今年以来，我国积极拓展绿色贸易，助力实现"双碳"目标。随着越来越多的绿色低碳产品与服务持续亮相国际市场，绿色贸易支撑保障体系不断健全，绿色 贸易正在成为我国外贸发展新动能。 在位于广西的装载机智能工厂，一台台电动装载机正在下线，即将发往海外。 广西柳工机械股份有限公司装载机制造总监 姚东旭：今年我们电动装载机出口量跟去年对比增长了120%。以前一条生产线可以生产，现在三条生产线都可 以生产。 不仅是电动装备，在浙江长兴的一家企业，工人们正加紧赶制一批发往欧洲的环保商标带。看似普通的商标布，原料竟来自废弃的塑料瓶。 浙江凯瑞博科技股份有限公司总工艺师 黄成：把塑料瓶熔融了之后做成纱线，织成布做成我们相对应的产品。 黄成告诉记者，再生材料的成本要比普通材料高出10%。然而，面对贸易绿色化转型的趋势，企业仍然决定持续研发环保产品。如今，其绿色标签产品已成 为企业的"明星产品"，订单量稳步增长。 今年以来，我国绿色产品正在加快走向世界。今年前三季度， 我国风力发电机组及零件出口增速超过30%； 光伏产品连续四年出口额超2000亿元； 在第138届广交会上，47%的首发新品将绿色设计、节能工艺和可循环材料纳入产品研发。 ...

央视网消息（新闻联播）：今年以来，我国越来越多的绿色低碳产品和服务亮相国际市场，绿色贸易正在成为我国外贸发展新动能。 在这家位于广西柳州的智能工厂，一台台电动装载机正在下线，即将发往海外市场。这些新产品充电1小时即可连续作业8小时，使用成本比传统燃油装载机 节省三分之一。 从电动装备到光伏组件，中国绿色产品正在加快走向世界。今年前10个月，我国风力发电机组累计出口103.3亿元，同比增长44.9%；光伏产品连续四年出口 额超2000亿元。在最新一届广交会上，47%的首发新品将绿色设计、节能工艺和可循环材料纳入产品研发。 眼下，贸易绿色转型已经开始贯穿产业链各环节。最新统计显示，我国已培育6430家国家绿色工厂和491家绿色工业园区，我国企业已累计开发推广4万多种 绿色产品。 受国际市场青睐的不仅是中国优质绿色产品，更包括覆盖设计、建造、运维的整套解决方案。在乌兹别克斯坦撒马尔罕，中国企业不仅为当地在戈壁上建起 了220兆瓦交流光伏电站，更提供从前期设计到智慧运维服务。 今年以来，我国绿色贸易制度体系加快健全，出台了首个绿色贸易领域专项政策。与此同时，我国已发布碳足迹国家标准13项，发出绿色产品认证证书近4 万 ...

光大证券指出，机械设备行业聚焦"周期复苏+科技升级+海外拓展"三大主线。工程机械领域，国内市 场需求持续复苏，2025Q1-Q3挖掘机销量同比增长18.1%，其中内销增长21.5%，更新换代需求预计未来 四年复合增长30%。政策支持力度加大，基建投资有望带动设备需求，雅下水电工程开工将进一步拉动 大型挖掘机等设备需求。国际化、电动化、智能化进程推进，电动装载机销量同比增长157.2%，无人 叉车、无人矿山等智能化应用有望率先突破。核聚变行业进入资本开支扩张阶段，重点关注磁体系统、 真空室及内部件、电源系统等高价值量环节。低空经济政策强调安全健康与高质量发展，看好基础设施 建设和低空装备研发应用两条主线。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机制造及关键零部件供应的上市公司证券作为指数样本，覆盖机械设备、电子、新能源、机器人等多个 制造业领域，以反映机床产业链相关上市公司证券的整体表现与发展态势。 （文章来源：每日经济新闻） ...

Key Points - The mechanical sector has seen a significant increase of 30.12% as of November 20, 2025, outperforming the CSI 300 index by 14.11 percentage points, ranking 6th among 30 sectors [5][14]. - The lithium battery equipment, basic components, and semiconductor equipment sub-sectors have shown strong growth, with increases of 103.2%, 58.93%, and 48.05% respectively [5][14]. - The report maintains a "stronger than market" investment rating for the mechanical industry, highlighting a new investment cycle and growth opportunities [5][6]. Mechanical Sector Performance - As of November 20, 2025, the mechanical sector's price-to-earnings ratio stands at 36.1, placing it in the 70.5 percentile of its 10-year historical range, indicating a higher valuation compared to historical averages [19][20]. - Among 632 listed companies in the mechanical sector, 549 have seen stock price increases in 2025, with a median increase of 30.23% [21][24]. New Recovery Cycle: Traditional Machinery Upgrading - The engineering machinery sector is entering a new equipment renewal cycle starting in 2025, driven by the aging of existing equipment and export expansion [25][28]. - Major products in the engineering machinery sector, such as excavators and loaders, have shown positive sales growth, with excavator sales reaching 192,135 units in the first ten months of 2025, a 17% year-on-year increase [28][29]. - The internationalization of engineering machinery is accelerating, with exports becoming a significant growth driver, as evidenced by excavator exports accounting for 53.21% of total sales in October 2025 [40][43]. New Technology Growth: Emerging Industries - The humanoid robot sector is experiencing a recovery, with mass production expected to drive significant market expansion [7][20]. - The AIDC (Automatic Identification and Data Capture) equipment sector is poised for rapid growth, benefiting from the fast development of the artificial intelligence industry [9][27]. - The lithium battery equipment sector is witnessing a rebound, with leading companies like Xian Dao Intelligent expected to benefit from the growing demand for solid-state battery equipment [9][35]. Investment Ratings and Key Targets - The report recommends key companies in the engineering machinery sector, including SANY Heavy Industry and XCMG, as primary investment targets due to their strong performance and growth potential [5][54]. - The focus on core components such as pumps, valves, and hydraulic cylinders is also emphasized as part of the investment strategy [54].

Excavator Market Overview - In October 2025, a total of 18,096 excavators were sold, representing a year-on-year increase of 7.77%. Domestic sales accounted for 8,468 units, up 2.44%, while exports reached 9,628 units, marking a 12.9% increase [1][2] - From January to October 2025, a total of 192,135 excavators were sold, reflecting a year-on-year growth of 17%. Domestic sales were 98,345 units, up 19.6%, and exports were 93,790 units, increasing by 14.4% [2] Loader Market Overview - In October 2025, 10,673 loaders were sold, showing a significant year-on-year growth of 27.7%. Domestic sales were 5,372 units, up 33.2%, while exports totaled 5,301 units, increasing by 22.6% [5][6] - For the period from January to October 2025, total loader sales reached 104,412 units, with a year-on-year increase of 15.8%. Domestic sales were 55,368 units, up 21.8%, and exports were 49,044 units, growing by 9.69% [6] Electric Excavator Market - In October 2025, 16 electric excavators were sold, with specific sales across various weight categories [3] Electric Loader Market - In October 2025, 2,707 electric loaders were sold, with notable sales in the 5-ton category (1,633 units) and the 6-ton category (836 units) [7] Grader Market Overview - In October 2025, 634 graders were sold, reflecting a year-on-year increase of 4.11%. Domestic sales were 102 units, up 22.9%, while exports reached 532 units, increasing by 1.14% [8] Crane Market Overview - In October 2025, 1,422 truck cranes were sold, marking a year-on-year increase of 15%. Domestic sales were 738 units, up 41.7%, while exports were 684 units, down 4.47% [10] - For the period from January to October 2025, total truck crane sales were 16,527 units, showing a year-on-year decline of 2.78% [10] Crawler Crane Market Overview - In October 2025, 336 crawler cranes were sold, representing a significant year-on-year increase of 71.4%. Domestic sales were 97 units, up 54%, and exports reached 239 units, increasing by 79.7% [12] - From January to October 2025, total crawler crane sales were 2,701 units, reflecting a year-on-year growth of 22.9% [12] Forklift Market Overview - In October 2025, 114,250 forklifts were sold, with domestic sales of 70,388 units, up 16.2%, and exports of 43,862 units, increasing by 15.4% [17] - From January to October 2025, total forklift sales reached 1,220,656 units, reflecting a year-on-year increase of 14.2% [17] Roller Market Overview - In October 2025, 1,162 rollers were sold, showing a year-on-year increase of 19.3%. Domestic sales were 421 units, up 6.85%, while exports reached 741 units, increasing by 27.8% [18] - For the period from January to October 2025, total roller sales were 14,726 units, reflecting a year-on-year growth of 21.6% [18] Paver Market Overview - In October 2025, 103 pavers were sold, marking a year-on-year increase of 21.2%. Domestic sales were 63 units, up 8.62%, while exports reached 40 units, increasing by 48.1% [20] - From January to October 2025, total paver sales were 1,352 units, reflecting a year-on-year growth of 31.3% [20] Aerial Work Platform Market Overview - In October 2025, 9,120 aerial work platforms were sold, showing a year-on-year decline of 38.8%. Domestic sales were 3,856 units, down 41.8%, while exports reached 5,264 units, down 36.3% [22] - From January to October 2025, total aerial work platform sales were 141,021 units, reflecting a year-on-year decline of 30.6% [22] High-altitude Work Vehicle Market Overview - In October 2025, 322 high-altitude work vehicles were sold, marking a year-on-year increase of 5.23%. Domestic sales were 319 units, up 16.8%, while exports were 3 units, down 90.9% [23] - From January to October 2025, total high-altitude work vehicle sales were 4,140 units, reflecting a year-on-year growth of 37.7% [23]

Core Insights - Guangxi has achieved significant technological innovations, including the world's first "island-style" manufacturing assembly plant and the first large-power intelligent hybrid hydrogen fuel engine system, contributing to high-quality industrial development [1][7] - By the end of 2024, Guangxi has implemented 220 major projects in seven key areas, resulting in over 50% contribution of new industries and products to industrial growth [2][7] - The number of high-tech enterprises in Guangxi surpassed 4,000 in 2024, indicating a robust growth in technological capabilities [2][10] Technological Innovations - The "AI Smelting Brain" project in the non-ferrous metal industry has successfully transitioned from concept to reality, enhancing energy efficiency and product output [4] - The world's first electric unmanned mining loader developed by LiuGong Machinery Co., Ltd. showcases advancements in autonomous machinery, capable of operating in challenging conditions [6][7] - Guangxi's first large-scale civil aviation tire production line and the first domestic injection-grade sucrose production line are among the notable innovations supporting industrial growth [7] AI and Data Integration - The "AI Zhuanggui" platform integrates data from 41,700 businesses, significantly improving tourist experiences in Guangxi [3] - Guangxi is focusing on AI development through the "Artificial Intelligence+" action plan, targeting key industries such as power equipment and non-ferrous metals [3][4] - The establishment of the China-ASEAN Large Model Application Laboratory aims to foster international cooperation in AI applications across various sectors [4] Industry Support and Collaboration - The introduction of technology special commissioners has facilitated the integration of research and production, exemplified by the development of gradient-controlled fermentation technology for the production of sour bamboo shoots [8][9] - Guangxi's enterprises are increasingly taking the lead in technology innovation, with R&D expenditure reaching 18.21 billion yuan in 2023, marking a significant growth in research capabilities [10] - Policies have been implemented to enhance the role of enterprises in technology innovation, with a focus on aligning with national needs and regional capabilities [10]

Core Viewpoint - Boleton (01333.HK) announced a discounted placement plan to raise approximately HKD 240 million, leading to a significant drop in its stock price following the announcement [2][4]. Fundraising Details - The company plans to issue up to 10 million new H-shares at a price of HKD 25.08 per share, representing a 14.98% discount from the closing price on the agreement date [4]. - The net proceeds from this placement are expected to be around HKD 240 million after expenses [4]. Utilization of Funds - Approximately 70% of the raised funds will be allocated to the investment and development of overseas photovoltaic and energy storage projects, which are central to the company's integrated strategy [6]. - About 15% will be used to repay interest-bearing loans to improve capital structure and cash flow stability [6]. - The remaining 15% will be invested in the research and commercialization of a multi-modal large model-driven autonomous mining truck scheduling system [6]. Company Performance and Challenges - Boleton, which went public on May 7, 2025, has shown a strong revenue growth trajectory, with revenues of RMB 360 million, RMB 464 million, and RMB 635 million projected from 2022 to 2024 [8]. - Despite revenue growth, the company has faced increasing losses, with losses of RMB 178 million, RMB 229 million, and RMB 275 million expected from 2022 to 2024, and a loss of RMB 174 million in the first half of 2025 [8]. Strategic Focus - The company aims to build an ecosystem around "photovoltaic storage microgrid power supply," "new energy excavation and transportation mining equipment," and "automated collaborative operations" to become a leading power producer and mining service provider [9]. - Boleton is implementing a network-type photovoltaic storage system in mining areas to operate independently in low or no public grid environments, enhancing energy efficiency [10]. Market Context - The electric engineering machinery industry is experiencing growth driven by dual carbon goals, increasing market attention on leading companies [12]. - Boleton's potential inclusion in the "Hong Kong 100 Strong" list, which recognizes outstanding companies, is anticipated due to its advancements in electric mining trucks and autonomous driving technology [12].

Core Insights - The Chinese construction machinery industry has been experiencing a significant upturn since 2025, driven by both domestic and international demand [1] - The issuance of the Fuguo Fund's construction machinery ETF on November 14 provides investors with an efficient tool to capitalize on this industry opportunity [1] Domestic Demand - Excavator sales in China increased by 21.50% year-on-year from January to September 2025, indicating a clear recovery trend [2] - This growth is attributed to increased infrastructure investment, particularly in large-scale projects like water conservancy, and the release of demand for equipment upgrades due to national policies [2] - The expansion of application scenarios, such as high-standard farmland construction, is driving the penetration of small excavators into new fields like agriculture and municipal projects [2] Electrification Trend - The penetration rate of electric loaders reached 23% in the first three quarters of 2025, with electric excavators making breakthroughs in various applications [2] - The industry's electrification is expected to initiate a new growth cycle, supported by rising environmental standards and decreasing technology costs [2] International Market Growth - From 2015 to 2024, China's excavator export volume has seen a compound annual growth rate of 38%, driven by the Belt and Road Initiative and improvements in product performance and service systems [3] - There remains significant potential for Chinese construction machinery to penetrate high-end markets in Europe and the U.S., with the global electrification trend providing new opportunities for Chinese companies [3] Investment Value - The Fuguo Fund's construction machinery ETF tracks the CSI Construction Machinery Theme Index, which has shown a cumulative return of 136.32% since its base date, outperforming major broad-based indices [4] - The top ten constituent stocks of the index account for over 70% of its weight, including leading companies like Sany Heavy Industry and XCMG, which are all valued at over 100 billion [4] - The global construction machinery market is highly concentrated, with the top 50 companies generating sales of $237.6 billion in 2024, and domestic leaders are transitioning to a high-end manufacturing sector characterized by globalization, electrification, and intelligence [4] Conclusion - The construction machinery industry is currently benefiting from a dual drive of domestic recovery and accelerated international expansion, alongside the electrification transformation, highlighting its investment value [5]

博雷顿(01333)午后涨超5%，截至发稿，涨3.7%，报29.68港元，成交额8111.14万港元。 博雷顿董事长陈方明近期表示，越来越多客户主动选择电动化表明，矿山电动化已经具备了相当的成本 优势，行业进入了从政策导向迈向市场驱动的阶段。据了解，博雷顿的产品涵盖电动装载机、电动矿卡 等多种类型，如BRT105E纯电动矿卡配备700kWh超大动力电池组，最新开发的BRT135E矿卡达到 800kWh级别，专为满足重载上坡的矿山场景需求而设计，且具备高效的动能回收系统，有效降低能 耗，提升续航水平。 消息面上，博雷顿官微显示，博雷顿无驾驶室纯电动矿卡下线仪式暨新车发布会将于11月21日举行。值 得注意的是，近日与福建日鑫机械租赁有限公司签署无人驾驶战略合作框架协议。根据协议，福建日鑫 拟向博雷顿采购不少于150台电动矿卡及配套无人驾驶服务，用于矿山土方剥离、采装、运输和排卸等 作业场景。此次合作标志着博雷顿在矿山无人驾驶商业化应用方面取得新进展。 ...

Core Viewpoint - Boleton (01333) is experiencing a significant stock price increase, attributed to the upcoming launch of its unmanned electric mining truck and a strategic partnership with Fujian Rixin Machinery Rental Co., Ltd. [1] Company Developments - Boleton's stock rose over 5% in the afternoon trading session, currently at 29.68 HKD with a trading volume of 81.11 million HKD [1] - The company will hold a launch ceremony for its unmanned electric mining truck on November 21 [1] - A strategic cooperation framework agreement was signed with Fujian Rixin, where the latter plans to purchase no less than 150 electric mining trucks and associated unmanned driving services for various mining operations [1] Industry Insights - The chairman of Boleton, Chen Fangming, noted that the increasing choice of electrification by customers indicates a significant cost advantage for electric mining solutions, marking a shift from policy-driven to market-driven dynamics in the industry [1] - Boleton's product range includes electric loaders and mining trucks, with the BRT105E model featuring a 700 kWh battery and the newly developed BRT135E model reaching 800 kWh, designed for heavy-duty uphill mining scenarios [1] - The BRT135E model also incorporates an efficient energy recovery system to reduce energy consumption and enhance endurance [1]