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 ...

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 ...

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 report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - Domestic demand for excavators continues to grow, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units, up 9.1% year-on-year. For the first 11 months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% increase, with domestic sales at 108,187 units, up 18.6% [3][4]. - The report highlights a significant recovery in non-excavator machinery categories, with loader sales in November 2025 increasing by 29.4%, motor grader sales up 24.7%, and truck crane sales rising by 25.8% [3][4]. - The ongoing replacement cycle in the machinery sector is expected to drive sales growth, with an estimated compound annual growth rate of around 30% for replacement demand in the coming years [4]. - Positive fiscal policies are anticipated to stimulate infrastructure investment, ensuring sustained mid-term demand for machinery [5]. - Export performance remains strong, with excavator exports in November 2025 reaching 10,185 units, a year-on-year increase of 18.8%, and total export value for the first 11 months of 2025 at $53.76 billion, up 12.4% [6]. - The electric loader segment shows remarkable growth, with sales in November 2025 reaching 2,935 units, a 192.0% increase year-on-year, and an electricization rate of 25.7% [7]. - The commencement of the Yarlung Tsangpo River hydropower project is expected to further boost machinery demand, with projected equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Domestic Sales Performance - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units, marking a 9.1% increase year-on-year [3][14]. - Loader sales in November increased by 32.1%, with domestic sales up 29.4% [14]. Export Performance - Excavator exports in November 2025 totaled 10,185 units, reflecting an 18.8% year-on-year increase [6][14]. - The total export value for machinery in November was $5.23 billion, a 16.6% increase [6]. Future Growth Drivers - The report emphasizes the importance of ongoing fiscal policies to support infrastructure investment, which is expected to drive machinery demand [5]. - The electricization trend in machinery is highlighted, with significant growth in electric loader sales and an increasing electricization rate [7]. Key Companies Recommended - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, as well as component manufacturers like Hengli Hydraulic [10].

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].

以下文章来源于徐工集团XCMG ，作者助您成功的 徐工集团XCMG . 徐工官方新闻发布平台 连日来，习近平总书记在中央经济工作会议上的重要讲话，在中央和国家机关广大党员干部中引 发热烈反响。大家表示，明年经济工作的大政方针已定，任务艰巨，意义重大。要更加紧密团结 在以习近平同志为核心的党中央周围，坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中 向好势头，确保"十五五"开好局、起好步 。 规模以上企业数量显著增长，产业集群优势凸显 ——在300个国家级中小企业特色产业集群中，机械行 业企业占比达四分之一。 " 十四五 " 期间 我国机械工业增加值年均增速超过 7.1% 高于全国工业和制造业平均水平 规模以上企业增至 13.7 万家 进出口连续五年破万亿美元 央视《新闻联播》专题报道"十四五"期间我国机械工业增加值年均增速超7.1%， 多次将 镜头对准徐工。 非凡"十四五" "十四五"时期，我国机械工业实现全方位突破。行业累计发布国家标准及行业标准 4487项 ，国际标准 转化率 超 92% ，关键材料与制造工艺持续突破，推动高端装备能力整体提升。 英国KHL发布的 "2025年度全球工程机械制造商50强排 ...

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11月销售各类装载机11419台，同比增长32.1%。其中国内销量5671台，同比增长29.4%；出 口量5748台，同比增长34.8%。 | | | 2025年11月 中国装载机市场概况 | | | --- | --- | --- | --- | | | 国内 | 문 | 合计 | | 当期销量 | 5671 | 5748 | 11419 | | 同比涨幅 | 29.4% | 34.8% | 32.1% | | 累计销量 | etosa | 54792 | 115837 | | 同比涨幅 | 22.5% | 11.9% | 17.2% | 2025年1—11月，共销售各类装载机115831台，同比增长17.2%。其中国内销量61039台，同比增长22.5%；出口量54792台，同比增长11.9%。 | | | | | | 2025年中国电动装载机市场情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | <3吨 | 3吨 | 4 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - LiuGong is positioned to benefit from the recovery in the excavator and loader markets, with a strong focus on electrification and globalization [2][6] - The company aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [29] Summary by Sections Company Overview - LiuGong has been a leader in the loader market and has a strong presence in the excavator sector, with a history of over 67 years in the engineering machinery industry [14][15] - The company has expanded its product offerings and established a global presence, with subsidiaries in North America, Latin America, Europe, Asia-Pacific, and the Middle East [15] Market Performance - As of November 28, 2025, LiuGong's stock price is 11.95 yuan, with a market capitalization of approximately 24.29 billion yuan [4] - The company's performance over the past 12 months shows a 10.5% increase, outperforming the Shanghai and Shenzhen 300 index, which declined by 3.5% [4] Product Analysis - LiuGong's main products include loaders and excavators, with a comprehensive product range that includes electric models and various specifications [18] - The domestic market share for loaders is expected to remain the highest in 2024, while the excavator market share is gradually increasing [18] Industry Trends - The excavator market is expected to enter a new cycle driven by domestic recovery factors, including policy stimulation and large-scale engineering projects [6] - The electric loader market in China is projected to grow rapidly, with an expected compound annual growth rate of 50.1% from 2023 to 2028 [6] Financial Projections - Revenue forecasts for LiuGong from 2025 to 2027 are estimated at 345 billion, 403 billion, and 460 billion yuan, representing year-on-year growth rates of 15%, 17%, and 14% respectively [8] - The projected net profit for the same period is expected to reach 17 billion, 23 billion, and 31 billion yuan, with growth rates of 31%, 35%, and 32% respectively [8] Strategic Initiatives - LiuGong's "15th Five-Year Plan" outlines strategic goals to enhance its operational capabilities and product competitiveness, focusing on sustainable growth engines [29][32] - The company has implemented a stock incentive plan to motivate key personnel and align their interests with the company's long-term performance [30][31]