在中联重科的试验工地，泵车、起重机、挖掘机等"钢铁巨兽"如同默契共舞的机器人，通过感知、交流与协作， 实现全自主施工。这不仅是效率的倍增与能耗的降低，更将人从危险、艰苦的环境中解放出来。在这场智能化升 级浪潮中，中国工程机械正以领先的技术集成与场景解决方案，走向世界大舞台。 化繁为简 在数十米高空中，以厘米级的精度，将混凝土均匀填充到建筑模板腔体中，只需要简单地推拉遥控器上的一个手 柄，安装在混凝土泵车臂架末端的布料管便能完成任务。 就在几年前，这样"游戏"般的操作还不可想象。混凝土泵车机手，是一个至少需要两年培训才能熟练独立操作的 工种。如果要操控混凝土泵车臂架，传统的遥控器上对应的手柄数量多达七个，机手需要逐个操控，调配各个关 节使臂架走出直线、弧线等各种轨迹，才能完成一次布料。 中联重科中央研究院技术研究中心副主任于晓颖介绍，过去，混凝土泵车往往采用三节以上臂架的折叠式设计， 每个臂架关节都需要单独进行控制。在现实中高空作业设备林立的建设工地，还要考虑各类障碍物的严重遮挡， 往往需要多人、多角度实时观察、沟通才能确保施工安全。作业精度低、安全风险高。 证券时报记者 张一帆 在数十米高空中进行厘米级精度的 ...

Core Viewpoint - The article provides an overview of the sales performance of various construction machinery in China for July 2025, highlighting significant growth in excavator and loader sales, while also noting declines in certain categories like tower cranes and aerial work platforms [20][24]. Excavators - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1][20]. - From January to July 2025, a cumulative total of 137,658 excavators were sold, reflecting a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [2][20]. Loaders - In July 2025, 9,000 loaders were sold, showing a year-on-year increase of 7.41%. Domestic sales were 4,549 units (up 2.48%), while exports totaled 4,451 units (up 13%) [3][20]. - For the first seven months of 2025, total loader sales reached 73,769 units, a 12.8% increase year-on-year, with domestic sales of 40,171 units (up 20.4%) and exports of 33,598 units (up 4.85%) [4][20]. Other Machinery - Graders sold in July 2025 totaled 624 units, with a year-on-year increase of 1.96%. Domestic sales were 97 units (up 7.78%), and exports were 527 units (up 0.96%) [6][20]. - In July 2025, 1,358 truck cranes were sold, reflecting a 9.6% increase year-on-year, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [8][20]. - Sales of crawler cranes reached 241 units in July 2025, a significant year-on-year increase of 57.5%, with domestic sales of 62 units (up 72.2%) and exports of 179 units (up 53%) [10][20]. - The sales of forklifts in July 2025 amounted to 118,605 units, a 14.4% increase year-on-year, with domestic sales of 69,700 units (up 14.3%) and exports of 48,905 units (up 14.5%) [16][20]. - In July 2025, 1,410 rollers were sold, marking a 23.8% increase year-on-year, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [17][20]. - Sales of aerial work platforms in July 2025 totaled 13,559 units, a decline of 38.3% year-on-year, with domestic sales of 5,098 units (down 51.4%) and exports of 8,461 units (down 26.3%) [19][20]. Summary Table - A summary table of major construction machinery sales in July 2025 indicates varied performance across categories, with excavators and loaders showing strong growth, while tower cranes and aerial work platforms experienced declines [20].

Investment Rating - The report does not explicitly state an investment rating for the equipment manufacturing industry, but it suggests a focus on companies with high performance certainty in the main engine sector [1]. Core Insights - The equipment manufacturing sector has shown positive trends, with significant growth in domestic sales of major engineering machinery products, particularly excavators, which saw increases of 6.2% and 17.2% in June and July respectively [2]. - The automotive sector experienced a slight decline in retail sales for traditional vehicles, while new energy vehicle sales increased by 6% year-on-year during the first ten days of August [2]. - The photovoltaic sector is facing challenges with weak demand and stable material prices, necessitating close attention to upcoming industry meetings and policy developments [2]. Summary by Sections Market Review - From August 11 to August 15, the indices for mechanical equipment, electric power equipment, and automotive industries rose by 3.21%, 5.84%, and 3.08% respectively, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.37% [7][9]. - The top-performing sub-sectors included electric motors and other power equipment, which rose by 10.21% and 9.99% respectively, while the automotive service sector saw a decline of 1.35% [9]. Industry News and Key Company Announcements - The report highlights the 2025 World Humanoid Robot Games, showcasing advancements in robotics [17]. - A new unified world model platform for real-world robot control was launched, indicating innovation in the robotics field [17]. - The Guizhou provincial government has initiated a three-year action plan for the high-quality development of the low-altitude economy, aiming for significant advancements by 2027 [17]. - The storage industry is responding to competitive pressures with a new initiative aimed at promoting fair competition [17]. - Several companies, including North Car and Best, reported significant revenue growth in their recent half-year earnings reports, indicating a positive trend in the equipment manufacturing sector [18][19].

Group 1: Sales Performance Overview - In July 2025, various types of cranes sold totaled 1358 units, representing a year-on-year increase of 9.6%, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [1] - For the first seven months of 2025, total crane sales reached 12110 units, a decline of 6.68%, with domestic sales at 6755 units (down 11.3%) and exports at 5355 units (down 0.11%) [1] Group 2: Specific Equipment Sales - In July 2025, 624 graders were sold, marking a 1.96% increase year-on-year, with domestic sales of 97 units (up 7.78%) and exports of 527 units (up 0.96%) [2] - For the first seven months of 2025, total grader sales were 4967 units, an increase of 8.26%, with domestic sales at 915 units (up 36%) and exports at 4052 units (up 3.5%) [2] Group 3: Crane Types Performance - In July 2025, 241 crawler cranes were sold, showing a significant year-on-year increase of 57.5%, with domestic sales of 62 units (up 72.2%) and exports of 179 units (up 53%) [3] - For the first seven months of 2025, total crawler crane sales reached 1807 units, a 13.1% increase, with domestic sales at 556 units (up 8.38%) and exports at 1251 units (up 15.4%) [3] Group 4: Truck-Mounted Crane Sales - In July 2025, 1787 truck-mounted cranes were sold, reflecting a year-on-year increase of 9.1%, with domestic sales of 1440 units (up 9.34%) and exports of 347 units (up 8.1%) [4] - For the first seven months of 2025, total truck-mounted crane sales were 15207 units, a 3.3% increase, with domestic sales at 11845 units (down 1.5%) and exports at 3362 units (up 24.7%) [4] Group 5: Tower Crane Sales - In July 2025, 410 tower cranes were sold, a year-on-year decrease of 26.9%, with domestic sales of 222 units (down 42.5%) and exports of 188 units (up 7.43%) [5] - For the first seven months of 2025, total tower crane sales reached 3181 units, a decline of 36.8%, with domestic sales at 1717 units (down 56%) and exports at 1464 units (up 30%) [5] Group 6: Forklift Sales - In July 2025, 118605 forklifts were sold, representing a year-on-year increase of 14.4%, with domestic sales of 69700 units (up 14.3%) and exports of 48905 units (up 14.5%) [6] - For the first seven months of 2025, total forklift sales were 857939 units, a 12% increase, with domestic sales at 546082 units (up 10.4%) and exports at 311857 units (up 15.1%) [6] Group 7: Roller Sales - In July 2025, 1410 rollers were sold, reflecting a year-on-year increase of 23.8%, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [7] - For the first seven months of 2025, total roller sales reached 10860 units, a 21.6% increase, with domestic sales at 4149 units (up 16.5%) and exports at 6711 units (up 25%) [8] Group 8: Paver Sales - In July 2025, 109 pavers were sold, marking an 11.2% year-on-year increase, with domestic sales of 84 units (up 75%) and exports of 25 units (down 50%) [9] - For the first seven months of 2025, total paver sales were 999 units, a 35.2% increase, with domestic sales at 736 units (up 44.6%) and exports at 263 units (up 14.3%) [9] Group 9: Aerial Work Platform Sales - In July 2025, 13559 aerial work platforms were sold, a year-on-year decrease of 38.3%, with domestic sales of 5098 units (down 51.4%) and exports of 8461 units (down 26.3%) [10] - For the first seven months of 2025, total aerial work platform sales reached 106055 units, a decline of 31.8%, with domestic sales at 41794 units (down 47.7%) and exports at 64261 units (down 14.9%) [10] Group 10: High-altitude Work Vehicle Sales - In July 2025, 399 high-altitude work vehicles were sold, showing a significant year-on-year increase of 97.5%, with domestic sales of 392 units (up 99%) and exports of 7 units (up 40%) [11] - For the first seven months of 2025, total high-altitude work vehicle sales were 2844 units, a 34.6% increase, with domestic sales at 2704 units (up 32.2%) and exports at 140 units (up 109%) [11]

Summary of Conference Call Records Industry Overview - The excavator market in July exceeded expectations for both domestic and international sales, with a strong upward cycle observed in both markets [1] - The domestic excavator market is experiencing structural optimization, with an increased demand for medium and large excavators, leading to enhanced profit elasticity [1][2] - The overall engineering machinery sector is characterized by a robust profit pool, presenting high investment value [2] Key Insights - **Domestic Market Dynamics**: - The demand for small excavators is supported by central government funding for water conservancy projects and high-standard farmland construction, with a significant increase in fixed asset investment in the water management sector [1][7] - Medium and large excavators are affected by the slow issuance of local government special bonds, leading to a cautious outlook for the next 3-5 years [1][8] - The relationship between excavator sales and stock prices is significant, with stock prices influenced by sales trends despite the limited impact of sales on overall profits [3] - **Sales and Inventory Trends**: - There is a notable divergence between sales and operating hours, primarily due to the increased share of small excavators and low operating rates for medium and large excavators [4] - Dealer inventory levels have been low, around 1.5 to 2 months, leading to a replenishment phenomenon in July, which supported sales [6] - **Future Demand Projections**: - The demand for small excavators is expected to remain strong as long as government policies are clear and funding is in place [7] - The medium and large excavator market may rely heavily on policy guidance and support in the coming years [8] Export Performance - Excavator exports are projected to grow by 10%-15% for the year, with strong performance noted in Africa, Indonesia, and the Middle East [1][10] - The total export value for excavators is expected to reach approximately 7-8 billion RMB, with a year-on-year growth of 60% [11] - The demand structure in key regions has improved, with medium and large excavators making up a significant portion of exports [11] Non-Excavator Segment - The non-excavator segment has shown good profit release, with improvements in export structure and a narrowing decline in certain product categories [9] - The overall trend for cranes and other lifting equipment remains positive, with a significant market share held by Chinese brands [13] Investment Recommendations - The focus for stock selection this year is on leading companies such as SANY and XCMG, which are expected to have greater profit elasticity in an upward cycle [15] - Other recommended companies include Liugong, Zoomlion, and Shantui, which are seen as having potential for growth but may not match the profit realization of the leading firms [15]

Core Viewpoint - The construction machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges in the market despite some signs of recovery in demand [1][2][5]. Group 1: Monthly Working Hours - In July 2025, the average working hours for major construction machinery products was 80.8 hours, a year-on-year decrease of 6.91% but a month-on-month increase of 4.58% [1]. - Specific working hours for various machinery in July 2025 included: excavators at 66.1 hours, loaders at 99.4 hours, truck cranes at 115 hours, crawler cranes at 94.4 hours, tower cranes at 51 hours, road rollers at 42.8 hours, pavers at 48.7 hours, rotary drilling rigs at 58.6 hours, non-road mining dump trucks at 125 hours, concrete pump trucks at 43.5 hours, mixer trucks at 68.6 hours, and forklifts at 102 hours [1]. Group 2: Monthly Operating Rates - The operating rate for major construction machinery products in July 2025 was 56.2%, a year-on-year decrease of 6.72 percentage points and a month-on-month decrease of 0.66 percentage points [2]. - The operating rates for specific machinery in July 2025 included: excavators at 56.7%, loaders at 59.1%, truck cranes at 72.8%, crawler cranes at 57.9%, tower cranes at 39.6%, road rollers at 48.5%, pavers at 60.9%, rotary drilling rigs at 41.9%, non-road mining dump trucks at 41.6%, concrete pump trucks at 38.1%, mixer trucks at 34.2%, and forklifts at 56.4% [2]. Group 3: Historical Data Review - The average working hours for major construction machinery products showed a downward trend from January to July 2025, with notable declines in June (77.2 hours, down 9.11% year-on-year) and May (84.5 hours, down 3.86% year-on-year) [5]. - The data indicates fluctuations in working hours throughout 2025, with a significant increase in February (46.4 hours, up 70.3% year-on-year) and a peak in March and April (90.1 hours, up 6.53% year-on-year) [5].

Core Viewpoint - The industry is expected to see continuous improvement in its prosperity due to the gradual implementation of counter-cyclical fiscal policies and a cyclical upswing in the industry, with excavator domestic sales growth likely to continue rising. Although exports face certain trade friction risks, most major engineering machinery manufacturers have limited exposure to the U.S. market, making the risks manageable. Overall, opportunities outweigh risks in 2025 [1]. Group 1: Industry Performance - In June 2025, domestic excavator sales reached 8,136 units, a year-on-year increase of 6.20%, while total excavator sales were 18,804 units, up 13.3% year-on-year. Exports accounted for 10,668 units, reflecting a 19.3% increase [2]. - For the first half of 2025, total excavator sales were 120,520 units, a 16.8% year-on-year increase, with domestic sales at 65,637 units, up 22.9%, and exports at 54,883 units, up 10.2% [2]. - The average monthly working hours for major engineering machinery in June 2025 were 77.2 hours, down 9.11% year-on-year, with excavators averaging 64.2 hours [2]. - The monthly operating rate for major engineering machinery in June 2025 was 56.9%, a decrease of 7.55 percentage points year-on-year, with excavators at 58.2% [2]. Group 2: Trade Risks - Most Chinese engineering machinery manufacturers have limited exposure to the U.S. market, with XCMG's U.S. market revenue accounting for less than 1% of total revenue, and Zoomlion's around 1%. Hengli Hydraulic's export revenue to the U.S. is approximately 5% of total revenue, indicating that overall risks are manageable [3].

Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3%. Domestic sales accounted for 8,136 units, up 6.2%, while exports reached 10,668 units, up 19.3% [1] - From January to June 2025, a total of 120,520 excavators were sold, marking a 16.8% increase year-on-year. Domestic sales were 65,637 units, up 22.9%, and exports were 54,883 units, up 10.2% [1] - In June 2025, 27 electric excavators were sold, including 11 units under 6 tons, 4 units between 10 to 18.5 tons, and 12 units between 18.5 to 28.5 tons [1] Loader Sales - In June 2025, 12,014 loaders were sold, reflecting an 11.3% year-on-year increase. Domestic sales were 6,015 units, up 13.6%, and exports were 5,999 units, up 9.11% [2][3] - From January to June 2025, a total of 64,769 loaders were sold, with domestic sales of 35,622 units (up 23.2%) and exports of 29,147 units (up 3.71%) [3] Electric Loader Sales - In June 2025, 3,049 electric loaders were sold, with various weight categories contributing to the total [4][5] Grader Sales - In June 2025, 763 graders were sold, down 11.2% year-on-year. Domestic sales were 141 units, up 38.2%, while exports were 622 units, down 17.8% [6] - From January to June 2025, a total of 4,343 graders were sold, marking a 9.23% increase year-on-year. Domestic sales were 818 units, up 40.3%, and exports were 3,525 units, up 3.89% [7] Crane Sales - In June 2025, 1,649 cranes were sold, down 5.28% year-on-year. Domestic sales were 901 units, down 7.59%, and exports were 748 units, down 2.35% [8] - From January to June 2025, a total of 10,752 cranes were sold, down 8.4% year-on-year. Domestic sales were 6,082 units, down 12.9%, and exports were 4,670 units, down 1.73% [9] Forklift Sales - In June 2025, 137,570 forklifts were sold, up 23.1% year-on-year. Domestic sales were 83,892 units, up 27.3%, and exports were 53,678 units, up 17.2% [10] - From January to June 2025, a total of 739,334 forklifts were sold, reflecting an 11.7% year-on-year increase. Domestic sales were 476,382 units, up 9.79%, and exports were 262,952 units, up 15.2% [10] Paver Sales - In June 2025, 182 pavers were sold, representing a significant year-on-year increase of 78.4%. Domestic sales were 131 units, up 95.5%, and exports were 51 units, up 45.7% [11] - From January to June 2025, a total of 890 pavers were sold, marking a 38.8% increase year-on-year. Domestic sales were 652 units, up 41.4%, and exports were 238 units, up 32.2% [12] Aerial Work Platform Sales - In June 2025, 17,963 aerial work platforms were sold, down 16.4% year-on-year. Domestic sales were 7,505 units, down 42.1%, while exports were 10,458 units, up 22.7% [13] - From January to June 2025, a total of 92,496 aerial work platforms were sold, down 30.7% year-on-year. Domestic sales were 36,696 units, down 47.2%, and exports were 55,800 units, down 12.9% [13]

Core Viewpoint - The excavator sales in China showed significant growth in the first half of the year, exceeding expectations, with a total of 120,520 units sold, representing a year-on-year increase of 16.8% [1] Sales Performance - In the first half of the year, domestic sales reached 65,637 units, up 22.9%, while exports totaled 54,883 units, marking a 10.2% increase [1] - In June alone, excavator sales reached 18,804 units, a 13.3% year-on-year increase, with domestic sales at 8,136 units (up 6.2%) and exports at 10,668 units (up 19.3%) [3] Market Trends - After a brief decline in May, domestic excavator sales rebounded in June, supported by accelerating second-hand machine exports and policy-driven demand [2] - The construction machinery industry is experiencing a recovery, with the real estate sector's negative impact on excavator sales diminishing and infrastructure investment remaining resilient [3] Export Dynamics - The export value of China's construction machinery in May was 36.168 billion yuan, a 10.1% increase year-on-year, with a total export value of 165.91 billion yuan from January to May, also up 10.2% [4] - Emerging markets in the Middle East, Southeast Asia, and Africa are driving demand, with Chinese equipment's cost-performance advantage facilitating market expansion [4] Industry Outlook - Major construction machinery companies are optimistic about the market recovery, with expectations of stable growth in domestic and overseas markets [5][7] - The industry is anticipated to continue its upward trajectory, driven by infrastructure investments, new urbanization, and the increasing penetration of renewable energy products [9]

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]