智通财经APP获悉，据中国工程机械工业协会对挖掘机主要制造企业统计，2025年12月销售各类挖掘机 23095台，同比增长19.2%。其中国内销量10331台，同比增长10.9%;出口量12764台，同比增长26.9%。 2025年，共销售挖掘机235257台，同比增长17%;其中国内销量118518台，同比增长17.9%;出口116739 台，同比增长16.1%。 据中国工程机械工业协会对装载机主要制造企业统计，2025年12月销售各类装载机12236台，同比增长 30%。其中国内销量5291台，同比增长17.6%;出口量6945台，同比增长41.5%。 2025年，共销售各类装载机128067台，同比增长18.4%。其中国内销量66330台，同比增长22.1%;出口量 61737台，同比增长14.6%。 2025年12月销售电动装载机2722台(3吨以下72台，3吨181台，4吨10台，5吨1499台，6吨820台，7吨129 台，8吨3台，8吨以上3台，滑移装载机3台，挖掘装载机2台)。 2025年12月销售电动挖掘机39台(6吨级以下11台，6至10吨级7台，10至18.5吨级2台，18.5至28.5 ...

（来源：工人日报） 近日，广西柳工机械股份有限公司（以下简称柳工）正式发布智能管家2.0，以AI赋能设备全生命周期 管理，为行业智能化转型注入新动能。 当前，工程机械行业正加速向高端化、智能化、绿色化转型，客户对设备运维的精准度、效率要求不断 提升。作为行业领军企业之一，柳工依托多年技术积淀，打通"数据-算法-设备-服务"链路。 由于该沉淀池较深，挖掘装置悬臂也较长，存在属具下降晃动大等问题，为了改善挖掘装置工作的平顺 性，团队花了很长时间尝试了各种方案，最后找到了最优方案：在工作液压系统分配阀上加阻尼和限速 阀，使挖掘装置工作时更柔顺。 在经过一系列可行性分析、商讨方案后，柳工花了1个月左右就完成产品交付。"虽然这笔订单量不算 多，但数量并不是关键。"李泽华表示，更重要的是让客户看到柳工"以客户为本"的态度以及帮客户解 决问题的能力，柳工期待跟客户达成长期合作的关系，拓宽市场。 不再只是单一的产品交付，柳工正加快培育和发展新质生产力，不断探索从传统设备制造商向智慧绿色 装备和技术解决方案提供商转型。硬核实力加持，让柳工订单接不停。 智能化改造大幅提升效率 在柳工装载机智能工厂中，机械臂精准舞动，AGV（自动 ...

Core Viewpoint - The engineering machinery industry in China is expected to continue its recovery throughout the year, driven by large-scale equipment renewal policies, real estate financial policies, and significant water conservancy projects. Domestic demand is rebounding, while companies are expanding their overseas presence and establishing local production capabilities, leading to increased market penetration [1]. Group 1: Excavator Sales - In November 2025, a total of 20,027 excavators were sold, representing a year-on-year increase of 13.9%, with domestic sales of 9,824 units (up 9.11%) and export sales of 10,185 units (up 18.8%) [1]. - From January to November 2025, a total of 212,162 excavators were sold, marking a 16.7% year-on-year increase, with domestic sales of 108,187 units (up 18.6%) and export sales of 103,975 units (up 14.9%) [1]. Group 2: Loader Sales - In November 2025, 11,419 loaders were sold, reflecting a year-on-year increase of 32.1%, with domestic sales of 5,671 units (up 29.4%) and export sales of 5,748 units (up 34.8%) [2]. - From January to November 2025, a total of 115,831 loaders were sold, showing a 17.2% year-on-year increase, with domestic sales of 61,039 units (up 22.5%) and export sales of 54,792 units (up 14.9%) [2]. Group 3: Domestic and International Market Trends - The domestic excavator market is experiencing a strong recovery, with a 16.7% year-on-year increase in sales from January to November 2025. The growth in November was 9.11%, influenced by high sales figures in the previous year and seasonal weather impacts [3]. - The export of excavators has also shown positive trends, with a 14.9% year-on-year increase from January to November 2025, and an 18.8% increase in November alone. The total export value of engineering machinery reached $48.526 billion from January to October 2025, up 12% year-on-year [4]. Group 4: Electric Loader Sales - In November 2025, 2,935 electric loaders were sold, achieving a penetration rate of 25.70%. The growth in electric loader sales is attributed to expanding applications and market recognition of their economic benefits [5]. Group 5: Company Developments - SANY Group's South Africa industrial park was completed in November 2025, which will produce 1,000 excavators annually and enhance the company's global presence. SANY has already sold over $3 billion worth of equipment in Africa, establishing a comprehensive service network across the continent [6].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The report highlights a positive trend in the sales of excavators and loaders, with November 2025 showing a year-on-year increase in excavator sales by 13.9% and loader sales by 32.1% [4]. - Domestic sales of excavators and loaders are recovering strongly, supported by government policies and major infrastructure projects [4]. - The report suggests that the engineering machinery industry will continue to recover throughout the year, with a focus on companies with strong brand recognition and efficient cost management [4]. Summary by Sections Excavator Sales - In November 2025, a total of 20,027 excavators were sold, with domestic sales at 9,824 units (up 9.11% year-on-year) and export sales at 10,185 units (up 18.8% year-on-year) [4]. - From January to November 2025, total excavator sales reached 212,162 units, a 16.7% increase year-on-year, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [4]. Loader Sales - In November 2025, 11,419 loaders were sold, marking a 32.1% year-on-year increase, with domestic sales at 5,671 units (up 29.4%) and export sales at 5,748 units (up 34.8%) [4]. - For the period from January to November 2025, loader sales totaled 115,831 units, reflecting a 17.2% year-on-year increase, with domestic sales at 61,039 units (up 22.5%) and exports at 54,792 units (up 14.9%) [4]. Market Trends - The report notes a strong recovery in domestic demand for excavators, driven by government initiatives and infrastructure projects, while export growth is also robust, particularly in emerging markets [4]. - The electric loader market is expanding, with 2,935 electric loaders sold in November 2025, achieving a penetration rate of 25.70% [4]. Company Focus - The report emphasizes the importance of companies like SANY Heavy Industry, which is expanding its global footprint with a new production base in South Africa, enhancing its capacity to serve the African market [4]. - It recommends focusing on leading companies with strong R&D capabilities and efficient cost structures, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [4].

明确时间表和路线图 为有效提升绿色低碳产品和服务的供给能力，加快建立产品碳足迹管理体系和产品碳标识认证制度，省 市场监管局、省发展改革委、省生态环境厅联合印发的《全省产品碳标识认证工作实施意见》正式出 炉。这份文件首次系统勾勒出江苏省建立产品碳标识认证制度的时间表和路线图。 《全省产品碳标识认证工作实施意见》确立了明确的阶段性目标：到2025年，制定实施30个左右重点产 品碳足迹核算标准和认证规则，完成200个以上碳标识认证应用，工作体系和长效工作机制初步建立。 到2030年，制定实施100个左右重点产品碳足迹核算标准和认证规则，完成500个以上碳标识认证应用， 工作体系和长效工作机制基本建成。同时，提出健全碳标识认证工作体系、完善产品碳标识认证基础支 撑体系、全面推进产品碳标识认证、加强产品碳标识认证跟踪监管、拓展产品碳标识认证应用场景和加 快形成互认互信机制6项重点任务。 当前，江苏正以《全省产品碳标识认证工作实施意见》为引领，开展全链条服务行动，助力构建碳足迹 管理体系，让"绿色生产力"成为驱动高质量发展的"新引擎"。 位于常州的上汽时代动力电池系统有限公司，将锂电池行业全省首批产品碳标识认证证书摆放在 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates a positive trend in the excavator market, with a projected sales increase of 13.9% year-on-year in November 2025, totaling 20,027 units sold, including 9,842 units domestically and 10,185 units for export [1] Domestic Market - Domestic excavator sales are expected to approach 120,000 units this year, showing significant growth potential compared to 290,000 units sold in 2020 [2] - The domestic sales in November 2025 reached 9,842 units, marking a year-on-year increase of 9.11% [1] - For the period from January to November 2025, total excavator sales amounted to 212,162 units, reflecting a year-on-year growth of 16.7% [1] Export Market - November 2025 saw monthly excavator sales exceed 10,000 units, with annual exports projected to surpass 110,000 units, potentially setting a historical record [2] - The export volume in November 2025 was 10,185 units, representing an 18.8% year-on-year increase [1] Construction Activity - The average working hours for major construction machinery in November 2025 were 84.2 hours, showing a year-on-year decline of 13% but a month-on-month increase of 4.08% [3] - The working rate for major construction machinery was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month, indicating a less optimistic construction intensity [3] Infrastructure Investment - Infrastructure investment in China from January to October 2025 saw a slight decline of 0.1% year-on-year, with specific sectors like pipeline transportation and water transportation showing growth [4] - Real estate fixed asset investment totaled 7.36 trillion yuan, down 14.7% year-on-year, with new construction area declining by 19.8% [4] - However, there are signs of recovery in construction demand, as indicated by an increase in the utilization rate of tower cranes [4] Global Market Outlook - According to Off-Highway Research, a 2% decline in global construction machinery is expected in 2025, followed by a return to growth in 2026 [5] - The overseas market is anticipated to expand, driven by mining and infrastructure demand, supported by a declining interest rate environment and high mineral prices [5] Investment Recommendations - The engineering machinery sector is viewed positively for 2026, with key manufacturers to watch including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [6] - In the components segment, companies like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing are highlighted as important players [6]

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery industry, indicating a positive outlook for the sector [1]. Core Insights - November sales of excavators reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [1]. - For the first eleven months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% year-on-year growth, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [1]. - The average working hours for major engineering machinery products in November 2025 were 84.2 hours, a decrease of 13% year-on-year, while the operating rate was 56.5%, down 12.1 percentage points year-on-year [4]. - Infrastructure investment in China showed stability, with a slight decline of 0.1% year-on-year from January to October 2025, while real estate fixed asset investment dropped by 14.7% [4]. - The global engineering machinery market is expected to see a rebound in 2026, supported by a decline in interest rates and sustained high mineral prices [4]. - Key companies to watch in the sector include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, with component manufacturers like Hengli Hydraulic and Aidi Precision also highlighted [4]. Summary by Sections Sales Performance - November excavator sales reached 20,027 units, with domestic and export sales showing significant growth [1]. - Year-to-date sales for 2025 indicate a strong upward trend in the market [1]. Market Conditions - Domestic construction activity remains subdued, as indicated by lower working hours and operating rates for machinery [4]. - Infrastructure investment is stable, while real estate construction demand shows signs of bottoming out [4]. Future Outlook - The engineering machinery sector is expected to benefit from a favorable global market environment in 2026 [4]. - Key players in the industry are positioned for growth, with specific companies identified for potential investment opportunities [4].

Core Viewpoint - The excavator sales in China are showing a positive growth trend, with both domestic and export sales increasing significantly in 2025 compared to the previous year [1] Group 1: Sales Performance - In November 2025, a total of 20,027 excavators were sold, representing a year-on-year increase of 13.9% [1] - Domestic sales for November reached 9,842 units, up by 9.11% year-on-year [1] - Export sales in November amounted to 10,185 units, reflecting an 18.8% increase compared to the same month last year [1] Group 2: Year-to-Date Performance - From January to November 2025, a total of 212,162 excavators were sold, marking a year-on-year growth of 16.7% [1] - Domestic sales during this period reached 108,187 units, which is an 18.6% increase year-on-year [1] - Export sales for the same period totaled 103,975 units, showing a year-on-year increase of 14.9% [1] Group 3: Electric Excavator Sales - In November 2025, 19 electric excavators were sold, categorized by weight as follows: 5 units under 6 tons, 2 units between 6 to 10 tons, 1 unit between 10 to 18.5 tons, and 11 units between 18.5 to 28.5 tons [1]

Excavator Sales - In November 2025, a total of 20,027 excavators were sold, representing a year-on-year increase of 13.9% [1] - Domestic sales accounted for 9,842 units, with a growth of 9.11%, while exports reached 10,185 units, increasing by 18.8% [1] - From January to November 2025, a total of 212,162 excavators were sold, marking a year-on-year growth of 16.7% [1] - Domestic sales during this period were 108,187 units, up by 18.6%, and exports totaled 103,975 units, with a growth of 14.9% [1] - In November, 19 electric excavators were sold across various weight categories [1] Loader Sales - In November 2025, 11,419 loaders were sold, showing a significant year-on-year increase of 32.1% [2] - Domestic sales were 5,671 units, growing by 29.4%, while exports reached 5,748 units, with a growth of 34.8% [2] - For the period from January to November 2025, a total of 115,831 loaders were sold, reflecting a year-on-year increase of 17.2% [2] - Domestic sales for this period were 61,039 units, up by 22.5%, and exports totaled 54,792 units, with an increase of 11.9% [2] - In November, 2,935 electric loaders were sold across various weight categories [2]

Core Insights - The Chinese construction machinery industry has shown significant growth in sales for various equipment types in the first ten months of the year, with excavators up 17%, loaders up 15.8%, and forklifts up 14.2% [1][2] - The recovery of the industry is attributed to the release of policy dividends and advancements in transformation and upgrading [2] - The industry is undergoing a digital transformation, with smart products being showcased at the China (Beijing) International Construction Machinery Exhibition [3][4] Sales Performance - A total of 192,000 excavators were sold, 104,000 loaders, and 1.22 million forklifts in the first ten months of the year, indicating a positive trend in the market [1] - The overall economic indicators for the industry have shown stable growth due to favorable macro policies [1] Technological Advancements - The introduction of intelligent machinery, such as unmanned excavators and autonomous trucks, is enhancing operational efficiency and safety [4][5] - The use of L3 level autonomous driving technology in loaders is being implemented, utilizing advanced sensors and mapping technologies [5][6] Green Initiatives - The industry is making strides in green technology, with electric machinery gaining competitive advantages in terms of efficiency and environmental impact [7] - For instance, the XE270EV electric excavator can operate for six hours on a two-hour fast charge under heavy load, significantly reducing operational costs compared to fuel-powered machines [7] International Expansion - The export value of China's construction machinery reached $48.526 billion in the first ten months, marking a 12% increase year-on-year [8] - The internationalization of the industry is accelerating, with major companies like XCMG and SANY ranking among the top ten global manufacturers [9][10] - A significant order from Australia's Fortescue River Group for electric mining trucks highlights the global recognition of Chinese machinery [9]