中国工程机械月度报告（2025年4月）——国内增长放缓

Kelly Zou * | Equity Analyst852 3767 1116 | kelly.zou@jefferies.comJohnson Wan * | Equity Analyst852 3743 8083 | johnson.wan@jefferies.com thereby stimulating infra and property investments in those regions and increasing demandfor construction machinery from Chinese companies.Please see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. SectorChinaFigure 1 - Excavator sales volume in China.-10,00020,00030,00040,00050,00060,00070,00080,000JanFebMar20192023UnitsSource: CCMA, JefferiesFigure 3 - Truck crane sales volume in China.02,0004,0006,0008,00010,00012,000JanFebMar Apr May Jun20192023UnitsSource: CCMA, JefferiesFigure 5 - Mobile crane sales volume in China.05001,0001,5002,0002,5003,0003,500JanFebMar2021UnitsUnitsSource: CCMA, JefferiesPlease see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 7 - Forklift sales volume in China.020,00040,00060,00080,000100,000120,000JanFebMar20192023UnitsSource: CCMA, JefferiesFigure 9 - Electric wheel loader sales volume in China.05001,0001,5002,0002,5003,000Feb-22Apr-22Jun-22Aug-22Oct-22UnitsElectric wheel loader sales volumeSource: CCMA, JefferiesFigure 11 - China construction activity index.56.354.452.348.049.050.051.052.053.054.055.056.057.058.0%Source: NBS, JefferiesPlease see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 13 - Infra, real eastate, mining, and water conservancy FAI growth inChina.(40)(30)(20)(10)010203040Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20%FAI - InfraFAI - Real estateSource: Wind, JefferiesFigure 15 - Property monthly sales in China.-50100150200250300Apr-19Oct-19Apr-20Oct-20mn sqmProperty sales - monthlySource: CEIC, JefferiesFigure 17 - China's 2nd-hand house sales price index.-10.0-8.0-6.0-4.0-2.00.02.04.06.08.010.0Apr-19Aug-19Dec-19Apr-20Aug-20Source: Wind, JefferiesFigure 19 - Local gov't issurance vs repayment in China.-50005001,0001,5002,000Jan-22Apr-22Jul-22Oct-22Rmb bnIssuanceSource: Wind, JefferiesPlease see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. ExportFigure 20 - China construction machinery export value.1,0001,5002,0002,5003,0003,5004,0004,5005,0005,500JanFebUSD mn20192020Source: China Customs, JefferiesFigure 21 - China construction machinery export value mix by region.Region mixAsia as % of totalAfrica as % of totalLatin America as % of totalEurope as % of totalNorth America as % of totalOceania as % of totalTotalSource: China Customs, Jefferies, Note: total export value contains export value of complete machineand parts, while complete machine incl. brand-new and 2nd-hand equipment.Figure 23 - China construction machinery export value mix by product.Product mix2021ExcavatorWheel loaderCraneTruck craneConcrete mixerForklift incl. AWPSource: China Customs, JefferiesFigure 25 - China excavator export value growth by region.YoY growthAsiaIndonesiaASEANIndiaSaudi ArabiaUAETurkeyAfricaLatin AmericaBrazilMexicoEuropeEU 27 countriesNon-EU 27 countriesRussiaNorth AmericaOceaniaSource: China Customs, JefferiesPlease see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 27 - China crane export value growth by region.YoY growthAsiaIndonesiaASEANIndiaSaudi ArabiaUAETurkeyAfricaLatin AmericaBrazilMexicoEuropeEU 27 countriesNon-EU 27 countriesRussiaNorth AmericaOceaniaSource: China Customs, JefferiesFigure 29 - China construction machinery exportvalue: excavator.02004006008001,0001,200JanFebMarAprMayJunUSD mn201920202021Source: China Customs, JefferiesFigure 32 - China construction machinery exportvalue: wheel loader.050100150200250300350400450JanFebMarAprMayJunUSD mn201920202021Source: China Customs, JefferiesFigure 35 - China construction machinery exportvalue: truck crane.020406080100120140160JanFebMarAprMayJunUSD mn201920202021Source: China Customs, JefferiesPlease see important disclosure information on pages 10 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Source: China Customs, JefferiesFigure 36 - China construction machinery exportvolume: truck crane.02004006008001,0001,2001,4001,6001,800JanFebMarAprMayJunUnits201920202021Source: China Customs, Jefferies Source: CCMA, JefferiesFigure 37 - China 1st-hand construction machineryexport volume: truck crane.02004006008001,0001,200JanFebMarAprMay20192023UnitsSource: CCMA, Jefferies Figure 38 - China construction machinery exportvalue: concrete mixer.0102030405060708090100JanFebMarAprMayJunUSD mn201920202021Source: China Customs, JefferiesFigure 40 - C