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10月当月销售各类平地机634台，同比增 长4.11%，其中国内销量102台，同比增长22.9%;出口量532台，同比增长1.14%。 2025年1—10月，共销售平地机6918台，同比增长6.48%;其中国内销量1224台，同比增长29.9%;出口 5694台，同比增长2.5%。 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10月当月销售各类汽车起重机1422 台，同比增长15%，其中国内销量738台，同比增长41.7%;出口量684台，同比下降4.47%。 2025年1—10月，共销售汽车起重机16527台，同比下降2.78%;其中国内销量8993台，同比下降2.82%;出 口7534台，同比下降2.72%。 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10月当月销售各类履带起重机336 台，同比增长71.4%，其中国内销量97台，同比增长54%;出口量239台，同比增长79.7%。 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10月当月销售各类塔式起重机329 台，同比 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1] Core Insights - The machinery equipment industry continues to benefit from renewal demand and a recovery in overall domestic and international sales [1] - As of September 2025, China's manufacturing PMI is at 49.8%, indicating a slight improvement but still in contraction territory, while the production PMI is at 51.9%, indicating expansion [2][6] - The report highlights a mixed performance in various machinery sales, with excavators and some other equipment showing growth, while tower cranes and aerial work platforms are experiencing declines [26][40][91] Summary by Sections Macroeconomic Trends - In September 2025, China's manufacturing PMI recorded 49.8%, up 0.4 percentage points month-on-month, but still in contraction [2][6] - The PPI decreased by 2.3% year-on-year, with a narrowing decline compared to the previous month, while the core CPI increased by 1.0% year-on-year, marking the first return to this level in 19 months [11] - Fixed asset investment from January to September 2025 totaled 371,535 billion yuan, down 0.5% year-on-year, with infrastructure investment up 3.3% and real estate investment down 14.0% [14] Sales Overview of Chinese Engineering Machinery - From January to September 2025, a total of 174,039 excavators were sold, a year-on-year increase of 18.1% [19] - Sales of various types of cranes showed mixed results, with tower cranes down 31.9% and truck-mounted cranes up 5.46% [27][47] - The report notes that sales of loaders reached 93,739 units, up 14.6% year-on-year, while sales of high-altitude work vehicles increased by 41.4% [53][92] Specific Equipment Performance - In September 2025, sales of various types of cranes showed growth in domestic sales, particularly for truck-mounted and crawler cranes, while tower cranes faced a decline [52] - The report indicates that domestic infrastructure investment remains resilient, benefiting related equipment sectors such as road machinery and high-altitude equipment [99] - Forklift sales reached 1,106,406 units from January to September 2025, reflecting a year-on-year increase of 14% [101]

Industry Overview - The construction machinery sector is experiencing a recovery, with excavator sales maintaining a positive trend and both domestic and international market sales showing rapid year-on-year growth [1] - Non-excavator categories such as truck cranes, crawler cranes, truck-mounted cranes, and pavers are also witnessing significant sales increases [1] - Factors such as favorable downstream projects like hydropower and urban renewal are expected to continue driving demand for construction machinery [1] - The reduction of tariff disturbances in major global regions is enhancing the cost-performance advantage of domestic equipment [1] - The industry is anticipated to maintain a recovery trend due to large-scale equipment renewal policies [1] Export and Production Data - In September 2025, China's construction machinery export value reached $5.271 billion, a year-on-year increase of 29.6%, while import value was $234 million, up 18.5%, leading to a significant trade surplus [1] - The production of industrial robots increased by 28.3% year-on-year, driven by policies promoting equipment renewal and loan subsidies [1] - The "14th Five-Year Plan" emphasizes the development of high-end machine tools, which is expected to accelerate domestic advancements in this area [1] Company Performance - Zoomlion reported revenue of 37.156 billion yuan for the first three quarters of 2025, a year-on-year increase of 8.06%, with net profit attributable to shareholders rising by 24.89% to 3.92 billion yuan [1] - XCMG achieved revenue of 78.157 billion yuan, up 11.61%, and net profit of 5.977 billion yuan, an increase of 11.67% [2] - Hengli Hydraulic's revenue for the same period was 7.790 billion yuan, a 12.31% increase, with net profit rising by 16.49% to 2.087 billion yuan [2] - Hengli Hydraulic's Q3 revenue grew by 24.53% year-on-year, and net profit increased by 30.60% [2] - The cash flow from operating activities for both Zoomlion and XCMG showed significant improvements, with increases of 137.3% and 178.47%, respectively [1][2] Market Indicators - The tower crane rental industry’s utilization rate was reported at 57.3% in September 2025, with a rental price index of 497.31 points, reflecting a month-on-month increase [2] - The construction machinery ETF (560280) saw a strong increase of 2.54% as of November 6, 2025, with significant growth in both scale and share volume over the past three months [3] - The top ten weighted stocks in the ETF accounted for 69.81% of the total, with notable performances from Weichai Power and Hengli Hydraulic [3]

Core Viewpoint - The domestic excavator sales in China continue to grow, indicating a recovery in the internal demand cycle, with significant increases in various types of construction machinery sales, particularly in the excavator segment [4][5][6]. Group 1: Excavator Sales and Market Trends - In September 2025, the total excavator sales (including exports) reached 19,858 units, a year-on-year increase of 21.5%, with domestic sales at 9,249 units, also up by 21.5% [4]. - From January to September 2025, excavator sales totaled 174,039 units, marking an 18.1% year-on-year growth, with domestic sales at 89,877 units, up 21.5% [4]. - The sales of non-excavator construction machinery showed a notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [4]. Group 2: Export Performance - In September 2025, excavator exports reached 10,609 units, a 29.0% year-on-year increase, while from January to September 2025, exports totaled 84,162 units, up 14.6% [5]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with a total export value of $43.86 billion from January to September 2025, up 13.3% [5]. - The construction machinery export market is influenced by geopolitical factors, with opportunities arising from increased infrastructure and mining machinery demand in Southeast Asia, Africa, and the Middle East, alongside challenges such as U.S.-China tariff uncertainties [5]. Group 3: Electrification Trends - In September 2025, electric loader sales reached 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [6]. - From January to September 2025, electric loader sales totaled 21,407 units, a 157.2% year-on-year increase, with an electrification rate of 22.8%, up 13.6 percentage points [6][7]. - The government’s push for green transformation and energy-saving initiatives is expected to accelerate the electrification process in the construction machinery industry, enhancing revenue and profit for manufacturers [6][7]. Group 4: Infrastructure Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is anticipated to boost demand for construction machinery significantly [8]. - The project is expected to require construction machinery worth between 120 billion to 180 billion yuan, with a focus on new energy and unmanned equipment due to environmental considerations [8].

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

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]

Group 1: Grader Sales - In September 2025, a total of 634 graders were sold, representing a year-on-year increase of 21.9%, with domestic sales of 99 units (up 6.45%) and exports of 535 units (up 25.3%) [1] - From January to September 2025, 6,284 graders were sold, marking a 6.73% increase year-on-year, with domestic sales of 1,122 units (up 30.6%) and exports of 5,162 units (up 2.64%) [1] Group 2: Truck Crane Sales - In September 2025, 1,561 truck cranes were sold, a year-on-year increase of 21.9%, with domestic sales of 764 units (up 40.7%) and exports of 797 units (up 7.99%) [2] - From January to September 2025, total sales of truck cranes reached 15,105 units, a decline of 4.17% year-on-year, with domestic sales of 8,255 units (down 5.47%) and exports of 6,850 units (down 2.55%) [2] Group 3: Crawler Crane Sales - In September 2025, 285 crawler cranes were sold, reflecting a year-on-year increase of 33.2%, with domestic sales of 110 units (up 66.7%) and exports of 175 units (up 18.2%) [3] - From January to September 2025, 2,365 crawler cranes were sold, representing an 18.2% increase year-on-year, with domestic sales of 754 units (up 18.4%) and exports of 1,611 units (up 18.1%) [3] Group 4: Truck-Mounted Crane Sales - In September 2025, 2,131 truck-mounted cranes were sold, a year-on-year increase of 22%, with domestic sales of 1,585 units (up 29.8%) and exports of 546 units (up 3.8%) [4] - From January to September 2025, total sales of truck-mounted cranes reached 19,002 units, a year-on-year increase of 5.46%, with domestic sales of 14,743 units (up 3.08%) and exports of 4,259 units (up 14.6%) [4] Group 5: Tower Crane Sales - In September 2025, 529 tower cranes were sold, a year-on-year decrease of 7.68%, with domestic sales of 249 units (down 29.7%) and exports of 280 units (up 27.9%) [5] - From January to September 2025, total sales of tower cranes were 4,134 units, a decline of 31.9% year-on-year, with domestic sales of 2,185 units (down 52.2%) and exports of 1,949 units (up 29.4%) [5] Group 6: Industrial Vehicle Sales - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%, with domestic sales of 81,119 units (up 29.3%) and exports of 49,261 units (up 13.9%) [6] - From January to September 2025, total sales of forklifts reached 1,106,406 units, a year-on-year increase of 14%, with domestic sales of 697,375 units (up 13.1%) and exports of 409,031 units (up 15.5%) [6] Group 7: Roller Sales - In September 2025, 1,392 rollers were sold, reflecting a year-on-year increase of 32.2%, with domestic sales of 551 units (up 45.4%) and exports of 841 units (up 24.8%) [8] - From January to September 2025, total sales of rollers reached 13,564 units, a year-on-year increase of 21.8%, with domestic sales of 5,176 units (up 18%) and exports of 8,388 units (up 24.3%) [8] Group 8: Paver Sales - In September 2025, 132 pavers were sold, a year-on-year increase of 22.2%, with domestic sales of 82 units (up 32.3%) and exports of 50 units (up 8.7%) [9] - From January to September 2025, total sales of pavers reached 1,249 units, marking a year-on-year increase of 32.2%, with domestic sales of 898 units (up 42.8%) and exports of 351 units (up 11.1%) [9] Group 9: Aerial Work Platform Sales - In September 2025, 12,416 aerial work platforms were sold, a year-on-year decrease of 23.8%, with domestic sales of 5,334 units (down 32.7%) and exports of 7,082 units (down 15.3%) [10] - From January to September 2025, total sales of aerial work platforms reached 131,901 units, a year-on-year decrease of 30%, with domestic sales of 51,168 units (down 46%) and exports of 80,733 units (down 13.7%) [10] Group 10: High-altitude Work Vehicle Sales - In September 2025, 484 high-altitude work vehicles were sold, a year-on-year increase of 48%, with domestic sales of 456 units (up 42.9%) and exports of 28 units (up 250%) [11] - From January to September 2025, total sales of high-altitude work vehicles reached 3,818 units, a year-on-year increase of 41.4%, with domestic sales of 3,645 units (up 39.8%) and exports of 173 units (up 88%) [11]

Investment Rating - The industry rating is "Outperform" compared to the market [1][118] Core Viewpoints - The engineering machinery industry shows strong resilience with improvements in both domestic and international sales [1] - The macroeconomic environment indicates a slight recovery in manufacturing, with the PMI index at 49.4% in August 2025, still in the contraction zone, but production PMI at 50.8% indicates expansion [2][6] - Fixed asset investment in China reached 326,111 billion yuan from January to August 2025, with infrastructure investment growing by 5.4% and manufacturing investment by 5.1% [14] Summary by Sections 1. Macroeconomic Tracking - The manufacturing PMI for August 2025 is 49.4%, a 0.1 percentage point increase from the previous month, indicating marginal improvement but still in contraction [2][6] - The PPI decreased by 2.9% year-on-year in August 2025, ending an eight-month decline, while the CPI fell by 0.4% [11] - Fixed asset investment from January to August 2025 totaled 326,111 billion yuan, a 0.5% year-on-year increase, with infrastructure investment up 5.4% and real estate investment down 13.2% [14] 2. China Engineering Machinery Sales Overview - From January to August 2025, excavator sales reached 154,181 units, a 17.2% increase year-on-year, with domestic sales up 21.5% [19][26] - Sales of various machinery types showed mixed results, with tower cranes down 34.5% and high-altitude work vehicles up 40.5% [27][41][100] - Overall, the sales of construction machinery reflect a structural divergence, with some categories like excavators and loaders performing well while others like tower cranes are struggling [51][56]

Group 1: Investment Stability - The excavator index shows positive trends, with an average operating rate of 43.42% in August, and 17 provinces exceeding 50% [1] - Excavator sales reached 154,181 units in the first eight months of the year, a year-on-year increase of 17.2%, with domestic sales at 80,628 units, up 21.5% [1] - Major projects like the Yarlung Tsangpo River hydropower project and rural road reconstruction are expected to significantly boost demand for cranes and other equipment [2] Group 2: Logistics Activity - From January to August, the total social logistics volume reached 229.4 trillion yuan, a year-on-year growth of 5.2%, with August showing a 4.8% increase [2] - Industrial logistics grew by 5.5% year-on-year, with equipment manufacturing logistics demand increasing by 8.1% [2] - Consumer logistics remained stable, with a 6.5% year-on-year increase in logistics for goods, indicating a recovery in consumer-related logistics demand [2] Group 3: Small and Medium Enterprises (SMEs) - The SME Development Index rose to 89.1 in August, indicating a gradual recovery in market demand and investment willingness among SMEs [3] - The small enterprise Purchasing Managers' Index (PMI) improved to 48.2%, reflecting an increase in business sentiment [3] - Experts suggest that policies should be implemented to stimulate demand and improve the operating environment for SMEs to enhance their growth potential [4]

Core Insights - Zoomlion Heavy Industry has established a new subsidiary, Zoomlion Crawler Crane (Hunan) Co., Ltd., with a registered capital of 600 million yuan, focusing on artificial intelligence software development and satellite remote sensing applications [1][2]. Company Information - The legal representative of the new company is Luo Kai, and it is registered as a limited liability company with a business status of "active" [2]. - The registered capital of the company is 600 million yuan, and it is located in Xiangtan, Hunan Province [2]. - The company is fully owned by Zoomlion Heavy Industry Co., Ltd. (stock code: 000157) [4]. Business Scope - The business scope includes artificial intelligence software development, satellite remote sensing application system integration, sales of artificial intelligence hardware, and development of basic resources and technology platforms for artificial intelligence [1][2]. - Additional permitted projects include special equipment inspection and testing, manufacturing, installation, and repair, as well as various technology services and equipment manufacturing [2].