转自：新华财经 8月27日，金砖国家新开发银行行长、巴西前总统迪尔玛·罗塞芙一行到中联智慧产业城考察交流，湖南省副省长王俊寿等陪同考察。 图为金砖国家新开发银行行长、巴西前总统迪尔玛·罗塞芙考察中联重科 在中联智慧产业城土方机械园，迪尔玛·罗塞芙详细了解了中联重科产业发展、海外发展以及在巴西发展情况，现场观摩了智能制造、数字化转型成果。 在矿山机械产品展示坪与农业机械产品展示坪，迪尔玛·罗塞芙观摩了中联重科自主研发的系列高端化、智能化、绿色化矿山机械产品和农机产品，包括全 球最大混合动力矿卡、200吨矿用挖掘机、400吨矿用挖掘机、400马力混合动力拖拉机、甘蔗收割机等，对中联重科创新发展取得的丰硕成果表示高度肯定 和赞赏。 迪尔玛·罗塞芙表示，这是她第一次在中国参观装备制造行业智能工厂，对中联重科的数字化转型、智能制造以及高端产品等印象深刻，感受到中国制造科 学技术和工业创新的领先魅力。 据了解，中联重科正加速高端化、智能化、数字化转型升级，产品与服务覆盖全球170多个国家和地区，打造世界级高端装备制造企业。目前，中联重科已 在巴西建设15个覆盖全境的综合网点和3大中心仓库，本地化员工超200名；混凝土机械 ...

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

8月29日，中联重科发布截至2025年6月30日止6个月中期业绩，集团总资产为人民币1292.62亿元，较2024年12月31日增加人民币55.50亿元（即4.49%）；营业额为人民币248.55亿元，较 国金证券指出，上半年公司海外收入138.1亿元，同比+14.7%，占比55.6%，同比+6.5pct，毛利率为31.4%，高于国内7.3pct。高盈利能力的海外业务增长带动公司整体盈利能力提升，25 责任编辑：卢昱君 中联重科（01157）绩后涨超4%，截至发稿，股价上涨3.41%，现报6.67港元，成交额3390.37万港元。 ...

Group 1: Zhonglian Heavy Industry Performance - Zhonglian Heavy Industry's stock rose over 4% following the release of its interim results, reaching HKD 6.73 with a trading volume of HKD 23.89 million [1] - As of June 30, 2025, the company's total assets amounted to RMB 129.26 billion, an increase of RMB 5.55 billion (4.49%) compared to December 31, 2024 [1] - The operating revenue for the period was RMB 24.85 billion, reflecting an increase of RMB 320 million (1.30%) year-on-year [1] - The profit attributable to shareholders was RMB 2.75 billion, up RMB 472 million (20.69%) from the same period last year [1] - Earnings per share were RMB 0.32, and the interim dividend declared was RMB 0.20 per share [1] Group 2: Guojin Securities Insights - In the first half of the year, the company's overseas revenue reached RMB 13.81 billion, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, up 6.5 percentage points [2] - The gross profit margin for overseas operations was 31.4%, exceeding domestic margins by 7.3 percentage points [2] - The company's net profit margin attributable to shareholders for H1 2025 was 11.1%, an increase of 1.8 percentage points year-on-year [2] - Regionally, Africa saw a growth of over 179% year-on-year, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth, with emerging markets accounting for 39% of sales [2] - With the EAME region's growth turning positive and a narrowing decline in North America, the company anticipates an improvement in export growth in the second half of the year [2]

Core Viewpoint - Company shares of Zoomlion Heavy Industry Science and Technology Co., Ltd. (01157) rose over 4% following the release of its interim results, indicating positive market sentiment towards the company's performance and future growth prospects [1] Financial Performance - For the six months ending June 30, 2025, the company reported total assets of RMB 129.26 billion, an increase of RMB 5.55 billion (4.49%) compared to December 31, 2024 [1] - The operating revenue reached RMB 24.86 billion, reflecting an increase of RMB 320 million (1.30%) year-on-year [1] - Shareholder profit attributable to the company was RMB 2.75 billion, up RMB 472 million (20.69%) from the same period in 2024 [1] - Earnings per share were RMB 0.32, with an interim dividend of RMB 0.20 per share [1] International Revenue Growth - In the first half of the year, the company's overseas revenue was RMB 13.81 billion, representing a year-on-year increase of 14.7% and accounting for 55.6% of total revenue, up 6.5 percentage points [2] - The gross profit margin for overseas operations was 31.4%, exceeding domestic margins by 7.3 percentage points [2] - The company's net profit margin for the first half of 2025 was 11.1%, an increase of 1.8 percentage points year-on-year [2] Regional Performance - Sales in Africa saw a significant increase of over 179% year-on-year, while the Middle East, Southeast Asia, and Australia/New Zealand also maintained high growth rates [2] - Emerging market sales accounted for 39% of total sales, indicating a strong presence in these regions [2] Market Outlook - With the second quarter showing positive growth in the EAME region for Caterpillar and a narrowing decline in North America, there is optimism for a market recovery in Europe and the United States in the second half of the year, which is expected to boost the company's export growth [2]

公司名稱: 中聯重科股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01157 | 說明 | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,552,507,548 | | 0 | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,552,507,548 | | 0 | | 1,552,507,548 | | 1. 股份分類 | 普通股 | 股份類別 | H | ...

据了解，该工程起于220kV横店村变电站，止于110kV枫林变电站，新建线路路径全长12.31公里。本次施工放线 区段为G11-G17，长度1.64公里，其中G17为张力场，G11为牵引场。项目建成后，将显著优化醴陵西北部区域网 架结构，大幅提升供电可靠性。 中联重科新能源牵张设备首次应用 实现我国架空输电线路牵张施工装备领域从跟跑到领跑的重大跨越 长沙晚报掌上长沙8月31日讯（全媒体记者 周辉霞 通讯员 刘成坤）记者今天从中联重科了解到，由该企业自主研 发的行业首创、国际领先的新能源牵张成套设备，近日在株洲横店村～枫林（官庄）110kV线路工程中实现首次 应用，这标志着我国在架空输电线路牵张施工装备领域实现从跟跑到领跑的重大跨越。 新能源牵引机采用"电驱+增程"方案，电量不足时增程器自动启动，保障持续作业，相较于传统燃油牵引机，节能 率达50%以上。 在实际应用中，该成套设备也深受项目方认可，其在纯电模式下噪声仅78dB（A），同比降噪20%~30%；电机与 减速机直联驱动张力轮使作业效率提升10%以上；集控智能协同平台实现放线里程精度提高30%，支持毫秒级响 应的自主切换功能。 近年来，中联重科以智能化、 ...

Core Viewpoint - Zhonglian Heavy Industry (SZ000157) reported a slight revenue growth of 1.30% in its 2025 semi-annual report, but demonstrated significant improvement in profitability with a net profit increase of 20.84% [2][3] Financial Performance - The company achieved a revenue of 24.855 billion yuan, with a net profit of 2.765 billion yuan [2][3] - Zhonglian's net profit margin improved to 11.12%, up by 1.8 percentage points year-on-year, while the gross profit margin reached 28.15%, an increase of 0.17 percentage points [3] - The company's operating cash flow net amount reached 1.752 billion yuan, a substantial increase of 112.46% [4] Market Expansion - Zhonglian Heavy Industry increased its global market investment, with overseas revenue reaching 13.815 billion yuan, a growth of 14.66%, accounting for 55.58% of total revenue [4] - The company has established a presence in over 170 countries and regions, effectively mitigating single market risks [4] Robotics Development - The company is advancing in the field of embodied intelligent humanoid robots, having developed three models, including one wheeled and two bipedal versions [2][5] - These robots are already in trial applications across various factory operations such as machining, logistics, assembly, and quality inspection [5] - Zhonglian has built a comprehensive technical system for humanoid robots, including a data collection and model training toolchain, and a training facility with 120 workstations [6]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, indicating a positive financial performance and strong market position in traditional product lines while expanding into new markets and technologies [1][2][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 24.855 billion yuan, a year-on-year increase of 1.30% [1]. - The net profit attributable to the parent company was 2.765 billion yuan, reflecting a year-on-year growth of 20.84% [1]. - In Q2 alone, the net profit after deducting non-recurring gains and losses reached 1.051 billion yuan, showing an approximate 50% year-on-year increase [2]. Market Position and Product Lines - The company maintains a solid market position in concrete machinery and cranes, with traditional product lines showing stable development [2]. - The domestic market for concrete machinery, engineering cranes, and construction cranes remains robust, while new energy mixing trucks and crawler cranes have seen significant growth, doubling in sales [2]. - The export sales of the three main product lines increased by over 13% year-on-year, indicating a strong international presence [2]. Innovation and R&D - The company has accelerated the development of embodied intelligent robots, launching three new humanoid robots and implementing them in various operational processes [3]. - A comprehensive toolchain for data collection, annotation, and model training has been established, creating a closed-loop mechanism for continuous improvement in intelligent robotics [3]. Overseas Growth - The company's overseas revenue continued to grow, with a year-on-year increase of over 14% [3]. - Notably, the African market saw a staggering growth of over 179%, while the Middle East, Southeast Asia, and Australia/New Zealand regions also experienced rapid growth [3]. - Emerging markets now account for 39% of total sales, showcasing the company's diversified market strategy [3]. Future Outlook - The company forecasts net profits attributable to the parent company of 5 billion, 6.1 billion, and 7 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 42%, 21%, and 16% [4]. - The performance of cranes and concrete machinery is expected to remain stable, while new businesses in excavators, high-altitude machinery, agricultural machinery, and mining machinery are anticipated to drive future growth [4].

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, particularly highlighting investment opportunities in PCB equipment and undervalued high-growth engineering machinery [1]. Core Insights - The PCB equipment sector is expected to benefit significantly from the increasing demand for high-end HDI boards driven by AI computing server needs, with a projected market value growth of 33% year-on-year in 2024 [2][3]. - The engineering machinery sector is poised for sustained performance due to a cyclical upturn, with domestic excavator sales increasing by 22.3% year-on-year in the first half of 2025 [4]. - The oil service equipment market is entering a performance realization phase, driven by high demand in the Middle East, with projected revenue growth for leading companies like Jerry and Neway [5]. Summary by Sections PCB Equipment - Major PCB manufacturers are planning significant expansions in high-end HDI production capacity, with investments exceeding 60 billion yuan from companies like Shenghong Technology and Huadian [2]. - The global HDI board market is expected to grow at a rate of 18.8% in 2024, significantly outpacing the overall PCB industry growth of 5.8% [2][3]. - Key equipment segments to watch include drilling, exposure, and plating, with specific companies like Dazhu CNC and Xinqi Microelectronics highlighted for their roles in these areas [3][20]. Engineering Machinery - The domestic market is expected to maintain a 2-3 year upturn, with significant sales growth in excavators and loaders, supported by improved funding and replacement logic [4]. - The performance of leading companies such as Sany Heavy Industry and XCMG is expected to continue improving, with notable revenue and profit growth reported [4]. - The upcoming large-scale infrastructure projects, such as the Yarlung Tsangpo River project, are anticipated to further boost demand for engineering machinery [25][26]. Oil Service Equipment - The oil service equipment sector is experiencing a boom due to high demand in the Middle East, with significant investments projected in energy projects [5][38]. - Companies like Jerry and Neway are expected to see substantial revenue growth, with Jerry's revenue growth projected at 49% in Q2 2025 [5]. - The market for oil service equipment in the Middle East is expected to reach a scale of over 100 billion USD, indicating significant growth potential for Chinese companies [5][38].