公司研究 证 券 研 究 报 告 柳工（000528）深度研究报告 强推（首次） 国企改革重塑经营活力，多元发展打造土方 龙头 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 30,063 | 34,258 | 39,887 | 45,801 | | 同比增速(%) | 9.2% | 14.0% | 16.4% | 14.8% | | 归母净利润(百万) | 1,327 | 1,627 | 2,237 | 2,773 | | 同比增速(%) | 52.9% | 22.6% | 37.5% | 24.0% | | 每股盈利(元) | 0.65 | 0.80 | 1.10 | 1.36 | | 市盈率(倍) | 19 | 15 | 11 | 9 | | 市净率(倍) | 1.4 | 1.3 | 1.2 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 29 日收盘价 工程机械 2025 年 12 月 30 ...

长江商报记者注意到，徐工集团本次增持徐工机械，主要为履行其此前作出的增持承诺，并通过本次增 持，维护公司股东利益，增强投资者信心。 除了控股股东增持之外，徐工机械积极落实稳定的分红政策。数据显示，徐工机械上市后累计分红 124.45亿元。 当前，徐工机械还在推进两笔股份回购。截至11月30日，徐工机械年内累计耗资30.5亿元回购。 作为国内工程机械行业的龙头企业，徐工机械通过股东增持、回购及分红等方式提升投资价值。更重要 的是，徐工机械坚守主业，全面提升上市公司基本面。 长江商报消息●长江商报记者 徐佳 作为徐州工程机械集团有限公司（以下简称"徐工集团"）工程机械板块的上市平台，徐工机械 （000425.SZ）获得徐工集团真金白银增持。 日前，徐工机械披露控股股东增持计划，公司控股股东徐工集团于12月26日增持公司股份177.95万股， 增持金额1996.92万元。包括本次增持在内，徐工集团计划在未来6个月内，合计增持公司股份不低于 8000万元且不超过1.6亿元。 数据显示，2025年前三季度，徐工机械实现营业收入781.57亿元，同比增长11.61%；归母净利润59.77 亿元，同比增长11.67%。重组 ...

长江商报消息 ●长江商报记者 徐佳 作为徐州工程机械集团有限公司（以下简称"徐工集团"）工程机械板块的上市平台，徐工机械（000425.SZ）获得 徐工集团真金白银增持。 日前，徐工机械披露控股股东增持计划，公司控股股东徐工集团于12月26日增持公司股份177.95万股，增持金额 1996.92万元。包括本次增持在内，徐工集团计划在未来6个月内，合计增持公司股份不低于8000万元且不超过1.6 亿元。 长江商报记者注意到，徐工集团本次增持徐工机械，主要为履行其此前作出的增持承诺，并通过本次增持，维护 公司股东利益，增强投资者信心。 除了控股股东增持之外，徐工机械积极落实稳定的分红政策。数据显示，徐工机械上市后累计分红124.45亿元。 当前，徐工机械还在推进两笔股份回购。截至11月30日，徐工机械年内累计耗资30.5亿元回购。 作为国内工程机械行业的龙头企业，徐工机械通过股东增持、回购及分红等方式提升投资价值。更重要的是，徐 工机械坚守主业，全面提升上市公司基本面。 数据显示，2025年前三季度，徐工机械实现营业收入781.57亿元，同比增长11.61%；归母净利润59.77亿元，同比 增长11.67%。重组 ...

智通财经APP获悉，据中国工程机械工业协会对平地机主要制造企业统计，2025年11月当月销售各类平 地机650台，同比增长24%，其中国内销量111台，同比增长24.7%；出口量539台，同比增长23.9%。 2025年1—11月，共销售平地机7568台，同比增长7.79%；其中国内销量1335台，同比增长29.5%；出口 6233台，同比增长4.06%。 据中国工程机械工业协会对汽车起重机主要制造企业统计，2025年11月当月销售各类汽车起重机1536 台，同比增长16.6%，其中国内销量780台，同比增长25.8%；出口量756台，同比增长8.46%。 2025年1—11月，共销售汽车起重机18063台，同比下降1.38%；其中国内销量9773台，同比下降 1.02%；出口8290台，同比下降1.8%。 据中国工程机械工业协会对履带起重机主要制造企业统计，2025年11月当月销售各类履带起重机329 台，同比增长66.2%，其中国内销量109台，同比增长102%；出口量220台，同比增长52.8%。 2025年1—11月，共销售履带起重机3030台，同比增长26.5%；其中国内销量960台，同比增长27. ...

证券代码：000680 证券简称：山推股份 山推工程机械股份有限公司 投资者关系活动记录表 投资者关系活动 类别 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √）特定对象调研 （ ）分析师会议 （ ）媒体采访 （ ）业绩说明会 （ ）新闻发布会 （ ）路演活动 （ √）现场参观 （ ）其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 光大证券：陈佳宁、夏天宇 时间 2025 年 12 月 10 日 地点 山推股份办公楼 201 会议室 上市公司接待 人员姓名 肖尧 投资者关系活动 主要内容介绍 一、互动交流 1、公司目前主要的产品及经营模式 公司主营业务收入以生产销售推土机、挖掘机、装载机、压 路机、平地机、摊铺机、铣刨机、混凝土机械等主机产品及履带底 盘总成、传动部件等核心零部件产品为主。主要生产模式为，根据 市场预测及合理库存，动态安排生产任务，由相关生产部门组织生 产。产品销售方面，采取主机产品以代理经销制为主、零部件销售 以向工程机械主机厂商配套和代理销售相结合的销售模式，同时拓 展多元化业务模式，开展经营性租赁业务，针对不同客户需求增加 驻矿服务、分级服务套餐（基础保养、延保增值 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **Chinese export market** and the **RMB exchange rate** outlook for 2026, highlighting the resilience of Chinese exports despite US-China trade tensions and the strategic shift towards non-US markets [1][3][5]. Core Insights and Arguments - **Export Growth**: Chinese exports are expected to recover to approximately **5% growth** in 2026, aided by demand from Africa and Central Asia, compensating for the decline in exports to the US [1][2]. - **US Tariff Impact**: The likelihood of significant new tariffs from the US on Chinese goods is low, with existing tariffs having a diminished marginal impact due to the reduced share of exports to the US, now around **10%** [5][3]. - **Global Economic Policies**: The dual monetary and fiscal easing policies in major economies are expected to sustain overseas demand, with the US likely to continue a **rate cut cycle** into 2026, potentially lowering rates four times [1][7]. - **AI Investment Influence**: The expansion of AI investments in the US is driving demand for semiconductors and related products, positively impacting Chinese exports in these sectors [9][6]. - **Strengthening Trade Relations with Africa**: China has established zero-tariff treatment for all products with African nations, significantly increasing exports of construction machinery and related products, which are expected to grow further due to infrastructure demands [10][3]. Additional Important Insights - **RMB Exchange Rate Forecast**: The RMB is projected to appreciate against the USD, potentially reaching **6.7-6.8** by the end of 2026, driven by a surplus in the current account and increased net capital inflows [13][14]. - **Investment Trends**: Foreign investment in Chinese financial assets has been increasing, with a notable **62.29 billion CNY** net increase in A-shares, indicating a positive outlook for capital inflows [16]. - **Long-term RMB Outlook**: The RMB is expected to experience gradual appreciation with low volatility, potentially breaking below **7.0** against the USD by 2026, supported by favorable economic conditions and capital flows [17]. Risks and Opportunities - **Risks**: The main risks for Chinese exports in 2026 include potential fluctuations in US tariffs and global economic conditions, although these risks are expected to be mitigated by ongoing trade agreements and reduced reliance on the US market [5][6]. - **Opportunities**: The continued growth in non-US markets, particularly in Africa and ASEAN, presents significant opportunities for Chinese exports, enhancing resilience against market fluctuations [12][6]. This summary encapsulates the key points from the conference call records, focusing on the Chinese export landscape and the RMB exchange rate outlook, while highlighting both risks and opportunities in the current economic environment.

噪声是群众投诉的重点。2024年，全国生态环境信访投诉举报管理平台接到的群众微信、网络投诉举报 中，噪声扰民问题占生态环境污染投诉举报的59.2%，位列各环境污染要素第1位。 《报告》显示，2024年，全国噪声投诉总量约589.5万件，比上年增加18.9万件，但增幅有所放缓。其 中，社会生活噪声投诉约419.7万件，占71.2%，较上年上升2.8个百分点；建筑施工、交通运输、工业 噪声分别占22.4%、3.9%、2.6%，分别较上年降低1.7、0.4、0.6个百分点。 北京11月26日电 记者26日从生态环境部获悉，根据生态环境部主编的《中国噪声污染防治报告 （2025）》（以下简称《报告》），2024年，我国噪声污染防治工作持续推进，声环境质量总体稳定。 全国城市声环境功能区昼间达标率为95.8%，较上年下降0.3个百分点；夜间达标率为88.2%，上升1.2个 百分点。 在社会生活噪声领域，各地加强公共场所管理，依托技术手段，减轻噪声影响，这包括推广定向音响、 无线耳机等设备，安装公共场所自动监测设备和噪声显示屏750余套。截至今年8月底，全国建成宁静小 区2223个。 《报告》还显示，噪声监测能力建设跨越 ...

Group 1: Grader Sales - In October 2025, a total of 634 graders were sold, representing a year-on-year increase of 4.11%, with domestic sales of 102 units (up 22.9%) and exports of 532 units (up 1.14%) [1] - From January to October 2025, 6,918 graders were sold, marking a 6.48% increase year-on-year, with domestic sales of 1,224 units (up 29.9%) and exports of 5,694 units (up 2.5%) [1] Group 2: Truck Cranes - In October 2025, 1,422 truck cranes were sold, showing a year-on-year growth of 15%, with domestic sales of 738 units (up 41.7%) and exports of 684 units (down 4.47%) [2] - For the period from January to October 2025, a total of 16,527 truck cranes were sold, reflecting a year-on-year decline of 2.78%, with domestic sales of 8,993 units (down 2.82%) and exports of 7,534 units (down 2.72%) [2] Group 3: Crawler Cranes - In October 2025, 336 crawler cranes were sold, which is a significant year-on-year increase of 71.4%, with domestic sales of 97 units (up 54%) and exports of 239 units (up 79.7%) [3] - From January to October 2025, 2,701 crawler cranes were sold, representing a year-on-year increase of 22.9%, with domestic sales of 851 units (up 21.6%) and exports of 1,850 units (up 23.6%) [3] Group 4: Truck-Mounted Cranes - In October 2025, 1,907 truck-mounted cranes were sold, reflecting a year-on-year increase of 10.2%, with domestic sales of 1,528 units (up 2.41%) and exports of 379 units (up 59.2%) [4] - From January to October 2025, a total of 20,909 truck-mounted cranes were sold, marking a year-on-year increase of 5.87%, with domestic sales of 16,271 units (up 3.01%) and exports of 4,638 units (up 17.3%) [4] Group 5: Tower Cranes - In October 2025, 329 tower cranes were sold, which is a year-on-year decrease of 6.8%, with domestic sales of 199 units (down 16.7%) and exports of 130 units (up 14%) [5] - From January to October 2025, a total of 4,463 tower cranes were sold, reflecting a year-on-year decline of 30.6%, with domestic sales of 2,384 units (down 50.4%) and exports of 2,079 units (up 28.3%) [5] Group 6: Industrial Vehicles - In October 2025, 114,250 forklifts were sold, showing a year-on-year increase of 15.9%, with domestic sales of 70,388 units (up 16.2%) and exports of 43,862 units (up 15.4%) [6] - From January to October 2025, a total of 1,220,656 forklifts were sold, representing a year-on-year increase of 14.2%, with domestic sales of 767,763 units (up 13.4%) and exports of 452,893 units (up 15.5%) [6] Group 7: Rollers - In October 2025, 1,162 rollers were sold, indicating a year-on-year increase of 19.3%, with domestic sales of 421 units (up 6.85%) and exports of 741 units (up 27.8%) [8] - From January to October 2025, a total of 14,726 rollers were sold, reflecting a year-on-year increase of 21.6%, with domestic sales of 5,597 units (up 17%) and exports of 9,129 units (up 24.6%) [8] Group 8: Pavers - In October 2025, 103 pavers were sold, which is a year-on-year increase of 21.2%, with domestic sales of 63 units (up 8.62%) and exports of 40 units (up 48.1%) [9] - From January to October 2025, a total of 1,352 pavers were sold, marking a year-on-year increase of 31.3%, with domestic sales of 961 units (up 39.9%) and exports of 391 units (up 14%) [9] Group 9: Aerial Work Platforms - In October 2025, 9,120 aerial work platforms were sold, reflecting a year-on-year decrease of 38.8%, with domestic sales of 3,856 units (down 41.8%) and exports of 5,264 units (down 36.3%) [10] - From January to October 2025, a total of 141,021 aerial work platforms were sold, indicating a year-on-year decline of 30.6%, with domestic sales of 55,024 units (down 45.7%) and exports of 85,997 units (down 15.6%) [10] Group 10: High-altitude Work Vehicles - In October 2025, 322 high-altitude work vehicles were sold, showing a year-on-year increase of 5.23%, with domestic sales of 319 units (up 16.8%) and exports of 3 units (down 90.9%) [11] - From January to October 2025, a total of 4,140 high-altitude work vehicles were sold, reflecting a year-on-year increase of 37.7%, with domestic sales of 3,964 units (up 37.6%) and exports of 176 units (up 40.8%) [11]

Group 1: Growth Strategy - The company aims to leverage its core industry chain advantages to enrich its product matrix and increase market share [2] - The AI strategy will guide the deepening of smart construction business layout, advancing into a new era of intelligence [2] - The company plans to strengthen its global presence while maintaining a leading position in international trends [2] - Continuous upgrades to the business model will focus on creating a closed-loop around the entire lifecycle of construction machinery [2] Group 2: New Product Development - The company adheres to a market-oriented approach, driven by quality and centered on intelligent technology [2] - On June 18, 2025, the company launched the world's first AI intelligent bulldozer [2] - On September 2, 2025, the company delivered the world's first AI pure electric unmanned bulldozer [2] - At the Shandong Heavy Industry Group exhibition, two hybrid mining equipment models were showcased: DEH100 hybrid bulldozer and LEH120 hybrid wheeled loader [3] Group 3: Major Projects Participation - In the first half of 2025, the company participated in various projects including open-pit coal mining in Xinjiang and Inner Mongolia, and smart transformation projects [3] - The company utilized its strong group synergy, product advantages, brand strength, and cultural advantages in these projects [3] - Notable projects included photovoltaic sand control in Inner Mongolia, water conservancy construction in Burkina Faso, and road integration projects in Kyrgyzstan [3]

Group 1: Excavator Market Overview - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4%. Domestic sales accounted for 9,249 units, up 21.5%, while exports reached 10,609 units, up 29% [1][2] - From January to September 2025, a total of 174,039 excavators were sold, marking an 18.1% increase year-on-year. Domestic sales were 89,877 units, up 21.5%, and exports were 84,162 units, up 14.6% [2] Group 2: Loader Market Overview - In September 2025, 10,530 loaders were sold, reflecting a 30.5% year-on-year growth. Domestic sales were 5,051 units, up 25.6%, and exports were 5,479 units, up 35.3% [5][6] - For the period from January to September 2025, a total of 93,739 loaders were sold, which is a 14.6% increase year-on-year. Domestic sales reached 49,996 units, up 20.7%, while exports were 43,743 units, up 8.31% [6] Group 3: Electric Excavator Sales - In September 2025, 31 electric excavators were sold, with 5 units under 6 tons, 17 units between 18.5 to 28.5 tons, 1 unit between 28.5 to 40 tons, and 8 units over 40 tons [3] Group 4: Grader Market Overview - In September 2025, 634 graders were sold, showing a year-on-year increase of 21.9%. Domestic sales were 99 units, up 6.45%, and exports were 535 units, up 25.3% [8] - From January to September 2025, a total of 6,284 graders were sold, which is a 6.73% increase year-on-year. Domestic sales were 1,122 units, up 30.6%, while exports were 5,162 units, up 2.64% [8] Group 5: Crane Market Overview - In September 2025, 1,561 truck cranes were sold, reflecting a year-on-year increase of 21.9%. Domestic sales were 764 units, up 40.7%, and exports were 797 units, up 7.99% [9] - For the period from January to September 2025, a total of 15,105 truck cranes were sold, which is a 4.17% decrease year-on-year. Domestic sales were 8,255 units, down 5.47%, and exports were 6,850 units, down 2.55% [9] Group 6: Forklift Market Overview - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%. Domestic sales were 81,119 units, up 29.3%, and exports were 49,261 units, up 13.9% [15] - From January to September 2025, a total of 1,106,406 forklifts were sold, marking a 14% increase year-on-year. Domestic sales were 697,375 units, up 13.1%, while exports were 409,031 units, up 15.5% [15] Group 7: Roller Market Overview - In September 2025, 1,392 rollers were sold, showing a year-on-year increase of 32.2%. Domestic sales were 551 units, up 45.4%, and exports were 841 units, up 24.8% [16] - From January to September 2025, a total of 13,564 rollers were sold, which is a 21.8% increase year-on-year. Domestic sales were 5,176 units, up 18%, while exports were 8,388 units, up 24.3% [16] Group 8: Paver Market Overview - In September 2025, 132 pavers were sold, reflecting a year-on-year increase of 22.2%. Domestic sales were 82 units, up 32.3%, and exports were 50 units, up 8.7% [17] - From January to September 2025, a total of 1,249 pavers were sold, which is a 32.2% increase year-on-year. Domestic sales were 898 units, up 42.8%, while exports were 351 units, up 11.1% [17] Group 9: Aerial Work Platform Market Overview - In September 2025, 12,416 aerial work platforms were sold, showing a year-on-year decrease of 23.8%. Domestic sales were 5,334 units, down 32.7%, and exports were 7,082 units, down 15.3% [19] - From January to September 2025, a total of 131,901 aerial work platforms were sold, which is a 30% decrease year-on-year. Domestic sales were 51,168 units, down 46%, while exports were 80,733 units, down 13.7% [19] Group 10: High-altitude Work Vehicle Market Overview - In September 2025, 484 high-altitude work vehicles were sold, reflecting a year-on-year increase of 48%. Domestic sales were 456 units, up 42.9%, and exports were 28 units, up 250% [20] - From January to September 2025, a total of 3,818 high-altitude work vehicles were sold, marking a 41.4% increase year-on-year. Domestic sales were 3,645 units, up 39.8%, while exports were 173 units, up 88% [20]