自10月2日创下115.44点年内新低以来，恒生AH股溢价指数近期小幅回升。截至11月7日收盘，该指数报收118.42 点。在这背后，近期上市的H股新股中，包括均胜电子、赛力斯、三一重工、广和通等，A股股价均较高于H股。 证券时报记者 钟恬 随着A+H板块持续扩容，AH股溢价指数出现新变化，一方面，新经济企业的不断加入为A+H板块注入新活力，维 持了整体的溢价水平；另一方面，部分优质蓝筹股出现价格倒挂，反映出国际投资者对中国核心资产的价值认 可。 新上市H股表现分化 近期，多家知名A股企业成功登陆港股市场，为A+H板块注入了新的活力，也成为影响AH股溢价指数走势的重要 因素。 其中，均胜电子于11月6日登陆港交所。作为"汽车零部件+机器人Tier1"双料巨头，公司正式迈入"A+H"双资本平 台运作的新阶段。从招股书来看，公司此次赴港IPO募集资金主要将用于汽车智能解决方案的研发与商业化、提升 智能制造能力和优化供应链体系，同时扩大海外业务和投资并购。这些投向清晰地反映了公司在借助香港国际金 融中心，进一步强化其全球化布局的战略意图。不过，上市以来，该股累计跌15.91%，目前A股相对H股的溢价率 为71.63 ...

（原标题：小摩减持三一重工(06031)381.42万股 每股均价23.5739港元） 智通财经APP获悉，香港联交所最新数据显示，11月3日，小摩减持三一重工(06031)381.42万股，每股 均价23.5739港元，总金额约为8991.56万港元。减持后最新持股数目约为6002.21万股，持股比例为 9.50%。 ...

香港联交所最新数据显示，11月3日，小摩减持三一重工（600031）(06031)381.42万股，每股均价 23.5739港元，总金额约为8991.56万港元。减持后最新持股数目约为6002.21万股，持股比例为9.50%。 ...

证券之星消息，11月7日工程机械板块较上一交易日上涨0.05%，中际联合领涨。当日上证指数报收于 3997.56，下跌0.25%。深证成指报收于13404.06，下跌0.36%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605305 | 中际联合 | 48.26 | 2.31% | 12.05万 | | 5.81亿 | | 000680 | 山推股份 | 11.30 | 1.99% | 29.11万 | | 3.27亿 | | 001226 | 拓山重工 | 38.32 | 1.35% | 1.18万 | | 4498.95万 | | 601100 | 恒立液压 | 94.22 | 1.15% | 11.29万 | | 10.61亿 | | 000528 | 柳工 | 12.07 | 1.09% | 47.78万 | | 5.72亿 | | 665GOZG | 同力股份 | 21.97 | 1.01% | 5.89万 | | 1.29亿 | | ...

| | 11月05日券商推荐家数排名 | | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 评级券商数量 | 收盘价 (元) | | 行业 | | 600276 | 恒瑞医药 | 61.96 | 2 | 化学制建 | | 300811 | 铂科新材 | 80.10 | 2 | 金属新材 | | 600519 | 贵州茅台 | 1420.08 | 2 | 白酒 | | | 日期：11月05日,南财投研通×南财快讯制图 | | | | 评级调高方面，11月5日，中信证券对天合光能的评级从"增持"调高至"买入"，兴业证券对能科科技（603859）的评级从"增持"调高至"买入"。 | | | 2家最新被调高评级的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评 | | 688599 | 天合光能 | 中信证券 | 増持 | 买人 | | 603859 | 能科科技 | 兴业证券 | 増持 | 买人 | | | | 日期：11月05日，南财投研通×南财快讯制图 | | | ...

Summary of Key Points from the Conference Call Industry Overview - The global machinery sector is undergoing a significant re-rating due to the increasing recognition of traditional cyclical companies for their exposure to structural growth drivers such as automation, AIDC (Automatic Identification and Data Capture), digitalization, and the adoption of autonomous mobile robots (AMRs) [2][9][10] - The MSCI World Industrials Index has shown strong year-to-date performance, with major stocks outperforming, indicating a positive shift in investor sentiment towards the machinery sector [2][36] Core Companies Discussed - **Caterpillar (CAT)**: Positioned to benefit from cyclical upturns in construction and infrastructure activity, particularly in North America. The company reported a 30%+ year-over-year surge in power generation sales to AI data center developers [11][23] - **Weichai**: Noted for its leadership in AIDC back-up engines and robotics through Kion. The company is expected to see substantial growth in its data center power generator sales, with projections indicating a rise from Rmb0.8 billion in 2024 to approximately Rmb13 billion by 2028 [12][14] - **Hengli Hydraulic**: Focused on factory automation and robotics, with investments in proprietary components. The company is expected to benefit from the next wave of automation-driven growth [20][21] - **Sany and XCMG**: Both companies are experiencing robust demand trends, with Sany emphasizing high-quality growth and XCMG reporting significant revenue increases in core segments [25][36] Key Growth Drivers - The demand for AIDC and data center power generation is projected to grow significantly, with an estimated total addressable market exceeding $100 billion between 2026 and 2028 [11] - The Chinese data center diesel generator market is expected to grow at a compound annual growth rate (CAGR) of approximately 51% year-over-year, with domestic brands gaining market share [13][17] - Automation, digitalization, and AMRs are central to the growth strategies of companies like Kion, which is focusing on modernization and upgrade projects in logistics and manufacturing [19] Market Dynamics - The machinery cycle is improving, with signs of recovery in both China and global markets. China is forecasted to deliver approximately 12% year-over-year growth in 2025, while North America is expected to see a decline followed by a return to growth [22][23] - Margin expansion is a key theme across the sector, driven by a focus on high-quality growth, cost optimization, and digital transformation initiatives [33][35] Investment Outlook - The report maintains an Overweight rating on several companies, including Caterpillar, Kion, Weichai, Hengli Hydraulic, Sany, and XCMG, indicating a bullish outlook for the sector [2][36] - Despite strong sector performance, Weichai's stock is viewed as undervalued, with expectations for a catch-up as the market recognizes its structural growth drivers [37] Conclusion - The global machinery sector is positioned for long-term growth driven by automation and digitalization, with key players like Caterpillar, Weichai, Hengli, Sany, and XCMG leading the charge. The evolving market dynamics and improving machinery cycle present significant investment opportunities [2][10][36]

Core Viewpoint - Temasek Holdings (Private) Limited has increased its stake in SANY Heavy Industry Co., Ltd. to 10.09% by purchasing 2.5942 million shares at an average price of HKD 23.5668 per share, totaling approximately HKD 61.137 million [1]. Group 1 - Temasek Holdings acquired 2.5942 million shares of SANY Heavy Industry on November 3, 2025 [1]. - The average purchase price per share was HKD 23.5668, leading to a total investment of about HKD 61.137 million [1]. - Following this transaction, Temasek's total shareholding in SANY Heavy Industry increased to 63.7134 million shares, raising its ownership percentage from 9.68% to 10.09% [1].

香港联交所最新数据显示，11月3日，淡马锡控股公司增持三一重工（600031）(06031)259.42万股，每 股作价23.5668港元，总金额约为6113.70万港元。增持后最新持股数目约为6371.34万股，持股比例为 10.09%。 ...

智通财经APP获悉，香港联交所最新数据显示，11月3日，淡马锡控股公司增持三一重工(06031)259.42 万股，每股作价23.5668港元，总金额约为6113.70万港元。增持后最新持股数目约为6371.34万股，持股 比例为10.09%。 ...

FF301 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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 三一重工股份有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 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) | 06031 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 631,598,800 | RMB | | 1 RMB | | | 631,598,800 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 631,598,800 | RMB | | | 1 RMB | | 631,598,800 | | 2. ...