Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - Domestic demand for excavators continues to grow, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units, up 9.1% year-on-year. For the first 11 months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% increase, with domestic sales at 108,187 units, up 18.6% [3][4]. - The report highlights a significant recovery in non-excavator machinery categories, with loader sales in November 2025 increasing by 29.4%, motor grader sales up 24.7%, and truck crane sales rising by 25.8% [3][4]. - The ongoing replacement cycle in the machinery sector is expected to drive sales growth, with an estimated compound annual growth rate of around 30% for replacement demand in the coming years [4]. - Positive fiscal policies are anticipated to stimulate infrastructure investment, ensuring sustained mid-term demand for machinery [5]. - Export performance remains strong, with excavator exports in November 2025 reaching 10,185 units, a year-on-year increase of 18.8%, and total export value for the first 11 months of 2025 at $53.76 billion, up 12.4% [6]. - The electric loader segment shows remarkable growth, with sales in November 2025 reaching 2,935 units, a 192.0% increase year-on-year, and an electricization rate of 25.7% [7]. - The commencement of the Yarlung Tsangpo River hydropower project is expected to further boost machinery demand, with projected equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Domestic Sales Performance - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units, marking a 9.1% increase year-on-year [3][14]. - Loader sales in November increased by 32.1%, with domestic sales up 29.4% [14]. Export Performance - Excavator exports in November 2025 totaled 10,185 units, reflecting an 18.8% year-on-year increase [6][14]. - The total export value for machinery in November was $5.23 billion, a 16.6% increase [6]. Future Growth Drivers - The report emphasizes the importance of ongoing fiscal policies to support infrastructure investment, which is expected to drive machinery demand [5]. - The electricization trend in machinery is highlighted, with significant growth in electric loader sales and an increasing electricization rate [7]. Key Companies Recommended - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, as well as component manufacturers like Hengli Hydraulic [10].

Group 1 - The core announcement from LiuGong includes the approval of multiple proposals by the company's 10th Board of Directors during its 8th meeting, focusing on the financial derivatives business for the year 2026, the operational plan for 2026, and the financial budget for 2026 [2]

Group 1: Market Performance - The engineering machinery sector increased by 1.82% on December 26, with XCMG leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Group 2: Individual Stock Performance - XCMG (000425) closed at 11.24, up 5.14% with a trading volume of 895,800 shares [1] - Shaoyang Hydraulic (301079) closed at 31.87, up 4.59% with a trading volume of 299,500 shares [1] - Shantui (000680) closed at 11.53, up 3.87% with a trading volume of 446,300 shares [1] - Changling Hydraulic (605389) closed at 76.10, up 2.84% with a trading volume of 19,200 shares [1] - Yizhong Heavy Industry (600031) closed at 21.17, up 2.42% with a trading volume of 715,800 shares [1] - Hailun Zhe (300201) closed at 6.58, up 2.02% with a trading volume of 863,400 shares [1] - Fushite (301446) closed at 32.21, up 1.90% with a trading volume of 16,100 shares [1] - Liugong (000528) closed at 12.61, up 1.69% with a trading volume of 227,100 shares [1] - Zoomlion (000157) closed at 8.57, up 1.66% with a trading volume of 479,800 shares [1] - Hengli Hydraulic (601100) closed at 108.61, up 1.30% with a trading volume of 89,000 shares [1] Group 3: Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 96.43 million yuan from institutional investors, while retail investors saw a net inflow of 81.26 million yuan [2] - Major stocks like Hengli Hydraulic and Yizhong Heavy Industry had varying net inflows and outflows from different investor types [3] - Hengli Hydraulic had a net inflow of 1.30 million yuan from institutional investors, while Yizhong Heavy Industry saw a net inflow of 67.84 million yuan [3]

广西柳工机械股份有限公司 二、《关于公司 2026 年度财务预算的议案》 审计委员会认为：公司 2026 年度财务预算符合公司实际运营情况，符合公司利益 和全体股东利益。因此，同意将上述事项提交公司第十届董事会第八次会议进行审议。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 广西柳工机械股份有限公司（简称"公司"）第十届董事会审计委员会第六次会议 通知于 2025 年 12 月 15 日通过邮件方式送达各位委员，在 2025 年 12 月 25 日在公司总 部会议室（现场方式）召开。会议应到委员 5 人，实到委员 5 人，本次会议的召开符合 《公司法》《深圳证券交易所股票上市规则》及《公司章程》的相关规定，全体审计委 员会成员对拟提交公司第十届董事会第八次会议的相关议案进行审议并发表如下审核 意见： 一、《关于公司开展 2026 年度金融衍生品业务的议案》 审计委员会认为：公司 2026 年度的金融衍生品业务的预计额度合理，外汇风险的 管理工具丰富，公司的外汇管理体系得到进一步建设完善，开展衍生品业务是保障公司 海外业务顺利开展的重要手段，同意将上述事项提交公司第十届董事会第八次会议进行 审议。 表 ...

Group 1 - The core point of the article is that LiuGong (SZ 000528) announced the convening of its 10th eighth board meeting on December 25, 2025, to review the financial budget proposal for 2026 [1] - For the first half of 2025, LiuGong's revenue composition was as follows: 92.04% from construction machinery manufacturing, 6.58% from prestressed business, and 1.38% from financial services [1] - As of the report date, LiuGong's market capitalization was 25.7 billion yuan [1]

广西柳工机械股份有限公司 关于开展 2026 年度金融衍生品业务的可行性分析报告 广西柳工机械股份有限公司（以下简称"公司"）为有效控制公司生产经营过程中 使用外币结算产生的汇率波动风险，通过合理利用金融衍生品交易业务规避外汇市场风 险，降低汇率及利率波动对公司利润的影响，实现公司稳健经营，公司拟开展交易最高 总额不超过 5.3 亿美元（按 2026 年预算汇率 USD/CNY7.1，折合人民币约 37.63 亿元）， 额度可循环滚动使用的金融衍生品交易业务。现根据《深圳证券交易所上市公司规范运 作指引》的有关规定，开展金融衍生品交易业务可行性说明如下： 一、申请开展金融衍生品交易业务背景 随着公司国际业务的快速发展，公司海外经营与外汇业务规模日益扩大。结算货币 的多元化是支持公司国际业务向深度和广度快速推进的必要手段。近年来，受国际政治、 经济等因素影响，汇率和利率震荡幅度不断加大，对公司的经营业绩产生较大影响。 为 了降低汇率、利率等价格波动对公司利润的影响以及基于经营战略的需要，使公司长期 保持较为稳定的利润水平，并专注于生产经营，公司必须进行合理有效的风险管理。 二、拟开展的金融衍生品业务概述 公司拟 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-99 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 关于开展 2026 年度金融衍生品业务的公告 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。 重要内容提示： 1、广西柳工机械股份有限公司（以下简称"公司"）为了满足业务发展的需要， 以套期保值为目的开展金融衍生品业务，保持外汇风险管控原则不变。交易业务品种只 限于远期结售汇、差额交易、NDF（无本金交割远期外汇交易，下同）、期权、利率及 货币掉期。交易场所为经国家外汇管理总局和中国人民银行批准、具有衍生品交易业务 经营资格的金融机构。基于目前汇率走势，根据额度分析测算，申请金融衍生品业务交 易最高总额不超过 5.3 亿美元（按 2026 年预算汇率 USD/CNY7.1，折合人民币约 37.63 亿元），额度可循环滚动使用，有效期至下一年度董事会批准新额度为止。 2、公司于 2025 年 12 月 25~26 日召开的第十届董事会第八次会议审议通过了《关 于公司开展 2026 年度金融衍生品业务的议案》，该事项无需提交公司 ...

第十届董事会第八次会议决议公告 该议案已经公司董事会审计委员会审议通过。 证券代码：000528 证券简称：柳 工 公告编号：2025-98 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。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 15 日以 电子邮件方式发出召开第十届董事会第八次会议的通知，会议于 2025 年 12 月 25~26 日 在公司总部会议室（现场方式）召开。会议应到会董事 12 人，实到会董事 12 人。会议 由董事长郑津先生主持。本次会议通知及召开符合有关法律、法规、规章及《公司章程》 的规定，合法有效。经会议审议，作出了如下决议： 表决情况为：12 票同意，0 票反对，0 票弃权。 一、审议通过《关于公司开展 2026 年度金融衍生品业务的议案》 该议案具体内容详见公司同时在《中国证券报》及巨潮资讯网（www.cninfo.com.c n）披露的《柳工关于开展 2026 年度金融衍生品业务的公告》（公告编号：2025-99）。 1．同意 ...

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]