Group 1 - The successful launch of the "Zhonglian Heavy Industry" satellite marks a significant milestone for the global engineering machinery industry, symbolizing the company's expansion from land to space [2][3] - The satellite is a testament to Zhonglian Heavy Industry's commitment to digitalization, intelligence, greening, and globalization, showcasing its ambition to connect with the future and the world [3][4] - Zhonglian Heavy Industry has established itself as a leader in the global engineering machinery sector, with over 17,800 patent applications and the development of numerous world-first and world-largest machinery [4] Group 2 - Zhonglian Heavy Industry has built 23 leading smart factories and over 30 primary business aviation ports, creating a global network that covers more than 200 countries and regions [4] - The company aims to explore cutting-edge technologies such as big data, IoT, artificial intelligence, and satellite communication to enhance service efficiency and intelligence for global customers [4] - The satellite launch has sparked interest in the "star-making" industry in Changsha, with local companies like Tianyi Research Institute and Hangsheng Satellite making significant contributions to commercial satellite manufacturing [5]

从扎根大地的实干，到仰望星空的探索，中联重科正以一种前所未有的方式，向世界讲述一个中国装备制造企业的情 怀与使命。 北京时间2025年8月9日00时31分，我国太原卫星发射中心在山东日照附近海域使用捷龙三号运载火箭，成功将吉利星 座04组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 其中，一颗名为"中联重科号"的卫星随火箭破空而起，奔赴星辰大海。这是全球工程机械行业首颗企业冠名卫星，标 志着中联重科的"足迹"已从大地延伸至浩瀚太空。这不仅是对国家发展、行业使命和未来愿景的深情致敬，更彰显了 中联重科持续推动数字化、智能化、绿色化、全球化步伐，让服务触达世界每一个角落的坚定决心。 初心不改：产业报国的赤诚情怀 这份责任与情怀，也流淌在每一位中联人的血液里。在2024年央视春晚长沙分会场，中联重科智慧产业城惊艳亮相， 数十台机械组成的壮观阵列，与《星辰大海》的歌声交相辉映，展现了中国制造的硬核实力。那句朴实而铿锵的"我们 造的！"正是中联人对自身事业、对家乡、对国家最真挚的告白。 "中联重科号"卫星的发射，正是这份初心和情怀的延续与升华。这颗卫星铭记了每一位建设者的汗水，致敬国家高质 量发展的每一步 ...

天眼查资料显示，中联重科股份有限公司，成立于1999年，位于长沙市，是一家以从事汽车制造业为主 的企业。企业注册资本867799.2236万人民币。通过天眼查大数据分析，中联重科股份有限公司共对外 投资了104家企业，参与招投标项目5000次，财产线索方面有商标信息1181条，专利信息5000条，此外 企业还拥有行政许可673个。 专利摘要显示，本实用新型提供一种车载氢系统及新能源车辆，所述车载氢系统包括：氢瓶；底部支撑 装置，包括底部支撑梁和紧固机构，所述底部支撑梁沿X向间隔开设有多个支撑氢瓶的支撑弧槽，所述 紧固机构用于将氢瓶紧固于所述支撑弧槽内；吊装梁，沿Z向延伸，所述吊装梁的下端连接所述底部支 撑梁，上端用于连接新能源车辆的整车大梁，多个所述吊装梁沿X向依次间隔设置。本实用新型中的车 载氢系统通过底部支撑梁、紧固机构和吊装梁配合，能将氢瓶通过底置吊装的方式进行固定，避免新能 源车辆上装空间受影响的同时，还能提高结构强度并实现轻量化，确保了车载氢系统的系统稳定性。 金融界2025年8月9日消息，国家知识产权局信息显示，中联重科股份有限公司取得一项名为"车载氢系 统及新能源车辆"的专利，授权公告号CN22 ...

Core Viewpoint - The domestic engineering machinery market is expected to continue its recovery trend in 2025, driven by infrastructure and large-scale water conservancy projects, despite short-term inventory adjustments affecting sales in May 2025 [1] Domestic Market Analysis - The domestic engineering machinery industry has shown two significant upward cycles: 2006-2011 and 2016-2021, with the latter driven by government investment and infrastructure projects [7] - From 2021 to 2023, domestic sales revenue for major companies like SANY and XCMG dropped sharply, while export revenue increased significantly, indicating a shift towards international markets [9] - As of early 2024, domestic demand for hydraulic excavators has shown signs of recovery, with a year-on-year growth rate of around 20% [10][15] - The demand narrative for domestic engineering machinery has fundamentally changed, with a shift away from reliance on real estate towards infrastructure projects and agricultural development [16] Export Market Dynamics - The export ratio of domestic engineering machinery companies has increased from less than 10% to over 50%, enhancing their ability to benefit from global demand recovery [3] - The export of second-hand excavators has accelerated, with 2025 projections indicating that second-hand exports will impact domestic sales significantly, accounting for 76.5% of the influence on new machine sales [18] Global Market Trends - The global engineering machinery market is expected to hit bottom in 2025, with a long-term upward trend beginning in 2026, primarily due to declining growth in major markets like Europe and North America [1] - Caterpillar and Komatsu reported declines in Q2 2025 revenues, with Caterpillar's revenue at $16.569 billion, down 1% year-on-year, affected by pricing pressures and increased manufacturing costs [20][27] - Emerging markets, particularly in Southeast Asia and Africa, continue to contribute positively to global engineering machinery demand, offsetting declines in developed markets [29][35]

Core Viewpoint - Zhonglian Heavy Industry (01157) has seen a stock price increase of over 4%, currently trading at 6.59 HKD with a transaction volume of 73.39 million HKD, reflecting positive market sentiment towards the company and the industry as a whole [1] Industry Summary - According to the China Construction Machinery Industry Association, a total of 17,138 excavators were sold in July, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1] - From January to July, a total of 137,658 excavators were sold, showing a year-on-year growth of 17.8%. The engineering machinery industry is currently experiencing a phase of moderate recovery in domestic demand and steady growth in exports [1][1] - Dongwu Securities has reported that leading companies in the industry are accelerating the release of performance elasticity due to their respective competitive advantages [1] Company Summary - On July 19, a groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project was held in Nyingchi City, Tibet, with a total investment of approximately 1.2 trillion CNY [1] - On July 23, Zhonglian Heavy Industry confirmed its active participation in the Yarlung Tsangpo hydropower project, stating that its excavators, cranes, and concrete equipment have been deployed to the construction sites [1] - The company has established long-term cooperative relationships with key participants in the Yarlung Tsangpo project and has developed a full range of green, intelligent, high-end, and plateau low-temperature versions of construction equipment [1]

Core Viewpoint - The construction machinery industry in China is experiencing a recovery driven by domestic demand and stable export growth, with significant projects like the Yarlung Tsangpo River hydropower project expected to further boost equipment demand [1][2][3] Industry Summary - In July 2025, a total of 17,138 excavators were sold, marking a year-on-year increase of 25.2%, with domestic sales at 7,306 units (up 17.2%) and exports at 9,832 units (up 31.9%) [1] - From January to July 2025, 137,658 excavators were sold, reflecting a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [1] - The average working hours for major construction machinery products increased to 80.8 hours in July, a month-on-month growth of 4.58%, despite a decrease in the monthly operating rate to 56.2% [1] Project Impact - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate over 200 billion yuan in equipment demand, with engineering machinery and other equipment needs exceeding 100 billion yuan [2] - The project will likely drive demand for large, electric, and intelligent construction machinery due to the unique high-altitude working conditions, enhancing product structure optimization and profitability for manufacturers [2] Policy and Market Outlook - The Ministry of Industry and Information Technology aims for widespread application of digital technologies in the machinery industry by 2027, targeting a 50% maturity rate in intelligent manufacturing capabilities among enterprises [3] - Long-term prospects for construction machinery exports remain strong, particularly in regions along the Belt and Road Initiative, with Asia accounting for 43% of exports and significant growth in the Middle East market [3][4] Company Performance - Zoomlion achieved a revenue of 12.117 billion yuan in Q1 2025, a year-on-year increase of 2.92%, with a net profit of 1.41 billion yuan, up 53.98% [6] - Sany International reported a revenue of 5.876 billion yuan in Q1 2025, a 14.6% increase year-on-year, with a net profit of 635 million yuan, up 23.2% [6]

Core Points - The AMAC Specialized Equipment Index increased by 1.11% to 3662.93 points, with a trading volume of 105.067 billion yuan [1] - The index has risen by 7.85% in the past month, 12.99% in the past three months, and 12.90% year-to-date [1] Index Composition - The top ten holdings of the AMAC Specialized Equipment Index are: - Northern Huachuang (6.42%) - Mindray Medical (6.19%) - SANY Heavy Industry (5.31%) - Zhongwei Company (3.84%) - XCMG Machinery (3.11%) - United Imaging (2.86%) - Zoomlion (1.65%) - Lead Intelligent (1.29%) - Aimeike (1.24%) - Huahai Qingke (1.20%) [1] Market Distribution - The market distribution of the AMAC Specialized Equipment Index shows that: - Shenzhen Stock Exchange accounts for 56.80% - Shanghai Stock Exchange accounts for 43.20% [1] Industry Breakdown - The industry composition of the AMAC Specialized Equipment Index is as follows: - Industrial: 53.61% - Healthcare: 24.41% - Information Technology: 17.58% - Energy: 1.77% - Consumer Discretionary: 0.88% - Financials: 0.53% - Materials: 0.49% - Utilities: 0.40% - Real Estate: 0.22% - Consumer Staples: 0.12% [2]

2025 年 8 月 5 日 行业研究 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 我国部署深入实施"人工智能+"行动，雅下水电站带动工程机械需求提升 ——机械行业周报 2025 年第 31 周（2025.7.28-2025.8.3） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -1 ...

Summary of Conference Call on China Construction Machinery Sector Companies Involved - Hengli Hydraulic - XCMG - Zoomlion Key Points and Arguments Industry Outlook 1. **Domestic Demand Recovery**: There is a positive sentiment regarding the recovery of domestic demand in the construction machinery sector, alongside continued growth in overseas revenues [2][8] 2. **Yarlung Zangbo Hydropower Project**: This project is expected to significantly impact the industry, with leading companies like Zoomlion and XCMG anticipating benefits due to the demand for eco-friendly and intelligent high-end electric products [2][8] 3. **Anti-involution Policy**: XCMG reports limited impact from this policy, maintaining decent margins, while Zoomlion views it as a long-term positive that could lead to increased market concentration [2][8] Company-Specific Insights 1. **Hengli Hydraulic**: - Focused on developing new screw products, expecting significant revenue growth by the end of Q3 2025 [2][3] - The company anticipates breakeven for its ball screw plant by 2026, with mass production expected by the end of Q3 2025 [3][10] 2. **XCMG**: - Maintained a revenue growth guidance of 10%, with export revenue growth outpacing domestic growth [4][7] - Anticipates mining machinery revenue exceeding Rmb10 billion for 2025 and Rmb20 billion by 2027 [4][7] 3. **Zoomlion**: - Revenue guidance remains unchanged, with expectations for H2 revenue growth to surpass H1 [5][11] - Adjusting strategy to focus on high-end overseas markets in agricultural machinery [2][5] Financial Performance 1. **Revenue Guidance**: Both Zoomlion and XCMG have largely maintained their full-year revenue guidance, with overseas growth expected to outpace domestic growth [2][4] 2. **Profit Growth Estimates**: Preliminary estimates suggest double-digit profit growth for all original equipment manufacturers (OEMs) in Q2 2025 [2][8] Risks and Challenges 1. **Downside Risks**: The sector faces potential risks including slower-than-expected property and infrastructure investment, weaker replacement demand, and potential trade frictions impacting overseas sales [8][9][10] 2. **Upside Risks**: Conversely, faster-than-expected recovery in property investment and stronger replacement demand could positively impact the sector [8][9][10] Valuation and Recommendations 1. **Investment Ratings**: - XCMG and Hengli Hydraulic are rated as "Buy" for medium to long-term investment [2][24] - Zoomlion and Lonking are rated as "Neutral" [2][24] Additional Insights 1. **Market Dynamics**: The construction machinery industry is expected to see rising concentration, which could benefit larger players [2][8] 2. **Product Demand**: There is a noted increase in demand for earthmoving machinery and other products, despite muted demand for tower cranes and concrete machinery [4][7] This summary encapsulates the key insights from the conference call regarding the construction machinery sector in China, highlighting the outlook, company-specific developments, financial performance, and associated risks.

智通财经APP获悉，8月1日，工业和信息化部等八部门印发《机械工业数字化转型实施方案》，目标到 2027年，数智技术在产品研发设计、生产制造、经营管理、运维服务等环节广泛应用，智能制造能力成 熟度二级及以上企业占比达50%，建成不少于200家卓越级智能工厂，带动机械企业研发设计、生产制 造、供应链管理数字化智能化水平稳步提升；培育一批既懂行业又懂数字化的系统解决方案供应商，形 成不少于200个优秀场景化解决方案，服务能力显著增强。相关概念股：创新奇智(02121)、森松国际 (02155)、中联重科(01157)。 相关概念股： 创新奇智(02121)：创新奇智宣布旗下AInnoGC工业大模型迎来技术升级，已经完成DeepSeek-R1蒸馏 AInno-75B技术适配。据介绍，通过蒸馏DeepSeek-R1 ，显著提升了AInno-75B的推理能力，同时还保持 了AInno-75B模型对工业知识深入理解和低成本私有化部署的优势。创新奇智始终致力于为客户提供高 效、灵活且经济实惠的AI解决方案。此次技术升级使得AInno-75B能够在更广泛的工业环境中实现部署 应用，满足不同规模企业的需求。 据中心负责人介绍， ...