该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压、三一重 工、三一国际及极兔速递，当中恒立液压获"高度确信跑赢大市"评级，其余股份获"跑赢大市"评级。 里昂发表研报指，中国工业板块正出现三大关键推动力，包括矿业设备需求上升、人形机器人供应链成 熟，以及快递行业整合。就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资 创新高，将推动挖掘机销售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机器 人量产；而受锂相关领域强劲及价格上升带动，自动化需求预计按年复苏约5%。 ...

智通财经APP讯，三一国际(00631)发布公告，于2026年1月5日-1月28日，根据股份计划发行合计1481.4 万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 三一重裝國際控股有限公司 呈交日期： 2026年1月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00631 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已 ...

每经AI快讯，港股三一国际涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发稿，三一国 际涨6.25%，报12.75港元，成交额3.24亿港元。 ...

消息面上，近期，金属大宗价格持续走高。招商证券认为，美联储降息预期强化+矿类大宗价格走强的 背景下，全球矿山机械行业需求或迎拐点，该行看好的是β迎来中长期向上的景气周期。展望未来，在 美元持续降息预期下，2026年全球矿机景气度升温具备更高确定性，而中期维度随着资源品供给紧张加 剧、矿山品味下降，全球矿机有望迎来新一轮创新高式的上行周期。建议关注"露天矿机/出海进展领 先"及"商业模式存在边际变化"的双主线投资方向。 银河证券此前指，短期受益国内矿采回暖，公司掘进机和宽体车销售有望筑底回升;中长期公司掘进机 龙头优势稳固，非煤矿山设备占比有望持续提升，智能化、电动化、全球化优势显著，有望顺应国内长 周期大体量基建项目建设、煤机智能化和海外矿山设备更新趋势实现业绩放量。 三一国际(00631)涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发稿，涨6.25%，报12.75 港元，成交额3.24亿港元。 ...

银河证券此前指，短期受益国内矿采回暖，公司掘进机和宽体车销售有望筑底回升;中长期公司掘进机 龙头优势稳固，非煤矿山设备占比有望持续提升，智能化、电动化、全球化优势显著，有望顺应国内长 周期大体量基建项目建设、煤机智能化和海外矿山设备更新趋势实现业绩放量。 智通财经APP获悉，三一国际(00631)涨超6%，高见12.85港元创新高，本月股价累涨超40%。截至发 稿，涨6.25%，报12.75港元，成交额3.24亿港元。 消息面上，近期，金属大宗价格持续走高。招商证券认为，美联储降息预期强化+矿类大宗价格走强的 背景下，全球矿山机械行业需求或迎拐点，该行看好的是β迎来中长期向上的景气周期。展望未来，在 美元持续降息预期下，2026年全球矿机景气度升温具备更高确定性，而中期维度随着资源品供给紧张加 剧、矿山品味下降，全球矿机有望迎来新一轮创新高式的上行周期。建议关注"露天矿机/出海进展领 先"及"商业模式存在边际变化"的双主线投资方向。 ...

Core Viewpoint - The heavy machinery sector in Hong Kong is experiencing a significant rise, with SANY International hitting a new high and recording an 8-day consecutive increase, indicating strong market sentiment and expectations for a sales peak post-Spring Festival [1] Industry Summary - The engineering machinery industry is maintaining stable order levels ahead of the Spring Festival, with clear expectations for a sales surge after the holiday [1] - The demand for global mining machinery may be at a turning point due to strengthened expectations for U.S. Federal Reserve interest rate cuts and rising prices of mineral commodities, suggesting a long-term upward trend in the industry [1] Company Summary - SANY International has received a substantial number of mining equipment orders, with an expected growth in order scale from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]

Key Points Summary Industry Overview - The mining machinery industry is expected to enter a new cycle of prosperity due to supply shortages and rising prices of metal commodities, influenced by anticipated interest rate cuts from the Federal Reserve [1][2] Company Recommendations XCMG Machinery - Leading in complete open-pit mining machinery, comparable to Caterpillar and Komatsu - Projected mining machinery revenue for 2025 is 13 billion (including spare parts), a year-on-year increase of 50% - Target for 2030 mining machinery revenue is 40 billion, with a CAGR of 25-30% [1] SANY International - Mining machinery accounts for 40% of total revenue - Overseas mining trucks are expected to contribute significantly to growth in 2026, with overseas mining machinery expected to exceed 50% of mining machinery business (6 billion) - Channel model adjustments are anticipated to enhance profitability; target for overseas mining machinery business in 2028 is 13 billion, aiming for over 100% growth in three years [1] Shantui - Leading in mining bulldozers, aiming to create a complete open-pit excavation solution - Expected sales of mining equipment to account for over 10% in 2025 [2] NPE Mining Machinery - Leading in wear-resistant parts for mineral processing, comparable to Meiyit Electric Steel - Projected mining machinery revenue for 2025 is 1 billion, with over 50% from overseas - Anticipated new product launches and overseas capacity expansion could lead to a new performance upturn, with a mid-term revenue target of 2 billion and profit target of 400 million by 2028 [2] New Sharp Co., Ltd. - Main business in hard alloys and rock drilling tools, comparable to Sandvik - Projected mining machinery revenue for 2025 is 1.8 billion, with 40% from overseas; recognized as a leading comprehensive solution provider for mining consumables [2] Nanmin Group - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 800 million, with 20% from overseas - Strategic changes include signing a ten-year operation contract for a large iron ore project and investing in a Zimbabwean gold mine, transitioning to an "equipment + operation" overseas model [2] Zhejiang Mining Co. - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 700 million, with 20% from overseas - Strategic changes include acquiring a lead-silver mine in Kazakhstan, initiating a dual-driven development phase of "mining machinery overseas + mining operation" [2]

Group 1 - Heavy machinery stocks in Hong Kong continue to rise, with SANY International increasing over 6% to reach a new high and recording an 8-day consecutive increase [1] - China National Heavy Duty Truck Group rose by 2.2%, while First Tractor Company and Zoomlion both saw increases of nearly 2% [1] - The engineering machinery industry is expected to maintain stable orders until mid-January 2026, with clear expectations for a sales peak after the Spring Festival [1] Group 2 - According to China Merchants Securities, the expectation of a Federal Reserve interest rate cut and the strengthening of commodity prices may signal a turning point for global mining machinery demand, suggesting a long-term upward trend in the industry [1] - SANY International is receiving a significant number of mining equipment orders, with an expected growth from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]

Group 1 - The heavy machinery stocks in Hong Kong experienced a significant rise, with Senson International increasing by over 9% and Sany Heavy Industry reaching a new high with a 2.2% increase [1] - The engineering machinery industry is expected to maintain stable orders until mid-January 2026, with clear market expectations for a sales peak after the Spring Festival [1] - Leading manufacturers such as XCMG, Sany Heavy Industry, Zoomlion, and LiuGong are prioritizing overseas market capacity expansion as a core task for the coming year [1] Group 2 - Since 2025, the domestic engineering machinery sector has entered an upward cycle, driven by equipment renewal demand and construction progress, leading to increased excavator sales and continued positive growth in non-excavator products [1] - Analysts suggest that in the context of global loose fiscal and monetary policies, the theme of going overseas is likely to become a popular annual trend, with the engineering machinery sector benefiting significantly from this logic [1] - Currently, leading companies in the engineering machinery sector have an overseas profit contribution ratio of over 70%, and the sector is expected to benefit from potential catalysts such as future interest rate cuts by the Federal Reserve [1]