Core Viewpoint - The excavator sales in China showed significant growth in the first half of the year, exceeding expectations, with a total of 120,520 units sold, representing a year-on-year increase of 16.8% [1] Sales Performance - In the first half of the year, domestic sales reached 65,637 units, up 22.9%, while exports totaled 54,883 units, marking a 10.2% increase [1] - In June alone, excavator sales reached 18,804 units, a 13.3% year-on-year increase, with domestic sales at 8,136 units (up 6.2%) and exports at 10,668 units (up 19.3%) [3] Market Trends - After a brief decline in May, domestic excavator sales rebounded in June, supported by accelerating second-hand machine exports and policy-driven demand [2] - The construction machinery industry is experiencing a recovery, with the real estate sector's negative impact on excavator sales diminishing and infrastructure investment remaining resilient [3] Export Dynamics - The export value of China's construction machinery in May was 36.168 billion yuan, a 10.1% increase year-on-year, with a total export value of 165.91 billion yuan from January to May, also up 10.2% [4] - Emerging markets in the Middle East, Southeast Asia, and Africa are driving demand, with Chinese equipment's cost-performance advantage facilitating market expansion [4] Industry Outlook - Major construction machinery companies are optimistic about the market recovery, with expectations of stable growth in domestic and overseas markets [5][7] - The industry is anticipated to continue its upward trajectory, driven by infrastructure investments, new urbanization, and the increasing penetration of renewable energy products [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11日，截至港股收盘，恒生指数上涨0.84%，报24366.94点。维亮控股（08612.HK）收报0.106港元/ 股，上涨15.22%，成交量33.5万股，成交额3.31万港元，振幅15.22%。 最近一个月来，维亮控股累计跌幅8%，今年来累计跌幅23.33%，跑输恒生指数20.45%的涨幅。 大事提醒 2025年6月3日，2024财年年报归属股东应占溢利-2870万港元，同比增长21.87%，基本每股收益-0.3255 港元 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 财务数据显示，截至2024年12月31日，维亮控股实现营业总收入1500.82万元，同比减少29.81%；归母 净利润-2657.36万元，同比增长21.87%；毛利率12.2%，资产负债率55.48%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，工业工程行业市盈率（TTM）平均值为14.11倍，行业中值2.35倍。维亮控股市盈 率-0.33倍，行业排名第198位；其他中国航天万源（01185.HK）为0.32倍、谊砾控股（00076.HK ...

Market Overview - The small to medium-sized crawler crane market is categorized into various product types and applications, with significant growth expected from 2020 to 2031 [2][3]. - The market is segmented into different weight categories: 2-30 tons, 30-150 tons, and 150-350 tons, each showing distinct sales growth trends [2][3]. Industry Background and Trends - The current status of the small to medium-sized crawler crane industry indicates a positive growth trajectory, with increasing demand across various sectors [3]. - Future trends suggest a robust expansion in production capacity and utilization rates from 2020 to 2031, driven by rising industrial and construction activities [3]. Global Market Size Analysis - The global supply and demand for small to medium-sized crawler cranes are projected to grow significantly, with detailed forecasts provided for production, capacity, and utilization rates [3]. - Regional analysis shows varying production trends across major markets, including North America, Europe, and Asia, with China being a key player in the market [3]. Sales and Revenue Insights - The global sales revenue for small to medium-sized crawler cranes is expected to increase substantially from 2020 to 2031, with specific revenue growth rates highlighted for different regions [3][4]. - Sales volume and pricing trends are also analyzed, indicating a competitive landscape among major manufacturers [4][5]. Major Manufacturers Analysis - Key manufacturers in the small to medium-sized crawler crane market include Manitowoc Cranes, Liebherr, and GGR Group, each with detailed profiles on production capacity, sales performance, and market positioning [4][5]. - The market share of leading manufacturers is expected to evolve, with a focus on new investments and potential mergers and acquisitions [4][5]. Product and Application Analysis - The analysis of different product types and applications reveals significant sales and revenue potential, with forecasts indicating continued growth in industrial, construction, and cargo handling sectors [9][10]. - Price trends for various product types are also examined, providing insights into market dynamics and competitive pricing strategies [9][10]. Supply Chain and Customer Insights - The supply chain for small to medium-sized crawler cranes includes upstream raw material suppliers and downstream customers, with a focus on the overall industry chain [9]. - Customer analysis highlights key sectors utilizing these cranes, emphasizing the importance of understanding market needs and sales channels [9].

Group 1 - The seventh XCMG International Customer Festival was held, showcasing advanced machinery and attracting over 2,000 customers from more than 80 countries, with record order transactions [1] - XCMG's products, including all-terrain cranes and wind power cranes, demonstrate world-leading technology and safety features, receiving positive feedback from international customers [1] - The event serves as a platform for XCMG to accelerate its internationalization efforts, having been established in 2019 and now achieving the highest attendance to date [1] Group 2 - XCMG has established a global presence, selling products to over 190 countries and regions, and has set up research centers and subsidiaries in key markets such as Germany, the USA, and Australia [2] - The company has consistently achieved over 100 billion yuan in revenue for five consecutive years, with international revenue accounting for over 46% of total income, marking it as a leading player in the engineering machinery sector [2] - XCMG's resilience and confidence in navigating global economic changes have been highlighted, showcasing its commitment to becoming a world-class enterprise [2] Group 3 - The engineering machinery industry in Xuzhou has grown to over 150 billion yuan, capturing more than 20% of the national market share, with a high degree of self-control and international revenue [3] - Key enterprises in the Xuzhou engineering machinery sector reported an 18% year-on-year increase in import and export value in the first four months of this year [3] - Xuzhou aims to focus on six major directions for development, including high-end, intelligent, green, service-oriented, international, and autonomous strategies, targeting a growth of over 5% in industry scale for the year [3]

智通财经APP获悉，5月19日，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4月当月销 售各类平地机756台，同比增长21.5%，其中国内销量140台，同比增长42.9%；出口量616台，同比增长 17.6%。 据中国工程机械工业协会对塔式起重机主要制造企业统计，2025年4月当月销售各类塔式起重机482台， 同比下降42.1%，其中国内销量266台，同比下降61.3%；出口量216台，同比增长49%。 工业车辆 汽车起重机 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4月当月销售各类汽车起重机2082 台，同比下降3.48%，其中国内销量1250台，同比下降3.4%；出口量832台，同比下降3.59%。 履带起重机 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4月当月销售各类履带起重机280台， 同比增长2.94%，其中国内销量99台，同比下降6.6%；出口量181台，同比增长9.04%。 随车起重机 据中国工程机械工业协会对随车起重机主要制造企业统计，2025年4月当月销售各类随车起重机2142 台，同比下降14.5%，其中国内销量1732台，同比下降17 ...

2025年4月30日，应美国企业Manitowoc Company,Inc.于2025年4月10的申请，美国商务部宣布对进口自 日本的桁架臂履带起重机(Lattice Boom Crawler Cranes)发起反倾销调查。本案主要涉及美国海关编码 8426.49.0010和8426.49.0090项下产品。美国国际贸易委员会(ITC)预计将最晚于2025年5月27日作出反倾 销产业损害初裁。若美国国际贸易委员会裁定涉案产品的进口对美国国内产业构成了实质性损害或实质 性损害威胁，美国商务部将继续对本案进行调查并预计于2025年9月17日作出反倾销初裁。据美方统 计，2024年美国自日本进口被调查产品的金额约为1.8亿美元。(中国贸易救济信息网) ...

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].

面对外部冲击，创新和进步才是最大应对底气。实力强了，技术牛了，布局完善了，即可"以不变应万 变"；抓住机遇，创新技术，实现突破，即可"以变局开新局" 日前，第三十四届德国慕尼黑国际工程机械博览会（又称"宝马展"）闭幕。作为三年一届的工程机 械"奥运会"，中国企业在展会上掀起了一股"中国旋风"： 参展商总数3500余家，中国企业超500家，占比超13%；全球首台、行业首批，中国企业频频发布新 品，揽下众多国际订单。数据显示，展会闭幕后，徐工所有展品全部售罄，中联重科斩获20亿元订单， 三一敲定超30亿元订单。 环视全球市场，单边主义、保护主义抬头，国际经贸形势纷繁复杂，中国工程机械企业何以逆势抢单， 赢得市场认可？ 以本次德国宝马展为例，全球首款混合动力全地面起重机、全球最大吨位纯电履带起重机、实现零排放 运行的全电动泵车……中国企业依托国内强大的新能源产业配套能力，推出一系列首创新能源产品，引 领行业绿色转型。 除了在绿色化领域，在智能化领域，中国工程机械企业也率先尝试、抢占先机。 德国慕尼黑、中国浙江湖州，两地直线距离8700多公里，然而依托远程遥控系统，观众在展会现场即可 操控湖州的挖掘机完成作业，全程无 ...