证券研究报告 2025年10月10日 行业评级：优于大市 评级变动：维持 机械设备行业跟踪：工程机械行业韧性足，内外销 整体边际改善 分析师：谷诚 资格证书：S0650524120002 邮箱：gucheng@mgzq.com 联系人：刘康衡 资格证书：S0650125020014 邮箱：liukangheng@mgzq.com 请务必阅读报告正文后的重要声明部分 摘要 资料来源：麦高证券研究发展部 请务必阅读报告正文后的重要声明部分 1 ➢ 宏观景气度跟踪：2025年8月中国制造业PMI录得49.4%，环比上升0.1个百分点，仍处于收缩区间，其中生产 PMI指数达50.8%，处于扩张区间。新订单PMI、原材料库存PMI指数和新出口订单PMI指数达49.5%、48.0%、 47.2%，相比于7月数据呈现边际改善态势，但是仍处于收缩区间。2025年8月中国工业生产者出厂价格指数 （PPI）同比下降2.9%，环比结束连续8个月下行态势，由下降0.2%转为持平，居民消费价格指数（CPI）由上 月同比持平转为下降0.4%。2025年1-8月全国固定资产投资完成额326111亿元，同比增长0.5%，其中基础设施 投资同 ...

资料显示，成都市新筑路桥机械股份有限公司位于四川省成都市四川新津工业园区，成立日期2001年3 月28日，上市日期2010年9月21日，公司主营业务涉及桥梁支座、桥梁伸缩装置、预应力锚具等公路、 铁路桥梁功能部件的研发、设计、生产、销售和服务。公司还从事路面施工和养护设备(包括摊铺机、 挖掘机等)、混凝土机械等产品的研发、生产、销售和服务,城市低地板车辆制造、新能源发电业务,包括 光伏电站的开发、建设及运营。主营业务收入构成为：光伏发电54.51%，桥梁功能部件27.97%，轨道 交通业务12.60%，其他4.93%。 新筑股份所属申万行业为：公用事业-电力-光伏发电。所属概念板块包括：PPP概念、小盘、铁路基 建、国资改革、轨道交通等。 截至9月19日，新筑股份股东户数2.75万，较上期减少2.31%；人均流通股27886股，较上期增加2.36%。 2025年1月-6月，新筑股份实现营业收入7.04亿元，同比减少37.53%；归母净利润-6771.02万元，同比增 长62.91%。 分红方面，新筑股份A股上市后累计派现1.24亿元。近三年，累计派现0.00元。 责任编辑：小浪快报 9月29日，新筑股份盘中上 ...

在陕西建设机械股份有限公司装配车间，工人进行摊铺机的生产工作。新华网 王智超摄 在陕西中科天地航空模块有限公司，一名员工正在进行电源模块的封口工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，一辆装配完成的汽车下线驶出车间。新华网 王智超摄 2025年1月至8月，西安市工业发展提速增效，规上工业产值6574.56亿元，增加值增长9.8%；工业投资710.26亿元，增长32.4%，增速预计居15个 副省级城市首位。 近年来，西安市笃定产业强市战略，深入实施工业倍增及制造业重点产业链高质量发展行动，推动传统产业提质升级、新兴产业壮大突破、未来 产业前瞻布局，加快构建现代化产业体系。（王智超） 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 在陕西建设机械股份有限公司装配车间，工人正在进行矿用防爆锂离子蓄电池无轨胶轮车的生产工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 在陕西汽车控股集团有限公司汽车总装配车间，工人进行装配生产工作。新华网 王智超摄 西安三角防务股份有限公司的蒙皮拉伸机。新华网 王智超摄 在 ...

Company Overview - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. is located in Sichuan Province, established on March 28, 2001, and listed on September 21, 2010. The company specializes in the R&D, design, production, sales, and service of bridge components such as bridge bearings, expansion devices, and prestressed anchorage [2] - The company's main business revenue composition includes: 54.51% from photovoltaic power generation, 27.97% from bridge functional components, 12.60% from rail transit business, and 4.93% from other sources [2] - The company operates in the public utility sector, specifically in electricity and photovoltaic power generation, and is involved in various concept sectors including PPP, railway infrastructure, small-cap stocks, state-owned enterprise reform, and vanadium batteries [2] Financial Performance - As of September 19, the number of shareholders for Xinzhu Co. is 27,500, a decrease of 2.31% from the previous period, with an average of 27,886 circulating shares per person, an increase of 2.36% [2] - For the first half of 2025, Xinzhu Co. reported revenue of 704 million yuan, a year-on-year decrease of 37.53%, while the net profit attributable to shareholders was -67.71 million yuan, reflecting a year-on-year increase of 62.91% [2] Stock Performance - On September 26, Xinzhu Co.'s stock price fell by 2.02%, trading at 6.78 yuan per share, with a total market capitalization of 5.215 billion yuan [1] - Year-to-date, the stock price has increased by 31.40%, with a slight decline of 1.02% over the last five trading days and a decrease of 1.45% over the last 20 days, while showing a 12.25% increase over the last 60 days [1] - The company has appeared on the trading leaderboard three times this year, with the most recent appearance on June 12, where it recorded a net buy of 16.88 million yuan [1]

Group 1 - The core viewpoint of the news is that Xinzhu Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable decline of 2.11% on September 18, 2023, and a year-to-date increase of 34.88% [1] - As of September 10, 2023, Xinzhu Co., Ltd. has a market capitalization of 5.353 billion yuan and a trading volume of 38.5951 million yuan on the specified date [1][2] - The company has seen a net outflow of main funds amounting to 6.5354 million yuan, with significant selling pressure from large orders [1] Group 2 - Xinzhu Co., Ltd. is primarily engaged in the research, design, production, sales, and service of bridge functional components, with a revenue composition of 54.51% from photovoltaic power generation, 27.97% from bridge components, and 12.60% from rail transit [2] - The company operates in the public utility sector, specifically in the electric power and photovoltaic generation industry, and is involved in various concept sectors including PPP, railway infrastructure, and green power [2] - For the first half of 2025, Xinzhu Co., Ltd. reported an operating income of 704 million yuan, a year-on-year decrease of 37.53%, while the net profit attributable to shareholders was -67.7102 million yuan, reflecting a year-on-year increase of 62.91% [2] Group 3 - Since its A-share listing, Xinzhu Co., Ltd. has distributed a total of 124 million yuan in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - The latest data from the "CCTV Finance Excavator Index" indicates a steady progress in road construction and strong performance in port equipment, reflecting the resilience and vitality of foreign trade in August [1][10]. Group 1: National Construction Activity - In August, the average operating rate of construction machinery in the country was 43.42%, with ten provinces ranking in the top for operating rates, including Zhejiang, Hainan, and Jiangxi [3]. - Ten provinces experienced a month-on-month increase in workload, with half of these located in the western region, indicating sustained growth in infrastructure construction [6]. Group 2: Road Equipment Performance - The workload of road equipment in August increased by 4.06% year-on-year and 5.81% month-on-month, with specific increases in paver and roller machinery [8]. - Paver machinery saw a year-on-year increase of 1.41% and a month-on-month increase of 9.74%, while roller machinery's workload increased by 5.89% year-on-year and 3.34% month-on-month [8]. Group 3: Foreign Trade and Port Equipment - August marked the third consecutive month of growth in both exports and imports, with port equipment workload increasing by 18.33% year-on-year and 1.48% month-on-month [11]. - Specific equipment such as the reach stacker and container handler showed significant increases in workload, with the reach stacker up by 9.97% year-on-year and 2.21% month-on-month [11]. Group 4: Regional Insights - The central region's comprehensive operating rate was 48.12% in August, with excavator and pile driver equipment leading in operating rates nationally [14]. - The western region demonstrated a strong economic performance, with a comprehensive operating rate of 47.69% and leading rates in various equipment categories [17]. - The northeastern region's comprehensive operating rate was 46.40%, with road equipment operating rates reaching 61.55%, the highest among all regions [20].

Group 1 - The core business of the company includes the research, design, production, sales, and service of bridge components, road construction and maintenance equipment, and renewable energy projects, with photovoltaic power generation accounting for 54.51% of revenue [2] - The company has seen a stock price increase of 37.60% year-to-date, with a recent trading volume of 69.24 million yuan and a market capitalization of 5.461 billion yuan [1] - The company reported a revenue of 704 million yuan for the first half of 2025, a year-on-year decrease of 37.53%, while the net profit attributable to shareholders was -67.71 million yuan, an increase of 62.91% year-on-year [2] Group 2 - The company has been listed on the stock market since September 21, 2010, and has a total of 28,200 shareholders as of September 10, with a decrease of 1.34% from the previous period [2] - The company has not distributed any dividends in the last three years, with a total payout of 124 million yuan since its A-share listing [3] - The company operates in the public utility sector, specifically in the electric power and photovoltaic generation industry, and is involved in various concept sectors including PPP, railway infrastructure, and green power [2]

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components like track chassis and transmission parts [2]. - The sales model includes a combination of agency distribution for main products and a mix of supply and agency sales for parts, along with expanding into operational leasing services [2]. Group 2: Excavator Business Development - The excavator market has seen significant growth in the first half of the year due to a combination of policy stimulation, infrastructure resilience, and inventory clearance [3]. - The company completed a strategic merger with Shandong Heavy Industry in December 2024, enhancing resource integration in R&D, manufacturing, sales, and service for excavators [3]. - The product range for excavators spans from 1.5 tons to 200 tons, achieving a market coverage rate of over 98%, with industry-leading technology in electronic control systems, noise reduction, and energy efficiency [3]. Group 3: H-Share Issuance - In July 2025, the company’s board approved the issuance of H shares and listing on the Hong Kong Stock Exchange [4]. - The company received approval from its controlling shareholder for the H share issuance and submitted the application to the Hong Kong Stock Exchange on August 28, 2025 [4]. - The proposed issuance will not exceed 15% of the total share capital post-issuance, amounting to a maximum of 264,731,100 shares, with pricing determined through market-based methods [4].

Grading 1: Grader Machines - In August 2025, a total of 683 grader machines were sold, representing a year-on-year decline of 12.4%, with domestic sales of 108 units (up 16.1%) and exports of 575 units (down 16.3%) [1] - From January to August 2025, 5,650 grader machines were sold, marking a year-on-year increase of 5.25%, with domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [1] Grading 2: Truck Cranes - In August 2025, 1,434 truck cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [2] - From January to August 2025, 13,544 truck cranes were sold, a year-on-year decline of 6.47%, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [2] Grading 3: Crawler Cranes - In August 2025, 273 crawler cranes were sold, showing a year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [3] - From January to August 2025, 2,080 crawler cranes were sold, reflecting a year-on-year increase of 16.4%, with domestic sales of 644 units (up 12.8%) and exports of 1,436 units (up 18.1%) [3] Grading 4: Truck-Mounted Cranes - In August 2025, 1,664 truck-mounted cranes were sold, up 7.29% year-on-year, with domestic sales of 1,313 units (up 24.2%) and exports of 351 units (down 28.9%) [4] - From January to August 2025, 16,871 truck-mounted cranes were sold, a year-on-year increase of 3.68%, with domestic sales of 13,158 units (up 0.58%) and exports of 3,713 units (up 16.4%) [4] Grading 5: Tower Cranes - In August 2025, 424 tower cranes were sold, down 9.79% year-on-year, with domestic sales of 219 units (down 29.1%) and exports of 205 units (up 27.3%) [5] - From January to August 2025, 3,605 tower cranes were sold, reflecting a year-on-year decline of 34.5%, with domestic sales of 1,936 units (down 54.1%) and exports of 1,669 units (up 29.7%) [5] Grading 6: Industrial Vehicles - In August 2025, 118,087 forklifts were sold, representing a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [6] - From January to August 2025, 976,026 forklifts were sold, marking a year-on-year increase of 12.9%, with domestic sales of 616,256 units (up 11.3%) and exports of 359,770 units (up 15.7%) [6] Grading 7: Rollers - In August 2025, 1,312 rollers were sold, showing a year-on-year increase of 14.1%, with domestic sales of 476 units (up 6.49%) and exports of 836 units (up 18.9%) [7] - From January to August 2025, 12,172 rollers were sold, reflecting a year-on-year increase of 20.7%, with domestic sales of 4,625 units (up 15.4%) and exports of 7,547 units (up 24.3%) [8] Grading 8: Pavers - In August 2025, 118 pavers were sold, up 20.4% year-on-year, with domestic sales of 80 units (up 37.9%) and exports of 38 units (down 5%) [9] - From January to August 2025, 1,117 pavers were sold, marking a year-on-year increase of 33.5%, with domestic sales of 816 units (up 43.9%) and exports of 301 units (up 11.5%) [9] Grading 9: Aerial Work Platforms - In August 2025, 13,430 aerial work platforms were sold, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [10] - From January to August 2025, 119,485 aerial work platforms were sold, reflecting a year-on-year decline of 30.5%, with domestic sales of 45,834 units (down 47.2%) and exports of 73,651 units (down 13.6%) [10] Grading 10: High-altitude Work Vehicles - In August 2025, 490 high-altitude work vehicles were sold, showing a year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) and exports of 5 units (down 70.6%) [11] - From January to August 2025, 3,334 high-altitude work vehicles were sold, reflecting a year-on-year increase of 40.5%, with domestic sales of 3,189 units (up 39.3%) and exports of 145 units (up 72.6%) [11]

Core Viewpoint - The article provides a comprehensive overview of the sales performance of various construction machinery in China for August 2025, highlighting growth in excavators and loaders while noting declines in other categories such as graders and tower cranes [1][3][7][8][13]. Excavators - In August 2025, a total of 16,523 excavators were sold, representing a year-on-year increase of 12.8%. Domestic sales accounted for 7,685 units (up 14.8%), while exports reached 8,838 units (up 11.1%) [1][2]. - From January to August 2025, 154,181 excavators were sold, marking a 17.2% increase year-on-year, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%) [1][2]. Loaders - In August 2025, 9,440 loaders were sold, reflecting a year-on-year growth of 13.3%. Domestic sales were 4,774 units (up 18.3%), and exports were 4,666 units (up 8.69%) [3][4]. - For the period from January to August 2025, total loader sales reached 83,209 units, a 12.9% increase year-on-year, with domestic sales of 44,945 units (up 20.2%) and exports of 38,264 units (up 5.3%) [5][4]. Graders - In August 2025, 683 graders were sold, showing a year-on-year decline of 12.4%. Domestic sales were 108 units (up 16.1%), while exports totaled 575 units (down 16.3%) [7]. Cranes - In August 2025, 1,434 truck-mounted cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [8]. - For the first eight months of 2025, total sales of truck-mounted cranes were 13,544 units, a decrease of 6.47% year-on-year, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [8]. Other Machinery - In August 2025, 273 crawler cranes were sold, marking a significant year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [10]. - The sales of various types of forklifts reached 118,087 units in August 2025, reflecting a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [15]. - The sales of elevating work platforms totaled 13,430 units in August 2025, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [19]. - In August 2025, 490 aerial work vehicles were sold, showing a remarkable year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) [21].