智通财经APP获悉，9月28日，中国工程机械工业协会发布2025年8月升降工作平台租赁景气度指数。统计显示，2025年8月升降工作平台出租率指数为693 点，环比微涨0.7%，同比略涨7.9%;升降工作平台租金价格指数环比微涨0.7%，总体看8月份各机型租金价格指数环比有升有降，≤6m机型环比降幅最大， 达到5.9%，40m以上机型租金价格指数环比涨幅最大，达到5.8%。 出租率指数 2025年8月升降工作平台出租率指数为693点，环比微涨0.7%，同比略涨7.9%。总体看8月份各机型环比出租率指数涨跌各半，其中14~16m机型出租率指数 环比涨幅最大，达到9.1%，36~39m机型环比降幅最大，达到8.5%。2025年8月除36~39m机型外，其他各机型出租率指数同比均处于上涨状态，40m以上 机型涨幅最大，达到24.2%，30~35m机型涨幅达到11.6%， 而36~39m机型同比降幅仅为0.9%(出租率是以台天数为基准进行计算，100%出租率对应1000 点。) 2025年8月升降工作平台租赁行业出租率指数 租金价格指数 根据上报数据统计计算，2025年8月升降工作平台租金价格指数环比微涨0.7%，总体 ...

Grading 1: Grader Machines - In August 2025, a total of 683 grader machines were sold, representing a year-on-year decline of 12.4%, with domestic sales of 108 units (up 16.1%) and exports of 575 units (down 16.3%) [1] - From January to August 2025, 5,650 grader machines were sold, marking a year-on-year increase of 5.25%, with domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [1] Grading 2: Truck Cranes - In August 2025, 1,434 truck cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [2] - From January to August 2025, 13,544 truck cranes were sold, a year-on-year decline of 6.47%, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [2] Grading 3: Crawler Cranes - In August 2025, 273 crawler cranes were sold, showing a year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [3] - From January to August 2025, 2,080 crawler cranes were sold, reflecting a year-on-year increase of 16.4%, with domestic sales of 644 units (up 12.8%) and exports of 1,436 units (up 18.1%) [3] Grading 4: Truck-Mounted Cranes - In August 2025, 1,664 truck-mounted cranes were sold, up 7.29% year-on-year, with domestic sales of 1,313 units (up 24.2%) and exports of 351 units (down 28.9%) [4] - From January to August 2025, 16,871 truck-mounted cranes were sold, a year-on-year increase of 3.68%, with domestic sales of 13,158 units (up 0.58%) and exports of 3,713 units (up 16.4%) [4] Grading 5: Tower Cranes - In August 2025, 424 tower cranes were sold, down 9.79% year-on-year, with domestic sales of 219 units (down 29.1%) and exports of 205 units (up 27.3%) [5] - From January to August 2025, 3,605 tower cranes were sold, reflecting a year-on-year decline of 34.5%, with domestic sales of 1,936 units (down 54.1%) and exports of 1,669 units (up 29.7%) [5] Grading 6: Industrial Vehicles - In August 2025, 118,087 forklifts were sold, representing a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [6] - From January to August 2025, 976,026 forklifts were sold, marking a year-on-year increase of 12.9%, with domestic sales of 616,256 units (up 11.3%) and exports of 359,770 units (up 15.7%) [6] Grading 7: Rollers - In August 2025, 1,312 rollers were sold, showing a year-on-year increase of 14.1%, with domestic sales of 476 units (up 6.49%) and exports of 836 units (up 18.9%) [7] - From January to August 2025, 12,172 rollers were sold, reflecting a year-on-year increase of 20.7%, with domestic sales of 4,625 units (up 15.4%) and exports of 7,547 units (up 24.3%) [8] Grading 8: Pavers - In August 2025, 118 pavers were sold, up 20.4% year-on-year, with domestic sales of 80 units (up 37.9%) and exports of 38 units (down 5%) [9] - From January to August 2025, 1,117 pavers were sold, marking a year-on-year increase of 33.5%, with domestic sales of 816 units (up 43.9%) and exports of 301 units (up 11.5%) [9] Grading 9: Aerial Work Platforms - In August 2025, 13,430 aerial work platforms were sold, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [10] - From January to August 2025, 119,485 aerial work platforms were sold, reflecting a year-on-year decline of 30.5%, with domestic sales of 45,834 units (down 47.2%) and exports of 73,651 units (down 13.6%) [10] Grading 10: High-altitude Work Vehicles - In August 2025, 490 high-altitude work vehicles were sold, showing a year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) and exports of 5 units (down 70.6%) [11] - From January to August 2025, 3,334 high-altitude work vehicles were sold, reflecting a year-on-year increase of 40.5%, with domestic sales of 3,189 units (up 39.3%) and exports of 145 units (up 72.6%) [11]

Core Viewpoint - The article provides a comprehensive overview of the sales performance of various construction machinery in China for August 2025, highlighting growth in excavators and loaders while noting declines in other categories such as graders and tower cranes [1][3][7][8][13]. Excavators - In August 2025, a total of 16,523 excavators were sold, representing a year-on-year increase of 12.8%. Domestic sales accounted for 7,685 units (up 14.8%), while exports reached 8,838 units (up 11.1%) [1][2]. - From January to August 2025, 154,181 excavators were sold, marking a 17.2% increase year-on-year, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%) [1][2]. Loaders - In August 2025, 9,440 loaders were sold, reflecting a year-on-year growth of 13.3%. Domestic sales were 4,774 units (up 18.3%), and exports were 4,666 units (up 8.69%) [3][4]. - For the period from January to August 2025, total loader sales reached 83,209 units, a 12.9% increase year-on-year, with domestic sales of 44,945 units (up 20.2%) and exports of 38,264 units (up 5.3%) [5][4]. Graders - In August 2025, 683 graders were sold, showing a year-on-year decline of 12.4%. Domestic sales were 108 units (up 16.1%), while exports totaled 575 units (down 16.3%) [7]. Cranes - In August 2025, 1,434 truck-mounted cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [8]. - For the first eight months of 2025, total sales of truck-mounted cranes were 13,544 units, a decrease of 6.47% year-on-year, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [8]. Other Machinery - In August 2025, 273 crawler cranes were sold, marking a significant year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [10]. - The sales of various types of forklifts reached 118,087 units in August 2025, reflecting a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [15]. - The sales of elevating work platforms totaled 13,430 units in August 2025, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [19]. - In August 2025, 490 aerial work vehicles were sold, showing a remarkable year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) [21].

行业观点： 世纪证券近日发布装备制造行业周报：据中国工程机械工业协会数据，2025年7月，12类工程机械产品 中，有10类实现销量同比增长，尤其是挖掘机在5月稍有下滑后，连续两个月继续实现增长，6、7月份 分别为+6.2%及+17.2%；汽车起重机7月销量增速也开始转正（+6.8%）。 以下为研究报告摘要： 市场行情回顾： 上周（8月11日-8月15日）机械设备、电力设备及汽车行业指数涨跌幅分别为3.21%、5.84%及3.08%， 在31个申万一级行业中排名分别为第8、4、9位；同期沪深300涨跌幅为2.37% 1)7月主要工程机械产品国内销量同比10升2降。据中国工程机械工业协会数据，2025年7月，12类工程 机械产品中，有10类实现销量同比增长，尤其是挖掘机在5月稍有下滑后，连续两个月继续实现增长， 6、7月份分别为+6.2%及+17.2%；汽车起重机7月销量增速也开始转正（+6.8%）；销量继续下滑的两类 产品依旧是受地产影响较明显的塔式起重机及升降工作平台，7月销量同比增速分别为-42.5% 及-51.4%。国内存量工程机械产品更新周期向上背景下，专项债及基建项目托底，内需可望持续向上趋 势，建议 ...

Group 1: Industry Overview - In July 2025, 10 out of 12 categories of construction machinery products achieved year-on-year sales growth, with excavators showing a growth of +6.2% in June and +17.2% in July after a slight decline in May [2] - The sales growth of automobile cranes turned positive in July, recording an increase of +6.8% [2] - The two categories that continued to decline in sales were tower cranes and aerial work platforms, with year-on-year sales growth of -42.5% and -51.4% respectively, significantly impacted by the real estate sector [2] Group 2: Market Performance - From August 11 to August 15, the indices for machinery equipment, power equipment, and automotive sectors rose by 3.21%, 5.84%, and 3.08% respectively, ranking 8th, 4th, and 9th among 31 first-level industries [2] - The overall performance of the Shanghai and Shenzhen 300 index during the same period was a growth of 2.37% [2] Group 3: Automotive Sector Insights - From August 1 to 10, the retail sales of passenger cars in China decreased by 4% year-on-year, totaling 452,000 units, while the retail sales of new energy vehicles increased by 6% year-on-year, reaching 262,000 units [3] - The domestic automotive market is expected to continue its rapid development, supported by trade-in promotions and strong export growth, with a focus on manufacturers with brand and scale advantages [3] Group 4: Photovoltaic Sector Analysis - The main material prices in the photovoltaic sector remained stable, with no significant changes in overall quotations and transaction prices [3] - Demand for components is showing signs of weakness, with new orders for TOPCon components being signed at levels between 0.65 and 0.7 RMB, while subsequent order prices have begun to decline [3] - The photovoltaic sector experienced a slight recovery due to notifications for an industry meeting on August 19, but uncertainty remains regarding the industry's turning point if policies do not materialize and prices cannot be effectively transmitted downstream [3]

Core Viewpoint - The article provides an overview of the sales performance of various construction machinery in China for July 2025, highlighting significant growth in excavator and loader sales, while also noting declines in certain categories like tower cranes and aerial work platforms [20][24]. Excavators - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1][20]. - From January to July 2025, a cumulative total of 137,658 excavators were sold, reflecting a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [2][20]. Loaders - In July 2025, 9,000 loaders were sold, showing a year-on-year increase of 7.41%. Domestic sales were 4,549 units (up 2.48%), while exports totaled 4,451 units (up 13%) [3][20]. - For the first seven months of 2025, total loader sales reached 73,769 units, a 12.8% increase year-on-year, with domestic sales of 40,171 units (up 20.4%) and exports of 33,598 units (up 4.85%) [4][20]. Other Machinery - Graders sold in July 2025 totaled 624 units, with a year-on-year increase of 1.96%. Domestic sales were 97 units (up 7.78%), and exports were 527 units (up 0.96%) [6][20]. - In July 2025, 1,358 truck cranes were sold, reflecting a 9.6% increase year-on-year, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [8][20]. - Sales of crawler cranes reached 241 units in July 2025, a significant year-on-year increase of 57.5%, with domestic sales of 62 units (up 72.2%) and exports of 179 units (up 53%) [10][20]. - The sales of forklifts in July 2025 amounted to 118,605 units, a 14.4% increase year-on-year, with domestic sales of 69,700 units (up 14.3%) and exports of 48,905 units (up 14.5%) [16][20]. - In July 2025, 1,410 rollers were sold, marking a 23.8% increase year-on-year, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [17][20]. - Sales of aerial work platforms in July 2025 totaled 13,559 units, a decline of 38.3% year-on-year, with domestic sales of 5,098 units (down 51.4%) and exports of 8,461 units (down 26.3%) [19][20]. Summary Table - A summary table of major construction machinery sales in July 2025 indicates varied performance across categories, with excavators and loaders showing strong growth, while tower cranes and aerial work platforms experienced declines [20].

Group 1: Sales Performance Overview - In July 2025, various types of cranes sold totaled 1358 units, representing a year-on-year increase of 9.6%, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [1] - For the first seven months of 2025, total crane sales reached 12110 units, a decline of 6.68%, with domestic sales at 6755 units (down 11.3%) and exports at 5355 units (down 0.11%) [1] Group 2: Specific Equipment Sales - In July 2025, 624 graders were sold, marking a 1.96% increase year-on-year, with domestic sales of 97 units (up 7.78%) and exports of 527 units (up 0.96%) [2] - For the first seven months of 2025, total grader sales were 4967 units, an increase of 8.26%, with domestic sales at 915 units (up 36%) and exports at 4052 units (up 3.5%) [2] Group 3: Crane Types Performance - In July 2025, 241 crawler cranes were sold, showing a significant year-on-year increase of 57.5%, with domestic sales of 62 units (up 72.2%) and exports of 179 units (up 53%) [3] - For the first seven months of 2025, total crawler crane sales reached 1807 units, a 13.1% increase, with domestic sales at 556 units (up 8.38%) and exports at 1251 units (up 15.4%) [3] Group 4: Truck-Mounted Crane Sales - In July 2025, 1787 truck-mounted cranes were sold, reflecting a year-on-year increase of 9.1%, with domestic sales of 1440 units (up 9.34%) and exports of 347 units (up 8.1%) [4] - For the first seven months of 2025, total truck-mounted crane sales were 15207 units, a 3.3% increase, with domestic sales at 11845 units (down 1.5%) and exports at 3362 units (up 24.7%) [4] Group 5: Tower Crane Sales - In July 2025, 410 tower cranes were sold, a year-on-year decrease of 26.9%, with domestic sales of 222 units (down 42.5%) and exports of 188 units (up 7.43%) [5] - For the first seven months of 2025, total tower crane sales reached 3181 units, a decline of 36.8%, with domestic sales at 1717 units (down 56%) and exports at 1464 units (up 30%) [5] Group 6: Forklift Sales - In July 2025, 118605 forklifts were sold, representing a year-on-year increase of 14.4%, with domestic sales of 69700 units (up 14.3%) and exports of 48905 units (up 14.5%) [6] - For the first seven months of 2025, total forklift sales were 857939 units, a 12% increase, with domestic sales at 546082 units (up 10.4%) and exports at 311857 units (up 15.1%) [6] Group 7: Roller Sales - In July 2025, 1410 rollers were sold, reflecting a year-on-year increase of 23.8%, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [7] - For the first seven months of 2025, total roller sales reached 10860 units, a 21.6% increase, with domestic sales at 4149 units (up 16.5%) and exports at 6711 units (up 25%) [8] Group 8: Paver Sales - In July 2025, 109 pavers were sold, marking an 11.2% year-on-year increase, with domestic sales of 84 units (up 75%) and exports of 25 units (down 50%) [9] - For the first seven months of 2025, total paver sales were 999 units, a 35.2% increase, with domestic sales at 736 units (up 44.6%) and exports at 263 units (up 14.3%) [9] Group 9: Aerial Work Platform Sales - In July 2025, 13559 aerial work platforms were sold, a year-on-year decrease of 38.3%, with domestic sales of 5098 units (down 51.4%) and exports of 8461 units (down 26.3%) [10] - For the first seven months of 2025, total aerial work platform sales reached 106055 units, a decline of 31.8%, with domestic sales at 41794 units (down 47.7%) and exports at 64261 units (down 14.9%) [10] Group 10: High-altitude Work Vehicle Sales - In July 2025, 399 high-altitude work vehicles were sold, showing a significant year-on-year increase of 97.5%, with domestic sales of 392 units (up 99%) and exports of 7 units (up 40%) [11] - For the first seven months of 2025, total high-altitude work vehicle sales were 2844 units, a 34.6% increase, with domestic sales at 2704 units (up 32.2%) and exports at 140 units (up 109%) [11]

Core Insights - The report from China Galaxy Securities indicates a recovery in domestic excavator sales in June and July, with July's performance exceeding expectations, suggesting improved funding conditions and a positive trend in domestic sales [1] - Cumulative domestic excavator sales from January to July reached only 35% of the same period in 2021, indicating that the market is still in a relatively low range [1] - The report is optimistic about the continued recovery of domestic sales throughout the year, while also highlighting strong export performance due to high prices of core commodities and improved product capabilities of domestic manufacturers [1] Domestic and Export Sales Performance - In July, domestic and export sales growth rates were +17% and +32% respectively, both exceeding expectations [1] - Excavator sales in July totaled 17,138 units, a year-on-year increase of 25.2%, with domestic sales at 7,306 units (up 17.2%) and exports at 9,832 units (up 31.9%) [1] - The increase in domestic demand for small excavators was attributed to weather-related repair needs, while exports were bolstered by high mining activity in regions like Africa and Southeast Asia [1] Other Machinery Sales Trends - In June, various machinery categories showed mixed performance, with crawler and truck-mounted cranes experiencing high growth, while forklifts saw a significant recovery in domestic sales [2] - The sales growth rates for different machinery types in June included: crawler cranes +25.7%, truck-mounted cranes +39%, and forklifts +23.1%, while tower cranes saw a decline of -44.8% [2] Operating Rates and Global Demand - The average working hours for major construction machinery in July were 80.8 hours, a year-on-year decrease of 6.91%, with an average operating rate of 56.2%, down 6.72 percentage points year-on-year [3] - In June, there was a mild recovery in overseas operating hours for Komatsu excavators across four major regions, with North America and Europe showing slight increases [3] Future Outlook from Major Companies - Caterpillar expects a mixed outlook for its construction and resource business sales in 2025, with an increase in backlog orders, while Komatsu anticipates a decline in global demand by 0-5% for the same year [4] - Caterpillar's construction sales in Q2 2025 showed varied performance across regions, with North America and Europe expected to improve, while resource business sales are projected to decline [4] - Komatsu reported a 3% decline in global demand for April to June 2025, with significant drops in Japan and North America, but growth in Southeast Asia [4]

Investment Rating - The report indicates a positive investment outlook for the equipment manufacturing industry, particularly in engineering machinery and automotive sectors, suggesting continued growth and resilience in these areas [1][2][3]. Core Insights - Engineering machinery sales are on an upward trend, with domestic sales of 12 types of machinery showing a year-on-year increase of 9% in June, particularly driven by excavators which saw a growth of 6.2% [2][3]. - The automotive market is also experiencing growth, with average daily retail sales of passenger cars increasing by 11% year-on-year in the second week of July, supported by promotional activities and strong export growth [2][3]. - In the photovoltaic sector, silicon wafer prices have risen, but there are concerns about weak downstream demand and potential downward pressure on prices in the second half of the year [2][3]. Market Performance Review - From July 14 to July 18, the indices for machinery equipment, electric power equipment, and automotive sectors increased by 2.91%, 0.57%, and 3.28% respectively, ranking 4th, 15th, and 3rd among 31 primary industries [7][8]. - The top-performing sub-sectors included commercial vehicles with a rise of 5.98% and other power equipment up by 4.76%, while photovoltaic equipment saw a decline of 2.01% [8]. Industry News and Key Company Announcements - A new low-carbon data center project in Ulanqab has commenced operations, marking a significant step in integrating renewable energy with data center operations [17]. - The launch of a new humanoid robot with a hot-swappable battery system by UBTECH aims to enhance productivity in smart manufacturing [17]. - Guizhou's green electricity trading volume has surged by 224% year-on-year in the first half of the year, reflecting the province's commitment to developing renewable energy sources [17].

Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3%. Domestic sales accounted for 8,136 units, up 6.2%, while exports reached 10,668 units, up 19.3% [1] - From January to June 2025, a total of 120,520 excavators were sold, marking a 16.8% increase year-on-year. Domestic sales were 65,637 units, up 22.9%, and exports were 54,883 units, up 10.2% [1] - In June 2025, 27 electric excavators were sold, including 11 units under 6 tons, 4 units between 10 to 18.5 tons, and 12 units between 18.5 to 28.5 tons [1] Loader Sales - In June 2025, 12,014 loaders were sold, reflecting an 11.3% year-on-year increase. Domestic sales were 6,015 units, up 13.6%, and exports were 5,999 units, up 9.11% [2][3] - From January to June 2025, a total of 64,769 loaders were sold, with domestic sales of 35,622 units (up 23.2%) and exports of 29,147 units (up 3.71%) [3] Electric Loader Sales - In June 2025, 3,049 electric loaders were sold, with various weight categories contributing to the total [4][5] Grader Sales - In June 2025, 763 graders were sold, down 11.2% year-on-year. Domestic sales were 141 units, up 38.2%, while exports were 622 units, down 17.8% [6] - From January to June 2025, a total of 4,343 graders were sold, marking a 9.23% increase year-on-year. Domestic sales were 818 units, up 40.3%, and exports were 3,525 units, up 3.89% [7] Crane Sales - In June 2025, 1,649 cranes were sold, down 5.28% year-on-year. Domestic sales were 901 units, down 7.59%, and exports were 748 units, down 2.35% [8] - From January to June 2025, a total of 10,752 cranes were sold, down 8.4% year-on-year. Domestic sales were 6,082 units, down 12.9%, and exports were 4,670 units, down 1.73% [9] Forklift Sales - In June 2025, 137,570 forklifts were sold, up 23.1% year-on-year. Domestic sales were 83,892 units, up 27.3%, and exports were 53,678 units, up 17.2% [10] - From January to June 2025, a total of 739,334 forklifts were sold, reflecting an 11.7% year-on-year increase. Domestic sales were 476,382 units, up 9.79%, and exports were 262,952 units, up 15.2% [10] Paver Sales - In June 2025, 182 pavers were sold, representing a significant year-on-year increase of 78.4%. Domestic sales were 131 units, up 95.5%, and exports were 51 units, up 45.7% [11] - From January to June 2025, a total of 890 pavers were sold, marking a 38.8% increase year-on-year. Domestic sales were 652 units, up 41.4%, and exports were 238 units, up 32.2% [12] Aerial Work Platform Sales - In June 2025, 17,963 aerial work platforms were sold, down 16.4% year-on-year. Domestic sales were 7,505 units, down 42.1%, while exports were 10,458 units, up 22.7% [13] - From January to June 2025, a total of 92,496 aerial work platforms were sold, down 30.7% year-on-year. Domestic sales were 36,696 units, down 47.2%, and exports were 55,800 units, down 12.9% [13]