智通财经APP获悉，万联证券发布研报称，10月挖掘机销量增速有所放缓，装载机销量保持高增长，但 从内需视角上看行业基本面依然稳固，国内更新换代的需求和大型基建项目的开工，为内需提供了有力 支撑。行业逐步进入增长新阶段，行业的竞争已超越传统规模与价格战，转向了全球化运营能力与技术 路线前瞻布局的比拼。未来在设备更新、地方政府化债等政策推动下，国内需求有望加速复苏。 万联证券主要观点如下： 10月中国挖掘机销量增速放缓 据中国工程机械工业协会对装载机主要制造企业统计，2025年10月销售各类装载机10,673台，同比增长 27.7%。其中国内销量5,372台，同比增长33.2%；出口量5,301台，同比增长22.6%。2025年1—10月，共 销售各类装载机104,412台，同比增长15.8%。其中国内销量55,368台，同比增长21.8%；出口量49,044 台，同比增长9.69%。电动化方面，9月销售电动装载机2,707台。 海外市场为增长的重要引擎，工程机械行业逐步进入增长新阶段 从内需来看，装载机销量保持高增长，尽管10月挖掘机增速有所放缓，但行业的基本面依然稳固，国内 更新换代的需求和大型基建项目的开工 ...

Investment Rating - The report rates the mechanical equipment industry as "Outperforming the Market" [1] Core Insights - The mechanical industry is showing signs of recovery with most companies improving product competitiveness and operational management, leading to resilient performance [1] - The report highlights structural opportunities in cyclical growth, emphasizing the importance of exports and technological advancements [1][2] - The mechanical sector is expected to benefit from growth in humanoid robots, lithium batteries, and nuclear power, with significant investment opportunities identified [2][3] Summary by Sections 1. Industry Overview - The mechanical industry has outperformed the market with a year-to-date increase of 33.92%, ranking 7th among 31 sectors [12] - Valuations are at historical averages, with a current P/E ratio of 32, indicating a recovery from previous lows [19][25] - Revenue and net profit for the sector have shown growth, with a 6.01% increase in revenue and a 13.91% increase in net profit year-on-year for the first three quarters of 2025 [28] 2. Growth Directions - Humanoid robots are highlighted as a key future industry, with Tesla leading the charge in production plans, aiming for mass production by 2026 [2][39] - The lithium battery sector is experiencing demand growth driven by energy storage and technological breakthroughs in solid-state batteries [2] - The nuclear power industry is also poised for growth, with advancements in fourth-generation nuclear technology and fusion research [2] 3. Domestic Demand and Export Opportunities - The report emphasizes the importance of domestic demand, particularly in engineering machinery and coal chemical industries, which are expected to drive investment [3] - The export chain is anticipated to improve due to reduced tariff disturbances and renewed interest in inventory replenishment following interest rate cuts [4] 4. Key Investment Areas - The report suggests focusing on high-value components in humanoid robots, such as screws, reducers, and sensors, which are critical for production efficiency [49] - The solid-state battery market is highlighted for its potential, with ongoing technological advancements [2] - The coal chemical sector is expected to see rapid development, driven by energy security and economic stimulus measures [3]

Core Viewpoint - Boleton (01333) is experiencing a significant increase in stock price, attributed to the upcoming launch of its unmanned electric mining truck and a strategic partnership with Fujian Rixin Machinery Rental Co., Ltd. [1] Group 1: Stock Performance - Boleton's stock rose over 5% in the afternoon, currently up 3.7% at HKD 29.68, with a trading volume of HKD 81.11 million [1] Group 2: New Product Launch - Boleton will hold a launch ceremony for its unmanned electric mining truck on November 21 [1] - The company has developed various electric products, including the BRT105E electric mining truck with a 700 kWh battery and the newly developed BRT135E mining truck with an 800 kWh battery, designed for heavy-duty uphill mining scenarios [1] Group 3: Strategic Partnership - Boleton signed a strategic cooperation framework agreement with Fujian Rixin, which plans to purchase no less than 150 electric mining trucks and associated unmanned driving services for mining operations [1] - This partnership signifies Boleton's progress in the commercial application of unmanned driving in mining [1] Group 4: Industry Trends - Boleton's chairman, Chen Fangming, noted that the increasing choice of electrification by customers indicates a significant cost advantage for electric mining solutions, marking a shift from policy-driven to market-driven industry dynamics [1]

Core Viewpoint - Boleton (01333) is experiencing a significant stock price increase, attributed to the upcoming launch of its unmanned electric mining truck and a strategic partnership with Fujian Rixin Machinery Rental Co., Ltd. [1] Company Developments - Boleton's stock rose over 5% in the afternoon trading session, currently at 29.68 HKD with a trading volume of 81.11 million HKD [1] - The company will hold a launch ceremony for its unmanned electric mining truck on November 21 [1] - A strategic cooperation framework agreement was signed with Fujian Rixin, where the latter plans to purchase no less than 150 electric mining trucks and associated unmanned driving services for various mining operations [1] Industry Insights - The chairman of Boleton, Chen Fangming, noted that the increasing choice of electrification by customers indicates a significant cost advantage for electric mining solutions, marking a shift from policy-driven to market-driven dynamics in the industry [1] - Boleton's product range includes electric loaders and mining trucks, with the BRT105E model featuring a 700 kWh battery and the newly developed BRT135E model reaching 800 kWh, designed for heavy-duty uphill mining scenarios [1] - The BRT135E model also incorporates an efficient energy recovery system to reduce energy consumption and enhance endurance [1]

Core Insights - The Chinese construction machinery industry has been experiencing a significant upturn since 2025, driven by both domestic and international demand [1][2] - The launch of the Fuguo Fund's construction machinery ETF on November 14 provides investors with an efficient tool to capitalize on this industry opportunity [1][5] Domestic Demand - Excavator sales in China increased by 21.50% year-on-year from January to September 2025, indicating a clear recovery trend [2] - Factors contributing to this growth include increased infrastructure investment under "stabilizing growth" policies, particularly in large-scale projects like water conservancy [2] - The demand for equipment upgrades is being driven by the aging of existing machinery and national policies promoting equipment renewal [2] Electrification Trend - The penetration rate of electric loaders reached 23% in the first three quarters of 2025, with electric excavators making breakthroughs in various applications [2] - The industry's electrification is expected to initiate a new growth cycle due to rising environmental standards and decreasing technology costs [2] International Market Growth - From 2015 to 2024, China's excavator export volume has seen a compound annual growth rate of 38%, fueled by the Belt and Road Initiative and improvements in product performance [3] - There remains significant potential for Chinese construction machinery to penetrate high-end markets in Europe and the U.S. [3] Investment Value - The Fuguo Fund's ETF tracks the CSI Construction Machinery Theme Index, which has shown a cumulative return of 136.32% since its inception on June 30, 2016, outperforming major broad-based indices [4] - The top ten constituent stocks of the index account for over 70% of its weight, including leading companies like SANY Heavy Industry and XCMG [4] - The global construction machinery market is highly concentrated, with the top 50 companies generating sales of $237.6 billion in 2024, providing a favorable environment for domestic leaders to enhance their market share [4]

Core Viewpoint - The upcoming launch event for Boreton's unmanned electric mining truck on November 21 marks a significant transition from "demonstrative intelligent driving" to "true unmanned driving," showcasing China's strength in automation, intelligence, and green transformation in the mining industry [1] Group 1: Practicality and Design - The new mining truck is designed specifically for unmanned driving from the ground up, featuring a structure, control systems, and algorithms tailored for intelligent driving, rather than being a modified version of an existing vehicle [2] - The absence of a driver's cabin reflects Boreton's comprehensive understanding of "unmanned" technology, enhancing the vehicle's perception capabilities, performance, and safety [2] Group 2: Efficiency Revolution - Boreton's new vehicle represents a shift in unmanned driving from being seen as an auxiliary or experimental technology to becoming a genuine efficiency revolution [3] - The self-developed E2E intelligent driving system enables the vehicle to achieve production efficiency comparable to or exceeding that of human-operated vehicles, marking a transition from concept to commercially viable technology in mining automation [3] Group 3: Intelligent Mining System - The E2E intelligent driving system allows for intelligent coordination throughout the entire process of loading, transporting, and unloading, enabling efficient operation in complex environments [4] - The design prioritizes safety, incorporating features such as a high-strength integrated chassis, dual-redundancy braking systems, and intelligent obstacle avoidance algorithms [4] Group 4: Green Mining Solutions - Boreton proposes a systematic green mining solution that integrates unmanned driving with clean energy, creating a closed-loop system for energy self-sufficiency and intelligent operations [5] - This launch is not just about a new product but represents the birth of a comprehensive new production system aimed at enhancing safety and efficiency in mining operations [5]

Core Insights - The A-share market saw a comprehensive rise, with the Shanghai Composite Index increasing by 0.73% to 4029.50 points, the Shenzhen Component Index rising by 1.78%, and the ChiNext Index up by 2.55% [2][8] - The total trading volume in the A-share market reached 2.07 trillion RMB, with nearly 4000 stocks experiencing gains [2][8] - The banking index (CITIC) rose by 14.8% from January 2, 2025, to November 11, 2025, underperforming the CSI 300 Index by 3.5 percentage points [13] Market Review - The performance of various sectors showed that the power equipment and non-ferrous metals industries led the gains, while public utilities and telecommunications sectors lagged [2][8] - In the concept sectors, fluorine chemical and organic silicon concepts led the rise, while fentanyl and Tonghuashun fruit index concepts fell [2][8] - The Hong Kong Hang Seng Index increased by 0.56%, and the Hang Seng Technology Index rose by 0.80% [2][8] - In contrast, the US stock market indices all fell, with the Dow Jones down by 1.65%, the S&P 500 down by 1.66%, and the Nasdaq down by 2.29% [2][8] Important News - The People's Bank of China reported that the cumulative increase in social financing scale for the first ten months of 2025 was 30.9 trillion RMB, with the broad money (M2) balance at 335.13 trillion RMB, reflecting an 8.2% year-on-year growth [3][9] - The stock of social financing reached 437.72 trillion RMB, with a year-on-year growth of 8.5% [3][9] - RMB loans increased by 14.97 trillion RMB during the same period [3][9] Retail Financial Business Changes - The contribution of retail financial business to total revenue increased from 39.6% to 45.4% from 2020 to 2024, with a compound annual growth rate (CAGR) of 5% [10][11] - However, the profit contribution from retail financial business decreased from 39.1% to 31.7%, with a CAGR of only 0.2% [10][11] - The net interest income growth was the main factor for the increase in retail financial revenue contribution, with a CAGR of 8.5% [10][11] Retail Financial Asset Quality - The asset quality of retail financial business has weakened, with the non-performing loan ratio increasing and the provisioning for bad debts rising [11] - The proportion of retail loans in total loans decreased to 35.7%, down by 5.1 percentage points [11] - The share of housing-related loans fell from 64.7% to 54.7%, while the share of operational loans rose from 12.7% to 22.7% [11] Excavator Sales Trends - In October 2025, excavator sales reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units and exports at 9,628 units [19][20] - Loader sales maintained high growth, with 10,673 units sold in October, reflecting a 27.7% year-on-year increase [19][20] - The total sales of excavators from January to October 2025 reached 192,135 units, up by 17% year-on-year [20] Industry Outlook - The engineering machinery industry is entering a new growth phase, with domestic demand supported by equipment upgrades and large infrastructure projects [21] - The overseas market is becoming a significant growth engine, with excavator exports exceeding domestic sales in October [21] - The competitive landscape is shifting towards global operational capabilities and technological advancements [21]

Core Insights - The report highlights the ongoing recovery in various sectors, particularly in the semiconductor and battery industries, with A-shares showing a steady upward trend [6][10][28] - The communication industry is experiencing significant capital expenditure increases from North American cloud providers, indicating strong growth potential [15][31] - The sports nutrition market in China is projected to grow at a compound annual growth rate (CAGR) of 11.56% from 2024 to 2030, driven by a large and growing sports population [22][24] Domestic Market Performance - The Shanghai Composite Index closed at 4,029.50, with a daily increase of 0.73%, while the Shenzhen Component Index rose by 1.78% to 13,476.52 [3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext are 16.40 and 49.22, respectively, indicating a favorable long-term investment environment [10][11] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the Nikkei 225 increased by 0.62% to 26,643.39 [4] Industry Analysis - The semiconductor industry reported a 6.07% year-on-year increase in revenue for Q3 2025, with a notable 48.93% rise in net profit, indicating robust growth [31] - The sports nutrition market is characterized by a high growth rate in China, with local brands gaining market share against international competitors [22][23] Investment Recommendations - The report suggests focusing on sectors such as batteries, energy metals, and semiconductors for short-term investment opportunities, given their strong performance [10][12][28] - In the communication sector, companies like ZTE and China Mobile are recommended due to their solid dividend yields and growth potential [20][34]

Group 1 - The report indicates that going global has become a "second growth curve" for Chinese companies, driven by pressures in the domestic market and rising external tariff barriers [8][19]. - The "Going Global TOP 100 Index" shows that the average return of these companies in 2024 is 32.65%, significantly higher than other main board stocks by 10 percentage points [9][31]. - The structure of companies going global has shifted from traditional industries to technology-intensive sectors like consumer electronics, which now account for 13% of the TOP 100 [10][41]. Group 2 - Chinese companies are climbing the value chain along the "rabbit ear curve," extending towards R&D design and high-end manufacturing, as well as branding and services [11][45]. - The strategic shift from "product export" to "capacity export" is evident, although direct foreign investment remains significantly lower than goods exports [12][19]. - Geopolitical risks are identified as the primary challenge for companies, including sanctions and local regulatory requirements [13][19]. Group 3 - Hong Kong is positioned as a "bridgehead" for companies going global, serving as a crucial financing platform and a connection between the mainland and global markets [15][19]. - Successful case studies include companies like Anker Innovations, TCL, and Weichai Power, which have leveraged localization, technology acquisitions, and full industry chain layouts [19][48]. - The report emphasizes the importance of "soft capabilities" such as understanding regulations, compliance governance, localization, and ecological collaboration for successful international expansion [19][48]. Group 4 - The report highlights that 90.6% of industries have higher gross profit margins overseas compared to domestic markets, with significant differences in sectors like computer equipment and logistics [22][24]. - The performance of companies that expand overseas is often linked to their high return on invested capital (ROIC) in domestic markets, indicating a selection effect where only the best companies venture abroad [26][30]. - The report notes that the growth in overseas revenue has become a key driver for performance, accounting for 38.2% of the growth in mid-year earnings for 2025 [25][30]. Group 5 - The report identifies a significant trend of consumer electronics companies expanding globally, with a notable rise in their representation in the TOP 100 list compared to traditional industries [41][45]. - Companies like Lenovo and Luxshare Precision are highlighted for their technological advancements and their roles as key suppliers in the global market [45][47]. - The report concludes that Chinese consumer electronics firms are transitioning from "Made in China" to "Created in China" and "Brand from China," enhancing their global presence [45][46].

厦工股份（600815）(600815.SH)发布公告，中国进出口银行厦门分行因自身资金规划安排，按有关规 定计划自公告披露之日起15个交易日后，在2025年12月5日至2026年1月27日期间通过集中竞价交易方式 减持公司股份不超过1774.09万股(即不超过公司总股本的1%)。 ...