柳工（000528）7月11日在分析师会议上表示，预计下半年国内土方机械的市场需求将继续保持增长势 头，全年挖掘机、装载机的行业整体销量有望实现两位数以上同比增速，经济财政政策环境以及各类结 构性需求也会带来机会。国际市场面临全球贸易保护主义回潮等多重复杂因素挑战，整体仍处于需求筑 底期，2026年有望逐步复苏，区域之间的分化依旧存在，新兴市场的增长将保持韧性，因新能源和技术 升级的趋势加快，成熟市场的发展机遇也值得关注。(人民财讯) ...

证券代码：000528 证券简称：柳工 债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 | | 特定对象调研  分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 活动类别 | 现场参观 | | | 其他： | | | 基金、国华兴益保险资产、国联安基金、新华基金、阳光资产、银华基金、源 | | | 机构投资者、券商分析师等 115 位参会人员： 嘉实基金、华夏基金、博时基金、广发基金、工银安盛资产管理、光大保德信 | | | 峰基金、长安基金、国寿资产、红杉中国、华泰证券资管、汇添富基金、南方 | | | 基金、浦银安盛、上海东方证券资产管理、上海高毅资产、长城人寿保险、中 | | 参与单位名称 | 国平安人寿保险、中信保诚基金、中信证券资管、Hang Seng Investment | | 及人员姓名 | Management、Point72； | | | 中信证券、中信建投证券、中金公司、华泰证券、广发证券、国泰海通证券、 | | | 国金证券、长江证券、浙商证券、瑞银证 ...

2、预计的经营业绩：同向上升 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年6月30日 国内市场，随着稳经济政策持续发力，叠加产品换新需求，新能源升级提速，土方机械行业加速回暖， 公司主导产品装载机、挖掘机及路面机械等均实现了较快增长；国际市场行业总体处于需求筑底期。面 对复杂多变的营商环境和激烈的市场竞争，公司直面挑战，持续抓好"全面解决方案、全面智能化、全 面国际化"的"三全"战略高质量落地，开展"三全"子战略升级等一系列创新性实践，公司国际国内业务 收入及利润均实现了稳定增长。 四、其他相关说明 1、本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计，与公司2025年半年度报告 中披露的最终数据可能存在差异，具体财务数据将在《公司2025年半年度报告》中详细披露； 2、本公司指定的信息披露媒体为《中国证券报》及巨潮资讯网(www.cninfo.com.cn)，公司所有信息均 以在前述指定媒体披露的信息为准，敬请广大投资者注 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-53 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 项目 本报告期 上年同期 归属于上市公司 盈利：118,023.71 万元–127,859.02 万元 盈利：98,353.09 万元 股东的净利润 比上年同期增长：20%–30% 归属于上市公司 盈利：109,003.44 万元–118,838.75 万元 股东扣除非经常 盈利：90,260.84 万元 比上年同期增长：21%–32% 性损益的净利润 基本每股收益 盈利： 0.5845 元/股–0.6332 元/股 盈利：0.5041 元/股 二、与会计师事务所沟通情况 本次业绩预告未经过会计师事务所审计。 第 1 页，共 2 页 三、业绩变动原因说明 报告期内，影响公司归属于上市公司股东的净利润和扣除非经常性损益后的净利润 变动的主要原因如下： 国内市场，随着稳经济政策持续发力，叠加产品换新需求，新能源升级提速，土方 机械行业加速回暖，公司主导产品装载 ...

Group 1: Computer Industry - The overseas demand for AI token continues to grow, creating a positive cycle between AI computing power and applications, suggesting a focus on domestic NV chain-related companies [5][2] - ByteDance has established a relative advantage in the AI application ecosystem, recommending attention to ByteDance's ecosystem partners [5][3] - The business model of AI Agents is shifting from "providing tools" to "delivering value," enhancing investment opportunities in vertical industry know-how companies, particularly leading SAAS firms in AI Agent deployment [5][4] Group 2: Machinery Industry - In June, domestic excavator sales showed a year-on-year recovery (+6.2%), with exports increasing significantly (+19.3%), indicating resilience in domestic demand supported by government initiatives [8][12] - The average working hours for major construction machinery products in China decreased year-on-year, while Indonesia's market showed strong growth, suggesting a structural recovery in overseas demand [10][12] - The export growth of excavators to emerging markets like Africa and the Middle East continues, compensating for declines in exports to the US and Canada [11][12] Group 3: Media Industry - The film market in June showed a box office of 1.906 billion yuan, a year-on-year decline of 35.39%, but a month-on-month increase of 9.60%, indicating a recovery trend driven by quality films [15] - The gaming market continues to grow, with actual sales revenue reaching 28.051 billion yuan in May, reflecting a year-on-year increase of 9.86% [16] - The IP derivative market is gaining attention, with several companies preparing for IPOs, indicating a shift in consumer demographics and preferences [17] Group 4: Public Utilities - The newly released renewable energy consumption responsibility weights for 2025 indicate a clear demand for green electricity, with most provinces seeing an increase in responsibility targets compared to previous expectations [21][22] - The introduction of green electricity consumption targets for high-energy industries like steel and data centers is expected to foster new business models and alleviate current industry challenges [24][26]

[Table_Reportdate] 2025年07月11日 [table_invest] 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn [table_stockTrend] -22% -8% 7% 21% 36% 50% 64% 24-07 24-10 25-01 25-04 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle 上半年挖掘机 ] 内销大增，新兴国家加速 渗透 ——机械设备行业简评 [table_main] 投资要点： 装载机：2025年6月销售各类装载机12014台，同比增长11.3%。其中国内6015台，同比增 长13.6%；出口5999台，同比增长9.11%。2025年6月销售电动装载机3049台。2025年上 半年共销售装载机64769台，同比增长13.6%。 ➢ 风险提示：贸易摩擦风险；海外需求放缓；市场竞争风险；政策不及预期风险。 行 业 研 究 [table_product] ➢ 事件：中国工程机械工业协会发布2025年6月主要企业挖掘机和装载机销 ...

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]

证券研究报告 2025 年 07 月 11 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3509.68 | 0.48 | | 深证成指 | 10631.13 | 0.47 | | 创业板指 | 2189.58 | 0.22 | | 科创 50 | 979.99 | -0.32 | | 北证 50 | 1408.17 | -0.16 | | 沪深 300 | 4010.02 | 0.47 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681788 | 529616 | 12.56 | 1.30 | | 深证成指 | 232819 | 191695 | 20.73 | 2.19 | | 创业板指 | 61372 | 48797 | 28.72 | 3.98 | | 科创 50 | 34292 | 22774 | 53.23 | 4.13 | | 北证 50 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-10 宏观策略 [Table_MacroStrategy] 海外周报 20250706：6 月超预期非农令市场降息预期延后至 9 月 核心观点：本周美越贸易协议与对华芯片设计软件出口限制解除提振市 场情绪，美股上涨；而经济数据的走强令美债利率随降息预期降温而大幅 上行，10 年期美债利率全周升 6.89bps 至 4.346%。本周美国"软数据" PMI 调查超预期，ISM 服务业 PMI 重回荣枯线之上。而周五公布的"硬 数据"美国 6 月非农就业再度超预期，失业率也有所回落，市场对此解 读偏乐观，7 月降息预期被彻底打消。此外本周特朗普《大美丽法案》 （OBBB）正式签署落地，债务上限进一步提高 5 万亿美元至 41 万亿美 元。由于《大美丽法案》带来的赤字增加预期已被市场关注许久，因此 OBBB 的落地或意味着"买预期、卖现实"的交易进入后半程。短期看， 30 年美债利率或 10s30s 期限利差的上行或因此告一段落。 风险提示： 特朗普政策超预期；美联储降息幅度过大引发通胀反弹甚至失控；美联储 维持高利率水平时间过长，引发金融系统流动性 ...

Core Insights - The June CPI turned positive year-on-year at 0.1%, indicating a recovery in consumer prices, while the PPI continued to face downward pressure at -3.6% year-on-year, reflecting ongoing challenges in the manufacturing sector [13][24]. - The report highlights a significant increase in sales of excavators and loaders, with year-on-year growth expanding, indicating a recovery in the engineering machinery sector [1][24]. - The semiconductor industry showed a positive trend with global semiconductor sales increasing year-on-year, despite a decline in smartphone shipments [3][32]. Industry Overview Consumer Demand - The CPI improvement was driven by rising prices in fresh fruits and vegetables, with fresh fruit prices increasing by 6.1% year-on-year, and fresh vegetable price declines narrowing significantly [15][24]. - Household appliances saw a positive CPI growth of 1.0%, supported by ongoing consumer promotion policies [16][24]. - The demand for gold jewelry remained strong, with prices for 925 silver and foot gold increasing by 18.0% and 37.8% year-on-year, respectively [16][24]. Resource Products - Coal prices have risen, with significant increases in the prices of Qinhuangdao mixed coal and Shanxi coking coal, indicating a tightening supply [25]. - The report noted a mixed performance in the steel sector, with construction steel transaction volumes increasing while prices for some steel products remained under pressure [25]. Information Technology - The Philadelphia Semiconductor Index rose by 2.43% week-on-week, while the Taiwan Semiconductor Index declined, indicating a divergence in regional semiconductor performance [26]. - Prices for DDR4 and DDR5 DRAM memory showed a downward trend, with 8GB DDR4 prices decreasing by 1.15% to $5.00 [29][31]. - The smartphone market faced challenges, with May shipments declining by 21.20% year-on-year, reflecting a broader trend of reduced consumer electronics demand [32]. Midstream Manufacturing - The report highlighted an increase in the sales of various types of excavators and loaders, with year-on-year growth expanding, suggesting a recovery in the construction and engineering machinery sectors [1][24]. - The report also noted a decline in prices for certain components in the photovoltaic industry, indicating ongoing price adjustments in the renewable energy sector [25]. Financial and Real Estate - The real estate market showed signs of weakness, with a decline in land transaction premium rates and a decrease in the area of commercial housing sold [25]. - The report indicated a net withdrawal in the money market, with a decrease in A-share turnover rates and daily transaction volumes [25].