智通财经APP获悉，东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关 联度较高。未来制造业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加 速全球化布局，建立海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正 积极布局智能物流与物流机器人领域，将重塑物流行业竞争格局。 2025年11月25日，杭叉集团在阿联酋迪拜隆重举行杭叉中东公司开业典礼。杭叉中东公司位于阿联酋迪 拜核心区域，依托其国际物流与商业枢纽地位，可高效辐射周边主要市场。公司配套专业仓储设施，业 务涵盖叉车与工业车辆整机及配件的销售、服务、租赁与维修等全流程板块。依托完善的备件储备体系 和快速响应机制，能够显著缩短交付周期，全面提升售后保障能力，为中东区域客户提供更高效、更及 时、更可靠的综合解决方案。中东地区对物流装备的需求正快速攀升，市场展现出强劲的发展潜力。 11月叉车销量内销大增 2025年11月叉车内销增长超两成，呈现持续增长态势，得益于国内叉车需求回升。从国内宏观数据看， 叉车需求与制造业和仓储物流景气度相关，从物流数据看，2025年10月社会物流总额同比+5.1%，保 ...

证券日报网讯 12月4日，柳工在互动平台回答投资者提问时表示，公司长期深耕装备制造行业，核心产 品包括以装载机、挖掘机为主的工程机械设备及以预应力、工业车辆、农业机械等为主的非工程机械设 备，致力于向包括北美区域在内全球客户提供具有核心竞争力的产品组合方案，目前公司已向客户提供 可用于河道、水上船用挖掘机等作业设备。暂无水陆两栖装备。 （编辑 姚尧） ...

Core Viewpoint - The company, LiuGong (000528.SZ), is focused on the equipment manufacturing industry, offering a competitive product portfolio to global customers, including those in North America [1] Group 1: Company Overview - LiuGong has a long-standing commitment to the equipment manufacturing sector, with core products including loaders and excavators as part of its construction machinery lineup [1] - The company also produces non-construction machinery, such as prestressed equipment, industrial vehicles, and agricultural machinery [1] Group 2: Product Offerings - LiuGong is dedicated to providing a competitive product mix to its global clientele, which includes specialized equipment for river and marine excavation [1] - Currently, the company does not offer amphibious equipment [1]

中国机电产品进出口商会 2025年10月 1-10月中国挖掘机进出口看板 CCCMB 中国机电产品进出口商会 China Chanter of Cammerce for Impart and 最佳来源:海关总署 累计同比 累计出口量 当月同比 当月出口版 累计出口部 当月周比 包易中业 主要出口国别/地区市场情况 1-10月,我国挖掘机进出口总额86. 7亿 852375. 50 25. 90 253552 34. 03 87977. 23 19.06 837689, 33 关元,进出口金额网比增长24.7%。其中: 甲维尼真变 82991 48 月澳元、自 2025年1-10月挖掘机出口情况 出口85.2亿美元,同比增长25.9%;进口1.5 亿美元,同比下降20.6%;贸易顺差B3.8亿 17575 关元。市场需求持续回暖。 9 8 t The Real t 40 市场累计、当月均同比下降。 上耳其 25263 58 ar 进口方面,1-10月,挖掘机累计进口额持续同 出下降,10月当月进口额网比大幅下降74.8%。最后 式挖掘机进口占比995以上,主要进口来源国为日本 17 04 累计进口额 席计同比 ...

Core Insights - The article discusses the performance of China's machinery exports, highlighting significant growth in various sectors, particularly in excavators and construction machinery, indicating a recovery in the industry [10][14]. Group 1: Overall Export Performance - From January to September 2025, China's total export value of engineering machinery reached $46.02 billion, with a year-on-year increase of 13.4% [3]. - The total import value during the same period was $2.1 billion, reflecting a year-on-year growth of 5.2% [3]. - The cumulative export value of excavators was $7.64 billion, showing a year-on-year increase of 26.7% [4]. Group 2: Specific Machinery Categories - The total export value of earth-moving machinery was $5.44 billion, with a year-on-year increase of 4.9%, while imports decreased by 2.6% [6]. - The total export value of lifting machinery was $4.29 billion, with a year-on-year increase of 18.2%, and imports decreased by 3.2% [5]. - The total export value of industrial vehicles was $6.63 billion, reflecting a year-on-year increase of 2.8% [6]. Group 3: Market Dynamics - The excavator market showed strong demand recovery, with significant increases in exports to countries like Russia and the Philippines [4]. - The lifting machinery sector experienced stable growth, with exports primarily directed towards markets in Saudi Arabia and Germany [5]. - The industrial vehicle sector's growth was supported by the rapid development of electric vehicles, which is influencing import dynamics [6]. Group 4: Future Outlook - The article suggests that the engineering machinery industry is on a recovery path, with expectations of continued growth driven by domestic demand and international market opportunities [10][14]. - The transition to "National IV" standards starting December 1, 2025, is anticipated to further impact the industry positively [10].

Core Viewpoint - The data from January to August 2025 indicates a significant growth in China's engineering machinery exports, with total exports reaching $38.6 billion, reflecting a year-on-year increase of 11.4% [1][4]. Group 1: Overall Import and Export Data - The total import and export amount for engineering machinery from January to August 2025 is $40.49 billion, with a year-on-year growth of 11.06% [1]. - Exports amounted to $38.64 billion, showing a year-on-year increase of 11.4%, while imports reached $1.85 billion, up by 3.7% [1][3]. - The trade surplus for this period stands at $36.79 billion [1]. Group 2: Excavator Import and Export Data - The total import and export amount for excavators from January to August 2025 is $6.84 billion, with a year-on-year growth of 23.9% [3]. - Exports reached $6.71 billion, reflecting a year-on-year increase of 24.9%, while imports were $120 million, down by 13.6% [3]. - The trade surplus in this category is $6.59 billion [3]. Group 3: Loader Import and Export Data - The total import and export amount for loaders from January to August 2025 is $4.94 billion, with a year-on-year growth of 2.6% [5]. - Exports were $4.78 billion, up by 2.6%, while imports reached $160 million, increasing by 4.2% [5]. - The trade surplus in this category is $4.62 billion [5]. Group 4: Crane Import and Export Data - The total import and export amount for cranes from January to August 2025 is $3.86 billion, with a year-on-year growth of 17.5% [4]. - Exports were $3.77 billion, reflecting an 18.2% increase, while imports were $90 million, down by 6.8% [4]. - The trade surplus in this category is $3.68 billion [4]. Group 5: Industrial Vehicle Import and Export Data - The total import and export amount for industrial vehicles from January to August 2025 is $6 billion, with a year-on-year growth of 1.4% [6]. - Exports reached $5.89 billion, up by 1.2%, while imports were $110 million, increasing by 9% [6]. - The trade surplus in this category is $5.78 billion [6]. Group 6: Road Construction Machinery Import and Export Data - The total import and export amount for road construction machinery from January to August 2025 is $1.16 billion, with a year-on-year growth of 8.6% [5]. - Exports were $1.15 billion, reflecting a 9% increase, while imports were $10 million, down by 24.6% [5]. - The trade surplus in this category is $1.14 billion [5]. Group 7: Mixing and Stirring Machinery Import and Export Data - The total import and export amount for mixing and stirring machinery from January to August 2025 is $1.626 billion, with a year-on-year growth of 22.3% [5]. - Exports reached $1.62 billion, up by 22.6%, while imports were $20 million, increasing by 1.3% [5]. - The trade surplus in this category is $1.60 billion [5]. Group 8: Elevator and Escalator Import and Export Data - The total import and export amount for elevators and escalators from January to August 2025 is $1.678 billion, with a year-on-year growth of 10.6% [6]. - Exports were $1.68 billion, reflecting a 10.5% increase, while imports were $30 million, up by 18.6% [6]. - The trade surplus in this category is $1.65 billion [6].

Group 1: Company Strategy and Goals - The company aims to achieve a revenue target of 60 billion yuan by 2030, with over 60% of this coming from international sales and a net profit margin of no less than 8% [3] - Key initiatives to reach these goals include developing three growth curves, enhancing regional capabilities, and improving product competitiveness and operational efficiency [3][4] Group 2: Market Expansion and Competition - The company plans to focus on seven strategic markets and eight key markets for overseas expansion, leveraging electric and intelligent products to create competitive advantages [4][5] - In response to domestic competition, the company will adopt a differentiated strategy targeting mid-sized open-pit mining customers and providing solutions like electrification and automation [5] Group 3: Financial and Stock Market Considerations - The company is considering a potential listing in Hong Kong, influenced by over 60 A-share companies applying for listings and the favorable market conditions expected in the next two years [6] - The major shareholder is committed to increasing their stake in the company, reinforcing confidence in its long-term development [8] Group 4: Internal Management and Incentives - Following the board restructuring, the company has maintained a stable core management team and continues to implement a flexible and effective incentive mechanism [9] - The company emphasizes long-term value creation and rejects chaotic price competition, focusing instead on technological innovation and comprehensive solutions [11] Group 5: Challenges and Risk Management - The tower crane business has faced significant impairment due to the downturn in the domestic real estate market, leading to increased credit impairment provisions [12] - The company is actively assessing the impact of this impairment and enhancing credit asset management to prevent systemic risks [12]

Core Insights - The total import and export value of China's engineering machinery products from January to July reached $35.16 billion, with a year-on-year growth of 10.6% [3][4] - Exports accounted for $33.52 billion, increasing by 10.8%, while imports totaled $1.64 billion, up by 5.4% [4] - The trade balance showed a surplus of $31.4 billion, indicating a strong export performance in the engineering machinery sector [4] Engineering Machinery Overview - The total import and export value for engineering machinery and parts was $35.16 billion, with exports at $33.52 billion and imports at $1.64 billion [4] - The main export markets included Asia, Europe, and North America, with significant growth in parts exports [4][6] - The overall trade balance remained positive, reflecting a robust demand for Chinese engineering machinery abroad [4] Excavator Market - The total import and export value of excavators reached $5.95 billion, with exports at $5.84 billion, marking a 24.2% increase year-on-year [6] - Imports decreased by 19.8%, indicating a shift in market dynamics [6] - The trade balance for excavators showed a surplus of $5.73 billion, highlighting strong export performance [6] Earthmoving Machinery - The total import and export value for earthmoving machinery was $4.29 billion, with exports at $4.14 billion, reflecting a 0.8% increase [7] - Imports saw a significant rise of 76.2%, indicating increased demand for foreign machinery [7] - The trade balance was $4 billion, suggesting a stable export market [7] Lifting Machinery - The total import and export value for lifting machinery reached $3.31 billion, with exports at $3.22 billion, up by 16.5% [8] - Imports increased by 7.5%, showing a growing domestic demand for lifting equipment [8] - The trade surplus was $3.14 billion, indicating a healthy export market [8] Industrial Vehicles - The total import and export value for industrial vehicles was $5.21 billion, with exports at $5.11 billion, a 0.4% increase [10] - Imports rose by 14.3%, reflecting a trend towards electrification in the industrial vehicle sector [10] - The trade balance showed a deficit of $5.01 billion, indicating a reliance on foreign imports [10] Road Construction Machinery - The total import and export value for road construction machinery was $1.02 billion, with exports at $1.01 billion, a 10.9% increase [11] - Imports decreased significantly by 33.2%, suggesting a shift towards domestic production [11] - The trade surplus was $1 billion, indicating a stable export market [11] Concrete Mixing Machinery - The total import and export value for concrete mixing machinery reached $1.44 billion, with exports growing by 25.6% [12] - Imports increased by 11.9%, reflecting a strong demand for advanced mixing technologies [12] - The trade balance showed a surplus of $1.42 billion, highlighting the competitiveness of Chinese products [12] Rock Drilling and Piling Tools - The total import and export value for rock drilling and piling tools was $790.6 million, with exports declining by 4.2% [13] - Imports decreased by 6.2%, indicating a contraction in this segment [13] - The trade balance was $670 million, reflecting challenges in maintaining export levels [13] Elevators and Escalators - The total import and export value for elevators and escalators was $1.46 billion, with exports increasing by 10.2% [14] - Imports rose by 10.8%, indicating a growing domestic market for these products [14] - The trade surplus was $1.41 billion, showcasing the strength of Chinese manufacturing in this sector [14]

Group 1 - The global economy is accelerating its transition towards green and low-carbon development, with ESG (Environmental, Social, Governance) becoming a core engine for sustainable development embedded in the global financial system [1][4] - In China, the implementation of ESG policies is intensifying, with major stock exchanges releasing guidelines that signify a shift from "formal compliance" to "substantive management" of ESG governance [1][4] - The number of A-share listed companies disclosing ESG reports has increased, with 2,523 companies reporting as of 2024, representing 46% of all A-share companies, a year-on-year growth of 13.49% [4] Group 2 - Companies like Anhui Heli and Xin Ao are making significant strides in ESG practices, focusing on technological innovation, talent management, and social responsibility [5][6] - Anhui Heli has achieved a 70% electrification rate in its industrial vehicles by 2024, enhancing production efficiency and energy conservation [5] - Xin Ao has become the first and only company in China's public utility sector to receive an international MSCI AAA rating, reflecting its commitment to ESG practices [6] Group 3 - ESG ratings are crucial in connecting ESG data with the capital market, assessing companies' sustainable development performance across environmental, social, and governance dimensions [7] - The increasing emphasis on ESG practices is reshaping the capital market, with ESG becoming a key criterion for evaluating corporate value and influencing investment decisions [7][10] - The shift from short-term profit-seeking to long-term win-win strategies is evident, as companies recognize the importance of ESG investments for sustainable growth and risk management [9][10]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by significant performance in earthmoving machinery and strategic international expansion [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 18.181 billion yuan, a year-on-year increase of 13.21% - The net profit attributable to shareholders was 1.230 billion yuan, up 25.05% - The net profit excluding non-recurring items was 1.146 billion yuan, an increase of 27.01% [1]. Segment Performance - Earthmoving machinery was the main growth driver, with revenue of 11.652 billion yuan, a year-on-year growth of 17.26% - Other segments included engineering machinery and components at 5.081 billion yuan (8.81% growth), prestressed machinery at 1.197 billion yuan (-0.61% decline), and rental business at 251 million yuan (0.88% growth) [2]. - Within earthmoving machinery, loader revenue grew by over 20%, and global sales of electric loaders surged by 193% - Excavator revenue increased by 25%, with domestic and overseas terminal sales growing by 31% and 22% respectively, leading to a 1.6 percentage point increase in domestic market share and a 0.5 percentage point increase in global market share [2]. Profitability Metrics - The company's gross margin decreased by 1.08 percentage points to 22.32% - Domestic gross margin decreased by 0.65 percentage points to 15.82%, while overseas gross margin increased by 1.49 percentage points to 29.69% - The total expense ratio decreased by 1.49 percentage points to 12.48%, with sales expense ratio down by 1.16 percentage points to 6.92% [2]. Strategic Developments - The company is experiencing high-quality growth in strategic emerging businesses, with significant advancements in the mining machinery sector, achieving a 42% increase in overseas sales - The aerial work machinery segment saw substantial growth in sales, revenue, and net profit, with net profit growth exceeding 100% - The industrial vehicle segment also reported double-digit growth in sales, revenue, and net profit, with both domestic and international revenue increasing [3]. - The company has entered a deep internationalization phase, establishing manufacturing bases in India, Brazil, Argentina, and Indonesia, and developing local supply chains for localized production [3]. Future Outlook - Revenue projections for 2025-2027 are 34.233 billion, 37.820 billion, and 41.361 billion yuan, with year-on-year growth rates of 13.87%, 10.48%, and 9.36% respectively - Net profit attributable to shareholders is expected to be 1.719 billion, 2.093 billion, and 2.518 billion yuan, with growth rates of 29.57%, 21.74%, and 20.31% respectively [4]. - The company's PE ratios for 2025-2027 are projected to be 12.86, 10.57, and 8.78, maintaining a "buy" rating [5].