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 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 机构投资者、证券分析师等 60 位参会人员： 大成基金、国寿安保基金、国泰基金、国投瑞银基金、华泰柏瑞基金、华夏基 金、鹏华基金、平安基金、浦银安盛基金、银华基金、长信基金、招商基金、 中欧基金、百年保险资管、宁银理财、人保资产、太平资产、招商信诺资管、 中信资管、阿杏投资、和基投资； 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、国海证券、国金证券、 国联民生证券、华创证券、华福证券、华鑫证券、申万宏源、信达证券、招商 证券、中泰证券、Merrill Lynch (Asia Pacific) Limited 时间 2025 年 11 月 25 日—11 月 26 日 地点 柳工国际工业园、柳工挖掘机智慧工厂、柳工全球创新中心 上市公司接待 人员姓名 1．董事长：郑津先生 2 ...

[Table_Reportdate] 2025年11月27日 [证券分析师： Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20251127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.10月挖掘机外销持续向好，龙头推进电动化全球化——机械设备行业简评 ➢ 2.10月叉车销量内外共增长，龙头开启物流具身智能时代——机械设备行业简评 ➢ 3.中科蓝讯（688332）：AIOT产品多样布局，品牌客户持续深耕——公司深度报告 ➢ 1.工信部等六部门印发《关于增强消费品供需适配性进一步促进消费的实施方案》 ➢ 2.美国上周初请失业金人数为21.6万人，少于预期 ➢ 3.美国三季度GDP初值再度延期 | 1.1. 10 月挖掘机外销持续向好，龙头推进电动化全球化——机械设备行业简评. | 3 | | --- | --- ...

Group 1 - The core viewpoint of the news is the positive growth in the sales of excavators and loaders in the Chinese construction machinery industry, with significant year-on-year increases in both domestic and export markets [1][2][3] - In October 2025, a total of 18,096 excavators were sold, representing a year-on-year increase of 7.77%, with domestic sales of 8,468 units (up 2.44%) and export sales of 9,628 units (up 12.9%) [1][2] - For the period from January to October 2025, excavator sales reached 192,135 units, marking a 17% year-on-year increase, with domestic sales of 98,345 units (up 19.6%) and export sales of 93,790 units (up 14.4%) [1][2][3] Group 2 - In October 2025, a total of 10,673 loaders were sold, showing a year-on-year increase of 27.7%, with domestic sales of 5,372 units (up 33.2%) and export sales of 5,301 units (up 22.6%) [2] - For the period from January to October 2025, loader sales totaled 104,412 units, reflecting a year-on-year increase of 15.8% [2] - The export value of China's construction machinery and parts reached $38.64 billion from January to August 2025, representing an 11.4% year-on-year increase, with excavator exports increasing by 24.9% [3] Group 3 - The domestic excavator market is experiencing a strong recovery, with a notable increase in sales driven by government policies promoting urban renewal and infrastructure projects [3] - The global demand for excavators is also on the rise, with a 14.4% year-on-year increase in exports from January to October 2025, indicating sustained overseas demand [3] - The establishment of SANY's production base in South Africa and the launch of new compact electric equipment by Zoomlion highlight the ongoing globalization and innovation within the industry [4][5] Group 4 - The industry outlook remains positive, with expectations of continued recovery in the construction machinery sector due to large-scale equipment replacement policies and infrastructure projects [5] - Companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, are recommended for investment [5]

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 in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 ⚫ 11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名：截至 2025 年 11 月 25 日收盘，11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名。11 月三级子行业中高空作业车、其他运输设备、船舶制造 涨幅三个子行业取得正涨幅，分别上涨 2.22%、1.35%、0.31%； 锂电设备、叉车、光伏设备跌幅居前。 机械 十五五规划强调科技自立，未来产业引 领，重点关注周期复苏和未来产业投资机 遇 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -7% -1% 5% 12% 18% 25% 31% 37% 2024.11 2025.03 2025.07 2025.11 机械 沪深300 相关报告 《机械行业月报：持续关注工程机械、船舶、 机器人、AIDC 等高景 ...

Core Points - The 2025 Shandong International Trade and Investment Advisory Conference was successfully held in Jinan, focusing on promoting green, low-carbon, and high-quality development in Shandong [1] - The event gathered international advisors and representatives from countries such as the USA, Germany, and Kenya to discuss strategies for enhancing Shandong's global trade and investment landscape [1] Group 1: Conference Highlights - The conference theme was "Gathering Global Business Wisdom to Promote Trade Innovation Development" [1] - The event aimed to provide insights and recommendations for establishing a high-level open economy in Shandong [1] - The afternoon session included a city tour in Linyi, where advisors engaged in on-site investigations and trade discussions to explore new opportunities in commerce and logistics [3] Group 2: Linyi City Insights - Linyi, known as a "Market City" and "Logistics Capital," impressed international advisors with its extensive market scale and logistics system [5] - The city has been focusing on a "Commerce and Logistics First" strategy to explore new cooperation opportunities and expand win-win scenarios [6] - The international advisors recognized Linyi's commercial industry cluster effect and internationalization level [5][11] Group 3: Economic Promotion and Collaboration - A trade promotion meeting was held in Linyi, where representatives from Siemens China and the United Nations Industrial Development Organization shared positive investment experiences and insights on global integration [8][10] - Linyi's local departments presented on industry development, business environment, and investment attraction policies [10] - The event facilitated one-on-one exchanges between international advisors and key local enterprises, fostering deeper discussions on potential projects and collaborations [10] Group 4: Industry Development and Innovation - The Alibaba Global Express Cross-Border E-Commerce Industrial Park in Linyi aims to create a comprehensive ecosystem for cross-border e-commerce, supporting local brands in international markets [14] - Shandong Lingong, a prominent engineering machinery company, showcased its technological innovations and international achievements during the visit [14] - The Weiqiao High-Strength Aluminum Alloy Intelligent Equipment Manufacturing Project, with an investment of 2.6 billion, aims to produce lightweight aluminum alloy materials and specialized vehicles [16] Group 5: Future Prospects - The event is part of Shandong's ongoing efforts to expand its international network and promote high-level openness [16] - The collaboration between international business communities and Shandong is expected to strengthen, injecting new momentum into the province's modernization efforts [16]

资金流向方面，主力资金净流出1990.97万元，特大单买入323.14万元，占比1.52%，卖出651.82万元， 占比3.06%；大单买入3556.39万元，占比16.71%，卖出5218.67万元，占比24.52%。 11月26日，厦工股份盘中下跌2.14%，截至10:45，报3.66元/股，成交2.13亿元，换手率3.21%，总市值 64.93亿元。 厦工股份所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：福建自贸区、低 价、小盘、国资改革、盾构机等。 截至9月30日，厦工股份股东户数4.96万，较上期增加16.77%；人均流通股35752股，较上期减少 14.36%。2025年1月-9月，厦工股份实现营业收入4.31亿元，同比减少23.30%；归母净利润-628.52万 元，同比减少183.68%。 分红方面，厦工股份A股上市后累计派现5.79亿元。近三年，累计派现0.00元。 责任编辑：小浪快报 厦工股份今年以来股价涨38.11%，近5个交易日跌7.34%，近20日涨13.31%，近60日涨27.97%。 今年以来厦工股份已经7次登上龙虎榜，最近一次登上龙虎榜为11月18日，当日 ...

拥有超过百年历史的采埃孚，是全球重要的汽车零部件供应商。"德国的先进技术助力中国在传统零部 件领域实现技术升级，推动中国企业走向全球市场。"罗国兵表示。 如今，柳工已成长为中国装备制造业"出海"样本。柳工产品远销180多个国家和地区，配备柳州采埃孚 传动部件的装载机和平地机成为出口的主力产品，销往印度尼西亚、印度、俄罗斯等国家和地区。 柳州市副市长潘展东表示，30年来，柳州采埃孚吸收德国采埃孚百年沉淀的技术底蕴，融入柳州制造的 工业血脉，以"德国质量"与"柳州制造"获得认可，成为行业高配置装载机和平地机传动部件首选制造 商，已累计销售15万台高品质传动部件。 "工程机械行业电动化转型需求与日俱增，我们也希望能够参与其中。"采埃孚工业技术事业部副总裁亚 历山大·西利格对未来双方合作充满期待。他介绍，双方在2024年底签署了新的合作协议，将合资合作 关系延续并深化至未来20年。 中新网柳州11月25日电 (林馨卢静)"通过德国技术与中国市场的深度融合，柳州采埃孚汲取了中德两国 的管理智慧与技艺，成为中德合作加速开拓全球化市场的典范。"广西柳工机械股份有限公司总裁罗国 兵11月25日在广西柳州市表示。 11月25日 ...

中国龙工发布截至2025年6月30日止六个月的中期业绩，收益55.96亿元(人民币，下同)，同比增加 69.67%；股东应占溢利6.32亿元，同比增加37.83%；每股基本盈利0.15元。公告称，作为拳头产品的装 载机业务继续保持了集团营收和利润的最大贡献，其销售额占集团整体销售额比重为41.12%，较2024 年同期的40.31%上升了0.81个百分点。 香港联交所最新资料显示，11月21日，中国龙工(03339)股东将股票由摩根士丹利香港证券转入花旗银 行，转仓市值3.98亿港元，占比3.05%。 ...