Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

Group 1: Company Strategy and Globalization - The company is implementing a "globalization, diversification, and digitalization" strategy, focusing on "efficiency, scale, quality, and sustainability" to enhance operational resilience and improve performance quality [1] - In the first three quarters, overseas revenue reached 21.3 billion RMB, accounting for nearly 60% of total revenue, with strong demand in markets such as the Middle East, Africa, and Southeast Asia [1] - The company aims to transition from a "cyclical enterprise" to a "value growth enterprise" and a "frontier technology enterprise" [1] Group 2: Product Development and Market Position - The company has a leading market share in large-tonnage crawler cranes and all-terrain cranes, with significant growth in concrete machinery driven by electrification [2] - In the mining machinery sector, the focus is on "large-scale, green, and intelligent" solutions, with a complete technology route established for fuel, hybrid, and pure electric products [8] - The agricultural machinery market is projected to be around 1 trillion RMB globally, with the company targeting high-end, large-horsepower products to meet increasing overseas demand [10] Group 3: Financial Performance and Cost Management - The company's profitability has improved due to a rising share of overseas business, product structure optimization, and cost reduction efforts [14] - In the first three quarters, total expenses (sales, management, and R&D) amounted to 6.624 billion RMB, with a comprehensive expense ratio of 17.83%, a decrease of 0.26 percentage points year-on-year [15] - The company has implemented measures to mitigate rising shipping costs, including local production and strategic partnerships with shipping companies [14] Group 4: Future Industry Trends and Domestic Market Outlook - The domestic market for non-excavation products is recovering, with concrete and engineering cranes sales increasing by approximately 30% year-on-year [17] - Key drivers include structural recovery in downstream demand, a replacement cycle for existing equipment, and accelerated technological upgrades [18] - The company anticipates a stable upward trend in the domestic market for the coming year, supported by government investment in infrastructure and green transition policies [18]

浙江金七门核电项目现场同样闪耀着极光绿的身影。不久前，在完成起升、回转、带载行走、落钩调整等一系列 操作后，中联重科起重机精准落钩，顺利完成金七门核电"华龙一号"1号机组钢衬里模块二吊装工作，助力项目施 工取得关键进展。 作为核电建设的"最佳搭档"，中联重科起重机在多个关键节点中持续担当重任，不仅保障了各项目按节点推进， 更彰显了中国高端装备制造的硬核实力。 这些吊装任务的圆满完成，充分展现出中联重科在核电吊装领域的技术与装备体系的领先水平。"中联重科将持续 创新突破，凭借更先进的装备、更专业的服务，助力核电等国家重大工程建设，为优化能源结构、保障能源安 全、推动绿色低碳发展贡献更多'中联力量'。"中联重科相关负责人表示。 长沙晚报掌上长沙12月21日讯（全媒体记者 周斌）总重超400吨的钢混一体模块，在中联重科起重机的助力下实 现整体精准吊装……近日，中联重科超大吨位起重机在福建漳州核电、浙江金七门核电等多个国家级核电项目现 场密集发力，以毫米级吊装精度和稳定可靠的性能，接连圆满完成多个关键核心构件的吊装任务，为"华龙一 号"等重点工程推进筑牢装备根基，用中国智造实力护航国家能源安全与"双碳"战略落地。 1 ...

Core Viewpoint - The major shareholder of Taijia Co., Ltd. has not reduced their stake since the company's listing, and the recent reduction was based on operational needs, with the shareholder remaining the second largest stakeholder [2] Group 1: Company Information - Taijia Co., Ltd. produces bimetal band saw blades and carbide band saw blades, which are essential cutting tools for metal processing [2] - The company serves a wide range of industries and has a diverse customer base, characterized by high purchase frequency but low single purchase volume [2] Group 2: Business Relationships - Zoomlion Heavy Industry Science & Technology Co., Ltd. supports Taijia's development, but their main business focuses on engineering machinery, agricultural machinery, and mining machinery, indicating limited business synergy [2] - In 2024, the total amount of band saw blades purchased by Zoomlion and its subsidiaries from Taijia is projected to be 341,500 yuan [2]

Core Viewpoint - The company announced the completion of its non-public stock issuance project for the year 2021 and plans to permanently supplement its working capital with the remaining raised funds amounting to 223,917,397.64 yuan, including interest, without the need for shareholder meeting approval [1] Group 1 - The company will conclude its non-public stock issuance project for 2021 [1] - The remaining funds, totaling approximately 223.92 million yuan, will be used to enhance working capital [1] - No shareholder meeting approval is required for this decision [1]

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於 2025 年 1 2 月 1 8 日在深圳證券交易所網站 ( www.szse.cn )以及巨潮資訊網( www.cninfo.com.cn )刊登的「境外發行證券與上市 相關保密和檔案管理工作制度」文件，僅供參閱。 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2025年12月17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 第二条 本制度所称"境外 ...

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2025年12月17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於2025年12月18日在《中國證券報》、《上海證券 報》、《證券時報》、《證券日報》、深圳證券交易所網站( www.szse.cn )以及巨潮資 訊網( www.cninfo.com.cn )刊登的「關於募投項目結項並將節餘募集資金永久補充 流 ...

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） * 僅供識別 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於2025年12月18日在《中國證券報》、《上海證券 報》、《證券時報》、《證券日報》、深圳證券交易所網站( www.szse.cn )以及巨潮資 訊網( www.cninfo.com.cn )刊登的「第七屆董事會2025年度第五次臨時會議決議公 告」文件，僅供參閱。 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2025年12月17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、 ...

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. has announced the completion of its fundraising projects and plans to permanently supplement its working capital with the remaining funds from these projects, totaling approximately 223.92 million yuan [1] Group 1: Fundraising Projects - The company has completed several fundraising projects, including the "Excavation Machinery Intelligent Manufacturing Project," "Key Components Intelligent Manufacturing Project," and "Concrete Mixer Product Intelligent Manufacturing Upgrade Project" [1] - The remaining funds from these projects, including interest income, amount to 223,917,397.64 yuan [1] Group 2: Financial Management - The company intends to use the surplus funds to permanently supplement its working capital [1] - Following the transfer of funds, the company will promptly cancel the dedicated fundraising accounts related to these projects [1]