Core Insights - The Chinese coal mining machinery industry is primarily focused on financing for equity acquisitions and working capital supplementation, with a significant reliance on targeted issuance methods for financing [1][18] - The external investments made by representative companies in the coal mining machinery sector are predominantly technology research and development-oriented [1][18] Financing Overview - The financing activities of listed companies in the coal mining machinery industry are mainly directed towards acquiring equity stakes in other companies and enhancing liquidity [1][18] - As of 2025, notable financing events in the industry include various targeted issuances aimed at supporting strategic acquisitions and operational enhancements [1][18] External Investment Activities - Representative companies in the coal mining machinery sector have engaged in numerous external investments, primarily focusing on technology R&D [1][8] - The investments cover a wide range of activities, including smart mining solutions, energy utilization technologies, and equipment manufacturing [2][5][6] Investment Events - The majority of financing events in the coal mining machinery industry are classified as A-round financing, with angel round financing also present but to a lesser extent [9][12] - The overall trend indicates a low level of first-level equity financing activity, reflecting the mature lifecycle stage of the industry [12][18] Mergers and Acquisitions - Leading companies in the coal mining machinery sector are pursuing mergers and acquisitions to achieve technological synergies and extend their industrial chains [15][18] - Local state-owned enterprises are optimizing regional layouts through asset integration, while listed companies are expanding into niche markets via capital operations [15][18]

Core Insights - The heavy machinery stocks are rising in line with the market, with notable increases in shares of First Tractor Company (00038) by 8.54%, Dafeng Equipment (02153) by 3.09%, Zoomlion Heavy Industry (01157) by 2.18%, and Sany International (00631) by 2.03% [1][2] Sales Performance - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [3] - Loader sales in November totaled 11,419 units, reflecting a year-on-year growth of 32.1%, with domestic sales at 5,671 units (+29.4%) and exports at 5,748 units (+34.8%) [3] Electricization Rate - The electricization rate in November was 25.7%, an increase of 0.34 percentage points month-on-month, while the cumulative electricization rate from January to November was approximately 23.35%, up by 0.26 percentage points from October [3] Market Outlook - The growth rates for excavator sales in November showed an upward trend compared to October, indicating a clear upward resonance in both domestic and international demand [2][3] - The recovery in demand for non-excavator segments driven by wind and hydropower continues, with strong demand for mining machinery in Australia and Latin America [2][3] - In 2024, domestic brand exports are expected to account for 19.2% of global demand (excluding China), suggesting significant room for growth [2][3]

Market Overview - Despite external uncertainties, the market is expected to rebound, with Hong Kong stocks showing a stronger performance, closing up 0.42% [1] Federal Reserve and Precious Metals - The Federal Reserve is anticipated to lower interest rates by 25 basis points, which has led to a surge in precious metals prices. Silver's industrial demand is projected to rise significantly due to growth in solar energy, electric vehicles, and data centers, with a forecasted annual increase of 3.4% in silver demand from the automotive sector between 2025 and 2031 [2] Company Developments - Lingbao Gold Group has conditionally agreed to acquire a 50%+1 stake in St Barbara Mining Pty Ltd for AUD 370 million (approximately RMB 1.735 billion), focusing on gold mining projects in Papua New Guinea [3] - Vanke Enterprises experienced a significant stock increase of over 13% amid rumors of a potential 400 billion yuan interest subsidy policy for the real estate sector [4] - Longfly Optical Fiber and Cable announced a share placement at a discount of approximately 14.93%, raising about HKD 22.29 billion, with funds primarily allocated for overseas business development [6] - Horizon Robotics has entered a commercial partnership with Karl Power for autonomous freight solutions, resulting in a stock increase of over 3% [7] Real Estate Sector Insights - The Hong Kong real estate market is showing signs of recovery, with a projected 15% increase in property prices next year and a record number of residential transactions in 2023 [5] - The agricultural sector is also gaining attention, with significant stock increases for companies like First Tractor Co., driven by government initiatives to enhance agricultural production capabilities [5] Industry Focus - The Hainan Free Trade Port is set to officially launch operations on December 18, 2025, transitioning from a "test zone" to a "operational zone," which will enhance trade liberalization policies [8] Company Performance - SANY International reported steady domestic excavator sales and significant growth in overseas business, with a 14.7% year-on-year revenue increase in Q3 2025 [9] - The company is expected to continue its overseas expansion, with a clear strategic plan and strong product competitiveness [10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 可換股優先股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 538,932,120 HKD | | 0.1 | HKD | | 53,893,212 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 538,932,120 HKD | | 0.1 | HKD | | 53,893,212 | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: ...

Core Viewpoint - The coal mining machinery industry in China is experiencing significant growth driven by the ongoing national energy security strategy, with a projected market size of 4.63 billion yuan in 2024, reflecting an 11.03% year-on-year increase [1][7]. Overview - Coal mining machines are essential for underground mining operations, performing tasks such as rock breaking, loading, and transporting coal, thus providing efficient construction methods for mine development [1]. - The main types of coal mining machines include cantilever, vertical, and horizontal mining machines, with cantilever machines being the most widely used [1]. Development History - In the 1980s, China increased investment in the coal industry, leading to the development of various types of mining machines through domestic R&D rather than mere imitation [2]. - The 21st century saw rapid economic growth and increased coal demand, resulting in significant technological advancements in the industry, including the development of high-power mining machines suitable for complex geological conditions [2]. Market Policies - The Chinese government has implemented numerous policies to support the development of the coal mining machinery industry, creating a favorable environment for growth [5]. Industry Chain - The upstream of the coal mining machinery industry includes suppliers of raw materials and core components, while the midstream focuses on R&D, production, and manufacturing [6]. - The downstream market primarily consists of coal mining operations, with increasing demand for customized mining machines in various sectors, including shale gas extraction and emergency rescue [6]. Current Development - The demand for efficient and reliable mining machines is stable due to ongoing capacity construction and technological upgrades in large coal mines [7]. Competitive Landscape - The market concentration in the coal mining machinery sector is high, with leading companies like SANY Heavy Industry and XCMG dominating the market, accounting for a significant share of production [8][9]. Industry Representative Companies - SANY Heavy Industry reported a revenue of 12.24 billion yuan in the first half of 2025, with a gross profit of 2.899 billion yuan and a gross margin of 23.69% [9]. - XCMG Group achieved a revenue of 54.81 billion yuan in the same period, with a gross profit of 12.07 billion yuan and a gross margin of 22.03% [11]. Future Development Trends - Future advancements in mining machines will integrate technologies such as 5G and AI, moving towards fully automated operations and enhancing efficiency [12]. - The industry is also focusing on reducing energy consumption and pollution, aligning with national carbon reduction goals through the adoption of new energy sources and materials [12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 三一重裝國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：631） 於2025年11月28日舉行之股東特別大會的投票表決結果 謹此提述三一重裝國際控股有限公司（「本公司」）日期為2025年11月13日之通函（「通 函」），以及本公司日期為2025年11月13日的股東特別大會（「股東特別大會」）通告 （「股東特別大會通告」）。除另有指明者外，本公告所使用的詞彙與通函及股東特別 大會通告所界定者具有相同涵義。 | | | 普通決議案 | 投票數目（概約百分比） | | | --- | --- | --- | --- | --- | | | | | 贊成 反對 | | | 1. | (a) | 批准、確認及追認本公司與梁穩根先生 | 302,587,883 | 0 | | | | ...

Core Viewpoint - The coal industry in China is experiencing stable growth, driving demand for scraper conveyors, with a projected market size of 3.38 billion yuan in 2024, reflecting a year-on-year growth of 11.92% [1][10]. Market Policy - The Chinese government has implemented various policies to support the development of the coal machinery industry, including safety production guidelines and plans for intelligent mining construction, creating a favorable environment for the scraper conveyor industry [5][6]. Industry Chain - The upstream of the scraper conveyor industry includes suppliers of raw materials like steel and copper, as well as key components such as motors and chains. The midstream involves design, research, and production, while the downstream applications primarily focus on coal mining and other sectors like metallurgy and construction [7][9]. Current Development - The demand for scraper conveyors is increasing due to the stable growth of coal production, with a projected coal output of 4.759 billion tons in 2024, a 2.17% increase year-on-year. The aging equipment replacement cycle is expected to release significant market demand [1][9][10]. Competitive Landscape - The scraper conveyor market in China is highly concentrated, with the top 50 coal machinery companies producing 1,207 units, accounting for 76.78% of the total. Companies with technological advantages are expected to gain a competitive edge as industry standards rise [12][13]. Development Trends - Future developments in the scraper conveyor industry will focus on integrating technologies such as IoT and AI for smarter operations, alongside a push for greener practices in line with carbon reduction strategies [14][15].

SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 三一重裝國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：631） 將於2025年11月28日（星期五）舉行之股東特別大會適用之代表委任表格 本人╱吾等 （附註1） 地址為 之登記持有人，茲委任本公司股東特別大會（「大會」）主席或（如彼未能出任） （附註3） 地址為 作為本人╱吾等之受委代表，代表本人╱吾等出席謹訂於2025年11月28日（星期五）上午十時正假座中國遼寧省瀋陽市瀋陽經濟技術開發區開發 大道十六號街二十五號三一重型裝備有限公司研發樓103會議廳舉行之大會（或其任何續會），按下列指示以本人╱吾等之名義代本人╱吾等就召 開大會的通告所載之決議案投票；倘無作出指示，則由本人╱吾等之受委代表酌情投票。本人╱吾等之受委代表亦有權就於大會上正式提出之 任何事項酌情投票。 | | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | --- | | 1. | (a) | 批准、確認及追認本公司與梁穩根先生於2025年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 普通決議案 – 1 – 三一重裝國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：631） 股東特別大會通告 茲通告三一重裝國際控股有限公司（「本公司」）謹訂於2025年11月28日（星期五）上午 十時正假座中國遼寧省瀋陽市瀋陽經濟技術開發區開發大道十六號街二十五號三一 重型裝備有限公司研發樓103會議廳舉行股東特別大會（「股東特別大會」），以處理 下列事項： SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 1. 「動議： (a) 批准、確認及追認本公司與梁穩根先生於2025年10月20日訂立的梁穩根銷 售框架協議（定義見本公司日期為2025年11月13日的通函）；及 (b) 批准、確認及追認梁穩根銷售框架協議項下交易的年度上限。」 2. 「動議： (a) 批准、確認及追認本公司與三一重工股份有限公司於2025年10月2 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、銀行經理、律師、專業 會計師或其他專業顧問。 閣下如已售出或轉讓名下所有三一重裝國際控股有限公司股份，應立即將本通函連同隨附的代表委任表格送交 買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其他代理商，以便轉送買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦無發 表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依賴該等內容引致的任何損失承擔任 何責任。 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED 三一重裝國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：631） 2025年持續關連交易 及 股東特別大會通告 獨立董事委員會及獨立股東 之獨立財務顧問 榮 高 金 融 有 限 公 司 董事會函件載於本通函第5至43頁。獨立董事委員會函件載於本通函第44至45頁，其中載有其致獨立股東的意見 及推薦建議。榮高金融（獨立財務顧問）致獨立董事 ...