Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

证券研究报告 | 行业专题 | 工程机械 工程机械 报告日期：2025 年 05 月 15 日 4 月挖掘机内销同比增长 16%；工程机械反转逻辑持续验证 ——工程机械行业月度报告 事件：据中国工程机械工业协会，2025 年 4 月销售各类挖掘机 22142 台，同比增长 17.6%，其中国内销量 12547 台，同比增长 16.4%；出口量 9595 台，同比增长 19.3%。 工程机械内外销拐点或已现，反转逻辑持续验证中。考虑到农林、市政需求驱动 小微挖需求增长、我国主机厂在矿山机械领域持续突破及水利需求带来的大挖及 超大挖需求，国内更新需求有望逐步启动等因素影响，预计 2025 年 5 月挖掘机 内销有望延续正增长态势。考虑到我国工程机械主机厂海外市占率提升，"一带 一路"区域城镇化与工业化推进带来的基建和地产需求增长等因素影响，预计 2025 年 5 月挖掘机外销有望延续正增长趋势。 ❑ 1-4 月装载机总销量同比增长 16%，内销同比增长 28%，外销同比增长 4% 2025 年 4 月装载机销量 11653 台，同比增长 19.2%，其中国内销量 7191 台，同 比增长 35.4%；出口销量 4 ...

Market Overview - The Shanghai Composite Index rose by 0.86% to close at 3403.95 points, with a daily high of 3417.31 points [1] - The Shenzhen Component Index increased by 0.64% to close at 10354.22 points, reaching a high of 10418.44 points [1] - The ChiNext Index saw a rise of 1.01%, closing at 2083.14 points, with a peak of 2103.37 points [1] ETF Market Performance - The median return for stock ETFs was 0.66%, with the highest return from the Fortune Growth Enterprise 50 ETF at 2.31% [2] - The highest performing industry ETF was the CCB CSI All Share Securities Company ETF, yielding 3.71% [2] - The top thematic ETF was the Dachen CSI Engineering Machinery Theme ETF, which achieved a return of 9.98% [2] ETF Performance Rankings - The top three ETFs by return were: - Dachen CSI Engineering Machinery Theme ETF (9.98%) - Huafu CSI Securities Company Pioneer Strategy ETF (4.61%) - E Fund CSI 300 Non-Bank Financial ETF (4.22%) [4][5] - The ETFs with the largest declines included: - Guotai CSI Photovoltaic Industry ETF (-1.35%) - Huaan CSI Photovoltaic Industry ETF (-1.27%) - Ping An CSI Photovoltaic Industry ETF (-1.23%) [4][5] ETF Fund Flows - The top three ETFs by fund inflow were: - Huatai Baichuan CSI 300 ETF (inflow of 761 million yuan) - Southern CSI 500 ETF (inflow of 581 million yuan) - Huaxia CSI A500 ETF (inflow of 458 million yuan) [6][7] - The ETFs with the largest outflows included: - Huabao CSI All Share Securities Company ETF (outflow of 442 million yuan) - Huatai CSI Dividend ETF (outflow of 401 million yuan) - Fortune CSI Composite Index ETF (outflow of 191 million yuan) [6][7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (563 million yuan) - Huatai Baichuan CSI 300 ETF (391 million yuan) - Guotai CSI All Share Securities Company ETF (378 million yuan) [8][9] - The highest margin selling amounts were for: - Huatai Baichuan CSI 300 ETF (33.976 million yuan) - Huaxia Shanghai Stock Exchange 50 ETF (20.749 million yuan) - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (4.698 million yuan) [8][9] Industry Insights - Guoyuan Securities is optimistic about the overall recovery of the engineering machinery industry, suggesting a focus on export chain targets with strong overseas production capabilities and diversified clients [10] - Huachuang Securities anticipates accelerated recovery in the industry due to increased project planning and special bond issuance, alongside rigid demand for equipment updates and regulatory interventions [10]

2025 年 5 月 15 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 每日晨报 宏观：CPI 尚未明显反映关税,但高频价格已经有所上行——4月美国 CPI 数 ● 据。市场对通胀数据反应有限,降息预期延后与通胀回升风险导致美债收益率 近期上行。我们认为长端美债收益率在财政赤字难以明显压缩、降息预期可能 延后等因素下短期存在回升的风险,尽管从全年角度来看,其依然有中枢降至 4%下方的可能,也不排除流动性风险导致美联储干预债市的可能。美元指数 方面,在美国经济放缓且最终仍需进行降息的情况下,其短期的反弹可持续性 同样不高,预计美元年内的中枢仍会稳定在 100下方。 CGS-NDI 跟踪：我国加速部署 5G-A 测试网络。我国运营商已经在国内 31 0 个省份部署了 5G-A 测试网络,5G-A 和 5G 相比,能够在容量、速率、时延、 定位、可靠性等方面实现大幅提升。 0 通信:经贸会谈卓有成效,出口链或将优先受益。经贸高层会谈卓有成效,预 计出口占比较高的光通信及物联网行业将 ...

Core Insights - JD's Q1 2025 revenue reached 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest quarterly growth rate in three years, with service revenue at 58.8 billion yuan, up 14.0% year-on-year [2][10] - Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion yuan, exceeding expectations by 43.4% [2][10] - The retail revenue of JD grew by 16.3% year-on-year to 263.8 billion yuan, driven by strong user growth and supply chain optimization [2][10] Revenue and Profitability - The group achieved a gross margin of 15.9%, an increase of 0.6 percentage points year-on-year, and a fulfillment gross margin of 9.3%, up 0.5 percentage points year-on-year [3][10] - JD's retail operating profit margin improved by 0.8 percentage points to 4.9% [3][10] - The company continues to enhance its operational efficiency through its supply chain infrastructure and smart integration of business ecosystems [3][10] Business Development - JD's food delivery service surpassed 10 million daily orders as of April 22, 2025, indicating significant progress in this segment [3][10] - The company has repurchased 1.5 billion USD worth of shares, amounting to approximately 2.8% of its outstanding shares as of December 31, 2024 [3][10] - The expansion of the platform into new markets, including Hong Kong and international regions, is ongoing, with a focus on maintaining high growth rates in various product categories [10] Policy and Market Environment - The April Politburo meeting emphasized stabilizing employment and the economy, with a focus on expanding domestic demand and promoting consumption [4][11] - The government is expected to introduce flexible policies to address uncertainties in tariffs and enhance financial support for various sectors [11] - The focus on long-term structural reforms and support for consumer spending is anticipated to drive economic growth in the coming quarters [11]

Group 1 - Zhejiang Province's exports to Latin America increased by 21.5% in the first four months of the year, reaching 145.06 billion yuan, marking a historical high for the same period [1] - The province accounted for 15.6% of the national import and export volume to Latin America, with total trade amounting to 181.47 billion yuan, a year-on-year growth of 4.8% [1] - The number of foreign trade enterprises in Zhejiang engaging in trade with Latin America rose by 8.3%, totaling 32,500, with export enterprises increasing by 8.9% [2] Group 2 - Brazil emerged as the primary market for Zhejiang's exports to Latin America, with exports to Brazil reaching 35.79 billion yuan, a significant increase of 17.9% [2] - Zhejiang's private enterprises contributed 83.1% of the province's total trade with Latin America, with their exports growing by 23.3% to 128.76 billion yuan [2] - The province imported 12.65 million tons of metal ores and sands from Latin America, accounting for 26.3% of its total imports in this category [3] Group 3 - The Hangzhou Customs has been actively providing one-stop services to assist export enterprises in expanding their markets and improving efficiency [3] - Latin America is a crucial source of metal ores and agricultural products for Zhejiang, with imports of agricultural products valued at 5.2 billion yuan, representing 15.8% of the total imports in this category [3] - The province's imports of copper ore and its concentrates from Latin America accounted for 74.1% of the total imports in this category [3]

编辑人 晨会纪要（2025/05/15） 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.05.15） 金融工程研究 主要指数多数上涨，两融余额小幅上升——融资融券周报 行业研究 4 月挖掘机销量为 2.21 万台，同比增长 17.6%——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/05/15） 金融工程研究 主要指数多数上涨，两融余额小幅上升——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（5 月 7 日-5 月 13 日）A 股市场主要指数多数上涨，其中创业板指涨幅最大，上涨了 3.82 %；科创 50 跌幅最大，下跌了 1.64%。此外，上证综指上涨 1.77%，深证成指上涨 2.04%，沪深 300 上涨 2.30%，上证 50 上涨 2.28%，中证 500 上涨 0.72%。 5 月 13 日，沪深两市两融余额为 18,048.49 ...

Core Insights - The report highlights a positive outlook for the A-share market, with a focus on sectors such as technology and consumer upgrades as key drivers for medium to long-term investment opportunities [9][10][12] - The semiconductor industry is experiencing robust growth, with significant revenue and profit increases reported for major players, driven by advancements in AI and SoC technologies [21][24] - The food and beverage sector continues to outperform the broader market, with strong sales growth in snacks and dairy products, indicating a resilient consumer demand [19][20] Domestic Market Performance - The Shanghai Composite Index closed at 3,403.95, up 0.86%, while the Shenzhen Component Index rose by 0.64% to 10,354.22 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 13.82x and 36.92x respectively, suggesting a favorable environment for medium to long-term investments [10][11] International Market Performance - The Dow Jones Industrial Average fell by 0.67%, while the Hang Seng Index increased by 2.30%, indicating mixed performance across global markets [7] Industry Analysis - The semiconductor sector reported a 12.99% year-on-year increase in revenue for Q1 2025, with a notable 33.22% rise in net profit, reflecting strong demand and operational efficiency [22][24] - The food and beverage index showed a slight decline of 0.23% in April, but it outperformed the broader market, with a cumulative increase of 0.5% from January to April 2025 [19][20] - The photovoltaic industry saw a significant increase in installed capacity in March 2025, with a year-on-year growth of 124.39%, although the sector faced challenges with declining stock prices [30][31] Investment Recommendations - The report suggests focusing on sectors such as technology, consumer goods, and renewable energy for potential investment opportunities, particularly in companies demonstrating strong fundamentals and growth potential [9][12][30] - In the semiconductor industry, continued investment in AI and SoC manufacturers is recommended due to their impressive growth trajectories and market demand [21][24] - The food and beverage sector remains a strong investment area, particularly in sub-sectors like snacks and dairy, which are expected to maintain growth momentum [19][20]

Core Insights - The fourth Changsha International Construction Machinery Exhibition is set to take place, featuring over 2,000 companies and more than 20,000 exhibits across a 300,000 square meter venue [2][3] - The exhibition emphasizes the theme of "strengthening, extending, supplementing, and upgrading the supply chain," introducing new zones for emergency rescue equipment, mining equipment, and transportation equipment [3][4] Group 1: Exhibition Highlights - The largest exhibit is a 4,000-ton all-terrain crane from Zoomlion, which is the world's largest in its category and capable of installing wind turbines at heights of 185 meters [3][4] - Major global brands such as Caterpillar, Levo Heavy Industry, and SANY are showcasing their flagship products, with SANY introducing hydrogen energy and new energy products alongside traditional offerings [4][5] - The exhibition features over 70 intelligent and green products from Shanhe Intelligent, highlighting the industry's shift towards innovation and sustainability [5][6] Group 2: Interactive Experiences - The exhibition includes interactive experiences such as AR operations and remote control demonstrations, allowing visitors to engage with advanced construction machinery technology [6][7] - Daily performances featuring excavators and other machinery will showcase their capabilities in a fun and engaging manner, including unique acts like excavators performing a waltz [7][8] - A dedicated food culture area will present local delicacies, enhancing the overall visitor experience with a blend of machinery and local cuisine [7][8]

Core Viewpoint - The 2025 Changsha International Construction Machinery Exhibition is set to showcase advancements in high-end, intelligent, and green construction machinery, featuring 1,650 global companies and 35 of the world's top 50 construction machinery brands, highlighting Changsha's significance as a major hub in the industry [1][5]. Group 1: Exhibition Highlights - The exhibition will focus on new-generation construction machinery, emergency equipment, mining machinery, agricultural machinery, and transportation equipment [1]. - Leading companies such as Zoomlion, SANY, and others will present their latest innovations, with Zoomlion showcasing over 100 pieces of equipment, including the ZE1350G mining excavator designed for large open-pit coal mines [3][4]. - SANY will feature 72 pieces of equipment, with 40% being electric products, while other companies like Sunward Intelligent Equipment will present nearly 60 advanced, intelligent, and green products, including over 20 new energy products [4][6]. Group 2: Industry Development - Changsha's construction machinery industry has evolved over more than 60 years, becoming a national advanced manufacturing cluster and one of the world's top three construction machinery hubs [5][6]. - The industry comprises 516 upstream and downstream enterprises, covering 85% of the national construction machinery product varieties, with a focus on collaborative development among manufacturers and suppliers [5][6]. - Changsha has established 25 national-level innovation platforms, fostering significant advancements in key components such as electric drive bridges and hydraulic pumps [6][7]. Group 3: Policy and Collaboration - Recent policies have been implemented to support the high-end, intelligent, and green transformation of the construction machinery industry, including the first national legislation in this field [7][8]. - Collaborative efforts between Changsha and other regions, such as Jiangsu and the Chang-Zhu-Tan area, aim to enhance cross-regional cooperation and resource sharing, promoting a more integrated industrial development [8].