海关统计挖机出口加速，景气度上升 根据海关总署统计，2025年11月，我国共出口履带式挖掘机27752台，总金额为8.72亿美元，同比增幅 达52.36%和26.67%。11月出口量增速超50%，高于1-11月累计增速35%，体现为出口加速，反映了景气 度的上升。 出口国需求有波动，但整体增速有韧性，出口增长确定性上升 智通财经APP获悉，东方证券发布研报称，挖掘机11月出口台量加速增长，反映景气度上升。从出口国 家来看，出口台量的增长主要是结构性的，反映我国工程机械竞争力加强，有利于提升未来出口的确定 性。此外该行也观察到来自于二手机的出口的拉动较大，该行预计二手机的出口有利于国内保有量的利 用率上升，有利于行业长期健康增长。该行认为市场对行业健康改善的预期将上升，也将带来风险评价 的下降，利好中盘蓝筹公司的投资机会。部分相关标的：恒立液压(601100.SH，未评级)、柳工 (000528.SZ，未评级)、中联重科(000157.SZ，买入)、徐工机械(000425.SZ，未评级)。 东方证券主要观点如下： 二手机出口拉动大，国内保有量下降，有利行业长期健康增长 该行发现海关总署出口挖掘机的数量高于行业协 ...

海关统计挖机出口加速，行业健康发展的 确定性上升 ——机械行业跟踪 核心观点 投资建议与投资标的 我们看到挖掘机 11 月出口台量加速增长，反映景气度上升。从出口国家来看，出口台量 的增长主要是结构性的，反映我国工程机械竞争力加强，有利于提升未来出口的确定 性。此外我们也观察到来自于二手机的出口的拉动较大，我们预计二手机的出口有利于 国内保有量的利用率上升，有利于行业长期健康增长。我们认为市场对行业健康改善的 预期将上升，也将带来风险评价的下降，利好中盘蓝筹公司的投资机会。部分相关标 的：恒立液压(601100，未评级)、柳工(000528，未评级)、中联重科(000157，买入)、 徐工机械(000425，未评级)。 风险提示 宏观经济波动导致投资不及预期、海外高利率拖累需求、海外贸易摩擦加剧、原材料价 格上涨拖累企业盈利 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 12 月 25 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326 ...

Core Insights - The article highlights the busy agricultural season in Shandong, particularly focusing on the wheat harvest and subsequent corn planting, showcasing advancements in agricultural technology and practices [1][2][4]. Group 1: Wheat Harvesting - In Wenshang County, the wheat harvesting area is approximately 756,000 mu, an increase of 2,000 mu from the previous year [2]. - Over 1,000 combine harvesters were mobilized for the wheat harvest, which began on June 9 and was nearly completed by June 13 [2]. - The use of advanced harvesting machinery has improved efficiency, with new models reducing grain loss to under 1% [4]. Group 2: Agricultural Technology and Practices - The implementation of modern agricultural techniques such as wide-row precision sowing and deep plowing has been promoted to enhance wheat yields [2]. - A cooperative in Huadian Town has managed over 30,000 mu of land since its establishment in May 2023, demonstrating the benefits of agricultural socialization services [4][5]. - The introduction of new irrigation technologies, such as drip irrigation, has significantly improved the utilization of saline-alkali land, with wheat yields exceeding 650 kg per mu in demonstration fields [5]. Group 3: Future Prospects - The agricultural sector is optimistic about future yields, with investments in new machinery and technology expected to support increased productivity [5]. - The ongoing efforts in agricultural modernization and socialized services are anticipated to create greater opportunities for farmers and enhance overall agricultural output [5].

Group 1: Trade Agreement Impact - The US and China have officially announced the cancellation of 91% of tariffs on each other's goods, marking a significant step towards easing trade tensions and providing a boost to global economic recovery [2] - The tariff adjustments are expected to create unprecedented development opportunities for Chinese manufacturing, particularly in the context of global supply chain restructuring [2] Group 2: Electronics Industry - The electronics sector, a key pillar of China's exports to the US, will benefit significantly from the tariff reductions, with costs for exporting products like smartphones dropping from $150 to $12 per unit, leading to a 6.8 percentage point increase in gross margins [3] - Xiaomi Group plans to increase its North American production capacity utilization from 45% to 70%, anticipating a recovery in revenue to $5 billion by 2025 due to the tariff relief [5] Group 3: Machinery and Equipment - The machinery manufacturing sector is poised for market expansion, with John Deere's China division expecting to increase its market share in the US from 7% to 12% after tariffs on agricultural machinery drop from 34% to 3.06% [5] - Sany Heavy Industry has successfully secured infrastructure project orders in the US, with its excavators priced 25% lower than competitors due to tariff reductions, leading to a 237% year-on-year increase in exports from January to May 2025 [5] Group 4: Textile and Apparel - The textile and apparel industry is experiencing enhanced market competitiveness, with the cost of exporting cotton knit shirts to the US decreasing by $0.8 per unit, resulting in a 5.2 percentage point increase in gross margins [6] - Anta Sports plans to open 50 direct stores in the US, leveraging tariff advantages to reduce product prices by 15% and compete directly with major brands like Nike and Adidas [6] Group 5: Semiconductor Industry - The tariff adjustments are creating new opportunities for collaboration in the semiconductor sector, with CATL and Tesla entering negotiations for a lithium production line in Nevada, which will significantly lower raw material costs for batteries [7] - Domestic semiconductor equipment manufacturers are also benefiting, with North Huachuang reporting a 40% reduction in trial periods for its etching machines in US wafer fabs due to tariff relief [9] Group 6: Cross-Border E-commerce - Cross-border e-commerce is set to experience a resurgence, particularly for brands like Shein and TikTokShop, as the reduction in tariffs allows for lower product costs and enhanced market penetration in the US [10][12] - Shein's cost for a $20 garment has decreased from $2.5 to $0.2 due to tariff changes, providing greater pricing flexibility and the potential for increased market share [12] Group 7: Shipping and Logistics - COSCO Shipping is directly benefiting from the recovery in US-China trade, with a 27% increase in container shipping rates on the US West Coast and a projected 40% growth in cargo volume for the year [15] - The cold chain logistics sector is also seeing significant growth, with Zhonggu Logistics reporting a 340% increase in refrigerated transport revenue [15] Group 8: Renewable Energy - Solar companies like LONGi Green Energy are expanding in the US market, with project costs decreasing by 12% due to tariff reductions, and the US solar installation demand expected to grow by 56% in 2025 [16] - The energy storage sector is also benefiting, with Sunshine Power's systems priced 20% lower than Tesla's offerings, leading to significant order growth in California [16] Group 9: Overall Economic Impact - The stabilization of US-China trade relations is projected to contribute 0.8 percentage points to global economic growth, with Chinese manufacturing poised for historic advancements in technology innovation and brand development [16]