Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Yingliu Technology [13]. Core Insights - The SW Machinery Equipment Index increased by 0.93% over the past week, ranking 19th among 31 primary industry categories, while the Shanghai and Shenzhen 300 Index rose by 0.88% [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 7.29%, ranking 6th among the 31 primary industry categories, contrasting with a 1.55% decline in the Shanghai and Shenzhen 300 Index [17]. - The report highlights the potential for humanoid robots to achieve commercial viability, with significant advancements in technology and training [27]. - The construction machinery sector is experiencing short-term fluctuations in operating rates, but the long-term recovery logic driven by domestic demand remains intact [28]. - The gas turbine industry is seeing an upward trend in demand, with domestic companies like Yingliu Technology benefiting from increased orders [28]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Hengli Hydraulic, SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Yingliu Technology [13]. 2. Market Review - The SW Machinery Equipment Index rose by 0.93% last week, while the year-to-date performance shows a 7.29% increase [3][17]. 3. Core Insights Update - The report notes that the machinery sector is witnessing a recovery, with specific segments like laser equipment and robotics showing strong performance [26]. 4. Key Data Tracking 4.1 General Machinery - The manufacturing PMI for May was 49.5, indicating a slight improvement but still in a contraction zone [29]. 4.2 Construction Machinery - Excavator sales in April reached 22,100 units, a year-on-year increase of 17.6% [36]. 4.3 Railway Equipment - Railway fixed asset investment and passenger volume are both showing positive growth, indicating a recovery in demand [45]. 4.4 Shipbuilding - The global new ship price index reached 187.43 in April, reflecting a year-on-year increase of 0.32% [47]. 4.5 Oilfield Equipment - Brent crude oil prices are fluctuating around $65 per barrel, with ongoing geopolitical factors influencing the market [49]. 4.6 Industrial Gases - Liquid nitrogen prices are on the rise, indicating a potential recovery in gas prices [55]. 5. Industry Important Developments - The report mentions significant contracts and technological advancements in the general machinery sector, highlighting the internationalization of companies like Xiangdian [57][58].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][7]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2][10]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger cars during the last week of May 2025, supported by promotional strategies from manufacturers [2][10]. - In the photovoltaic sector, prices for battery cells and modules have stabilized, but demand remains weak, particularly for photovoltaic glass, which is experiencing price declines due to reduced purchasing from downstream component manufacturers [2][10]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Industry News and Key Company Announcements - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity [2][18]. - A humanoid robot manufacturer has completed a Series A financing round exceeding 100 million RMB, indicating growing investment in robotics [2][18]. - China National Power Engineering Group signed a 1GW project order in Azerbaijan, highlighting international expansion in renewable energy projects [2][20].

[Table_ReportDate] 2025 年 6 月 9 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 装备制造 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 工程机械 5 月景气度有所回落 [Table_ReportType]装备制造行业周报（6 月第 1 周） [Table_S 市场行情回顾： ummary] 上周（6 月 3 日-6 月 6 日）机械设备、电力设备及汽车行业指 数涨跌幅分别为 0.93%、1.38%及 0.17%，在 31 个申万一级行 业中排名分别为第 19、14、25 位；同期沪深 300 涨跌幅为 0.88%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [ ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [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 cumulative investment of $50.28 billion from 2020 to 2024 in six countries [2] - The lithium battery equipment sector is benefiting from the release of impairment risks and accelerated production expansion, particularly with major players like CATL increasing their production capacity [3] - The humanoid robot sector is seeing advancements with the launch of second-generation electronic skin and accelerated mass production of Tesla's Optimus robot [4] - The engineering machinery sector is witnessing a decline in domestic excavator sales but a recovery in non-excavator machinery, indicating potential investment opportunities due to low valuations [5] - The forklift industry is undergoing a transformation towards automation and intelligence, driven by AI advancements [6] Summary by Sections Oil Service Equipment - China's foreign investment in the energy sector is projected to drive significant growth in oil service equipment exports, particularly to the Middle East, with leading companies like Jereh and Neway experiencing explosive order growth [2] Lithium Battery Equipment - The sector has accounted for a total impairment provision of 5.7 billion yuan, with major expansions planned by CATL, including a new factory in Hungary with a total capacity of 72GWh [3] - Solid-state battery technology is emerging as a key growth area, with companies like Xian Dao Intelligent expected to benefit significantly [3] Humanoid Robots - The introduction of advanced electronic skin technology enhances the capabilities of humanoid robots, while Tesla's Optimus robot is moving towards mass production [4] Engineering Machinery - Despite a decrease in excavator sales, there is a notable recovery in other machinery segments, with exports showing a 9% increase in the first four months of 2025 [5] Forklift Industry - The integration of AI in logistics is accelerating the shift towards automated and intelligent forklifts, with significant opportunities for leading companies in the sector [6]

Market Overview - The small to medium-sized crawler crane market is categorized into various product types and applications, with significant growth expected from 2020 to 2031 [2][3]. - The market is segmented into different weight categories: 2-30 tons, 30-150 tons, and 150-350 tons, each showing distinct sales growth trends [2][3]. Industry Background and Trends - The current status of the small to medium-sized crawler crane industry indicates a positive growth trajectory, with increasing demand across various sectors [3]. - Future trends suggest a robust expansion in production capacity and utilization rates from 2020 to 2031, driven by rising industrial and construction activities [3]. Global Market Size Analysis - The global supply and demand for small to medium-sized crawler cranes are projected to grow significantly, with detailed forecasts provided for production, capacity, and utilization rates [3]. - Regional analysis shows varying production trends across major markets, including North America, Europe, and Asia, with China being a key player in the market [3]. Sales and Revenue Insights - The global sales revenue for small to medium-sized crawler cranes is expected to increase substantially from 2020 to 2031, with specific revenue growth rates highlighted for different regions [3][4]. - Sales volume and pricing trends are also analyzed, indicating a competitive landscape among major manufacturers [4][5]. Major Manufacturers Analysis - Key manufacturers in the small to medium-sized crawler crane market include Manitowoc Cranes, Liebherr, and GGR Group, each with detailed profiles on production capacity, sales performance, and market positioning [4][5]. - The market share of leading manufacturers is expected to evolve, with a focus on new investments and potential mergers and acquisitions [4][5]. Product and Application Analysis - The analysis of different product types and applications reveals significant sales and revenue potential, with forecasts indicating continued growth in industrial, construction, and cargo handling sectors [9][10]. - Price trends for various product types are also examined, providing insights into market dynamics and competitive pricing strategies [9][10]. Supply Chain and Customer Insights - The supply chain for small to medium-sized crawler cranes includes upstream raw material suppliers and downstream customers, with a focus on the overall industry chain [9]. - Customer analysis highlights key sectors utilizing these cranes, emphasizing the importance of understanding market needs and sales channels [9].

其中：挖掘机61%；装载机60.7%；汽车起重机75.8%；履带起重机60.3%；塔式起重机43.9%；压路机49.6%； 摊铺机53.2%；旋挖钻机48.4%；非公路矿用自卸车50.1%；混凝土泵车42.2%；搅拌车37.7%；叉车56.5%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 据中国工程机械工业协会统计： 2025年5月，工程机械主要产品月平均工作时长为84.5小时，同比下降3.86%，环比下降6.25%。 其中：挖掘机72.6小时；装载机93.9小时；汽车起重机119小时；履带起重机93小时；塔式起重机55.7小时；压 路机40.8小时；摊铺机42.9小时；旋挖钻机75.6小时；非公路矿用自卸车166小时；混凝土泵车51.2小时；搅拌 车74.6小时；叉车97.6小时。 2025年5月，工程机械主要产品月开工率为59.5%，同比下降5.01个百分点，环比下降2.45个百分点。 2024年开工情况 数据回顾 ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ ◆ 2025年4月工程机械主要产品月平均工作时长为90.1小时，同比增长3.20% ◆ 2025年3 ...

Core Viewpoint - The global engineering machinery industry is undergoing a significant transformation towards low-carbon and intelligent upgrades, driven by the "dual carbon" goals and the application of new technologies such as artificial intelligence and large models [1] Group 1: Conference Overview - The 2025 New Energy Construction Machinery Conference will be held from June 17 to 19, 2025, in Yantai, focusing on "Green Transformation and Intelligent Upgrade" [3] - The conference aims to gather global leaders in the engineering and agricultural machinery industries to discuss policies, innovative technologies, market demands, and development trends related to new energy and digitalization [1][3] Group 2: Conference Content - Key topics include the current status and trends of green intelligent products in engineering and agricultural machinery, energy transition directions, typical application scenarios of green intelligent machinery, and the adaptation of core components to electric development [3] - Discussions will also cover the transformation paths for traditional component suppliers and solutions for electrifying existing equipment [3] Group 3: Participating Companies - Notable companies expected to participate include Shandong Port Group, SANY, XCMG, LiuGong, and others, along with academic institutions and solution providers [4] Group 4: Registration and Fees - Registration for the conference must be completed by May 30, 2025, with a fee of 1900 RMB per person if paid before the deadline, and 2200 RMB for on-site registration [6][7] - Accommodation is not included in the registration fee, and participants are advised to arrange their own lodging [7]

近日，"中国（长沙）工程机械及再制造设备经贸对接会（俄罗斯专场）"在俄罗斯莫斯科格林伍德 园区举行。本次活动聚焦工程机械产业合作实际需求，探讨行业发展新路径，由长沙市工程机械行业协 会与湖南国重智联工程机械研究院有限公司联合主办，中俄双方40余家企业代表参会。 为进一步推动工程机械再制造设备国际化发展，湖南省工程机械再制造设备出口行业联盟与俄罗斯 湖南总商会签署战略合作协议，双方将共同推动中俄工程机械再制造领域在技术标准协同、跨境贸易模 式创新及市场动态互联等方面实现深度融合，为双方企业开拓国际市场提供坚实支撑。 此外，俄罗斯湖南总商会咨询服务中心还被授牌成为 "长沙市工程机械行业协会俄罗斯代表处"， 协会与俄罗斯湖南总商会将联手构建更完善的在俄服务网络，为两地企业提供本地化政策咨询、市场对 接等务实服务，进一步助力中俄工程机械领域经贸往来。 此次对接会不仅是中俄工程机械产业优势互补的起点，更将为两地经济高质量发展注入新动能—— 通过常态化的机制创新与务实行动，双方有望打造"高端制造+跨境服务"的合作典范，推动工程机械产 业向智能化、绿色化、国际化方向跃升，助力"一带一路"倡议下的产业合作。 长沙市工程机械行 ...

关于回购公司股份并用于注销的进展公告 截至2025年6月6日收盘，徐工机械（000425）报收于8.02元，较上周的8.24元下跌2.67%。本周，徐工 机械6月3日盘中最高价报8.24元。6月5日盘中最低价报7.89元。徐工机械当前最新总市值943.12亿元， 在工程机械板块市值排名3/28，在两市A股市值排名145/5148。 本周关注点 公司公告汇总 高级管理人员薪酬制度（2025年6月） 该制度旨在建立健全多种方式长中短期结合的薪酬激励体系，薪酬构成包括基本年薪、绩效年薪、任期 激励、专项奖惩及股权激励等。该制度自2025年起执行。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：徐工机械计划回购股份用于注销，金额不超过60,000万元。 公司公告汇总：公司已累计回购股份308,910,816股，占总股本的2.63%。 公司公告汇总：董事会审议通过修订《高级管理人员薪酬制度》等三项议案。 徐工机械计划以自有资金通过二级市场回购股份，用于减少公司注册资本，并自回购完成之日起十日内 注销。回购资金总额不超过人民币6 ...

中新社曼谷6月6日电(李映民邓莹)中资企业在泰社会贡献报告发布会6日在曼谷举行。这份题为《深耕 厚植，在泰为泰》的报告由泰国中国企业总商会编纂出版，全方位展示了中资企业对泰国社会经济发展 所做出的贡献。 报告显示，中国企业在泰投资企业约3万多家，总投资额约300亿美元，其中2024年达到51亿美元。中资 企业社会贡献一直伴随着中资企业来泰投资贸易的进程中，见证了两国经贸往来的快速发展。 中资企业来泰投资，也带动泰国当地企业、产业成为其供应链的有机组成部分，带动当地企业产业升级 与技术革新，促进了当地就业与技能提升。在泰中资企业为本地创造就业岗位超过30万个，其中，仅泰 中罗勇工业园一个园区就有220多家制造型企业和30多家商业服务型企业，创造超5万个就业岗位。 报告称，多年来，中资企业始终致力于回馈泰国社会，积极出资支持当地职业教育、医疗卫生、社会慈 善，造福泰国社会。例如，中银泰国向泰国盲人协会捐赠资金，助力中文盲文教育在泰发展；三一重工 泰国公司向泰国孤儿院提供爱心捐款；中国水电子公司向曼谷市政府捐赠红树林资金；海尔泰国公司出 资支持当地小学建设。尤其是在疫情和发生自然灾害时，中资企业踊跃向泰国政府捐赠物 ...