转自：新华财经 新华财经圣保罗8月22日电（记者杨家和）南美混凝土展（Concrete Show South America）当地时间19日至21日在巴西圣保罗举行。徐工集团、中联重科、三 一重工等中国工程机械龙头企业以及国家级"专精特新"小巨人企业群峰机械集体亮相，与国际品牌同台展示，彰显中国制造与拉美市场需求的深度融合。 作为南美地区规模最大、最专业的混凝土技术与设备展览会，本届展会吸引720家企业参展，展览面积达4.7万平方米，观众超过3万人次，集中展示混凝土 制造、零部件、轻重型机械及施工系统等全产业链产品。 中国工程机械行业的代表之一徐工集团已在巴西市场深耕多年。徐工巴西制造有限公司产品经理武南介绍，相比欧美市场的高门槛，巴西及拉美地区为中国 制造提供了更广阔的发展空间。 展会一角。（记者 杨家和 摄） 在展会现场，巴西工程车租赁公司Rentalmix总经理Gabriel Carramenha与中联重科签下百万雷亚尔订单。他介绍其公司约75%的设备来自中联重科，目前设 备使用寿命和稳定性均优于同类产品，他对未来有关中联重科起重机等设备合作充满信心，认为中联重科的持续拓展不仅带动自身发展和合作伙伴成长 ...

Group 1: Equipment Import Trends - Developed countries' excavator import values peaked and began to decline in H2 2023, while emerging markets like Indonesia and Romania continue to see increases[2] - Piling machine imports in developed countries have also peaked and started to decline, with Romania showing significant growth since mid-2024[2] - Most developed countries' bulldozer imports peaked in early 2023, with the U.S. experiencing the latest decline[2] Group 2: Construction Material Imports - Steel imports for most countries peaked in Q1 2023 and began to decline[3] - Cement imports in developed countries peaked mid-2023 but the decline has been limited, indicating ongoing demand in subsequent stages[3] - Emerging markets like Poland and Romania continue to expand their cement imports despite a general slowdown[3] Group 3: Construction Phases - Most economies have completed the "foundation" and "building structure" phases, now nearing the end of the "laying utilities" phase[4] - Countries like Japan, Romania, India, and Indonesia still show rising crane import values, suggesting ongoing demand for building structures[4] - The "laying utilities" phase is nearing completion as most economies see renewed imports of water pipes and electrical cables[4] Group 4: Equipment Purchase Phase - Some economies, including the U.S., India, Malaysia, and Romania, have entered the "equipment purchase" phase, with significant increases in imports of generators and transformers from 2021 to 2023[5] - Import values for milling machines have shown no significant growth from 2021 to 2023, but have started to rise in late 2024 in several developed countries[5] - Hydraulic press imports have increased in late 2024 across multiple economies, indicating a shift towards equipment acquisition[5]

Core Viewpoint - The domestic excavator market in China is experiencing significant growth, with sales figures showing a strong upward trend in both domestic and export markets, driven by favorable policies and increasing infrastructure investments [1][2][3]. Group 1: Sales Data - In July, major domestic excavator manufacturers sold 17,138 units, a year-on-year increase of 25.2%, with domestic sales at 7,306 units (up 17.2%) and exports at 9,832 units (up 31.9%) [1][2]. - From January to July, a total of 137,658 excavators were sold, representing a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [1][2]. Group 2: Future Outlook - The excavator industry is expected to maintain steady growth over the next three years, supported by improved fixed asset investment and a new growth cycle in the industry [2][3]. - Future annual exports of excavators are projected to be around 100,000 to 120,000 units, driven by increasing demand in Southeast Asia, Africa, and the Middle East [3][4]. Group 3: Market Drivers - The growth in the excavator market is attributed to two main factors: the rising competitiveness of domestic brands and the recovery of market demand [4][5]. - The mining sector is anticipated to be a significant driver for large excavator sales, with fixed asset investments in mining expected to grow by 10.5% in 2024 [6]. Group 4: Major Projects - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [7]. - The demand for construction machinery is likely to increase due to the high-altitude construction environment and the push for electric and unmanned equipment in large projects [7].

Core Viewpoint - The report from Everbright Securities highlights the strong performance of domestic sales and exports in the construction machinery sector, driven by ongoing upgrades and replacements, supportive government policies, and increasing internationalization and electrification of the industry [1][2][3]. Group 1: Domestic Sales Performance - In July 2025, domestic excavator sales reached 7,306 units, a year-on-year increase of 17.2%, while total excavator sales (including exports) were 17,138 units, up 25.2% [1]. - From January to July 2025, total excavator sales amounted to 137,658 units, reflecting a year-on-year growth of 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [1]. Group 2: Growth Drivers - The continuous upgrade and replacement cycle in construction machinery is expected to support sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [2]. - The export of used construction machinery to developing countries has reduced the domestic inventory, further supporting new machine sales [2]. Group 3: Government Policy Support - The government plans to issue 1.3 trillion yuan in long-term special bonds in 2025, an increase of 300 billion yuan from the previous year, to boost infrastructure investment [3]. - The focus on new urbanization and infrastructure projects, including urban renewal and flood control systems, is expected to sustain demand for construction machinery [3]. Group 4: Export Performance - In July 2025, excavator exports reached 9,832 units, a year-on-year increase of 31.9%, with total exports from January to July at 64,715 units, up 13.0% [4]. - The construction machinery sector faces both opportunities and challenges in international markets, particularly in Southeast Asia, Africa, and the Middle East, while also dealing with uncertainties related to US-China tariffs [4]. Group 5: Electrification Trends - In July 2025, electric loader sales surged to 2,391 units, marking an 81.5% year-on-year increase, with an electrification rate of 26.6%, up 10.8 percentage points [5]. - The government emphasizes green transformation and energy-saving initiatives, positioning electrification as a key development direction for the construction machinery industry [5]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [6][7]. - The project is anticipated to require substantial machinery investments, potentially reaching 120 to 180 billion yuan, with a focus on large excavators and other specialized equipment [7].

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].

Core Viewpoint - Zhonglian Heavy Industry (01157) has seen a stock price increase of over 4%, currently trading at 6.59 HKD with a transaction volume of 73.39 million HKD, reflecting positive market sentiment towards the company and the industry as a whole [1] Industry Summary - According to the China Construction Machinery Industry Association, a total of 17,138 excavators were sold in July, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1] - From January to July, a total of 137,658 excavators were sold, showing a year-on-year growth of 17.8%. The engineering machinery industry is currently experiencing a phase of moderate recovery in domestic demand and steady growth in exports [1][1] - Dongwu Securities has reported that leading companies in the industry are accelerating the release of performance elasticity due to their respective competitive advantages [1] Company Summary - On July 19, a groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project was held in Nyingchi City, Tibet, with a total investment of approximately 1.2 trillion CNY [1] - On July 23, Zhonglian Heavy Industry confirmed its active participation in the Yarlung Tsangpo hydropower project, stating that its excavators, cranes, and concrete equipment have been deployed to the construction sites [1] - The company has established long-term cooperative relationships with key participants in the Yarlung Tsangpo project and has developed a full range of green, intelligent, high-end, and plateau low-temperature versions of construction equipment [1]

Group 1 - The stock price of LiuGong is reported at 10.95 yuan, down 0.64% from the previous trading day [1] - The trading volume for the day was 424,000 hands, with a transaction amount of 464 million yuan [1] - The stock experienced a volatility of 1.36% and a turnover rate of 2.09% [1] Group 2 - LiuGong operates in the construction machinery industry, focusing on the research, production, and sales of construction machinery and key components [1] - The company's product range includes loaders, excavators, and cranes [1] Group 3 - The net outflow of main funds for LiuGong on that day was 22.0383 million yuan, with a cumulative net outflow of 187 million yuan over the past five days [1] - The current total market value of the company is 22.197 billion yuan, with a price-to-earnings ratio of 8.44 times [1]

Core Insights - The Birgunj customs in Nepal imported a total of 68,743 vehicles in the fiscal year 2024/25, covering a wide range of vehicle types from motorcycles to cranes [1] - Vehicle imports have become the second-largest source of tax revenue for this customs point, with a significant contribution from fuel vehicles, which generated 17.31 billion Nepalese Rupees in duties last fiscal year [1] - The customs point processes an average of approximately 188 imported vehicles daily [1]

Overview - The article discusses the significance and development of the multimodal transport industry, emphasizing its role in reducing costs and enhancing efficiency, as well as supporting national carbon neutrality and peak carbon goals [4][10]. Multimodal Transport Industry Definition and Importance - Multimodal transport is defined and categorized, highlighting its components and pricing mechanisms [3][4]. - The importance of multimodal transport is analyzed, focusing on cost reduction and efficiency improvement [4]. Global Multimodal Transport Industry Development - A review of the global multimodal transport industry's development history and current market size is provided, indicating a growing logistics market projected to reach several trillion dollars by 2025 [11]. - The regional distribution of the multimodal transport market is examined, with specific insights into the United States and Europe [4][11]. China's Multimodal Transport Industry - The development history of China's multimodal transport industry is outlined, along with existing challenges such as market environment optimization and technology standardization [5][10]. - The evaluation of multimodal transport demonstration projects in China is discussed, including the scale and criteria for these projects [5][10]. Infrastructure and Logistics Equipment - An analysis of China's infrastructure development in road, rail, and water transport is presented, detailing investment trends and construction progress [6][10]. - The demand for logistics equipment in multimodal transport is highlighted, with a focus on standardized transport units like containers and pallets [6][10]. Market Competition and Investment Strategies - The competitive landscape of China's multimodal transport industry is analyzed, including market concentration and key players [7][10]. - Investment strategies and financing conditions in the multimodal transport sector are reviewed, emphasizing the importance of funding sources and investment methods [7][10]. Future Outlook - The article forecasts the future of the multimodal transport industry in China, predicting an expansion in market demand and the evolution of development models [10]. - The impact of national policies and strategic goals on the multimodal transport industry is also discussed, particularly in relation to carbon neutrality initiatives [10].

Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]