太平洋证券主要观点如下： 智通财经APP获悉，太平洋证券发布研报称，工程机械行业在内销上，国内需求持续恢复，同时出口 端，海外景气度向好、利润率更高，行业有望随着出口继续向上以及规模效应下，盈利能力持续改善， 看好上行周期利润持续释放，继续看好工程机械板块。 事件 近日，中国工程机械工业协会发布2026年1月工程机械行业主要产品销售快报一和快报二。 1月内销整体实现较高增幅，看好国内市场需求继续向上 1月工程机械主要产品内销整体实现较高增长，具体来看：挖掘机销售8723台，同比增长61.4%；装载 机销售5293台，同比增长42.8%；平地机销售104台，同比下降8.77%；压路机销售448台，同比增长 7.43%；摊铺机销售67台，同比增长19.6%；汽车起重机销售821台，同比增长55.2%；履带起重机销售 88台，同比增长126%；随车起重机销售1608台，同比增长0.56%；塔式起重机销售202台，同比增长 6.88%。内销整体表现不错，主要系春节错位影响，展望全年，国内随着资金端逐步到位，地产、基建 端利好政策的推进，以及叠加工程机械更新周期，行业在政策端带来需求好转及更新周期启动双重利好 下，有望 ...

据 中国工程机械工业协会对挖掘机主要制造企业统计，2026年1月销 售各类挖掘机18708台，同比增长49.5%。 | | | 2026年1月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | 40.5% | 49.5% | | 累计销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | | 40.5% 公众号·工程9.5%杂志 | 挖掘机 其中：国内销量8723台（含电动挖掘机24台），同比增长61.4%；出口量 9985台（含电动挖掘机11台），同比增长40.5%。 装载机 据中国工程机械工业协会对装载机主要制造企业统计，2026年1月 销售各类装载机11759台，同比增长48.5%。 | | | 2026年1月 中国装载机市场概况 | | | --- | --- ...

Core Insights - SANY Group showcased its full range of construction machinery at the Saudi HEC exhibition, emphasizing its strength in "Chinese manufacturing" [1][8] - The exhibition highlighted SANY's commitment to technological innovation and localized services, aiming to align "Chinese manufacturing" with global energy infrastructure needs [9][13] Product Highlights - SANY Heavy Industry presented the SKT130S hybrid mining truck, SKT105S wide-body truck, and SAT40C articulated truck, which attracted significant interest from mining owners and contractors in Saudi Arabia and surrounding regions [3][11] - The SKT130S offers a new mining transportation solution with three core advantages: - Exceptional fuel efficiency through an intelligent hybrid system and energy recovery technology [4][11] - Cost-effective procurement and maintenance due to a localized supply chain [5][11] - Enhanced safety features including triple auxiliary braking and intelligent downhill assistance [6][11] Recognition and Support - The Saudi Deputy Minister of Industry visited SANY's booth, where he praised the technological innovations and application value of the SKT130S, reflecting the recognition and support from the Middle Eastern market and policy levels [7][12]

Group 1: Excavator Sales and Market Trends - In December 2025, excavator sales in China (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [4] - For the entire year of 2025, excavator sales (including exports) totaled 235,257 units, marking a 17.0% increase, while domestic sales were 118,518 units, up 17.9% [4] - The non-excavator construction machinery segment showed significant recovery, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% in December 2025 [4] Group 2: Export Growth and Opportunities - In December 2025, excavator exports reached 12,764 units, a 26.9% increase, with total annual exports at 116,739 units, up 16.1% [5] - The export value of construction machinery in December 2025 was $6.42 billion, a 27.2% increase, with the total annual export value at $60.17 billion, up 13.8% [5] - Future opportunities for construction machinery exports include demand growth in Southeast Asia, Africa, and the Middle East, as well as increased penetration in high-end markets in Europe and the U.S. [5] Group 3: Electric Loader Sales and Industry Trends - Electric loader sales in December 2025 reached 2,722 units, a significant year-on-year increase of 218.7%, with an electrification rate of 22.2%, up 13.2 percentage points [7] - For the entire year of 2025, electric loader sales totaled 29,771 units, a 165.3% increase, with an electrification rate of 23.2%, up 12.9 percentage points [7] - The central economic work conference emphasized the need for energy-saving and carbon reduction transformations in key industries, indicating that electrification will be a key development direction for the construction machinery sector [7] Group 4: Forklift Sales and Market Potential - In December 2025, total forklift sales reached 111,363 units, a slight year-on-year increase of 0.03%, with domestic sales at 63,807 units, down 5.2%, and export sales at 47,556 units, up 8.0% [8] - For the entire year of 2025, total forklift sales were 1,451,768 units, a 12.9% increase, with domestic sales at 906,812 units, up 12.6%, and export sales at 544,956 units, up 13.4% [8] - The rapid development of robotics and artificial intelligence is driving the penetration of unmanned forklifts, with projected sales of 39,000 units in 2025, a 39.3% increase, indicating significant market growth potential [8]

Macro - The risk of a government shutdown in the U.S. is considered lower than in 2025, with six departmental budgets already passed and preliminary consensus on the remaining six [5] - The Trump administration's pressure on pharmaceutical companies to lower prices has alleviated urgent healthcare disputes, reducing the likelihood of a political standoff [5] - The current administration is focusing more on foreign issues, suggesting a preference for stability in domestic matters to avoid dual fronts [5] Machinery Manufacturing - In December 2025, the sales of excavators in China reached 235,257 units, a year-on-year increase of 17.0%, with domestic sales at 118,518 units, up 17.9% [5] - Non-excavator machinery sales showed significant recovery, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% [5] Food and Beverage - Junlebao, starting from yogurt, launched its first infant formula in 2014, followed by the "Jianchun" brand in 2017 and the high-end fresh milk brand "Yuexianhuo" in 2020 [6] - "Jianchun" became the top brand in low-temperature yogurt by retail sales in China starting in 2022, while "Yuexianhuo" is projected to reach an income of 1.88 billion in 2024, becoming a leading high-end fresh milk brand [6] Pharmaceuticals - The AI healthcare sector is expanding, with companies developing AI products and services across various segments, including health management, precision medicine, digital clinical trials, and drug development [8] - The investment logic in AI healthcare is centered on "data closed-loop" and "scene necessity," driven by cost control in healthcare and technological advancements [8] - Future competition will hinge on possessing exclusive, high-quality private data and the ability to achieve continuous data iteration through business scenarios [8] Banking - Industrial Bank reported a revenue of 212.7 billion for 2025, a year-on-year increase of 0.2%, and a net profit of 77.5 billion, up 0.3% [9] - The bank's revenue growth has returned to positive territory, with stable asset expansion and deepening layouts in five new sectors [9] - Deposits are steadily increasing, enhancing liability stability, while the non-performing loan ratio remains low, indicating strong risk compensation capabilities [9]

Group 1 - The core viewpoint of the article emphasizes the proactive response of the Hefei Luyang District Housing and Urban-Rural Development Bureau to the city's snow removal initiative, ensuring public safety during extreme weather conditions [2] - The Luyang District Housing Bureau, in collaboration with the local construction industry association, mobilized member enterprises to participate in snow and ice removal efforts, activating an emergency mechanism [2] - On January 19, the bureau coordinated the deployment of 25 specialized snow removal vehicles and equipment, including snowplows and spreaders, to ensure comprehensive coverage across 11 townships and streets in the district [2] Group 2 - The emergency response included the preparation of anti-slip chains, rescue tools, emergency lighting, and warming supplies, ensuring readiness for immediate action [2] - The district implemented round-the-clock emergency monitoring to guarantee prompt deployment for rescue operations as needed [2]

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The report highlights significant advancements in commercial aerospace led by China Aerospace Science and Technology Corporation, with a focus on reusable rocket technology and the development of new industries such as commercial aerospace and low-altitude economy [5][6] - The 2026 Nuclear Fusion Technology and Industry Conference successfully took place, resulting in major procurement projects and the establishment of a fusion financial institution alliance to enhance the integration of industry and capital [5][6] - The report indicates a strong performance in the engineering machinery sector, with December 2025 excavator sales reaching 23,095 units, a year-on-year increase of 19.2%, and loader sales increasing by 30.0% [5][6] Summary by Sections Market Overview - From January 12 to January 16, 2026, the mechanical equipment index increased by 2.10%, outperforming the CSI 300 index, which decreased by 0.86% [7] - The mechanical equipment sector ranked 6th among 31 industries in terms of performance during this period [7] Sub-Industry Data - Engineering Machinery: December 2025 excavator sales were 23,095 units (+19.2% YoY), with exports of 10,331 units (+10.9% YoY). Loader sales were 12,236 units (+30.0% YoY), with exports of 6,945 units (+41.5% YoY) [5][6] - Industrial Robots: The report recommends companies such as Hengli Hydraulic and Changying Precision for investment [5] - AI Infrastructure: Companies like Ice Wheel Environment and Hanzhong Precision are highlighted for their potential in the liquid cooling sector [5] Company Profit Forecasts - The report provides a detailed valuation summary for key mechanical companies, indicating a positive outlook for companies like Hengli Hydraulic and Sany Heavy Industry, with recommendations to "Overweight" these stocks based on their projected earnings growth [5][6][81]

Forklift Sales - In December 2025, a total of 111,363 forklifts were sold, representing a year-on-year growth of 0.03%. Domestic sales were 63,807 units, down 5.17%, while exports reached 47,556 units, up 7.97% [1] - For the entire year of 2025, a total of 1,451,768 forklifts were sold, marking a 12.9% increase year-on-year. Domestic sales were 906,812 units, up 12.6%, and exports were 544,956 units, up 13.4% [1] - Excluding electric walk-behind warehouse vehicles, 42,849 forklifts were sold in December 2025, down 5.42% year-on-year. Domestic sales were 23,985 units, down 11.8%, while exports were 18,864 units, up 4.19% [1] Grader Sales - In December 2025, 792 graders were sold, reflecting a year-on-year increase of 14%. Domestic sales were 133 units, up 70.5%, and exports were 659 units, up 6.81% [2] - For the full year of 2025, a total of 8,360 graders were sold, representing an 8.35% increase year-on-year. Domestic sales were 1,468 units, up 32.4%, and exports were 6,892 units, up 4.31% [2] Truck Crane Sales - In December 2025, 1,911 truck cranes were sold, showing a year-on-year growth of 38.1%. Domestic sales were 886 units, up 39.1%, and exports were 1,025 units, up 37.2% [3] - For the entire year of 2025, 19,974 truck cranes were sold, a 1.39% increase year-on-year. Domestic sales were 10,659 units, up 1.41%, and exports were 9,315 units, up 1.37% [3] Crawler Crane Sales - In December 2025, 385 crawler cranes were sold, marking a significant year-on-year increase of 68.1%. Domestic sales were 131 units, up 95.5%, and exports were 254 units, up 56.8% [4] - For the full year of 2025, a total of 3,415 crawler cranes were sold, reflecting a 30.1% increase year-on-year. Domestic sales were 1,091 units, up 32.9%, and exports were 2,324 units, up 28.9% [4] Truck-Mounted Crane Sales - In December 2025, 2,664 truck-mounted cranes were sold, representing a year-on-year growth of 35.2%. Domestic sales were 2,274 units, up 36.7%, and exports were 390 units, up 27.5% [5] - For the entire year of 2025, 26,006 truck-mounted cranes were sold, a year-on-year increase of 11.1%. Domestic sales were 20,462 units, up 8.47%, and exports were 5,544 units, up 22.2% [5] Tower Crane Sales - In December 2025, 395 tower cranes were sold, showing a year-on-year decline of 30.8%. Domestic sales were 182 units, down 45.7%, while exports were 213 units, down 9.75% [6] - For the full year of 2025, a total of 5,178 tower cranes were sold, reflecting a year-on-year decrease of 30.7%. Domestic sales were 2,726 units, down 50%, while exports were 2,452 units, up 21.9% [6] Roller Sales - In December 2025, 1,343 rollers were sold, indicating a year-on-year increase of 25.6%. Domestic sales were 437 units, up 18.4%, and exports were 906 units, up 29.4% [7] - For the entire year of 2025, a total of 17,434 rollers were sold, representing a year-on-year growth of 23%. Domestic sales were 6,482 units, up 17.9%, and exports were 10,952 units, up 26.2% [7] Paver Sales - In December 2025, 107 pavers were sold, reflecting a year-on-year decline of 11.6%. Domestic sales were 59 units, down 32.2%, while exports were 48 units, up 41.2% [8] - For the full year of 2025, a total of 1,547 pavers were sold, marking a year-on-year increase of 24.8%. Domestic sales were 1,082 units, up 30.7%, and exports were 465 units, up 12.9% [8] Aerial Work Platform Sales - In December 2025, 14,326 aerial work platforms were sold, showing a year-on-year decline of 8.36%. Domestic sales were 4,446 units, down 25.1%, while exports were 9,880 units, up 1.92% [10] - For the entire year of 2025, a total of 165,171 aerial work platforms were sold, reflecting a year-on-year decrease of 28.6%. Domestic sales were 63,886 units, down 42.4%, and exports were 101,285 units, down 16% [10] High-altitude Operation Vehicle Sales - In December 2025, 431 high-altitude operation vehicles were sold, indicating a year-on-year decline of 5.48%. Domestic sales were 404 units, down 7.97%, while exports were 27 units, up 58.8% [11] - For the full year of 2025, a total of 4,993 high-altitude operation vehicles were sold, representing a year-on-year increase of 27.7%. Domestic sales were 4,755 units, up 26.7%, and exports were 238 units, up 51.6% [11]

Core Viewpoint - The domestic excavator sales in China continue to grow, indicating a recovery in the internal demand cycle, with significant increases in non-excavator machinery sales as well [4][5][6]. Group 1: Excavator Sales and Growth - In November 2025, China's excavator sales (including exports) reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units, up 9.1% [4]. - From January to November 2025, total excavator sales were 212,162 units, reflecting a 16.7% year-on-year growth, while domestic sales were 108,187 units, increasing by 18.6% [4]. - The sales of non-excavator construction machinery showed a notable recovery, with loader sales up 29.4%, grader sales up 24.7%, truck crane sales up 25.8%, crawler crane sales up 102.0%, and truck-mounted crane sales up 36.4% in November 2025 [4]. Group 2: Future Demand and Market Trends - The ongoing replacement cycle of construction machinery is expected to drive sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [5]. - The export of second-hand construction machinery to developing countries is reducing the domestic machinery inventory, further supporting new machine sales [5]. Group 3: Policy and Investment Impact - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, which is expected to stimulate infrastructure investment and subsequently boost demand for construction equipment [7]. - The meeting highlighted the need to optimize fiscal expenditure and enhance the management of local government special bonds, which will contribute to stabilizing investment [7]. Group 4: Export Performance - In November 2025, excavator exports reached 10,185 units, a year-on-year increase of 18.8%, with total exports from January to November at 103,975 units, up 14.9% [8]. - The export value of construction machinery in November 2025 was $5.23 billion, reflecting a 16.6% year-on-year growth, with a total export value of $53.76 billion from January to November, up 12.4% [8]. - Future opportunities for exports include increased demand in Southeast Asia, Africa, and the Middle East, despite challenges such as U.S.-China tariff uncertainties [8]. Group 5: Electrification Trends - In November 2025, electric loader sales surged to 2,935 units, marking a 192.0% year-on-year increase, with an electrification rate of 25.7%, up 14.1 percentage points [9]. - From January to November 2025, electric loader sales totaled 27,049 units, a 160.9% increase, with an electrification rate of 23.4%, up 12.9 percentage points [9]. - The emphasis on green and electric machinery is expected to accelerate the electrification process in the construction machinery industry, enhancing revenue and profits for manufacturers [9]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated total investment of approximately 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [10]. - The project is anticipated to require around 120 billion to 180 billion yuan worth of machinery, with a focus on large excavators, rock tunnel boring machines, cranes, and concrete machinery [10].

Investment Rating - The report assigns a "Strong Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the domestic engineering machinery sector, with a strategic goal to achieve revenue of 60 billion yuan by 2030, focusing on comprehensive solutions, full automation, and internationalization [7][29]. - The company has experienced a significant recovery in the domestic market, with a 21.5% year-on-year growth in excavator sales in the first three quarters of 2025, driven by infrastructure projects and equipment renewal policies [7][9]. - The mixed-ownership reform has revitalized the company's operational vitality, leading to a 52.9% year-on-year increase in net profit for 2024, indicating a shift towards high-quality growth [9][31]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 30,063 million, 34,258 million, 39,887 million, and 45,801 million yuan respectively, with year-on-year growth rates of 9.2%, 14.0%, 16.4%, and 14.8% [3]. - Net profit attributable to shareholders is forecasted to be 1,327 million, 1,627 million, 2,237 million, and 2,773 million yuan for the same years, with growth rates of 52.9%, 22.6%, 37.5%, and 24.0% [3]. - Earnings per share (EPS) are expected to be 0.65, 0.80, 1.10, and 1.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3]. Business Overview - The company has established a comprehensive product system covering various machinery types, including excavators, loaders, and industrial vehicles, with a global presence in over 180 countries [14][16]. - The company has implemented a "three major growth curves" strategy, focusing on stabilizing its core earth-moving machinery business, accelerating growth in emerging sectors, and enhancing its international presence [7][29]. - The company is transitioning from a product-centric approach to a customer-centric model, providing integrated solutions that encompass the entire lifecycle of equipment [30]. Market Performance - The company has seen a significant increase in overseas revenue, which accounted for 46.9% of total revenue in the first half of 2025, serving as a stabilizing force against domestic market fluctuations [7][34]. - The company’s profitability has improved, with a gross margin stabilizing above 22% and a net margin increasing from 2.44% in 2022 to 4.93% in the first three quarters of 2025 [36]. Strategic Initiatives - The company has launched a convertible bond issuance to fund smart manufacturing and production upgrades, aiming to enhance operational efficiency and risk resilience [27]. - The mixed-ownership reform has led to a diversified shareholding structure, which is expected to facilitate further integration of resources and innovation [19][21]. Future Outlook - The company aims to achieve a revenue target of 60 billion yuan by 2030, with a focus on increasing the international revenue share to over 60% and improving net profit margins [29]. - The strategic emphasis on electric and high-margin products is expected to enhance competitiveness and profitability in the face of domestic price pressures [36].