Group 1 - The report discusses the impact of regulatory changes on wealth management strategies and the bond market, highlighting a shift towards defensive asset allocation in response to market volatility and regulatory tightening [3][4][5] - In 2024, wealth management strategies are expected to rebalance with an increased focus on liquidity management through funds and a gradual extension of holding durations under yield pressure [4][5] - By the end of 2024, stricter regulations will limit wealth management strategies, leading to a cautious approach in bond allocations, particularly favoring short-term credit bonds [5] Group 2 - The report on LiuGong (000528) emphasizes the company's strong position in the excavator and loader markets, benefiting from a recovery in domestic demand and a push towards electrification [6][8] - LiuGong's electric loader market is projected to grow significantly, with the market size expected to increase from RMB 2.9 billion in 2023 to RMB 22.4 billion by 2028, reflecting a compound annual growth rate of 50.1% [7][8] - The company aims to achieve RMB 60 billion in revenue by 2030, with over 60% of that coming from international markets, supported by its strong product offerings and export strategies [9] Group 3 - The report highlights the ongoing demand for energy storage, driven by the need for renewable energy integration, with a focus on lithium battery material price recovery [26][30] - The energy storage capacity in Hubei province is projected to reach 8 GW by 2027, with a significant portion coming from new energy storage solutions [29] - The report suggests that the demand for lithium battery materials will continue to grow, with companies like CATL and BYD leading the charge in solid-state battery development [30][31] Group 4 - The report on Deleja (603092) outlines the company's position as the second-largest wind power gearbox supplier in China, with a market share of 16.2% and a focus on high profitability [36][37] - The domestic wind power demand is expected to surge, with an annual average demand of 140 GW projected during the 14th Five-Year Plan, leading to significant market opportunities for Deleja [37][38] - The company anticipates rapid revenue growth, with forecasts of RMB 51.4 billion, RMB 69.5 billion, and RMB 82.75 billion in revenue from 2025 to 2027, reflecting a strong market position and expansion plans [38]

Core Viewpoint - The loader market in China is experiencing significant growth, with both domestic and export sales showing strong year-on-year increases in October 2025, indicating a recovery trend in the engineering machinery industry [1][2]. Sales Data Summary - In October 2025, a total of 10,673 loaders were sold, representing a year-on-year increase of 27.7%. Domestic sales accounted for 5,372 units, up 33.2%, while exports reached 5,301 units, increasing by 22.6% [1][2]. - From January to October 2025, cumulative sales of loaders reached 104,412 units, marking a 15.8% year-on-year growth. Domestic sales totaled 55,368 units, up 21.8%, and exports were 49,044 units, with a 9.69% increase [2]. Electric Loader Market Situation - In October 2025, 2,707 electric loaders were sold, with specific breakdowns: under 3 tons (16 units), 3 tons (116 units), 4 tons (3 units), 5 tons (1,633 units), 6 tons (836 units), 7 tons (77 units), 8 tons (9 units), and skid steer loaders (17 units) [3]. Monthly Sales Trends - Monthly domestic sales of loaders in 2025 showed fluctuations, with notable increases in April (7,191 units, +35.4%) and February (4,505 units, +63%), while January saw a slight decline (3,706 units, -1.01%) [4]. - The sales data from previous months in 2025 indicates a recovery trend, especially in the second half of the year, contrasting with the declining sales observed in 2024 [5]. Industry Insights - The engineering machinery industry is anticipated to be on a recovery path, with expectations of improved performance driven by domestic demand and export growth [6]. - The transition to "National IV" emissions standards starting December 1, 2025, is expected to impact the market dynamics positively [6].

Core Viewpoint - The loader market in China is experiencing growth, with significant increases in domestic sales and a slight decline in exports for April 2025, indicating a recovery trend in the industry [1]. Sales Data Summary - In April 2025, a total of 11,653 loaders were sold, marking a year-on-year increase of 19.2%. Domestic sales accounted for 7,191 units, up 35.4%, while exports totaled 4,462 units, down 0.18% [1]. - From January to April 2025, 42,220 loaders were sold, reflecting a 16% year-on-year growth. Domestic sales reached 23,570 units, increasing by 27.8%, and exports were 18,650 units, up 3.87% [1]. Electric Loader Market Overview - In April 2025, 2,924 electric loaders were sold, categorized by weight as follows: under 3 tons (28 units), 3 tons (121 units), 5 tons (1,849 units), 6 tons (847 units), 7 tons (66 units), over 8 tons (4 units), and skid steer loaders (9 units) [2][3]. Monthly Sales Trends - Domestic sales of loaders in March 2025 were 8,168 units, a 23.2% increase year-on-year. February 2025 saw sales of 4,505 units, up 63%, while January 2025 recorded 3,706 units, a slight decline of 1.01% [1]. - The sales figures for 2024 show a fluctuating trend, with notable declines in several months, particularly in early 2024, indicating a challenging market environment [1]. Historical Context - The loader market has shown volatility over the past few years, with significant declines in 2023 and early 2024, followed by signs of recovery in 2025. The data suggests a potential turning point for the industry as domestic demand strengthens [1][6].

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2月销售各类装载机8730台，同比增长34.4%。其中国内销量4505台，同比增长63%；出口量4225台， 同比增长13.2%。 | | | 2025年2月 中国装载机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 그 | 合计 | | 当期销量 | 4505 | 4225 | 8730 | | 同比涨幅 | 63% | 13.2% | 34.4% | | 累计销量 | 8211 | 8439 | 16650 | | 同比涨幅 | 26.2% | 8.33% | 16.5% | 2025年1—2月，共销售各类装载机16650台，同比增长16.5%。其中国内销量8211台，同比增长26.2%；出口量8439台，同比增长8.33%。 2025年2月销售电动装载机1327台（ 3吨以下11台，3吨49台，5吨829台，6吨379台，7吨58台，8吨1台）。 [数据来源：中国工程机械工业协会] 2025年装载机市场回顾 ◆ 2025年1月装载机国内市场销量3706台，同比下降1.01% 2024年装载机市场回顾 ◆ ...