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 ...

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].

Summary of the Mêdog Hydropower Station Conference Industry Overview - The Mêdog Hydropower Station project is a significant infrastructure initiative in the hydropower sector, with a total investment of approximately 2 trillion yuan, which is six times that of the Three Gorges Project, but with only three times its power generation capacity [1][5]. Key Points and Arguments Project Investment and Capacity - The core power generation capacity of the Mêdog Hydropower Station is designed to be 49 million kilowatts, utilizing a 2,200-meter drop at the bend of the Yarlung Tsangpo River [3][5]. - The total investment is projected to be around 1.2 trillion yuan, with approximately 200 billion yuan allocated to address high-altitude equipment premiums and 200 billion yuan for international dispute conflicts [3][13]. - The investment recovery period is estimated to be 17 years, with an operational lifespan of 60 to 80 years [5]. Construction Timeline and Phases - The project will be executed in phases, with preliminary surveys and foundational construction from 2025 to 2027, followed by major construction from 2028 to 2035 [1][6]. - Key milestones include the start of tunnel construction in 2026, with 40% of annual funding directed towards this, and the first unit's pre-installation tendering expected between late 2028 and early 2029 [1][9]. Equipment and Technology - The project will require various types of equipment, including small shield machines (7-8 meters) for transportation tunnels and larger shield machines (around 15 meters) for the main construction phase [10][14]. - The demand for shield machines is significant, with an estimated procurement of 21-24 units, primarily from China Railway Construction Corporation [10][24]. Environmental and Ecological Considerations - The project includes ecological compensation measures and fish protection initiatives, with a focus on sustainable development [6][9]. - The local power consumption is expected to absorb about 20%-25% of the generated electricity, with the remainder being transmitted to major economic zones such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [41]. Challenges and Solutions - High-altitude construction presents unique challenges, including the need for equipment that can withstand extreme conditions, which has delayed the project’s initiation until recent technological advancements were made [2][30]. - The project has a comprehensive procurement strategy to ensure that over 92% of the equipment is sourced domestically, minimizing political and economic risks associated with foreign procurement [31]. Additional Important Information - The project will also involve significant geological exploration, with major contracts awarded to China National Petroleum Corporation and Sinopec for core drilling, totaling a budget of approximately 4.5 billion yuan [17]. - The construction will include various auxiliary facilities, such as a 600 MW regulating station and small photovoltaic and pumped storage facilities, bringing the total capacity to 60 million kilowatts [4][3]. - The project is expected to create a substantial number of jobs and stimulate local economies during its construction and operational phases [5][41]. This summary encapsulates the critical aspects of the Mêdog Hydropower Station project, highlighting its scale, investment, construction phases, technological requirements, and environmental considerations.

Core Viewpoint - The Chinese construction machinery industry has achieved significant export growth during the "14th Five-Year Plan" period, with a 1.5 times increase in exports, showcasing its product, research, and manufacturing capabilities [1][2]. Export Growth - From 2021 to 2024, the export value of construction machinery products is expected to grow rapidly for four consecutive years, with a projected export value of $52.859 billion in 2024, marking an 8.87% year-on-year increase [2]. - In 2020, the overall export value of China's construction machinery was $21 billion, indicating a growth of 1.5 times over four years [2]. Global Market Presence - Asia accounts for 43% of the export destinations, followed by Europe at 20%, Africa at 13.5%, and South America at approximately 11% [4]. - Countries involved in the Belt and Road Initiative represent nearly 50% of total exports, highlighting their importance as key markets [4]. Competitive Landscape - In the Middle East, Chinese companies captured 40% to 50% of new orders in a highly competitive market dominated by European and American firms [4]. - The overseas revenue share of A-share listed construction machinery companies increased from 11.38% in 2020 to 47.48% in 2024, with leading companies like SANY and Zoomlion deriving over half of their revenue from international operations [5]. Technological Advancements - Chinese construction machinery companies have developed a competitive edge through years of investment in electrification and intelligent technology [6]. - In 2024, the penetration rates for electric lifting platforms and forklifts are expected to reach 92.5% and 73.6%, respectively [7]. Localization Strategy - The industry is shifting from large-scale acquisitions to establishing independent production capacities overseas, reflecting a transition from "going out" to "going in" [10]. - SANY's "lighthouse factory" in Indonesia began operations in 2020, with plans for a second phase investment of $150 million, aiming for an annual output value of 5 billion yuan [10]. Future Outlook - The construction machinery sector is poised for continued growth, driven by increasing demand in regions with rich mineral resources and strong infrastructure needs, particularly in Southeast Asia, Africa, and the Middle East [5][10].

Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Construction Machinery Key Points Financial Performance - **Q2 Revenue Growth**: Expected to be between 10% and 15%, slightly lower than Q1, but within normal fluctuations [2][3] - **Cash Flow Improvement**: Significant improvement due to optimized revenue collection and payment processes, with inventory turnover rates increasing [2][17] Market Trends - **Domestic Excavator Market**: Price stability with intense competition in small excavators; company is shifting focus to medium and large excavators to enhance market share [2][11][30] - **Overseas Market Performance**: Stable growth in Southeast Asia and Africa, with high equipment utilization; however, the Russian market is facing a decline due to rising terminal rates [2][6] Strategic Initiatives - **Direct Sales Increase**: Plans to increase direct sales proportion, especially in Europe and the US, currently over 50% [2][7][9] - **Market Expansion**: Exploring opportunities in Russia, Brazil, and Africa, with potential capacity deployment in these regions [2][14] Product and Technology - **Electric Products Growth**: Increasing revenue share from electric products, with significant growth expected in concrete pumps and loaders [4][22] - **Focus on Large Excavators**: Shift in product strategy towards medium and large excavators to adapt to market competition [11][30] Regional Insights - **Southeast Asia**: Highest equipment utilization, particularly in Indonesia, with expected double-digit growth [6] - **North America**: Current inventory levels are approximately five months, with a gross margin around 20% despite high tariffs [12][13] Capital Expenditure - **Future Capital Expenditure**: Expected to be around 20-30 billion yuan, focusing on optimizing existing capacity rather than acquiring new land [15][16] Competitive Landscape - **Market Share Stability**: Anticipated slight fluctuations in market share, with medium and large excavators expected to maintain around 30% market share [4][31] Challenges and Risks - **Domestic Industry Adjustment**: Domestic market adjustments have a significant impact on capital market sentiment, but the company's performance remains stable due to strong overseas contributions [34] Corporate Governance - **Board Transition**: No specific timeline for board transition; the leadership team is relatively young, averaging in their forties [32][33] Investor Relations - **Shareholder Communication**: Company has a strong track record in shareholder communication, with a current price-to-book ratio of approximately two [35] Additional Notes - **Dealer Profitability**: Over 60% of excavator dealers reported profitability in the first half of the year, indicating a positive trend [25] - **Cost Optimization Measures**: Various cost control measures implemented, including supply chain improvements and management expense reductions [26][27] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of SANY Heavy Industry's current position and future outlook in the construction machinery industry.

Economic Growth and Development - Hunan's GDP is projected to exceed 5.3 trillion yuan in 2024, with a first-quarter GDP of 1.27024 trillion yuan, reflecting a year-on-year growth of 5.4% [1] - The province is focusing on high-quality development, aligning with national strategies for advanced manufacturing and technological innovation [1] Manufacturing and Industry - Hunan is enhancing its traditional industries while nurturing emerging sectors, achieving a 7.8% year-on-year increase in industrial output value in the first quarter, surpassing the national average by 1.3 percentage points [3] - The Heng-Chang-Zhu-Tan ultra-high voltage equipment industrial cluster reported a 17.5% increase in main business revenue, reaching 65 billion yuan in the first quarter [4] Technological Innovation - Hunan is advancing in agricultural technology with the development of non-destructive testing equipment for rice seed vitality, which is at an international leading level [5] - The province is implementing the "4+4" innovation strategy to enhance self-innovation capabilities in key sectors, with significant investments in research and development [6][7] Infrastructure and Open Economy - Hunan is improving its business environment through reforms like the "machine-managed bidding" system, which has increased participation from various enterprises [8][9] - The province has established multiple international trade routes and platforms, with a notable increase in trade with Africa, reaching 12.48 billion yuan in the first quarter, a 33.2% increase [10]

Core Viewpoint - The engineering machinery industry shows signs of recovery, with improvements in working hours and operating rates, although some metrics indicate a decline compared to previous periods [5][7]. Group 1: Monthly Working Hours - In April 2025, the average working hours for major engineering machinery products was 90.1 hours, representing a year-on-year increase of 3.20% but a slight month-on-month decrease of 0.05% [1]. - Specific working hours for various machinery in April 2025 included: excavators at 85 hours, loaders at 98.3 hours, and non-road mining dump trucks at 170 hours [1]. Group 2: Monthly Operating Rates - The operating rate for engineering machinery in April 2025 was 62%, which is a year-on-year decrease of 4.29 percentage points but an increase of 1.17 percentage points from the previous month [2]. - Operating rates for specific machinery in April 2025 included: excavators at 66.3%, loaders at 62.4%, and concrete pump trucks at 43% [2]. Group 3: Historical Data Review - The average working hours for major engineering machinery products in December 2024 was 93.9 hours, showing a month-on-month decline of 2.91% [5]. - In March 2025, the average working hours increased to 90.1 hours, with a year-on-year growth of 6.53% [6]. Group 4: Market Dynamics - The engineering machinery industry is experiencing a potential recovery, with improved expectations following a significant increase in exports, which rose over 70% despite a 13-month decline in domestic sales [7][9]. - February 2025 saw an improvement in operating rates, contributing to a more optimistic outlook for the engineering machinery sector [9].

Group 1 - Daimler Trucks' Mercedes-Benz Trucks and China's leading construction machinery manufacturer Zoomlion signed a global strategic cooperation agreement at the bauma 2025 event in Munich, Germany [2] - The collaboration aims to enhance the quality and brand image of Zoomlion's products while expanding its overseas sales channels through Mercedes-Benz's global service network [2] - Since the delivery of the first concrete pump chassis in 2003, the partnership has resulted in over 15,000 vehicles delivered, establishing a benchmark for Sino-German manufacturing collaboration [2] Group 2 - The deepening cooperation over the past 22 years has built a strong foundation, with Mercedes-Benz's reliable chassis technology and global service capabilities supporting Zoomlion's products and services [3] - Industry analysts believe that the collaboration will improve the reliability and stability of Zoomlion's construction machinery while ensuring after-sales support through Mercedes-Benz's extensive service network [3] - Mercedes-Benz's technical expertise will facilitate high-end customized products for Zoomlion, aiding in the automation and intelligent integration of its construction machinery [3]

2025年第1期 第56卷 总 第615 期 智能化 基于机器视觉的车辆外廓尺寸与位置测量方法研究* 王欣凯 1 ，张 鹏 2 ，胡晓旭 1 ，郑明刚 1 1.山东建筑大学机电工程学院；2.山东时风（集团）有限责任公司 摘 要|为提高现有的运输车车厢内机械手自动取样的工作安全性和取样精度，需要提高车厢尺寸测量精度。 针对传统的运输车车厢尺寸测量技术存在的局限性和精度不高的问题，提出采用激光雷达检测运输车车厢尺寸 的方法。通过外形扫描、点云处理、点云聚类对运输车点云做出车头、车厢分割，对分割后得到的特定点云进 行实时计算输出所需尺寸参数，并在实车上验证了系统的精度和可靠度。研究结果表明利用激光雷达可以有效 改进对运输车车厢尺寸的测量精度，对机械手进行车厢内货物自动取样等工作有着积极意义。 关键词：运输车；激光雷达；车辆外廓尺寸测量 基于Vision Master与S7 1200的无人挖掘机识别与定位控制系统设计与实现* 孙小肖，李钢，刘金鑫，覃卓卓，吴嘉鹏 南京工程学院机械工程学院 摘 要｜为实现挖掘机对目标物体的识别、定位以及挖掘作业，设计挖掘机目标识别与定位控制系统，并对挖 掘机进行运动学建模，在Visio ...