Core Viewpoint - Sany Heavy Industry is pursuing a secondary listing in Hong Kong, marking a significant step in its IPO journey after halting the process in 2011, despite having substantial cash reserves and a strong market position in the engineering machinery sector [3][4][9]. Group 1: Financial Health and Cash Flow - Sany Heavy Industry announced a mid-term dividend plan of 2.614 billion yuan for 2025, with a cash dividend rate of 50.11%, indicating strong financial health and not a need for cash [4][8]. - The company has accumulated operational net cash flow of 87.63 billion yuan from 2015 to 2024, resulting in a free cash flow of 52.673 billion yuan after capital expenditures [8]. - As of June 2025, Sany holds nearly 20 billion yuan in cash and 12.5 billion yuan in financial assets, totaling approximately 32.5 billion yuan in cash-like assets, with a low debt ratio of 15.2% [9][10]. Group 2: Market Position and Product Line - Sany Heavy Industry has established a comprehensive product line in engineering machinery, including excavators, concrete machinery, cranes, and road rollers, making it the largest engineering machinery company in China and the third largest globally [6][8]. - The company has led domestic excavator sales for 14 consecutive years and has been the global leader in concrete machinery for the same duration [6][8]. Group 3: International Expansion Strategy - The primary purpose of the Hong Kong IPO is to fund the expansion of Sany's global sales network and the establishment of overseas R&D centers, emphasizing the company's strategy to "go global" [13][14]. - From 2020 to 2024, Sany's overseas revenue surged from 14.1 billion yuan to 48.5 billion yuan, nearly tripling and accounting for over 62% of total revenue by 2025 [17][20]. - Sany's overseas operations are primarily focused on developing countries along the "Belt and Road" initiative, which are experiencing significant infrastructure growth, providing a stable growth outlook for the company [23][26]. Group 4: Competitive Landscape and Future Goals - Sany aims to become the world's leading engineering machinery company by 2026, with a target market value of 1 trillion yuan by 2036, but still faces competition from established global players like Caterpillar and Komatsu [31][34]. - The global engineering machinery market is projected to grow from 213.5 billion USD in 2024 to 296.1 billion USD by 2030, presenting significant opportunities for Sany [34]. - To achieve its ambitious goals, Sany must enhance its product offerings and technological capabilities while leveraging the capital raised from the Hong Kong listing [38].

倒计时33天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 10月12日据港交所披露，三一重工通过聆讯。据悉，本次三一重工港股IPO本筹集达15亿美元（约107亿元）的资金。 招股书显示，于2024年，三一重工有40余款新能源产品成功上市。据外部资料显示，按2024年的销量计算，公司的电动挖掘机、电动搅拌机、电 动自卸车等新能源产品均位列国内第一。 从行业内看，工程机械主要品类电动化率显著加快。 以电动装载机为例，上半年其销量13953台，同比大增172.8%，渗透率提升至21.5%，半年 内电动化渗透率增长11.1个百分点。 而三一重工新能源产品涵盖挖掘机、装载机、泵车、搅拌车、起重机等。高工产研（GGII）预测， 到2030年，我国工程机械行业整体电动化 ...

Core Insights - The domestic new energy heavy truck market has experienced explosive growth since 2025, with average monthly sales reaching 14,200 units and a year-on-year growth rate of 189% from January to August 2025 [1]. Sales Performance - In September 2025, new energy heavy truck sales hit a record high of 24,100 units, representing a year-on-year increase of 206% and a month-on-month increase of 36% compared to August 2025 [5]. - The overall heavy truck market in September 2025 saw sales of 83,400 units, with new energy heavy trucks achieving a penetration rate of 28.93%, up from 26.61% in August [7][9]. Market Trends - The new energy heavy truck market has outperformed the overall heavy truck market for 28 consecutive months, with a remarkable 32-month streak of year-on-year growth [7]. - The penetration rate of new energy heavy trucks has consistently remained above 20% since March 2025, with recent months exceeding 25% [9]. Company Performance - In September 2025, several companies achieved significant sales milestones, with 14 companies selling over 100 units and 8 companies exceeding 1,000 units [12]. - The top three companies in September 2025 were Jiefang, Xugong, and Sany, with sales of 3,989, 3,590, and 3,193 units respectively [14]. - Year-to-date sales from January to September 2025 reached 137,800 units, with the top three companies (Xugong, Sany, and Jiefang) each selling over 20,000 units [21]. Market Share - The market share of new energy heavy trucks has shown a rising trend, with the top five companies accounting for 66.87% of the market in September 2025 [19]. - Jiefang, Xugong, and Sany held market shares of 16.53%, 14.88%, and 13.24% respectively in September 2025 [18]. Cumulative Sales - By the end of September 2025, the cumulative sales of new energy heavy trucks exceeded 140,000 units, with 12 companies surpassing 1,000 units in total sales [21][27]. - The cumulative sales growth for the top companies from January to September 2025 was substantial, with Jiefang, Shaanxi Automobile, and China National Heavy Duty Truck achieving year-on-year increases of 308%, 283%, and 231% respectively [23][28].

中证报中证网讯（王珞） 第二十一届中国国际消防设备技术交流展览会10月13日至16日在北京国际展 览中心(新国展)举行，三一重工携旗下四大类共26款应急救援产品，重磅亮相这一国际顶级行业盛会。 作为中国装备制造业的领军企业，本次展会三一重工将以"智引未来·质领全球"为主题，再次以展会最 大参展商身份全方位展示在智慧消防、全灾种应急、数字化作战等领域所取得的成果。 近年来，三一重工大跨度举高喷射消防车已开发形成30米级-60米级全系列产品，本次展会三一重工将 再次引领行业发展，重磅展出全球最高大跨度举高喷射消防车JP71，该车最大工作范围达到臂架高度71 米，工作幅度大于58米，工作范围及灭火范围再次成为行业之最。 此外，该消防车还将配置红外双光摄像、无人机视频图传、多模式一键出水等行业领先技术，以及全姿 态、实时、闭环的行业最优减振技术与防碰撞技术，解决火场侦查难痛点，操作便捷智能。 同时，三一重工在本次展会集中展出了核生化侦检、洗消、救援成套装备。其中核生化侦检消防车具备 无人机空中侦察和气体采样、防爆机器人地面侦检和取样、远红外3公里外探测400种气体分布与扩散趋 势等无人立体侦检功能；车载实验室可快速鉴 ...

浙商证券（601878）发布研报称，据中国工程机械工业协会，2025年9月销售各类挖掘机19858台，同比 增长25.4%。其中国内销量9249台，同比增长21.5%;出口量10609台，同比增长29%。考虑到工程机械海 外市占率提升，国内更新周期逐步启动，以及2024年下半年业绩基数较低等因素影响，预计工程机械龙 头三季报业绩整体有望实现提速。该行建议持续聚焦行业龙头，推荐三一重工(600031.SH)、徐工机械 （000425）(000425.SZ)等。 考虑到我国工程机械主机厂海外市占率提升，"一带一路"区域城镇化与工业化推进带来的基建和地产需 求增长等因素影响，我国工程机械出口正增长趋势有望延续。国内周期筑底上行主要受益于农林、市政 需求驱动小微挖需求增长，我国主机厂在矿山机械领域持续突破及水利需求带来的大挖及超大挖需求， 以及国内更新需求逐步启动等因素。 浙商证券主要观点如下： 9月挖掘机总销量同比增长25%，其中内销同比增长22%，外销同比增长29% 9月挖掘机总销量19858台，同比增长25%，其中国内销量9249台，同比增长22%;出口量10609台，同比 增长29%。9月总体及内外销同比增速 ...

长沙晚报掌上长沙10月15日讯（全媒体记者 匡小娟）13日，在第二十一届中国国际消防设备技术交流展览会现 场，三一重工自主研发的举高喷射消防车JP100，凭借159.66米的极限喷射高度，成功荣获"喷水高度最高的消防 车（原型机）"吉尼斯世界纪录™认证。 记者了解到，第二十一届中国国际消防设备技术交流展览会于2025年10月13日至16日在中国国际展览中心顺义馆 举行。作为中国装备制造业的领军企业，此次国际消防设备技术交流展览会，三一以展会最大参展商身份，携旗 下四大类共26款应急救援产品亮相，全方位展示其在智慧消防、全灾种应急、数字化作战等领域所取得的成果。 全球首款全法规五桥百米高喷消防车JP100 据了解，高层建筑火灾扑救，一直是消防救援的难题，全国超100米的高楼约5000栋。目前，最高的消防救援设备 只能解决120米以下的高楼火灾，更多高层火灾亟须"攻得下"的有效设备。 全球最高大跨度举高喷射消防车JP71重新定义行业标杆 最大工作范围达到臂架高度71米，工作幅度大于58米……现场，三一重工还展出全球最高大跨度举高喷射消防车 JP71，该车工作范围及灭火范围成为行业之最。 "该车将配置红外双光摄像、 ...

近年来，三一重工大跨度举高喷射消防车已开发形成30米级至60米级全系列产品。三一重工展出大跨度举高喷射消防车 JP71，该车最大工作范围达到臂架高度71米，工作幅度大于58米，总投资达到1.38亿元的智能灭火及救援机器人亮相本次展 会。该产品采用模块化设计，智能算法赋能，可进行侦查、破拆、灭火等10余种自主作业，可在缺氧、高温、烟雾、毒气环境 下连续作业2小时以上。 三一重工展位现场人头攒动（供图：三一重工） 为解决老旧社区、地下车库、商圈、乡镇等道路狭窄、人口密集、消防通道堵塞场景的灭火行业痛点，三一重工还推出电 动消防车，打通社区救援"最后一公里"，可快速扑救初期火灾，实现"预防在先、发现在早、处置在小"。 未来，三一重工还将继续深耕全灾种、大应急，成为中国乃至世界应急救援装备的领军企业。 本报讯 （记者肖伟）第二十一届中国国际消防设备技术交流展览会于10月13日至16日在北京举行，三一重工股份有限公司 （以下简称"三一重工"）携旗下多款产品亮相，展示在智慧消防、全灾种应急、数字化作战等领域所取得的成果。 在全国，100米以上的高楼有5000多栋，而高层建筑火灾扑救一直是消防救援的难题。目前，主流消防救援 ...

Group 1: Event Overview - The 21st China International Fire Equipment Technology Exchange Exhibition will be held from October 13 to 16, 2025, at the Beijing International Exhibition Center, featuring SANY's 26 emergency rescue products across four categories [1] - SANY will showcase its achievements in smart firefighting, all-hazard emergency response, and digital operations under the theme "Intelligent Future, Quality Leadership Globally" [1] Group 2: Product Highlights - SANY's JP100, the world's first five-bridge 100-meter high spray fire truck, can reach a maximum spray height of over 150 meters, addressing the challenges of firefighting in high-rise buildings [2] - The JP100 received the Guinness World Record for the "Highest Spray Height Fire Truck (Prototype)," marking a significant international recognition of its technical capabilities [2] - The JP71, a large-span high spray fire truck, features a maximum working height of 71 meters and a working range greater than 58 meters, setting new industry standards [3] Group 3: Innovative Technologies - The intelligent fire and rescue robot, part of a 138 million yuan project, features modular design and autonomous operation capabilities for reconnaissance, demolition, and firefighting [4] - The robot can operate in extreme conditions for over 2 hours and utilizes advanced communication technologies for efficient coordination [4] - SANY's electric fire truck PW1.5 is designed for narrow and congested areas, capable of rapid deployment and initial fire suppression [6] Group 4: Strategic Vision - SANY aims to lead the emergency rescue equipment sector both in China and globally, contributing to the development of comprehensive emergency response solutions [7]

据港交所10月12日披露，三一重工股份有限公司（以下简称"三一重工"，600031.SH）通过港交所主板 上市聆讯，中信证券为独家保荐人。 根据三一重工2月18日发布的公告，该公司 为深入推进全球化战略，加强与境外资本市场对接，进一步 提升公司治理透明度和规范化水平，拟筹划境外发行股份（H股）并在香港联交所上市 。 招股书显示，此次三一重工IPO募资主要用于：进一步发展公司的全球销售及服务网络；增强公司的研发 能力；扩大海外制造能力和优化生产效率；营运资金及一般公司用途。 根据招股书，三一重工前身成立于1989年，是创新驱动的全球工程机械行业领军企业，专注于挖掘机 械、混凝土机械、起重机械、桩工机械及路面机械等全系列工程机械产品的研发、制造、销售及服务。2000 年12月，该公司改制为股份有限公司；2003年7月，该公司在上交所主板上市。 根据招股书引用的弗若斯特沙利文的资料，2020-2024年，按核心工程机械产品的累计收入计算， 三一 重工是全球第三大及中国最大的工程机械企业；按挖掘机累计销量计算，该公司全球市场份额为11.3%，位列 全球第一；按混凝土机械累计销售额计算，该公司全球市场份额为35.9%， ...

证券之星消息，10月15日工程机械板块较上一交易日上涨3.02%，万通液压领涨。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。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) | | --- | --- | --- | --- | --- | --- | | 920839 | 万通液压 | 58.90 | 21.67% | 9.26万 | 5.05亿 | | 601100 | 恒立液压 | 98.41 | 6.91% | 12.80万 | 12.27亿 | | 000680 | 山推股份 | 12.10 | 6.51% | 96.94万 | 11.49亿 | | 301446 | 福事特 | 31.22 | 6.41% | 3.51万 | 1.07亿 | | 920245 | 威博液压 | 31.58 | 5.94% | 1.23万 | 3845.20万 | | 001239 | 永达股份 | 18.46 | 5.85% | 21.06万 | 3.77亿 | | 301161 | 唯万密封 | 3 ...