Core Insights - The tower crane rental industry in China has experienced a fluctuating market size, growing from 52.84 billion yuan in 2016 to 110.23 billion yuan in 2021, followed by a decline due to a downturn in the real estate sector, with projections indicating a market size of 98.67 billion yuan by 2025, a year-on-year decrease of 3.5% [1][3][10] Industry Overview - Tower crane rental, a significant branch of construction equipment leasing, provides short-term usage services for tower cranes, reducing the purchase and maintenance costs for construction contractors [3][9] - The rental business model includes operating leases, where the rental company provides equipment only, and integrated leasing, which offers a comprehensive service package [3] Market Trends - The market saw rapid growth from 2016 to 2020 due to urbanization and infrastructure development, but has faced challenges since 2021 due to a deep adjustment in the real estate sector and increased market competition [7][9] - The demand for tower cranes is closely linked to real estate and infrastructure activities, with a projected decline in fixed asset investment and real estate development investments impacting the rental market [7][9] Industry Chain - The tower crane rental industry consists of upstream manufacturing, midstream rental services, and downstream construction sectors, heavily reliant on national economic conditions and fixed asset investment [8][9] - The production of tower cranes peaked at 57,392 units in 2020 but has since declined, with a forecasted production of 10,775 units in 2024, reflecting insufficient downstream demand [8][9] Competitive Landscape - The industry is characterized by a large number of small to medium-sized enterprises, with leading companies like Pangyuan Rental, Dafeng Equipment, and Zizhu Hui emerging as key players [10][11] - The market concentration is expected to increase as larger companies leverage their advantages in technology and service quality to consolidate their positions [10] Future Development Trends - The industry is anticipated to move towards greater automation and intelligence, incorporating advanced control systems and sensors for improved efficiency and safety [13] - Environmental sustainability will become a focal point, with a shift towards electric and hybrid cranes to reduce energy consumption and emissions [14] - International expansion is expected to accelerate as companies seek new markets and enhance their global presence [15]

Core Insights - The Chinese forklift manufacturing industry has developed a comprehensive production capacity over 70 years, becoming the largest manufacturing market globally, with production expected to approach 1.3 million units in 2024 [1] Production Trends - The production of forklifts in China has shown fluctuations, with the total production from 2015 to 2024 experiencing variations. In 2024, the production is projected to be nearly 1.3 million units [1] - The industry is highly concentrated, with the top three companies—Anhui Heli, Zhongli, and Hangcha Group—holding over 80% of the market share. Their production figures for 2024 are expected to be 350,000 units, 294,000 units, and 280,000 units respectively, reflecting year-on-year growth rates of 19.15%, 16.33%, and 12.82% [2] Sales Performance - The sales volume of forklifts in China is on an upward trend, with a record high of 1.286 million units expected in 2024, marking a year-on-year increase of 9.5%. For the first ten months of 2025, sales reached 1.2207 million units, up 14.2% year-on-year [4] - The leading companies in forklift sales for 2024 are projected to be Anhui Heli with 340,200 units (up 16.52%), Zhongli with 297,000 units (up 15.53%), and Hangcha Group with 280,000 units (up 14.05%) [5] Supply and Demand Dynamics - The Chinese forklift manufacturing industry has achieved a basic balance between supply and demand, with significant advancements in technology and production processes. The period from 2015 to 2018 saw excess inventory, but since 2019, the market has shifted towards a more balanced supply-demand scenario, with sales exceeding production [9]

近期事件 2026年02月10日，柳工发布公告称，非独立董事（副董事长）、高级副总裁黄海波因工作变动原因辞 职，不再担任公司任何职务；其原定任期至2028年5月，持股25.11万股将按规定管理。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 近期券商机构发布工程机械行业研报，显示行业需求复苏。东莞证券在点评中指出，2026 年1月挖掘机销量为18708台，同比增长49.50%，其中国内销量同比增长61.39%，主要受春节错峰因素 及专项债加速发行推动。银河证券在月报中同样强调1月挖机内销同比增长61.4%，出口增长40.5%，并 提到新增专项债发行金额约3677亿元，同比增长79.54%，有望提振下游设备需求。根据内部数据库， 机构对柳工（000528）的综合目标价为16.53元，较最新价有40.56%的上涨空间，2025年预测净利润同 比增长26.97%。 股票近期走势 柳工股价近7日呈现震荡走势，截至2026年02月13日最新价为11.58元，当日下跌1.53%，5日累计涨幅 0.87%；同期工程机械板块下跌1.79%，表现弱于行业。成交量方面，2月9日成交额达4.83亿元，换手率 2.02%， ...

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

Investment Rating - The industry investment rating is "Market Weight" [1] Core Insights - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.50%, but a month-on-month decrease of 19.00%. Domestic sales were 8,723 units, up 61.39% year-on-year, while export sales were 9,985 units, up 40.50% year-on-year [3][4] - Loader sales in January 2026 totaled 11,759 units, reflecting a year-on-year increase of 48.47% and a month-on-month decrease of 3.90%. Domestic sales were 5,293 units, up 42.82% year-on-year, while export sales were 6,466 units, up 53.44% year-on-year [3][4] - The issuance of new special bonds in January 2026 amounted to approximately 367.7 billion yuan, a year-on-year increase of 79.54%, which is expected to boost downstream engineering project commencement and equipment demand [4] - The report highlights a recovery in domestic engineering machinery demand, driven by the acceleration of special bond issuance and the commencement of major domestic projects [4] - The electric excavator sales reached 35 units in January 2026, a year-on-year increase of 94.44%, while electric loader sales were 2,990 units, up 175.32% year-on-year, indicating a growing trend towards electrification in the industry [3][4][5] Summary by Sections Excavator Sales - January 2026 excavator sales were 18,708 units, with domestic sales at 8,723 units and export sales at 9,985 units, showing significant year-on-year growth [3][4] Loader Sales - January 2026 loader sales were 11,759 units, with domestic sales at 5,293 units and export sales at 6,466 units, also reflecting strong year-on-year growth [3][4] Special Bonds and Policy Impact - The acceleration of special bond issuance and the initiation of major projects are expected to enhance equipment demand in the engineering machinery sector [4] Electrification Trend - The report emphasizes the importance of electric machinery, with significant year-on-year growth in sales of electric excavators and loaders, indicating a shift towards greener technology [5]

Core Viewpoint - The engineering machinery industry experienced a strong recovery in 2025, with an index increase of 33.14%, significantly outperforming the CSI 300, and is expected to continue high-quality development in 2026 driven by smart logistics equipment, mining machinery upgrades, and overseas market expansion [1][2]. Group 1: Industry Performance in 2025 - The total operating revenue of the engineering machinery industry reached 303.61 billion yuan in the first three quarters of 2025, a year-on-year increase of 10.84% [2]. - The net profit attributable to shareholders was 29.44 billion yuan, with a year-on-year growth rate of 19.72%, indicating improved profitability [2]. - The gross profit margin increased from 24.86% in Q1 to 25.48% in the first three quarters, reflecting enhanced sales efficiency [2]. Group 2: Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 29.10 billion yuan in the first three quarters, marking a new high for the same period in recent years, with a year-on-year growth rate of 41.79% in Q3 [4]. - Inventory turnover days decreased year-on-year, and the operating cycle was compressed by 3.73%, indicating improved operational efficiency despite a 9.35% increase in inventory value [4]. Group 3: Key Focus Areas for 2026 - Smart logistics equipment is expected to be the most promising growth area in 2026, driven by policy support, surging demand, and technological upgrades [6]. - The continuous growth of e-commerce logistics is a core driver, with the national express package processing volume reaching 7.23 billion during the Mid-Autumn Festival and National Day holidays, pushing the e-commerce logistics business volume index to 132.9 points [6]. - The demand for automation in logistics is urgent, as labor costs account for 29% of logistics companies' warehousing costs, necessitating the replacement of manual labor with smart equipment [6]. Group 4: Policy and Technological Developments - National and local governments are collaborating to promote logistics data openness and the construction of intelligent supply chains, with various supportive policies being implemented [11]. - Technological advancements, such as improved navigation precision and the localization of components, are strengthening the foundation for development in the industry [11]. Group 5: Mining Machinery and Tunnel Equipment - The mining machinery and tunnel engineering equipment sectors are entering a golden period of upgrades, driven by the "14th Five-Year Plan" and carbon neutrality goals [12]. - The demand for deep earth mining is increasing, with non-road dump trucks showing significant operational hours, indicating their essential role in material flow [12]. - The export of mining machinery is growing, with excavator exports reaching 93,800 units in the first ten months of 2025, a year-on-year increase of 14.43% [14]. Group 6: Investment Recommendations - Investment focus for 2026 should be on smart logistics equipment, particularly leading companies in the forklift sector, such as Anhui Heli and Hangcha Group, which are well-positioned to benefit from the trends of electrification and automation [15]. - In the mining machinery and tunnel construction equipment sector, companies like SANY Heavy Industry and Zoomlion are recommended due to their technological maturity and increasing export ratios [15].

Core Viewpoint - The resignation of Mr. Huang Haibo, a non-independent director and senior vice president of Guangxi Liugong Machinery Co., Ltd., is due to work changes, and it will not affect the normal operation of the board of directors or the company's daily management [1][2]. Group 1 - Mr. Huang Haibo submitted his resignation on February 10, 2026, and will no longer hold any positions in the company after resigning from the board and other roles [1]. - His original term was from May 20, 2025, to May 19, 2028, and he held 251,100 shares in the company at the time of his resignation [1]. - The company will complete the necessary procedures for director re-election and adjustments to the board's special committee members promptly [2]. Group 2 - The company expresses sincere gratitude for Mr. Huang Haibo's contributions during his tenure [3]. - The resignation will not lead to a decrease in the number of board members below the legal requirement [2].

Group 1 - Company Guangxi Liugong Machinery Co., Ltd. won a procurement project from China Energy Construction Group with a bid amount of 2.7626 million yuan [1][2] - In 2024, the company's operating revenue is projected to be 30.063 billion yuan, with a growth rate of 9.24% [2] - The net profit attributable to the parent company for 2024 is expected to be 1.327 billion yuan, reflecting a growth rate of 52.92% [2] Group 2 - For the first half of 2025, the company's operating revenue reached 18.181 billion yuan, with a growth rate of 13.21% [2] - The net profit attributable to the parent company for the first half of 2025 is estimated at 1.230 billion yuan, with a growth rate of 25.05% [2] - The company operates in the industrial sector, primarily focusing on heavy construction machinery, with its main product composition in 2024 being earth-moving machinery at 59.68%, other construction machinery and parts at 30.2%, prestressing machinery at 8.37%, and financing leasing business at 1.75% [2]

Core Viewpoint - LiuGong (000528.SZ) announced the resignation of non-independent director and senior vice president Huang Haibo due to work changes, effective February 10, 2026 [1] Group 1: Resignation Details - Huang Haibo submitted a written resignation report, resigning from his positions as non-independent director, vice chairman, senior vice president, and member of the strategic committee [1] - His original term was set from May 20, 2025, to May 19, 2028, coinciding with the end of the tenth board term [1] - After resigning, Huang Haibo will not hold any other positions within the company [1] Group 2: Shareholding and Compliance - As of the announcement date, Huang Haibo holds 251,100 shares in the company [1] - There are no unfulfilled commitments that he is required to perform [1] - Huang Haibo will continue to comply with the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange regarding changes in shareholding by directors and senior executives of listed companies [1]

证券代码：000528 证券简称：柳 工 公告编号：2026-04 债券代码：127084 债券简称：柳工转2 公司对黄海波先生在任职期间为公司所做贡献致以衷心的感谢！ 特此公告。 广西柳工机械股份有限公司 关于非独立董事、高级副总裁辞职的公告 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。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2026 年 2 月 10 日收到 非独立董事（副董事长）、高级副总裁黄海波先生提交的书面辞职报告，因工作变动原 因，黄海波先生提出辞去公司第十届董事会非独立董事（副董事长）、高级副总裁、战 略委员会委员等职务。辞去以上职务后，黄海波先生在公司不再担任其他职务。 黄海波先生的原定任期为自 2025 年 5 月 20 日起至 2028 年 5 月 19 日公司第十届董 事会任期届满之日止。截至本公告披露日，黄海波先生持有公司股份 251,100 股，不存 在应当履行而未履行的承诺事项。黄海波先生将继续遵守中国证监会、深圳证券交易所 关于上市公司董事和高管人员持股变动管理的相关规定。 根据《公司法》和《公司章程》等有关规定 ...