证券代码：000157 证券简称：中联重科 公告编号：2025-026 号 中联重科股份有限公司 关于持股 5%以上股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 中联重科股份有限公司（以下简称"公司"、"本公司"）于近 日收到股东佳卓集团有限公司（GOOD EXCEL GROUP LIMITED） （以下简称"佳卓集团"）的通知，获悉其所持本公司的股份办理了 解除质押及质押相关手续，具体情况如下： 一、股东股份解除质押及质押的基本情况 （一）本次股东股份解除质押及质押的基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 | 本次解除质 押数量 | 占其所持 股份比例 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | （股） | | 比例 | | | | | | 致行动人 | | | | | | | | 佳卓 集团 | 否 | 29,816,201 | 100.00% | 0.34% | 2 ...

马克小松等国际一些品牌展开差异化竞争对反制造残杀全团相达两处生产基地全面升级具备了200亿级别的产能的智能制造条件单是高控器械国内出租率差70%未来渗透率还有导弹提升空间电动化产品的渗透率达90%海外本地化资源整合高效推进墨西哥希拉里工厂顺利建设 发达市场迅速拓展一带一路市场高速增长这是个农业机械国内市场排名深至行业第五烘干机市占率第一小麦机稳屈行业前二拖拉机同比增长超200%200马力段中高端拖拉机进入行业前三海外一带一路市场开拓足有成效国际市场开拓能力在国产农机品牌中属于领先 第四部分是全球化战略基础继续深化第一是市场扩展全球销售网络持续扩展已在全球四十多个重点国家吃了超过四百个碗饼产品覆盖了一百七十多个国家第二是本土化布局海外本土员工四千四百人占海外总员工数超百分之七十拥有超过两百一十个服务备件仓库海外制造产能合计也已经超百亿 专事管理升级搭建基于大数据和数字软身技术的品质型管理架构实现前后台高效协同及总部对全球员工业务的有效管理强化分控第五部分是财务情况第一 营业能力全年毛利率28.17%净利率8.81%同比分别提升1.04个百分点和0.8个百分点 第二是风险控制回款持续优化全年销售回款率80.3%同 ...

投资要点 2025 年一季度：周期成长，百花齐放；重视工程机械、人形机器人等 1、主线一：周期反转 【工程机械】反转逻辑加强，海外国内共振；【船舶】景气上行，盈利改善；【工业气体】气价历史低 位，拐点即将来临；【检测检验】需求逐步改善，有望拐点向上；【轨交装备】铁路固定资产投资稳步 推进，景气持续；【机床刀具】周期复苏、国产替代、出海、新领域。 2、主线二：成长崛起 【人形机器人】日新月异，内外并进；【半导体设备】先进扩产、国产提速；【低空经济】低空翱翔， 拉开序幕。 3、主线三：供应全球 【出口链】库存扰动解除，降息接力复苏；【油服装备】景气持续，聚焦海上、出海。 2024 年机械子行业业绩前瞻/回顾：工程机械行业盈利能力改善明显，五大主机厂实现利润正增；船舶 行业盈利能力逐步修复，景气上行。 2025 年第一季度机械子行业业绩前瞻：工程机械有望开门红，出口链业绩释放，船舶景气持续，工业 气体、光伏设备筑底。 工程机械：反转逻辑持续验证中，海外市占率提升，国内更新周期有望逐步开启1、3 月挖掘机国内销 量同比增长28.5%；重视工程机械一季度旺季行情2025 年3 月挖掘机总销量29590 台，同比增长18 ...

Group 1 - Daimler Trucks' Mercedes-Benz Trucks and China's leading construction machinery manufacturer Zoomlion signed a global strategic cooperation agreement at the bauma 2025 event in Munich, Germany [2] - The collaboration aims to enhance the quality and brand image of Zoomlion's products while expanding its overseas sales channels through Mercedes-Benz's global service network [2] - Since the delivery of the first concrete pump chassis in 2003, the partnership has resulted in over 15,000 vehicles delivered, establishing a benchmark for Sino-German manufacturing collaboration [2] Group 2 - The deepening cooperation over the past 22 years has built a strong foundation, with Mercedes-Benz's reliable chassis technology and global service capabilities supporting Zoomlion's products and services [3] - Industry analysts believe that the collaboration will improve the reliability and stability of Zoomlion's construction machinery while ensuring after-sales support through Mercedes-Benz's extensive service network [3] - Mercedes-Benz's technical expertise will facilitate high-end customized products for Zoomlion, aiding in the automation and intelligent integration of its construction machinery [3]

Investment Rating - The report does not explicitly provide an investment rating for the engineering machinery industry Core Viewpoints - The "reciprocal tariff" policy by the Trump administration is expected to benefit US domestic engineering machinery companies while intensifying global competition in the industry. Chinese engineering machinery companies have limited exposure to the US market, making the overall risk manageable. The industry faces both short-term pressures and long-term opportunities as it shifts towards high-end and globalized operations, supported by domestic demand stimulation and the "Belt and Road" initiative [1][5][8] Summary by Sections Impact of Tariffs - The "reciprocal tariff" policy includes a minimum baseline tariff of 10% on all goods exported to the US, effective April 5, 2025, with additional tariffs for countries with significant trade deficits or deemed to engage in "unfair trade" [3][4] Export Trends - Chinese engineering machinery exports have been growing, particularly to countries along the "Belt and Road" initiative, with exports to these regions reaching $21.055 billion in 2023, a year-on-year increase of 24.1%, accounting for 47.2% of total exports. The share of exports to the US has decreased, currently representing about 7%-8% of total exports, with major companies like SANY, Zoomlion, and XCMG having less than 5% exposure to the US market [5][8] Competitive Landscape - US brands such as Caterpillar and John Deere hold a combined market share of 52% in the US market, and the high tariffs are likely to strengthen their market position. European and Japanese companies are also facing similar tariff pressures, which may heighten competition in other global markets [7][8] Strategic Responses - Major Chinese engineering machinery companies are expanding their overseas production capabilities and entering emerging markets to mitigate risks. For instance, SANY has established a factory in North America, while Zoomlion and Hengli Hydraulic have set up operations in Mexico and Brazil to cater to local demand [7][8] Future Outlook - While short-term challenges exist due to increased tariffs leading to a decline in exports to the US, the long-term outlook is positive as the industry is pushed towards higher-end and globalized operations. The focus of competition is expected to shift towards technological innovation and localized service capabilities rather than merely the gains or losses in a single market [8]

Core Viewpoint - The excavator market is experiencing a recovery in domestic demand and steady growth in exports, with significant year-on-year increases in sales figures for 2025 [2][3][4]. Group 1: Sales Performance - In the first quarter of 2025, major excavator manufacturers sold a total of 61,372 units, representing a year-on-year increase of 22.8%, with domestic sales increasing by 38.3% to 36,562 units [2][3]. - The China Machinery Industry Association reported that the excavator market index (CMI) reached 128.56 in March, reflecting a year-on-year growth of 18.28% and a month-on-month increase of 20.51% [4]. Group 2: Factors Driving Demand - The increase in excavator sales is attributed to several factors, including the replacement of aging equipment, improved funding conditions, and sustained demand from rural areas and infrastructure projects [3][4]. - The real estate sector has shown signs of recovery, with a significant increase in transaction volumes in monitored cities, contributing to the demand for excavators [3]. Group 3: Export Trends - In the first quarter, excavator exports reached 24,810 units, marking a year-on-year growth of 5.49%, with March alone seeing exports of 10,073 units, up 2.87% [5][6]. - The export market remains diversified, with limited exposure to the U.S. market, where the impact of new tariffs is expected to be minimal for major companies [5][6]. Group 4: Tariff Impact and Company Responses - Major companies like XCMG and Zoomlion reported that their revenue from the U.S. market constitutes a very small percentage of total revenue, indicating that the impact of U.S. tariffs will be limited [5][6]. - Companies are proactively expanding their overseas presence and production capabilities to mitigate risks associated with tariffs, with strategic investments in regions like North America and emerging markets [7].

Group 1 - The core theme of the exhibition is "Green Manufacturing, Building a Beautiful World," showcasing over 60 benchmark products across nine categories including construction machinery and smart services [1][3] - The company emphasizes its unique overseas business model that is end-to-end, digitalized, and localized, which has led to increased customer satisfaction and market demand [3] - The exhibition features locally manufactured products tailored to European market standards, including two models of folding boom cranes that meet EN12999 standards and have CE certification [3] Group 2 - The company has introduced the highest telescopic boom lift in Europe, showcasing its technological capabilities and innovation in the high-altitude work platform sector [4] - Seven out of ten earthmoving machinery products displayed are new, incorporating advanced technologies such as 5G remote control and AI-based monitoring systems [4] - The company is expanding its global footprint with 11 R&D and manufacturing bases overseas, over 400 service points, and a workforce of more than 6,300 employees, enhancing its global delivery and response capabilities [4]

Core Insights - The bauma 2025 exhibition in Munich, Germany, showcases the latest developments and innovations in the global construction machinery industry, featuring over 3,500 exhibitors from 57 countries [1] - Leading Chinese companies such as SANY, Zoomlion, and CRCHI are prominently displaying their advanced machinery and technology, highlighting China's manufacturing strength [8][9] Group 1: Company Highlights - SANY's remote control experience area attracted significant attention, demonstrating the seamless operation of excavators from a distance, showcasing the company's innovative capabilities [3] - Zoomlion presented over 60 benchmark products across nine categories, integrating cutting-edge technologies like AI and big data into their solutions, which received positive feedback from international clients [3] - CRCHI unveiled the "Jianghai" shield machine, the largest domestically produced shield machine with a diameter of 16.64 meters, marking a breakthrough in China's large-diameter shield machine industry [4] Group 2: Global Expansion Strategies - XCMG's new SPA27J spider lift and its localized production strategy in Poland have enhanced its international presence, with a robust supply chain and growing customer base in Europe [6] - SANY has established a comprehensive marketing service network in Europe, including over 150 agents and 120 sales experts, reflecting its deep-rooted presence in the region [7] - Zoomlion is expanding its global footprint with 11 R&D and manufacturing bases overseas, over 400 international outlets, and a workforce of more than 6,300 overseas employees, significantly enhancing its global delivery and response capabilities [7] Group 3: Industry Trends - The participation of Chinese construction machinery companies in the bauma exhibition underscores their resilience and adaptability in navigating global economic uncertainties [8] - The continuous technological innovations and strategic global expansions of leading firms are reshaping the value landscape in the capital markets, showcasing China's ascent in high-end manufacturing [9]

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - The direct export cost of engineering machinery to the US has significantly increased due to tariffs, reaching 79% (25% + 20% + 34%), but the overall risk is manageable as the exposure to the US market is low for major manufacturers [1] - Key recommendations focus on companies with North American factories and those with facilities in Mexico (which has tariff exemptions) or Brazil and Turkey (which can bear a 10% tariff) [2] - Companies like SANY Heavy Industry and Hengli Hydraulic have established production capabilities in North America, which can help mitigate tariff risks [2] - The report suggests that the overall risk is controllable despite the tariff impacts, and recommends companies such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic for investment [5] Summary by Sections Tariff Impact - The engineering machinery sector faces a 79% tariff on exports to the US, but major companies have limited exposure, with SANY at approximately 3% and Hengli at about 5% [1] - If retaliatory measures are taken by sanctioned countries, it could benefit Chinese engineering machinery brands, especially in emerging markets [1] Overseas Factory Layout - Companies with North American factories include SANY and Hengli, with SANY's future production capacity expected to exceed 2,000 units, corresponding to about 1 billion yuan [2] - Hengli's North American factory has an annual output value of 300-400 million yuan for hydraulic components, with plans to produce planetary screws if tariffs persist [2] - In Mexico, Hengli and Zoomlion have factories, with Hengli's projected annual output value increasing from 2 billion to 3-4 billion yuan [2] - Zoomlion's factory in Mexico has achieved over 1 billion yuan in actual sales since full production began in Q3 2024 [2] - In Brazil and Turkey, Zoomlion and LiuGong have factories with a combined capacity exceeding 3 billion yuan [2]