报告摘要 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025年11月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025年11月电动装载机销量2935台，同比增长192.0%；电动化率达到了25.7%，同比提升了14.1个百 分点。2025年1-11月电动装载机销量27049台，同比增长160.9%；电动化率达到了23.4%，同比提升 了12.9个百分点。中央经济工作会议指出2026年要深入推进重点行业节能降碳改造。我们认为绿色化、 电动化是工程机械行业未来的重点发展方向之一，国内厂商借电动化东风不断超车，工程机械电动化进程 有望加速推进，带来主机厂营收利润的进一步提升。 雅下水电工程开工有望带动工程机械需求提升 7月19日，雅鲁藏布江下游水电工程（以下简称雅下水电工程）开 ...

Group 1 - The mechanical industry experienced a significant increase of 41.69% in 2025, outperforming the CSI 300 index which rose by 17.66%, ranking 6th among 31 primary industries [4][10] - The top three sub-sectors in terms of growth were engineering machinery components, lithium battery equipment, and metal products, with increases of 93.20%, 92.49%, and 80.47% respectively, while the rail transit equipment sector saw a decline of 3.80% [4][10] - The mechanical equipment industry achieved a total revenue of 15,331.75 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.46%, and a net profit attributable to shareholders of 1,101.92 billion yuan, up 16.86% [4][16] Group 2 - The engineering machinery sector is entering a new upward cycle driven by domestic demand recovery, supported by policies and a renewal cycle, with excavator sales in China increasing by 18.59% year-on-year in 2025 [5][20] - Exports of excavators have shown a positive trend, with a cumulative sales volume of 10.40 million units from January to November 2025, reflecting a year-on-year growth of 14.85% [5][27] - The engineering machinery sector's revenue increased by 13.11% year-on-year in the first three quarters of 2025, with a net profit growth of 23.34% [32] Group 3 - The humanoid robot sector is approaching mass production, with major companies like Tesla, Unitree, and Xiaopeng planning to achieve production in 2026 [6][43] - The capital market for humanoid robots is heating up, with over 328 billion yuan raised in the first three quarters of 2025, and several companies have gone public [6][37] - Government policies are actively supporting the development of the humanoid robot industry, with multiple initiatives aimed at fostering innovation and establishing a competitive ecosystem [6][41] Group 4 - The AI industry is experiencing high growth, with significant capital expenditures from leading tech companies, including over 350 billion USD from global giants like Google and Microsoft in 2025 [7][47] - The demand for gas turbines is rising due to the construction of AI data centers, with global sales expected to reach 70,838 MW in 2025, up from 58,381 MW in 2024 [7][50] - The PCB equipment market is benefiting from the rapid development of AI, with a projected compound annual growth rate of 5.3% from 2025 to 2029 [7][53] Group 5 - The general equipment sector is seeing a recovery in domestic demand, particularly in industrial robots, forklifts, and machine tools, with industrial robot production increasing by 29.20% year-on-year [8][62] - Forklift sales in China reached 843,000 units in the first eleven months of 2025, reflecting a year-on-year growth of 14.27% [8][66] - The machine tool sector is also experiencing growth, with a production increase of 12.70% year-on-year, driven by demand from traditional industries and emerging sectors [8][69] Group 6 - The specialized equipment sector is witnessing a rebound in new energy and 3C equipment, with lithium battery equipment demand increasing as major battery manufacturers ramp up capital expenditures [8][8] - The photovoltaic equipment market is evolving towards high-quality development, shifting from price competition to technological differentiation [8][8] - The 3C equipment sector is benefiting from an innovation cycle in consumer electronics, particularly with the rise of foldable screens and AI-enabled devices [8][8]

据中国工程机械工业协会统计： 2025年工程机械主要产品平均工作时长为926小时，同比下降6.15%。其中：挖掘机815小时；装载机1088 小时；汽车起重机1228小时；履带起重机1056小时；塔式起重机550小时；压路机390小时；摊铺机461小时； 旋挖钻机812小时；非公路矿用自卸车1716小时；混凝土泵车484小时；混凝土搅拌车724小时；叉车1116小 时。 2025年工程机械主要产品开工率为55.4%，同比下降5.77个百分点。其中：挖掘机56.9%；装载机57.2%； 汽车起重机71%；履带起重机57.7%；塔式起重机38.1%；压路机42.1%；摊铺机50.7%；旋挖钻机43%；非公路 矿用自卸车43.9%；混凝土泵车35.7%；混凝土搅拌车31.5%；叉车57.5%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 ◆ 2025年11月工程机械主要产品月平均工作时长为84.2小时，同比下降13% ◆ 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03% ◆ 2025年9月工程机械主要产品月平均工作时长为78.1小时，同比下降13.3% ◆ 2025 ...

据中国工程机械工业协会统计： 2025年12月工程机械主要产品月平均工作时长为76.5小时，同比下降18.6%，环比下降9.19%。其中：挖 掘机69.3小时；装载机80.4小时；汽车起重机93.8小时；履带起重机94.7小时；塔式起重机43.9小时；压路机 24.9小时；摊铺机35.9小时；旋挖钻机72.4小时；非公路矿用自卸车154小时；混凝土泵车39.5小时；混凝土搅 拌车53.8小时；叉车110小时。 2025年12月工程机械主要产品月开工率为51.8%，同比下降12.5个百分点，环比下降4.72个百分点。其 中：挖掘机52.6%；装载机46.5%；汽车起重机67.2%；履带起重机56.9%；塔式起重机39.3%；压路机38.1%； 摊铺机56.3%；旋挖钻机41.7%；非公路矿用自卸车41.8%；混凝土泵车34.7%；混凝土搅拌车26.5%；叉车 66.2%。 【来源：中国工程机械工业协会】 2025年开工情况 数据回顾 ◆ 2025年11月工程机械主要产品月平均工作时长为84.2小时，同比下降13% ◆ 2025年10月工程机械主要产品月平均工作时长为80.9小时，同比下降9.03% ◆ 2025 ...

长江商报记者注意到，徐工集团本次增持徐工机械，主要为履行其此前作出的增持承诺，并通过本次增 持，维护公司股东利益，增强投资者信心。 除了控股股东增持之外，徐工机械积极落实稳定的分红政策。数据显示，徐工机械上市后累计分红 124.45亿元。 当前，徐工机械还在推进两笔股份回购。截至11月30日，徐工机械年内累计耗资30.5亿元回购。 作为国内工程机械行业的龙头企业，徐工机械通过股东增持、回购及分红等方式提升投资价值。更重要 的是，徐工机械坚守主业，全面提升上市公司基本面。 长江商报消息●长江商报记者 徐佳 作为徐州工程机械集团有限公司（以下简称"徐工集团"）工程机械板块的上市平台，徐工机械 （000425.SZ）获得徐工集团真金白银增持。 日前，徐工机械披露控股股东增持计划，公司控股股东徐工集团于12月26日增持公司股份177.95万股， 增持金额1996.92万元。包括本次增持在内，徐工集团计划在未来6个月内，合计增持公司股份不低于 8000万元且不超过1.6亿元。 数据显示，2025年前三季度，徐工机械实现营业收入781.57亿元，同比增长11.61%；归母净利润59.77 亿元，同比增长11.67%。重组 ...

长江商报消息 ●长江商报记者 徐佳 作为徐州工程机械集团有限公司（以下简称"徐工集团"）工程机械板块的上市平台，徐工机械（000425.SZ）获得 徐工集团真金白银增持。 日前，徐工机械披露控股股东增持计划，公司控股股东徐工集团于12月26日增持公司股份177.95万股，增持金额 1996.92万元。包括本次增持在内，徐工集团计划在未来6个月内，合计增持公司股份不低于8000万元且不超过1.6 亿元。 长江商报记者注意到，徐工集团本次增持徐工机械，主要为履行其此前作出的增持承诺，并通过本次增持，维护 公司股东利益，增强投资者信心。 除了控股股东增持之外，徐工机械积极落实稳定的分红政策。数据显示，徐工机械上市后累计分红124.45亿元。 当前，徐工机械还在推进两笔股份回购。截至11月30日，徐工机械年内累计耗资30.5亿元回购。 作为国内工程机械行业的龙头企业，徐工机械通过股东增持、回购及分红等方式提升投资价值。更重要的是，徐 工机械坚守主业，全面提升上市公司基本面。 数据显示，2025年前三季度，徐工机械实现营业收入781.57亿元，同比增长11.61%；归母净利润59.77亿元，同比 增长11.67%。重组 ...

积极财政政策拉动基建投资，工程机械中期需求持续复苏有保障 2025年12月10日-11日，中央经济工作会议在北京举行。会议指出，2026年要继续实施更加积极的财政 政策，保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构，规范税收 优惠、财政补贴政策。会议还指出要推动投资止跌回稳，适当增加中央预算内投资规模，优化实施"两 重"项目，优化地方政府专项债券用途管理，继续发挥新型政策性金融工具作用，有效激发民间投资活 力。积极的财政政策有望对明年的基建投资起到拉动作用，进而带动下游设备需求。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025年11月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025年11月我国挖掘机（含出口）销量20027台 ...

Investment Rating - The mechanical equipment industry maintains a standard rating of "Neutral" [1] Core Views - The report emphasizes the need to focus on the opportunities arising from the recent pullback in the robotics sector, driven by government support and accelerated technological advancements [5][66] - The engineering machinery sector is expected to enter a new cycle due to increasing penetration in mining, the commencement of major national projects, and favorable policies [5][66] Market Review - The mechanical equipment industry saw a bi-weekly increase of 3.82%, outperforming the CSI 300 index by 1.84 percentage points, ranking 10th among 31 industries [3][12] - Year-to-date, the industry has risen by 39.45%, surpassing the CSI 300 index by 21.46 percentage points, ranking 6th [3][12] - The specialized equipment sub-sector had the highest bi-weekly increase of 6.00%, while the engineering machinery sub-sector experienced a decline of 1.37% [3][18] Valuation - As of December 25, 2025, the price-to-earnings (PE) ratio for the mechanical equipment sector is 32.98 times, with specialized equipment at 34.58 times and general equipment at 46.29 times [4][24] Recommendations - The report suggests focusing on specific companies: - Huichuan Technology (300124) for its strong market position in servo products [67] - Greentech Harmonic (688017) as a leading company in harmonic reducers benefiting from smart manufacturing [67] - Sany Heavy Industry (600031) due to expected demand growth in excavators [67] - Hengli Hydraulic (601100) for its established market share in hydraulic cylinders [67]

世纪证券近日发布装备制造行业周报：根据中国工程机械工业协会数据，11月份，12类主要工程机械产 品内销同比10升2降（塔式起重机及高空作业车销量同比下降），出口销量同样是10升2降（摊铺机及升 降工作平台销量同比下降）。其中汽车起重机11月内销780台，同比增长25.8%，从7月份开始已连续5 个月实现同比正增长，进入自2021年以来持续下滑后的向上复苏趋势中。 以下为研究报告摘要： 1)工程机械：11月内销及出口均持续增长。根据中国工程机械工业协会数据，11月份，12类主要工程机 械产品内销同比10升2降（塔式起重机及高空作业车销量同比下降），出口销量同样是10升2降（摊铺机 及升降工作平台销量同比下降）。其中汽车起重机11月内销780台，同比增长25.8%，从7月份开始已连 续5个月实现同比正增长，进入自2021年以来持续下滑后的向上复苏趋势中。从出口看，随着内资企业 全球竞争力提升以及降息背景下需求向上，整体出口呈稳定增长态势。目前工程机械内需及出口共振向 上确定性高，我们建议重点关注出口竞争力强、非挖产品恢复明显的企业，以及高景气且毛利高的中大 型矿机等产品领域。 2)光伏：电池片环节上涨，整体需求依 ...

Group 1: Tesla and Autonomous Driving - Tesla's CEO Elon Musk confirmed the company has begun testing autonomous taxis without safety drivers, indicating a breakthrough in embodied intelligence technology [1][2] - The investment landscape in the embodied intelligence sector is shifting towards leading companies and addressing supply chain gaps, with 35 financing deals reported in November 2025 [2] Group 2: Space Policy and Commercial Launches - On December 18, former President Trump signed an executive order outlining a vision for a "America First" space policy, aiming for a return to the Moon by 2028 and establishing initial facilities for a permanent lunar outpost by 2030 [3] - The Long March 12 rocket successfully launched from Hainan on December 12, delivering 16 low-orbit satellite internet satellites, marking a significant advancement in China's commercial space efforts [3] Group 3: Engineering Machinery Exports - In October 2025, China's engineering machinery trade reached $4.844 billion, with exports totaling $4.668 billion, reflecting a year-on-year increase of 1.29% [4] - November saw strong sales in key engineering machinery products, with excavator sales at 20,027 units (up 13.9% year-on-year) and loader sales at 11,419 units (up 32.1% year-on-year), indicating robust growth in overseas expansion for domestic companies [4]