拥有超过百年历史的采埃孚，是全球重要的汽车零部件供应商。"德国的先进技术助力中国在传统零部 件领域实现技术升级，推动中国企业走向全球市场。"罗国兵表示。 如今，柳工已成长为中国装备制造业"出海"样本。柳工产品远销180多个国家和地区，配备柳州采埃孚 传动部件的装载机和平地机成为出口的主力产品，销往印度尼西亚、印度、俄罗斯等国家和地区。 柳州市副市长潘展东表示，30年来，柳州采埃孚吸收德国采埃孚百年沉淀的技术底蕴，融入柳州制造的 工业血脉，以"德国质量"与"柳州制造"获得认可，成为行业高配置装载机和平地机传动部件首选制造 商，已累计销售15万台高品质传动部件。 "工程机械行业电动化转型需求与日俱增，我们也希望能够参与其中。"采埃孚工业技术事业部副总裁亚 历山大·西利格对未来双方合作充满期待。他介绍，双方在2024年底签署了新的合作协议，将合资合作 关系延续并深化至未来20年。 中新网柳州11月25日电 (林馨卢静)"通过德国技术与中国市场的深度融合，柳州采埃孚汲取了中德两国 的管理智慧与技艺，成为中德合作加速开拓全球化市场的典范。"广西柳工机械股份有限公司总裁罗国 兵11月25日在广西柳州市表示。 11月25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 ...

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: Growth Strategy - The company aims to leverage its core industry chain advantages to enrich its product matrix and increase market share [2] - The AI strategy will guide the deepening of smart construction business layout, advancing into a new era of intelligence [2] - The company plans to strengthen its global presence while maintaining a leading position in international trends [2] - Continuous upgrades to the business model will focus on creating a closed-loop around the entire lifecycle of construction machinery [2] Group 2: New Product Development - The company adheres to a market-oriented approach, driven by quality and centered on intelligent technology [2] - On June 18, 2025, the company launched the world's first AI intelligent bulldozer [2] - On September 2, 2025, the company delivered the world's first AI pure electric unmanned bulldozer [2] - At the Shandong Heavy Industry Group exhibition, two hybrid mining equipment models were showcased: DEH100 hybrid bulldozer and LEH120 hybrid wheeled loader [3] Group 3: Major Projects Participation - In the first half of 2025, the company participated in various projects including open-pit coal mining in Xinjiang and Inner Mongolia, and smart transformation projects [3] - The company utilized its strong group synergy, product advantages, brand strength, and cultural advantages in these projects [3] - Notable projects included photovoltaic sand control in Inner Mongolia, water conservancy construction in Burkina Faso, and road integration projects in Kyrgyzstan [3]

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]

Core Insights - The China Engineering Machinery Industry Association reported a significant increase in grader sales for September 2025, with a total of 634 units sold, representing a year-on-year growth of 21.9% [1] - Domestic sales accounted for 99 units, showing a growth of 6.45%, while exports reached 535 units, marking a 25.3% increase [1] - For the period from January to September, a total of 6,284 graders were sold, reflecting a year-on-year increase of 6.73%, with domestic sales at 1,122 units (up 30.6%) and exports at 5,162 units (up 2.64%) [1]

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]

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].