Core Insights - The overall forklift sales in October 2025 reached 114,300 units, representing a year-on-year growth of 15.9% [2] - Domestic sales accounted for 70,400 units, with a growth of 16.2%, while overseas sales were 43,900 units, also growing by 16.2% [2] - Cumulative forklift sales from January to October 2025 totaled 1,220,700 units, marking a 14.2% increase year-on-year [2] Group 1: Market Performance - Forklift sales in October showed robust double-digit growth in both domestic and overseas markets, driven by enhanced competitiveness of domestic companies and rising global demand [3] - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with positive indicators from macroeconomic data suggesting a gradual recovery in domestic demand [3] - The social logistics total in September 2025 increased by 5.4% year-on-year, indicating a stable growth trend in logistics activities [3] Group 2: Technological Advancements - Hangcha Group launched the X1 series humanoid robots at the Asia International Logistics Technology and Transportation Systems Exhibition, marking a significant shift towards intelligent logistics solutions [4] - The X1 series integrates efficient mobility with dexterous operation, promising to enhance logistics efficiency and flexibility across various industries [4] Group 3: Green Initiatives - Hangcha completed a significant order for 108 hydrogen-powered forklifts, showcasing its commitment to green technology and low-carbon solutions [5] - The hydrogen forklifts are designed for high-intensity operations in logistics and manufacturing, featuring zero emissions and high efficiency [5] Group 4: Industry Trends - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a major push towards automation in logistics [6] - This initiative represents a transition from pilot projects to large-scale applications in smart logistics, with potential benefits for consumer experience and logistics costs [6] Group 5: Investment Opportunities - The forklift industry is characterized by broad applications and a weak cyclical nature, with a strong correlation to manufacturing sector performance [7] - Domestic companies are accelerating their global expansion and establishing local production and service capabilities, enhancing their market penetration [7] - Leading domestic forklift manufacturers are actively investing in smart logistics and robotics, reshaping the competitive landscape of the logistics industry [7]

Core Viewpoint - The forklift industry in China is experiencing robust growth, with significant increases in both domestic and overseas sales, driven by improved competitiveness and demand in the global market [2][5]. Group 1: Forklift Sales Data - In October 2025, total forklift sales reached 114,300 units, marking a year-on-year increase of 15.9% [2]. - Domestic sales accounted for 70,400 units, up 16.2% year-on-year, while overseas sales were 43,900 units, also reflecting a 16.2% increase [2]. - Cumulative sales from January to October 2025 reached 1,220,700 units, a 14.2% increase year-on-year, with domestic sales at 767,800 units (up 13.4%) and export sales at 452,900 units (up 15.5%) [2]. Group 2: Market Trends and Economic Indicators - The growth in forklift sales is attributed to the correlation with the manufacturing and warehousing logistics sectors, as indicated by a 5.4% year-on-year increase in social logistics total in September 2025 [2]. - The manufacturing PMI new orders index was at 48.8 in October 2025, showing a slight decline, suggesting a mixed outlook for manufacturing activity [2]. - The government has projected a GDP growth of around 5% for the year, indicating a gradual improvement in macroeconomic conditions [2]. Group 3: Technological Advancements and Strategic Moves - Hangcha Group launched the X1 series humanoid robots at the Asia International Logistics Technology and Transportation Systems Exhibition, marking a shift towards intelligent logistics solutions [3]. - The company completed a significant order of 108 hydrogen fuel cell forklifts, enhancing its green technology offerings and contributing to low-carbon economic initiatives [4]. - JD Logistics announced plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a strong push towards automation in logistics [4]. Group 4: Investment Opportunities - The forklift sector has a wide range of applications and is less cyclical, closely linked to the manufacturing industry's performance [5]. - Domestic companies are accelerating their global expansion, establishing local production and service systems abroad, which is expected to enhance market penetration [5]. - Leading domestic forklift manufacturers are actively investing in intelligent logistics and robotics, potentially reshaping the competitive landscape of the logistics industry [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 over the next six months [5]. Core Insights - The forklift sales in October 2025 reached 114,300 units, a year-on-year increase of 15.9%. Domestic sales were 70,400 units, up 16.2%, while overseas sales were 43,900 units, also up 16.2%. Cumulative sales from January to October 2025 totaled 1,220,700 units, reflecting a 14.2% year-on-year growth [4]. - The growth in forklift sales is attributed to the robust performance of domestic forklift companies in overseas markets and the increasing global demand for forklifts. The demand for forklifts is closely linked to the manufacturing and warehousing logistics sectors [4]. - Hangcha Group launched the X1 series humanoid robots, marking a significant step towards transforming from a traditional industrial vehicle manufacturer to a smart logistics solution provider [4]. - Hangcha completed a large order for hydrogen fuel forklifts, delivering 108 units, which signifies a deeper collaboration in the hydrogen-powered industrial vehicle sector and supports the low-carbon economy [4]. - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a shift towards large-scale application of intelligent logistics systems [4]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [4].