20251118-招银国际-Capital_Goods_Domestic_crane_demand_continues_to_recover_5页_691kb

报告摘要

Date: November 18, 2025
Source: CMB International Global Markets, Equity Research
Sector Update: Construction machinery, with emphasis on crane demand recovery and sales data for October 2025.

Domestic crane demand is recovering, fueled by energy projects and wind power installation. October 2025 saw strong sales growth in key machinery categories.
Export volumes for most construction equipment are robust, reinforcing global demand and serving as a catalyst for sector growth. Exceptions include aerial work platforms.

Truck Cranes: +15% YoY (domestic sales accelerating from previous months; exports +42% YoY).
Crawler Cranes: +71% YoY (surged in exports; represents five consecutive months of growth).
Forklifts: +16% YoY (steady domestic growth, but slower than September; exports resilient).
Tower Cranes: -7% YoY (slipped domestically due to property sector weakness, but improving trend from previous declines; exports +15% YoY).
Overall: Non-earth-moving machinery demand is showing signs of early upcycle, with earth-moving machinery sales still mixed.

BUY: Zoomlion (1157 HK / 000157 CH), SANY Heavy (600031 CH), Jiangsu Hengli (601100 CH) for potential 12-month returns exceeding 15%.
HOLD: Zhejiang Dingli (603338 CH) due to weak aerial work platform (AWP) industry sales (-39% YoY) and below-expectation performance.

Machinery usage is highest in infrastructure and mining; forklifts and excavators support medium-low applications in property and manufacturing.

Trends indicate gradual improvement in sales for key machinery types, driven by industrial projects and infrastructure investment. Radiant Sales from Replacement and New Demand are contributors, with electric wheel loaders gaining market share.

This summary is based on CCB International Machinery Association (CCMA) data and excludes detailed financial figures from related reports.
Standard disclaimers apply: Analyst certifications, potential conflicts of interest, and risks in securities transactions.

For full details, including charts and financial disclosures, refer to the original report.

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