Core Viewpoint - The excavator industry serves as a key indicator for infrastructure construction and fixed asset investment in China, with recent data showing a continuous increase in the workload of construction machinery across multiple provinces, indicating ongoing progress in major projects such as roads and bridges [1]. Summary by Sections National Overview - In May, the national construction machinery operating rate was 47.34%, with the top ten provinces being Anhui, Beijing, Zhejiang, Jilin, Liaoning, Hainan, Hebei, Qinghai, Jiangxi, and Ningxia. Qinghai saw the highest month-on-month growth rate of 3.14% [2]. - Sixteen provinces experienced a month-on-month increase in workload, with eight provinces, including Heilongjiang, Qinghai, Jilin, Tibet, Beijing, Xinjiang, Inner Mongolia, and Ningxia, showing growth rates exceeding 10% [3]. Equipment Performance - The operating rate for road construction equipment was 29.83% in May, reflecting a month-on-month increase of 1.72% and a year-on-year increase of 1.87%. Notably, the operating rate of pavers increased by 4.22%, with a workload growth of 14.65% [4]. - The Northeast region led with an operating rate of 60.39%, showing a month-on-month increase of 17.01%. Excavation equipment in this region had an operating rate of 65.82%, the highest in the country [6]. Regional Highlights - The Northeast region's workload increased by 3.58% year-on-year, with significant month-on-month growth of 17.01%. The region's operating rates for various equipment types, including excavators and crawler cranes, were the highest nationally [6]. - The Western region's operating rate was 53.77%, ranking second nationally. Notably, the workload for crawler cranes in Ningxia surged by 249.03% year-on-year, indicating strong growth driven by favorable policies in infrastructure and international trade [7][8]. - The Eastern region's operating rate was 46.4%, with concrete equipment leading at an operating rate of 47.05%. Various concrete-related equipment also ranked first nationally in their respective categories [9].

证券研究报告 | 行业周报 2025 年 06 月 24 日 机械 5 月我国工程机械出口额同比+8.5%，叉车 5月销量同比+11.8% 行业要闻：5月我国工程机械出口额同比+8.51%。据海关数据，2025 年 5 月我国工程机械进出口贸易额 52.38 亿美元，同比+8.1%，其中：进口额 2.14 亿美元，同比-0.74%；出口额 50.24 亿美元，同比+8.51%。1-5 月我国工程 机械进出口贸易额 241.85 亿美元，同比+8.49%。其中进口额 10.9 亿美元， 同比-0.86%；出口额 230.95 亿美元，同比+8.98%。按人民币计价，5 月出 口额 361.68 亿元，同比+10.1%。1-5 月出口额 1659.1 亿元，同比+10.2%。 5 月工程机械行业主要产品销售快报二发布。据中国工程机械工业协会统计， 2025 年 5 月当月销售 1）平地机：649 台，同比-3.28%，其中国内销量 112 台，同比+31.8%；出口量 537 台，同比-8.36%；2）汽车起重机：1748 台， 同比-8.1%，其中国内销量 978 台，同比-3.36%；出口量 770 台，同比 ...

Group 1 - In May 2025, a total of 18,202 excavators were sold, representing a year-on-year increase of 2.12%. Domestic sales were 8,392 units, down 1.48%, while exports reached 9,810 units, up 5.42% [1] - From January to May 2025, a total of 101,716 excavators were sold, marking a year-on-year increase of 17.4%. Domestic sales were 57,501 units, up 25.7%, and exports were 44,215 units, up 8.2% [2] - In May 2025, 36 electric excavators were sold, with various weight categories contributing to the total [3] Group 2 - In May 2025, a total of 10,535 loaders were sold, showing a year-on-year increase of 7.24%. Domestic sales were 6,037 units, up 16.7%, while exports were 4,498 units, down 3.31% [4][5] - From January to May 2025, a total of 52,755 loaders were sold, reflecting a year-on-year increase of 14.1%. Domestic sales were 29,607 units, up 25.4%, and exports were 23,148 units, up 2.39% [5] Group 3 - In May 2025, 649 graders were sold, down 3.28% year-on-year. Domestic sales were 112 units, up 31.8%, while exports were 537 units, down 8.36% [7] - From January to May 2025, a total of 3,580 graders were sold, marking a year-on-year increase of 14.9%. Domestic sales were 677 units, up 40.7%, and exports were 2,903 units, up 10.1% [7] Group 4 - In May 2025, 1,748 truck cranes were sold, down 8.1% year-on-year. Domestic sales were 978 units, down 3.36%, while exports were 770 units, down 13.5% [7] - From January to May 2025, a total of 9,103 truck cranes were sold, reflecting a year-on-year decrease of 8.94%. Domestic sales were 5,181 units, down 13.8%, and exports were 3,922 units, down 1.61% [8] Group 5 - In May 2025, 261 crawler cranes were sold, up 31.8% year-on-year. Domestic sales were 56 units, down 3.45%, while exports were 205 units, up 46.4% [10] - From January to May 2025, a total of 1,282 crawler cranes were sold, marking a year-on-year increase of 5.25%. Domestic sales were 402 units, down 1.23%, and exports were 880 units, up 8.51% [11] Group 6 - In May 2025, 1,681 truck-mounted cranes were sold, down 20.3% year-on-year. Domestic sales were 1,286 units, down 27.5%, while exports were 395 units, up 18.6% [13] - From January to May 2025, a total of 10,695 truck-mounted cranes were sold, reflecting a year-on-year decrease of 3.85%. Domestic sales were 8,535 units, down 6.71%, and exports were 2,160 units, up 9.42% [14] Group 7 - In May 2025, 538 tower cranes were sold, down 28.4% year-on-year. Domestic sales were 292 units, down 51.7%, while exports were 246 units, up 67.3% [15] - From January to May 2025, a total of 2,334 tower cranes were sold, marking a year-on-year decrease of 36.6%. Domestic sales were 1,278 units, down 57.1%, and exports were 1,056 units, up 51.1% [16] Group 8 - In May 2025, 123,472 forklifts were sold, representing a year-on-year increase of 11.8%. Domestic sales were 79,129 units, up 9.25%, while exports were 44,343 units, up 16.6% [17] - From January to May 2025, a total of 601,764 forklifts were sold, reflecting a year-on-year increase of 9.33%. Domestic sales were 392,490 units, up 6.66%, and exports were 209,274 units, up 14.7% [18] Group 9 - In May 2025, 1,589 rollers were sold, up 17% year-on-year. Domestic sales were 577 units, up 6.07%, while exports were 1,012 units, up 24.3% [19] - From January to May 2025, a total of 7,772 rollers were sold, marking a year-on-year increase of 23.7%. Domestic sales were 2,905 units, up 10.8%, and exports were 4,867 units, up 32.9% [20] Group 10 - In May 2025, 149 pavers were sold, up 30.7% year-on-year. Domestic sales were 107 units, up 33.8%, while exports were 42 units, up 23.5% [21] - From January to May 2025, a total of 708 pavers were sold, reflecting a year-on-year increase of 31.4%. Domestic sales were 521 units, up 32.2%, and exports were 187 units, up 29% [22] Group 11 - In May 2025, 15,653 aerial work platforms were sold, down 26.2% year-on-year. Domestic sales were 5,284 units, down 48.1%, while exports were 10,369 units, down 5.8% [25] - From January to May 2025, a total of 74,533 aerial work platforms were sold, marking a year-on-year decrease of 33.5%. Domestic sales were 29,191 units, down 48.3%, and exports were 45,342 units, down 18.4% [26] Group 12 - In May 2025, 296 high-altitude work vehicles were sold, down 33.3% year-on-year. Domestic sales were 286 units, down 34.1%, while exports remained flat at 10 units [26] - From January to May 2025, a total of 1,906 high-altitude work vehicles were sold, reflecting a year-on-year increase of 12.2%. Domestic sales were 1,803 units, up 9.74%, and exports were 103 units, up 87.3% [27]

6月9日晚间，三一集团有限公司（以下简称"三一集团"）在官方微信公众号上发文称，公司旗下的无人 装备参与徐淮阜高速公路建设工作，预计工程将于7月份正式通车。三一集团旗下的无人装备在本次建 设中证明其性能可靠、效率较高，有望重构路面施工行业的质量标准与作业范式。《证券日报》记者采 访了解到，无人装备具有效率高、成本低、昼夜施工、安全性好等诸多优点，已成为多家行业龙头企业 的布局重点。 据了解，自2024年高速公路建设项目启动以来，三一集团的多个无人装备组成无人机群，已在徐淮阜高 速公路持续奋战200余天，总里程超200公里。无人机群由摊铺机、双钢轮压路机、胶轮压路机组成，机 群融合感知定位、高精度路径跟踪、群控安全等技术。 无人机群通过智能调度系统严格执行施工工艺，实现标准化作业，路面成品平整度和压实度均达到行业 高标准。 三一集团工作人员对《证券日报》记者表示："无人装备能极大提升生产效率，可实现24小时不间断作 业。同时，无人装备还可提升工程质量，将工程缺陷率控制在较低水平，保证工程质量的稳定性和一致 性。对于企业而言，无人装备能帮助企业直接增加经营效益。对于员工而言，无人装备能降低劳动投 入，同时提升作业 ...

Core Viewpoint - Shantui Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and connect with overseas capital markets [1] Group 1: Company Overview - Shantui is a leading player in the construction machinery industry, with a strong brand presence both domestically and internationally [1] - The company’s main products include bulldozers, excavators, road rollers, graders, pavers, milling machines, concrete machinery, and loaders, with bulldozers being its flagship product [1] - Shantui is one of the few manufacturers with a comprehensive product line and widespread market distribution, ranking third after Caterpillar and Komatsu in the bulldozer market [1] Group 2: Financial Performance - In 2024, Shantui achieved a revenue of 14.219 billion yuan, a year-on-year increase of 25.12%, and a net profit of 1.102 billion yuan, up 40.72% [2] - The overseas market has shown significant growth, accounting for over 50% of total revenue, with overseas business income reaching 7.411 billion yuan, a 26.08% increase [2] - The revenue from main products in overseas markets was 6.67 billion yuan, with growth rates of 30% for bulldozers, 30% for excavators, and 11% for both loaders and road machinery [2] Group 3: Market Strategy and Future Goals - Shantui plans to deepen its market presence in Africa, Indonesia, the Middle East, and Southeast Asia, expecting a 30% revenue growth in these regions [3] - The company aims to achieve a revenue target of 15.7 billion yuan in 2025, with overseas income projected at 9 billion yuan [3] - Shantui completed the acquisition of 100% of Shandong Heavy Industry's excavator business for 1.841 billion yuan to enhance profitability and asset scale [3] - The long-term plan includes increasing the revenue share of excavators to 50% by 2027-2028, surpassing that of bulldozers [3]

Group 1: Grader Sales - In April 2025, a total of 756 graders were sold, representing a year-on-year increase of 21.5%, with domestic sales of 140 units (up 42.9%) and exports of 616 units (up 17.6%) [1] Group 2: Truck Crane Sales - In April 2025, 2,082 truck cranes were sold, showing a year-on-year decline of 3.48%, with domestic sales of 1,250 units (down 3.4%) and exports of 832 units (down 3.59%) [2] Group 3: Crawler Crane Sales - In April 2025, 280 crawler cranes were sold, marking a year-on-year increase of 2.94%, with domestic sales of 99 units (down 6.6%) and exports of 181 units (up 9.04%) [3] Group 4: Truck-Mounted Crane Sales - In April 2025, 2,142 truck-mounted cranes were sold, reflecting a year-on-year decrease of 14.5%, with domestic sales of 1,732 units (down 17.6%) and exports of 410 units (up 2.24%) [4] Group 5: Tower Crane Sales - In April 2025, 482 tower cranes were sold, indicating a significant year-on-year decline of 42.1%, with domestic sales of 266 units (down 61.3%) and exports of 216 units (up 49%) [5] Group 6: Industrial Vehicle Sales - In April 2025, 130,109 forklifts were sold, showing a year-on-year increase of 5.03%, with domestic sales of 84,317 units (down 0.89%) and exports of 45,792 units (up 18%) [6] Group 7: Roller Sales - In April 2025, 1,713 rollers were sold, representing a year-on-year increase of 36.2%, with domestic sales of 641 units (up 1.1%) and exports of 1,072 units (up 71.8%) [7] Group 8: Paver Sales - In April 2025, 200 pavers were sold, reflecting a year-on-year increase of 51.5%, with domestic sales of 150 units (up 54.6%) and exports of 50 units (up 42.9%) [8] Group 9: Aerial Work Platform Sales - In April 2025, 14,635 aerial work platforms were sold, showing a significant year-on-year decline of 49.7%, with domestic sales of 6,169 units (down 62.2%) and exports of 8,466 units (down 33.6%) [9] Group 10: High-altitude Work Vehicle Sales - In April 2025, 343 high-altitude work vehicles were sold, indicating a year-on-year increase of 49.1%, with domestic sales of 297 units (up 39.4%) and exports of 46 units (up 171%) [10]

（央视财经《央视财经挖掘机指数》）挖掘机是基础设施建设的"标配"，是反映基础设施建设、观察固定资产投资等经济变化的风向标。央视财经与三一 重工、树根互联联合打造的"央视财经挖掘机指数"今天发布了最新相关数据。4月份我国各项基建稳步推进，其中道路基建火热，路面设备开工率维持高 位，西部地区港口设备增长，港口设备开工率持续走高。 65.2% 河南 64.26% 湖北 63.55% 宁夏 【 安徽 ■ 北京 ■ 浙江 ■ 辽宁 ■ 海南 ■ 河北 ■ 江西 ■ 河南 ■ 湖北 ■ 宁夏 4月份,路面设备开工率为28.11%,环比增长 7.20%。其中,摊铺机开工率,环比增长11.05%, 压路机开工率环比增长5.59%。不论从大类设备还是 细分设备来看,增幅均明显高于其他类设备。4月份, 全国大部分地区气候回暖，为道路施工创造了良好的 终代 右利手改而沿各耳屈作业 T PUT THE MENNET 。 西部港口设备开工率43.04% 外贸"西"引力爆棚! 西部地区的对外开放水平不断提升,自贸区、综合保税区 等不断完善,西部陆海新通道带动各个城市群快速发展。 4月份,在港口设备中西部地区开工率为43.04%,位居 四 ...

展位位于W2馆的广西柳工机械股份有限公司（以下简称"柳工集团"）今天开始正式设备入场。在2024 年，柳工集团以28.42亿美元的销售收入，成为全球第19位的工程机械制造商。这家创办于1958年的企 业，是我国工程机械领域的老牌企业，其装载机产品居行业第一位，还是国内工程机械行业的第一家上 市公司。 今天上午，记者沿长沙国际会展中心外围的临河路内北向南前行，看到各种大型平板车搭载着各个品 牌、各种颜色的工程机械设备及配件，在会展中心的10号门和9号门外排成长队，在工作人员的指挥和 指引下，有序地驶入各个品牌的展区，推进布展工作。 长沙晚报掌上长沙5月11日讯（全媒体记者 周辉霞）离5月15日启幕的第四届长沙国际工程机械展越来 越近，展会主办地长沙国际会展中心及其周边的办展氛围越来越浓，记者今天从活动组委会了解到，目 前全球50强工程机械品牌中已有中联重科、三一集团、山河智能、铁建重工、星邦智能、广西柳工、卡 特彼勒、日立建机、雷沃重工等十来个品牌带着设备进场，首批进场布展的50强参展企业已完成七成布 展工作。 今年是该品牌第四次参加长沙国际工程机械展，带来了20多款极具代表性的展示设备。今天首批入场的 包括双 ...

Core Viewpoint - The engineering machinery industry shows signs of recovery, with improvements in working hours and operating rates, although some metrics indicate a decline compared to previous periods [5][7]. Group 1: Monthly Working Hours - In April 2025, the average working hours for major engineering machinery products was 90.1 hours, representing a year-on-year increase of 3.20% but a slight month-on-month decrease of 0.05% [1]. - Specific working hours for various machinery in April 2025 included: excavators at 85 hours, loaders at 98.3 hours, and non-road mining dump trucks at 170 hours [1]. Group 2: Monthly Operating Rates - The operating rate for engineering machinery in April 2025 was 62%, which is a year-on-year decrease of 4.29 percentage points but an increase of 1.17 percentage points from the previous month [2]. - Operating rates for specific machinery in April 2025 included: excavators at 66.3%, loaders at 62.4%, and concrete pump trucks at 43% [2]. Group 3: Historical Data Review - The average working hours for major engineering machinery products in December 2024 was 93.9 hours, showing a month-on-month decline of 2.91% [5]. - In March 2025, the average working hours increased to 90.1 hours, with a year-on-year growth of 6.53% [6]. Group 4: Market Dynamics - The engineering machinery industry is experiencing a potential recovery, with improved expectations following a significant increase in exports, which rose over 70% despite a 13-month decline in domestic sales [7][9]. - February 2025 saw an improvement in operating rates, contributing to a more optimistic outlook for the engineering machinery sector [9].

Group 1 - Company stock closed at 9.1 yuan, up 2.48%, with a rolling PE ratio of 12.03 times and a total market value of 13.653 billion yuan [1] - The average PE ratio in the engineering machinery industry is 27.57 times, with a median of 23.48 times, placing the company in 8th position within the industry [1][3] - The company experienced a net inflow of main funds amounting to 18.4351 million yuan on May 8, with a total inflow of 37.3389 million yuan over the past five days [1] Group 2 - The company specializes in the production and sales of bulldozers, road rollers, graders, pavers, milling machines, concrete machinery, and loaders, among other products [2] - It is recognized as a major state-owned enterprise in China, ranking among the top 100 in the machinery industry and is a model enterprise for manufacturing informatization in Shandong Province [2] - The latest quarterly report shows a revenue of 3.301 billion yuan, a year-on-year increase of 2.86%, and a net profit of 273 million yuan, a year-on-year increase of 13.63%, with a gross profit margin of 19.20% [2]