证券研究报告 2025年10月10日 行业评级：优于大市 评级变动：维持 机械设备行业跟踪：工程机械行业韧性足，内外销 整体边际改善 分析师：谷诚 资格证书：S0650524120002 邮箱：gucheng@mgzq.com 联系人：刘康衡 资格证书：S0650125020014 邮箱：liukangheng@mgzq.com 请务必阅读报告正文后的重要声明部分 摘要 资料来源：麦高证券研究发展部 请务必阅读报告正文后的重要声明部分 1 ➢ 宏观景气度跟踪：2025年8月中国制造业PMI录得49.4%，环比上升0.1个百分点，仍处于收缩区间，其中生产 PMI指数达50.8%，处于扩张区间。新订单PMI、原材料库存PMI指数和新出口订单PMI指数达49.5%、48.0%、 47.2%，相比于7月数据呈现边际改善态势，但是仍处于收缩区间。2025年8月中国工业生产者出厂价格指数 （PPI）同比下降2.9%，环比结束连续8个月下行态势，由下降0.2%转为持平，居民消费价格指数（CPI）由上 月同比持平转为下降0.4%。2025年1-8月全国固定资产投资完成额326111亿元，同比增长0.5%，其中基础设施 投资同 ...

（上接A01版） ● 本报记者 连润 三季度是经济稳增长的关键窗口期。业内人士认为，近日发布的挖掘机、物流、中小企业等领域的数据 指标呈现向好态势，折射出经济韧性与活力。 投资稳：挖掘机指数向好 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。 从开工率来看，9月16日发布的央视财经挖掘机指数显示，8月，全国工程机械平均开工率为43.42%。 其中，全国共有17个省份开工率超过50%。再观销量，中国工程机械工业协会统计显示，今年前8个月 挖掘机主要制造企业共销售挖掘机154181台，同比增长17.2%。其中，国内销量80628台，同比增长 21.5%。 中联重科相关负责人在接受中国证券报记者采访时表示，6月至8月，公司挖掘机国内销量同比增速分别 为6.2%、17.2%和14.8%。非土方机械方面，7月和8月，汽车起重机、随车起重机、履带起重机三类工 程起重机国内销量呈同频增长的良好态势，其中8月汽车起重机和随车起重机国内销量更是加速增长。 对于后续基建投资走势，中诚信国际研究院研究报告认为，近期，有关部门释放积极信号，加快设立投 放新型政策性金融工具，重点投向新兴产业、基础 ...

| 基本信息 10 | 法律诉讼 | 经营风险 | 经营信息 | | --- | --- | --- | --- | | 法定代表人 | 罗凯 | 登记状态 | 存续（在营、开业、 | | | | 注册资本 | 60000万元 | | 组织机构代码 | MAEWW5EP-3 | 工商注册号 | 430300000143844 | | 企业类型 | 有限责任公司（非自然人投资或 控股的法人独资) | 营业期限 | 2025-09-29 至 无固ｽ | | 人员规模 | | 参保人数 | | | 所属地区 | 湖南省湘潭市湘潭九华示范区 | 登记机关 | 湘潭市市场监督管理 | | 国标行业 | 制造业 (C) | 英文名 | Zoomlion Heavy Indı | | | | | 翻译更新) | | 注册地址 | | 湘潭经开区和平街道自石西路6号办公楼（邮编411000） 附近企业 同地址企 | | | | | 许可项目：特种设备检验检测：特种设备制造：特种设备安装改造修理：特种i | | 许可项目:特种设备检验检测;特种设备制造;特种设备安装改造修理;特种ì （依法须经批准的项目，经相关部门批准后方可开 ...

Core Viewpoint - The domestic excavator market in August 2025 showed strong performance despite being a traditional off-season, indicating a recovery in domestic demand and a positive outlook for the engineering machinery industry [4][5]. Group 1: Excavator Sales Performance - In August 2025, excavator sales (including exports) reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [4]. - From January to August 2025, total excavator sales (including exports) were 154,181 units, reflecting a 17.2% year-on-year growth, while domestic sales were 80,628 units, increasing by 21.5% [4]. Group 2: Non-Excavator Machinery Recovery - Non-excavator machinery categories showed significant recovery in August 2025, with loader domestic sales up 18.3%, grader sales up 16.1%, truck crane sales up 28.2%, crawler crane sales up 51.7%, and truck-mounted crane sales up 24.2% [4][5]. Group 3: Government Support and Infrastructure Investment - The 2025 government work report proposed issuing 1.3 trillion yuan in long-term special bonds, an increase of 300 billion yuan from the previous year, to support infrastructure projects and stimulate demand for engineering machinery [6]. - The report emphasized the continuation of urban infrastructure investment and the promotion of new urbanization, which will sustain demand for engineering machinery, particularly in underground, municipal, and water conservancy projects [7]. Group 4: Export Growth and Market Opportunities - In August 2025, excavator exports reached 8,838 units, a year-on-year increase of 11.1%, with total exports from January to August at 73,553 units, up 12.8% [8]. - The engineering machinery export market is expected to grow, driven by increased demand in Southeast Asia, Africa, and the Middle East, despite challenges such as U.S.-China tariff uncertainties [8]. Group 5: Electrification Trends - Electric loader sales in August 2025 surged to 2,477 units, a remarkable year-on-year increase of 159.4%, with an electrification rate of 26.2%, up 14.8 percentage points [9]. - From January to August 2025, electric loader sales totaled 18,821 units, reflecting a 154.8% year-on-year growth, with an electrification rate of 22.6%, up 13.6 percentage points [9].

Group 1 - The core viewpoint of the articles emphasizes the active role of Taiyuan Heavy Industry Group (太重集团) in promoting the "Belt and Road" initiative through international trade and high-quality manufacturing [1][2][4] - The successful launch of a direct shipping route from Taiyuan (Tianjin) Port has significantly increased operational efficiency, with 38 voyages completed and a total throughput of 1.98 million tons, marking a vital contribution to international trade [1] - Taiyuan Heavy Industry's commitment to innovation is highlighted by its recognition as the first "Lighthouse Factory" in the global rail transit industry, showcasing its advanced manufacturing capabilities and sustainable production practices [2] Group 2 - The company has achieved notable international success, including the successful trial operation of the WK-10C electric shovel in Central Asia and the delivery of a customized bridge crane for the Angola Kake Hydropower Station [3] - Taiyuan Heavy Industry's international strategy has led to a diverse range of products being sold globally, including various types of cranes and aerial work platforms, demonstrating its strong market presence and potential [3] - The company aims to continue enhancing its global footprint and contributing to the internationalization of China's equipment manufacturing industry, reflecting its commitment to quality and innovation [4]

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].

Investment Rating - The industry is rated as outperforming the market, with a projected increase of over 5% relative to the benchmark index in the next six months [1][118]. Core Insights - The macroeconomic indicators are showing marginal recovery, leading to an overall rebound in engineering machinery sales [1]. - In the first seven months of 2025, excavator sales reached 137,658 units, representing a year-on-year increase of 17.8% [19][26]. - The report highlights a structural divergence in the sales of various types of cranes, with tower cranes and truck cranes experiencing declines due to the ongoing downturn in the real estate market, while crawler cranes are benefiting from strong demand in large-scale energy projects [54]. Summary by Sections 1. Macroeconomic Tracking - As of July 2025, China's manufacturing PMI recorded at 49.3%, indicating a contraction, while the production PMI was at 50.5%, signaling expansion [2][6]. - The Producer Price Index (PPI) decreased by 3.6% year-on-year, while the Consumer Price Index (CPI) showed a slight increase of 0.4% month-on-month [11][12]. - Fixed asset investment in China reached 288,229 billion yuan in the first seven months of 2025, growing by 1.6% year-on-year, with infrastructure investment up by 7.3% [14]. 2. Sales Overview of Chinese Engineering Machinery - In the first seven months of 2025, various machinery sales showed mixed results: - Excavators: 137,658 units (+17.8%) - Concrete machinery: 183,700 units (-2.14%) - Tower cranes: 3,181 units (-36.8%) - Crawler cranes: +13.1% - Truck cranes: +3.3% [19][27][30][38][48]. - The report indicates that the sales of forklifts reached 857,939 units, marking a 12% increase year-on-year [104][111]. 3. Investment Opportunities - The report emphasizes that domestic infrastructure investment remains resilient, with machinery related to construction, such as road rollers and pavers, expected to benefit in the long term [102]. - The government has increased the issuance of special bonds for local governments, which is anticipated to drive demand for engineering equipment [102].

Core Viewpoint - The domestic sales of construction machinery in July showed strong performance despite being traditionally a slow season, with various equipment categories experiencing significant year-on-year growth [1][4]. Group 1: Domestic Sales Performance - Excavator sales reached 7,306 units, a year-on-year increase of 17.2% [4] - Loader sales totaled 4,549 units, up 2.48% year-on-year [4] - Grader sales were 97 units, reflecting a 7.78% increase [4] - Roller sales amounted to 544 units, with a growth of 24.2% [4] - Paver sales were 84 units, showing a substantial increase of 75% [4] - Truck crane sales reached 673 units, up 6.83% year-on-year [4] - Crawler crane sales were 62 units, marking a 72.2% increase [4] - All-terrain crane sales totaled 1,440 units, with a year-on-year growth of 9.34% [4] Group 2: Export Performance - Excavator exports reached 9,832 units, a year-on-year increase of 31.9% [4] - Loader exports totaled 4,451 units, up 13% year-on-year [4] - Grader exports were 527 units, reflecting a slight increase of 0.96% [4] - Roller exports amounted to 866 units, with a growth of 23.5% [4] - Paver exports were 25 units, showing a decline of 50% [4] - Truck crane exports reached 685 units, up 12.5% year-on-year [4] - Crawler crane exports totaled 179 units, marking a significant increase of 53% [4] - All-terrain crane exports were 347 units, reflecting an 8.1% increase [4] - The total export value of excavators in July was 6.77 billion yuan, a year-on-year growth of 33% [4] Group 3: Market Outlook - The construction machinery industry is expected to continue performing well in the second half of the year, driven by favorable policies in real estate and infrastructure, as well as the commencement of major water conservancy projects [4] - The overall trend for exports is also positive, with demand improving in European markets and sustained performance in Southeast Asia, South America, and Africa [4]

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].