electric direct drive technology, achieving over 30% energy savings and a 25% increase in operational efficiency [1] - The innovative design allows for multi-condition adaptability, enabling the crane to perform in various scenarios, including chemical and nuclear power projects, thus achieving "one machine with multiple functions" [1] Group 2 - The deployment of this crane is expected to significantly shorten the construction period of large projects, facilitating earlier production and quicker returns on investment, while accelerating the localization process of super-large engineering construction equipment [2] - The technological achievements from this crane are anticipated to extend to other fields such as wind power and bridge construction, continuously providing "Chinese solutions" for global clients [2]

每经AI快讯，10月14日，工程机械板块走强，截至发稿，山推股份涨停，柳工、徐工机械、中联重 科、中际联合等跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - Sany Heavy Industry (600031) has published the post-hearing document for its H-share issuance, advancing its listing process on the Hong Kong main board [1] Key Timeline - May 22, 2025: Application for H-share issuance and listing submitted to the Hong Kong Stock Exchange - September 30, 2025: Received the overseas issuance and listing filing notice from the China Securities Regulatory Commission (CSRC) - October 9, 2025: Listing hearing held by the Hong Kong Stock Exchange Listing Committee [2] Current Status - The listing hearing with the Hong Kong Stock Exchange has been completed - The post-hearing document has been published on the Hong Kong Stock Exchange website (draft version, subject to updates) - Final approval from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange is still required [2]

Core Insights - The article discusses the growth forecast for China's excavator industry, highlighting a projected production increase in the coming years [1] Industry Overview - According to the National Bureau of Statistics, China's excavator production is expected to reach 26,000 units in April 2025, representing a year-on-year growth of 13% [1] - From January to April 2025, the cumulative production of excavators in China is anticipated to be 106,000 units, with a cumulative growth rate of 14.3% [1] Companies Mentioned - Listed companies in the excavator sector include SANY Heavy Industry (600031), XCMG Machinery (000425), Zoomlion Heavy Industry (000157), Shantui Construction Machinery (000680), LiuGong (000528), Xiamen XGMA Machinery (600815), Shanhe Intelligent (002097), Anhui Heli (600761), Hengli Hydraulic (601100), and Construction Machinery (600984) [1]

本报记者 毛艺融 瑞银证券全球投资银行部联席主管谌戈对《证券日报》记者表示："在香港市场上市将助力A股公司全 球业务发展，为公司的国际化战略提供支持，通过提升全球范围内的市场认可度，有效增强公司在国际 战略合作或收购中的竞争力和话语权。此外，港股的股权激励计划更加市场化，有助于公司吸引更多国 际人才。" 多方面因素助推 A股公司密集赴港上市，是政策支持、市场流动性改善等多重因素作用的结果。 政策方面，港交所持续优化上市规则，吸引优质A股公司赴港上市。继为百亿港元市值以上的A股公司 开设快速审核通道后，今年8月份，港交所进一步放宽了对"A+H"股公司的公众持股限制，满足"30亿港 元预期市值"或"10%公众持股量"其中一项即可，由原规则的双重要求改为二选一。 A股公司赴港上市步伐加快。 Wind数据显示，截至10月13日，年内已有11家A股公司完成"A+H"上市，数量上仅次于2015年的15家、 1997年的13家。另外，仅10月份以来，已有三一重工股份有限公司、上海剑桥科技股份有限公司、深圳 市广和通无线股份有限公司、赛力斯集团股份有限公司等4家A股公司的H股上市聆讯通过，即将加 入"A+H"阵营。 沙利文大 ...

Core Insights - The average working hours for major construction machinery products in September 2025 decreased to 78.1 hours, representing a year-on-year decline of 13.3% and a month-on-month decline of 0.42% [1] - The operating rate for major construction machinery products in September 2025 was 55.2%, down by 9.08 percentage points year-on-year, but slightly up by 0.06 percentage points month-on-month [2] Monthly Working Hours Summary - In August 2025, the average working hours were 78.4 hours, down 9.45% year-on-year [4] - In July 2025, the average working hours were 80.8 hours, down 6.91% year-on-year [4] - In June 2025, the average working hours were 77.2 hours, down 9.11% year-on-year [4] - In May 2025, the average working hours were 84.5 hours, down 3.86% year-on-year [4] - In April 2025, the average working hours were 90.1 hours, up 3.20% year-on-year [4] - In March 2025, the average working hours were 90.1 hours, up 6.53% year-on-year [4] - In February 2025, the average working hours were 46.4 hours, up 70.3% year-on-year [4] - In January 2025, the average working hours were 74.6 hours, up 3.61% year-on-year [4] Monthly Operating Rate Summary - The operating rates for major construction machinery products in September 2025 were as follows: - Excavators: 54.5% - Loaders: 58.4% - Truck Cranes: 71.5% - Crawler Cranes: 56.7% - Tower Cranes: 39.5% - Rollers: 45.4% - Pavers: 59.4% - Rotary Drilling Rigs: 41.5% - Off-Road Mining Dump Trucks: 45.4% - Concrete Pump Trucks: 36.7% - Concrete Mixers: 32.2% - Forklifts: 59.2% [2]

据中国工程机械工业协会对挖掘机主要制造企业统计，2025年9月销售各类挖掘机19858台，同比增长25.4%。其中国内销量9249台，同比增长21.5%；出口量 10609台，同比增长29%。 | | | 2025年9月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 9 249 | 10 609 | 19 858 | | 去年同期 | 7610 | 8221 | 15831 | | 同比涨幅 | 21.5% | 29% | 25.4% | | 累计销量 | 89 877 | 84 162 | 174 039 | | 去年同期 | 73 945 | 73 436 | 147 381 | | 同比涨幅 | 21.5% | 14.6% | 18.1% | 2025年1—9月，共销售挖掘机174039台，同比增长18.1%；其中国内销量89877台，同比增长21.5%；出口84162台，同比增长14.6%。 | | | | | 2025年中国电动挖掘机市场情况 | | | | | --- | --- | --- | --- | ...

Core Viewpoint - Chinese engineering machinery companies are expected to exceed $50 billion in export value by 2024, with growth exceeding 1.5 times during the 14th Five-Year Plan period [1] Group 1: Necessity of Going Global - The phrase "not going global means going out of business" emphasizes the critical need for Chinese engineering machinery companies to establish an early presence in overseas markets to navigate domestic economic cycles effectively [2] - From a macroeconomic perspective, relying solely on the domestic market is unsustainable for a country aiming to develop world-class enterprises [4] Group 2: Quality and Differentiation - The company rejects low-price competition, advocating for a shift towards high-end, differentiated products. The focus is on producing high-quality products and providing excellent customer service [5][6] - The belief that "quality changes the world" drives the commitment to enhance the global image of Chinese manufacturing through superior product quality and service [6] Group 3: Risk Management and Expansion - In the face of complex international challenges, the company emphasizes the importance of risk control while simultaneously pursuing expansion opportunities [7] - Cash flow management is crucial, as a single poor decision can lead to significant consequences. The company has invested hundreds of millions in upgrading smart factories, balancing risk with potential rewards [9] Group 4: Embracing Technological Revolutions - The company advocates for a mindset of "better to make mistakes than to miss opportunities" in the context of technological revolutions, such as the Fourth Industrial Revolution and the Third Energy Revolution [10] - These technological shifts present opportunities for competitive advantages in smart and green low-carbon products, which can help navigate economic cycles [10] Group 5: Entrepreneurial Spirit - Entrepreneurs must tackle challenges related to unfamiliar policies and environments when expanding internationally. Overcoming difficulties through innovation and effort is essential for growth and competitiveness [11] - The entrepreneurial journey is characterized by a willingness to face daily challenges, which is fundamental to achieving success [13] Group 6: Global Presence and Future Goals - Chinese engineering machinery is becoming increasingly visible globally, with products seen in various international locations, indicating a significant presence [14] - Future goals include selling more and better products while leveraging advancements in artificial intelligence and renewable energy to enhance competitiveness and lead industry development [15] - The company aims to reconstruct supply chains and engage in overseas R&D and manufacturing, contributing to global development and sharing opportunities with other nations [17] Group 7: Ambitious Aspirations - The company expresses ambitious aspirations, suggesting that future markets may extend to the Moon or Mars, as terrestrial markets for excavators are nearing saturation [18]