据中国工程机械工业协会统计： 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03%，环比增长3.62%。 其中：挖掘机68.6小时；装载机98小时；汽车起重机103小时；履带起重机91.4小时；塔式起重机49.9小 时；压路机31.9小时；摊铺机45.8小时；旋挖钻机65.9小时；非公路矿用自卸车161小时；混凝土泵车41.5小 时；混凝土搅拌车65.9小时；叉车106小时。 2025年10月工程机械主要产品月开工率为55%，同比下降10.1个百分点，环比下降0.16个百分点。 其中：挖掘机55.1%；装载机58.2%；汽车起重机69.7%；履带起重机56.9%；塔式起重机39.9%；压路机 42.4%；摊铺机57%；旋挖钻机40.1%；非公路矿用自卸车45.9%；混凝土泵车36.1%；混凝土搅拌车30.9%；叉 车58.5%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 2024年开工情况 数据回顾 ◆ 2024年12月工程机械主要产品月平均工作时长为93.9小时，环比下降2.91% ◆ 2024年10月工程机械主要产品月平均工作时长为88.9小时，环比下降1. ...

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10月销售各类挖掘机18096台，同比增长7.77%。其中国内销量8468台，同比增长2.44%；出口量9628 台，同比增长12.9%。 | | | 2025年10月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 그 | 合计 | | 当期销量 | 8 468 | 9 628 | 18 096 | | 去年同期 | 8 266 | 8 222 | 16 791 | | 同比涨幅 | 2.44% | 12.9% | 7.77% | | 累计销量 | 98 345 | 93 790 | 192 135 | | 去年同期 | 82 211 | 81 961 | 164 172 | | 同比涨幅 | 19.6% | 14.4% | 17% | 2025年1—10月，共销售挖掘机192135台，同比增长17%；其中国内销量98345台，同比增长19.6%；出口93790台，同比增长14.4%。 | | | | | 2025年中国电动挖掘机市场情况 | | | | | --- | --- | --- | - ...

Investment Rating - The report rates the mechanical industry as "Overweight" [25] Core Views - The mechanical industry is experiencing a recovery driven by both domestic demand and technological advancements, particularly in AI and robotics [2] - Key investment opportunities include humanoid robots, engineering machinery, photovoltaic equipment, lithium battery equipment, and AI infrastructure [2][3] Summary by Sections 1. Mechanical Industry Q3 Performance Overview - As of Q3 2025, the A-share mechanical industry had 546 listed companies, achieving a total revenue of CNY 16,173.11 billion, a year-on-year increase of 8.7% [8] - The net profit attributable to shareholders reached CNY 1,095.91 billion, up 15.9% year-on-year, with gross and net profit margins at 22.4% and 7.5% respectively [8][13] 2. AI Manufacturing: Humanoid Robots and AI Terminal Resonance - The humanoid robot sector is approaching mass production, with revenue growth stabilizing at 0.4% year-on-year for the first three quarters of 2025 [28] - The industry is witnessing a recovery in profitability, with net profit increasing by 9.6% year-on-year [31] 3. Manufacturing Going Abroad - External demand recovery is driving order restoration, particularly in engineering machinery, with excavator sales reaching 174,000 units, a year-on-year increase of 18.1% [2] - The oil service equipment sector benefits from resilient oil prices and increased deep-sea oil and gas investments [2] 4. Domestic Demand Recovery - The macroeconomic environment is stabilizing, with expectations for performance recovery in the industry [4] - The machine tool sector is showing signs of recovery, supported by policy measures [4] 5. Energy Equipment - The energy equipment sector is rebounding, with photovoltaic equipment seeing a return to rational competition and improved profitability [5] - Lithium battery equipment is experiencing a demand surge due to advancements in solid-state battery technology [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, steel prices weakened this week due to the release of macro - sentiment and a weak supply - demand pattern in the steel market. Steel fundamentals are weak, and steel prices are expected to continue to fluctuate weakly. Iron ore prices also weakened, affected by macro - interference and concerns about the decline in hot metal production. The short - term iron ore price is also expected to fluctuate weakly [5][50][52]. 3. Summary According to the Directory 3.1 Report Summary - Market focus includes tariff adjustments on US - imported goods, 2000 billion yuan of new special bond quotas for provincial investment, the US government shutdown, and the decline of China's manufacturing PMI in October. Key data shows a decrease in steel exports in October, a decline in daily steel production in late October, and a decrease in steel inventories. The main view is that steel and iron ore prices are expected to fluctuate weakly [5]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Rebar) - Bullish factors: domestic policy expectations remain, and steel production has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, weakening steel demand, limited reduction in rebar inventory, and the re - accumulation of hot - rolled coil inventory [8]. 3.2.2 Multi - and Short - Factors Analysis (Iron Ore) - Bullish factors: domestic policy expectations remain, and the weekly shipment has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, the continuous decline of hot metal production, and the continuous accumulation of port inventory [9]. 3.3 Data Analysis 3.3.1 Macro - In October, China's manufacturing PMI was 49%, a 0.8 - percentage - point decline from the previous month. The production and new order indices also decreased. The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month, while the service PMI rose to 52.4. The US government shutdown may reduce the Q4 economic growth rate by up to 2 percentage points, and about 14 billion US dollars of economic losses may be irreparable. The suspension of fiscal expenditure has frozen about 70 billion US dollars of funds, increasing the risk aversion in the market and pressuring industrial products [10][11]. 3.3.2 Terminal - In October, the average monthly working hours of China's construction machinery products decreased by 9.03% year - on - year, and the monthly startup rate was 55%, a 10.1 - percentage - point decline year - on - year. From January to June 2025, China's shipbuilding completion volume decreased by 3.5% year - on - year, and new orders decreased by 18.2% year - on - year, while the order backlog increased by 36.7% year - on - year [17]. 3.3.3 (Rebar) Spot - The spot price of rebar decreased, and the basis widened [18]. 3.3.4 Profit - This week, the profitability rate of steel mills decreased by 5.19 percentage points to 39.83% [20]. 3.3.5 Production - The blast furnace operating rate of 247 steel mills nationwide increased by 1.38 percentage points to 83.13%, while the electric furnace operating rate decreased by 1.8 percentage points to 67.03%. The output of five building materials was 856.74 (- 18.55) million tons, rebar output was 208.54 (- 4.05) million tons, and hot - rolled coil output was 318.16 (- 5.4) million tons. Some steel mills in Tangshan and Shanxi have planned production cuts [22][26]. 3.3.6 Apparent Demand - The apparent demand for five building materials was 866.91 (- 49.51) million tons, rebar apparent demand was 218.52 (- 13.67) million tons, and hot - rolled coil apparent demand was 314.3 (- 17.59) million tons. Thailand has launched an anti - circumvention investigation on Chinese hot - rolled steel [29]. 3.3.7 Inventory - The total inventory of five building materials was 1503.57 (- 10.17) million tons, rebar total inventory was 592.54 (- 9.98) million tons, and hot - rolled coil total inventory was 410.45 (+ 3.86) million tons. The reduction of rebar inventory was slow, and hot - rolled coil inventory re - accumulated [32]. 3.3.8 Spread - The hot - rolled coil to rebar spread slightly widened [33]. 3.3.9 (Iron Ore) Spot - The spot price of iron ore decreased, and the basis widened [35]. 3.3.10 Import and Shipment - In October, China imported 111.309 million tons of iron ore, a 4.3% month - on - month decrease. From October 27 to November 2, the global iron ore shipment was 32.138 million tons, a 1.745 - million - ton decrease from the previous week [39]. 3.3.11 Arrival - From October 27 to November 2, the arrival volume of 47 ports in China was 33.141 million tons, a 12.298 - million - ton increase from the previous week [40]. 3.3.12 Hot Metal Production - This week, the average daily hot metal production of 247 steel mills nationwide was 2.3422 million tons, a 21,400 - ton decrease from the previous week [42]. 3.3.13 Port Inventory - This week, the total inventory of imported iron ore at 45 ports was 148.98383 million tons, a 3.5635 - million - ton increase. The average daily port clearance volume was 3.2093 million tons, a 7700 - ton increase from the previous week [46]. 3.3.14 Steel Mill Consumption and Inventory - This week, the total inventory of imported iron ore in steel mills was 90.0994 million tons, a 1.6008 - million - ton increase. The daily consumption was 2.887 million tons, a 29,200 - ton decrease. The inventory - to - consumption ratio was 31.21 days, a 0.86 - day increase [48]. 3.4后市研判 - Steel prices are expected to continue to fluctuate weakly due to weak fundamentals. Iron ore prices are also expected to fluctuate weakly in the short - term due to weak supply - demand and accumulated port inventory [50][52].

智通财经APP获悉，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10月销售各类挖掘机 18096台，同比增长7.77%。其中国内销量8468台，同比增长2.44%；出口量9628台，同比增长12.9%。 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10673台，同比增长 27.7%。其中国内销量5372台，同比增长33.2%；出口量5301台，同比增长22.6%。 2025年1—10月，共销售各类装载机104412台，同比增长15.8%。其中国内销量55368台，同比增长 21.8%；出口量49044台，同比增长9.69%。10月销售电动装载机2707台( 3吨以下16台，3吨116台，4吨3 台，5吨1633台，6吨836台，7吨77台，8吨以上9台，滑移装载机17台)。 2025年1—10月，共销售挖掘机192135台，同比增长17%；其中国内销量98345台，同比增长19.6%；出 口93790台，同比增长14.4%。10月销售电动挖掘机16台(6至10吨级1台，10至18.5吨级1台，18.5至28.5 吨级9台，40吨级以上5台)。 装载机 ...

Core Insights - The evaluation results for information disclosure of listed companies in 2024 have shown a decline compared to 2023, with Noli Co., Ltd. dropping two levels from "Excellent" to "Qualified" [1][2]. Company Overview - Noli Intelligent Equipment Co., Ltd. is located in Changxing County, Zhejiang Province, and was established on March 3, 2000, with its listing date on January 28, 2015 [1]. - The company's main business involves the research, production, and sales of light-duty handling vehicles and electric storage vehicles [1]. - The revenue composition of Noli Co., Ltd. is as follows: 60.67% from intelligent manufacturing equipment and 39.51% from smart logistics [1]. Industry Classification - Noli Co., Ltd. belongs to the Shenwan industry classification of machinery equipment, specifically engineering machinery and complete engineering machinery [1]. - The company is associated with several concept sectors, including unmanned driving, small-cap stocks, high dividend yield, express delivery concepts, and industrial internet [1].

Core Insights - The company Shanhe Intelligent reported on November 7 that as of October 31, 2025, it had a total of 198,433 shareholders [2] Company Summary - Shanhe Intelligent's shareholder count is projected to reach 198,433 by the end of October 2025 [2]

Core Insights - The engineering machinery sector experienced a slight increase of 0.05% on November 7, with Zhongji United leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Engineering Machinery Sector Performance - Zhongji United (605305) closed at 48.26, up 2.31% with a trading volume of 120,500 shares and a transaction value of 581 million [1] - Shantui (000680) closed at 11.30, up 1.99% with a trading volume of 291,100 shares and a transaction value of 327 million [1] - TuoShan Heavy Industry (001226) closed at 38.32, up 1.35% with a trading volume of 11,800 shares and a transaction value of approximately 44.99 million [1] - Hengli Hydraulic (601100) closed at 94.22, up 1.15% with a trading volume of 112,900 shares and a transaction value of 1.061 billion [1] - Liugong (000528) closed at 12.07, up 1.09% with a trading volume of 477,800 shares and a transaction value of 572 million [1] - Other notable performers include Tongli Co. (665GOZG) up 1.01%, Zhejiang Dingli (603338) up 0.93%, and Sany Heavy Industry (600031) up 0.64% [1] Fund Flow Analysis - The engineering machinery sector saw a net outflow of 207 million from main funds, while retail investors contributed a net inflow of 1.48 billion [2] - Speculative funds recorded a net inflow of approximately 58.98 million [2]

Core Viewpoint - Zhonglian Heavy Industry (01157) reported a revenue of 37.156 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 8.1%, and a net profit attributable to shareholders of 3.92 billion RMB, up 24.9% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 12.301 billion RMB, which is a 24.9% increase compared to the same quarter last year, with a net profit attributable to shareholders of 1.156 billion RMB, reflecting a year-on-year growth of 35.8% [1] - The performance aligns with the expectations set by CICC [1] Earnings Forecast and Target Price - CICC maintains the earnings per share forecast for Zhonglian Heavy Industry at 0.58 RMB for 2025 and 0.73 RMB for 2026 [1] - Based on the upward adjustment of industry valuation, CICC raised the target prices for A-shares and H-shares by 17.5% and 31.9% respectively, with the A-share target price now set at 11 RMB and the H-share target price at 10 HKD [1] - The company maintains an "outperform" rating in the industry [1]

Core Viewpoint - Zhonglian Heavy Industry (000157) reported a revenue of 37.156 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 8.1%, and a net profit attributable to shareholders of 3.92 billion RMB, up 24.9% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 12.301 billion RMB, which is a 24.9% increase compared to the same quarter last year, and a net profit of 1.156 billion RMB, reflecting a year-on-year growth of 35.8% [1] - The performance aligns with the expectations set by CICC [1] Earnings Forecast and Target Price - CICC maintains the earnings per share forecast for Zhonglian Heavy Industry at 0.58 RMB for 2025 and 0.73 RMB for 2026 [1] - Due to the upward adjustment of industry valuation, CICC raised the target prices for both A-shares and H-shares by 17.5% and 31.9% respectively, setting the A-share target price at 11 RMB and the H-share target price at 10 HKD [1] - The company continues to hold an "outperform" rating in the industry [1]