--- title: "Dongfang Securities: Geopolitical disturbances intensify, optimistic about the continued prosperity of mining machinery" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280392540.md" description: "Dongfang Securities released a research report stating that geopolitical tensions will drive the continued high prosperity of the mining machinery industry. Although the market generally believes that the prosperity of mining machinery is affected by the Federal Reserve's interest rate cut cycle, the conflict between the U.S. and Iran has led to rising oil prices, weakening the expectations for interest rate cuts. The bank believes that capital expenditures of mining companies will remain high due to the merger and acquisition activities of global mining giants, and the mining machinery industry will benefit from this trend" datetime: "2026-03-25T01:22:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280392540.md) - [en](https://longbridge.com/en/news/280392540.md) - [zh-HK](https://longbridge.com/zh-HK/news/280392540.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280392540.md) | [English](https://longbridge.com/en/news/280392540.md) # Dongfang Securities: Geopolitical disturbances intensify, optimistic about the continued prosperity of mining machinery According to the Zhitong Finance APP, Dongfang Securities has released a research report stating that under the backdrop of geopolitical conflicts, the price center of non-ferrous metals is expected to remain high. Global mining giants continue to increase mergers and acquisitions to expand reserves, and the willingness of mining companies to expand production is expected to strengthen in the future. This will drive high capital expenditure in mining companies to last longer, promoting a high boom in the mining machinery industry. The broad mining machinery boom has three stages: development of bulk raw materials, energy extraction, and construction utilization. The firm believes that we are currently in the first stage, and related equipment companies are expected to benefit from the upward trend in the mining machinery industry. ## The main points of Dongfang Securities are as follows: **Global geopolitical disturbances are intensifying, still optimistic about the sustained high boom in mining machinery** The current general market view is that the boom in mining machinery mainly benefits from the Federal Reserve's future interest rate cut cycle. However, the conflict between the U.S. and Iran has led to a rise in global oil prices, weakening expectations for future interest rate cuts by the Federal Reserve, thus the sustainability of the mining machinery investment boom is weak. The firm believes that the sustainability of this round of mining machinery investment boom is strong, as this boom differs from previous cycles. The key factor is that under the backdrop of de-globalization, global geopolitical disturbances are intensifying, and the price center of non-ferrous metals is expected to remain high. Global mining giants continue to increase mergers and acquisitions to expand reserves, and the willingness of mining companies to expand production is expected to strengthen in the future. This will drive high capital expenditure in mining companies to last longer, promoting a high boom in the mining machinery industry. **Under geopolitical conflicts, the boom in mining machinery lasts longer** The firm believes that the increase in global security demand will become the core driving force for raising global inflation, and the price center of non-ferrous metals is expected to remain high. The firm sees strong investment demand for gold and central bank purchases of gold, and short-term price fluctuations do not change the economic viability of gold mining. In the future, market awareness of copper supply shortages is expected to strengthen, and the firm believes that the U.S. stockpiling of copper will not end in the short term. As geopolitical conflicts escalate, the importance of strategic minor metal mineral resources continues to stand out. On the supply side, the firm sees that mining mergers and acquisitions in 2025 will reach the strongest year since the super cycle of 2010-2012, and the willingness of mining companies to expand production is expected to strengthen. The firm believes that under the high price center of gold, copper, and strategic minor metals, global mining companies still have more room for expansion, and there is still growth space for global mining capital expenditure, bringing a longer boom for mining machinery. **Under the trend of self-controllable supply chains for resource products, there is great potential for the share of domestic mining machinery to rise** China's share of global mining equipment is relatively low. According to the 2025 Jakarta Global Top 50 Mining Equipment Manufacturers list, the top five global mining machinery companies are Caterpillar, Komatsu, Sandvik, Anglo American, and Metso, all of which are overseas companies. In 2025, the combined sales of these five companies is approximately USD 42.2 billion, with a CR5 of about 55%. Thirteen Chinese companies, including Tiandi Technology, Zhongchuang Zhiling, and XCMG, are on the list, with the total sales of Chinese companies in 2025 amounting to approximately USD 14.725 billion, accounting for only 19.21%. As global geopolitical risks rise, higher demands are placed on the self-controllability of resource product supply chains. With domestic mining companies actively going overseas, the firm believes that domestic mining machinery has competitive advantages in terms of cost-effectiveness and electrification, and there is still significant room for the global share of domestic mining machinery to rise in the future **Risk Warning** Macroeconomic fluctuations may lead to investment not meeting expectations, capital expenditures of mining companies not meeting expectations, and progress of mining projects not meeting expectations ### 相關股票 - [SPDR S&P Mtls & Mng (XME.US)](https://longbridge.com/zh-HK/quote/XME.US.md) - [Hitachi Construction Machinery Co., Ltd. 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