中国经济网北京11月28日讯 三一重工（06031.HK）港股今日收报21.16港元，跌幅0.84%，已跌 破港股发售价。今日三一重工港股盘中最低价为21.02港元，创上市以来新低。 三一重工2025年10月28日在港交所上市，最终发售价及配发结果公告显示，三一重工发售股份数 目631,598,800股，其中，公开发售的发售股份数目58,042,600股，国际发售的发售股份数目（经计及 发售量调整权获部分行使）573,556,200股。 三一重工的独家保荐人、保荐人兼整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办 人是中信证券，整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人是中金公司，联席全 球协调人、联席账簿管理人及联席牵头经办人是中银国际、招商证券国际、农银国际、工银国际。 三一重工的最终发售价为21.30港元，所得款项总额为13,453.1百万港元，扣除按最终发售价计算 之估计应付上市开支145.8百万港元，所得款项净额为13,307.3百万港元。 三一重工的基石投资者是淡马锡、盈峰资本、HHLRA、UBS AM Singapore、LMR、贝莱德基 金、RBC GAM、WT资产管 ...

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [70]. Core Insights - The mechanical equipment industry experienced a bi-weekly decline of 3.36%, outperforming the CSI 300 index by 0.61 percentage points, ranking 11th among 31 industries [12]. - Year-to-date, the mechanical equipment sector has increased by 28.67%, surpassing the CSI 300 index by 13.92 percentage points, ranking 7th among 31 industries [12]. - The report highlights the acceleration of human-shaped robot development driven by continuous policy support and technological advancements, which is expected to enhance application scenarios [4][66]. - The engineering machinery sector is projected to see sustained demand due to the commencement of major national projects and the acceleration of funding and replacement policies [4][67]. Summary by Sections Market Review - As of November 27, 2025, the mechanical equipment sector's bi-weekly performance showed a decline of 3.36%, with a month-to-date decline of 4.73% and a year-to-date increase of 28.67% [12][15]. - Among the five sub-sectors, the engineering machinery sector had the smallest decline of 0.31% bi-weekly, while the rail transit equipment II sector saw the largest decline of 6.46% [20][21]. Valuation - The overall PE TTM for the mechanical equipment sector is 30.48 times, with sub-sectors showing varying valuations: general equipment at 42.01 times, specialized equipment at 30.72 times, and rail transit equipment II at 17.16 times [3][24]. Data Updates - The report includes updates on sales figures for various machinery, such as a 10.20% year-on-year increase in truck crane sales for October 2025, and a 15.90% increase in forklift sales [63]. Company Announcements - The report notes several companies' announcements regarding shareholding changes and patent grants, indicating ongoing innovation and market activity within the sector [66]. Recommendations - The report suggests focusing on companies like Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic, citing their strong market positions and growth potential driven by infrastructure investments and technological advancements [68].

Core Insights - The new energy heavy truck market saw a significant year-on-year increase of 144% in October 2025, maintaining sales above 20,000 units, with specific segments like new energy tractors and charging heavy trucks growing by 150% [1][4]. Market Performance - In October 2025, the domestic sales of new energy heavy trucks reached 20,100 units, a 144% increase year-on-year but a 17% decrease month-on-month. New energy dump trucks sold 2,223 units, marking a 99% year-on-year increase but a 14% month-on-month decline [4][10]. - The penetration rate of new energy dump trucks in the heavy truck market reached a record high of 11.07% in October 2025, up from 10.65% the previous month [6][10]. Sales Trends - The monthly sales data for new energy dump trucks shows that the first eight months of 2025 had the highest sales ever recorded, with October sales also being among the highest [8][27]. - The overall heavy truck sales in October 2025 were 70,100 units, a 57% year-on-year increase, with new energy dump trucks accounting for 48.16% of the total dump truck sales [10][19]. Competitive Landscape - The market for new energy dump trucks remains competitive, with major players like XCMG, SANY, and China National Heavy Duty Truck Group consistently leading in monthly sales rankings [16][17]. - In October 2025, XCMG sold 612 units, securing its sixth monthly sales championship, while China National Heavy Duty Truck Group sold 460 units [19]. Market Share Analysis - As of October 2025, XCMG held the largest market share in the new energy dump truck sector at 23.36%, followed by China National Heavy Duty Truck Group at 18.80% and SANY at 18.37% [25]. - The total number of companies participating in the new energy dump truck market increased to 26 by October 2025, indicating a growing interest in this segment [21]. Future Outlook - The new energy dump truck market is expected to remain vibrant, with intense competition among leading manufacturers. The outcome of the year-end sales championship remains uncertain, with close sales figures among top competitors [27].

近年来，随着"双碳"政策深入推进、工程运输行业绿色转型需求升级，新能源自卸车市场迎来 爆发式增长，市场竞争也日趋激烈。在此行业浪潮中，三一新能源自卸车精准把握用户核心痛 点，以卓越的产品品质、前瞻性的技术创新，从众多竞品中异军突起，是国内自卸车市场向新 能源转型的中坚力量。 为全面覆盖不同场景下的作业需求，三一新能源自卸车构建了多元化、全场景的产品矩阵，打 造一站式全周期电动生态解决方案，对渣土、矿山、坑口、钢厂等场景和工况实现全覆盖，且 拥有充电桩、换电站等补能设施建设与运营能力，致力于成为为客户创造价值的"新能源自卸 车专家"。 2025第一 商用车网 年度评选 2025年度 畅销新能源工程车 int 新能源自卸车 产品的卓越表现，离不开全产业链的深度布局与严格品控。三一新能源自卸车实现了从原材料 采购到整车装配、销售及售后服务的全流程自主可控。依托三一集团强大的产业协同能力与全 球化供应链资源，车辆在生产制造的每一个环节都执行严苛的质量标准，从源头规避质量风 险，为产品的高品质、可靠性铸就了坚实根基，让用户在长期使用中无后顾之忧。 全场景适配 在新能源工程基建领域树立新标杆 与自卸车并肩领跑市场的，还有 ...

Core Insights - The global mining excavation equipment market is experiencing stable growth, driven by the continuous demand for coal, metals, and industrial minerals, with a projected market size of 362 billion yuan in 2024, accounting for 49.14% of the global mining equipment market [1][5] - The market is expected to reach 378.9 billion yuan in 2025, representing approximately 44.84% of the global mining equipment market [1][5] Industry Definition and Classification - Mining equipment refers to specialized machinery used for mineral extraction, processing, and exploration, categorized into excavation equipment, transportation equipment, and auxiliary equipment [3][5] - Excavation equipment is the core of mining operations, including various types such as hydraulic excavators, wheel loaders, and drilling machines [3][5] Industry Development Status - The mining excavation equipment market is characterized by a diverse range of equipment types suitable for different mining scenarios, with significant growth driven by global material demand [5] - The market size is projected to grow from 362 billion yuan in 2024 to 378.9 billion yuan in 2025, indicating a robust growth trajectory [5] Industry Chain - The mining excavation equipment industry chain consists of upstream raw materials (steel, copper, aluminum, etc.), midstream manufacturing, and downstream applications in mining sectors [6] - The industry relies on technological breakthroughs, integrated innovation capabilities, and a prosperous mining market for healthy development [6] Industry Policies - Recent government policies aim to promote the development of mining excavation equipment and encourage the advancement of intelligent construction technologies [10] Competitive Landscape - Major international players like Caterpillar and Komatsu lead the market in revenue and technology, while domestic companies such as XCMG, SANY, and others are gaining ground in the mid-range market [11][12] - Domestic giants are innovating and expanding into high-end markets, showcasing strong R&D and manufacturing capabilities [11][12] Industry Development Trends - Chinese companies are increasingly significant in the global mining excavation equipment market, with a focus on technological innovation and market expansion [15] - Trends include the demand for complete equipment solutions, electric and intelligent mining equipment, and advancements in large-scale and efficient mining technologies [16][17]

Group 1 - The core viewpoint of the news is the positive growth in the sales of excavators and loaders in the Chinese construction machinery industry, with significant year-on-year increases in both domestic and export markets [1][2][3] - In October 2025, a total of 18,096 excavators were sold, representing a year-on-year increase of 7.77%, with domestic sales of 8,468 units (up 2.44%) and export sales of 9,628 units (up 12.9%) [1][2] - For the period from January to October 2025, excavator sales reached 192,135 units, marking a 17% year-on-year increase, with domestic sales of 98,345 units (up 19.6%) and export sales of 93,790 units (up 14.4%) [1][2][3] Group 2 - In October 2025, a total of 10,673 loaders were sold, showing a year-on-year increase of 27.7%, with domestic sales of 5,372 units (up 33.2%) and export sales of 5,301 units (up 22.6%) [2] - For the period from January to October 2025, loader sales totaled 104,412 units, reflecting a year-on-year increase of 15.8% [2] - The export value of China's construction machinery and parts reached $38.64 billion from January to August 2025, representing an 11.4% year-on-year increase, with excavator exports increasing by 24.9% [3] Group 3 - The domestic excavator market is experiencing a strong recovery, with a notable increase in sales driven by government policies promoting urban renewal and infrastructure projects [3] - The global demand for excavators is also on the rise, with a 14.4% year-on-year increase in exports from January to October 2025, indicating sustained overseas demand [3] - The establishment of SANY's production base in South Africa and the launch of new compact electric equipment by Zoomlion highlight the ongoing globalization and innovation within the industry [4][5] Group 4 - The industry outlook remains positive, with expectations of continued recovery in the construction machinery sector due to large-scale equipment replacement policies and infrastructure projects [5] - Companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, are recommended for investment [5]

智通财经APP获悉，香港联交所最新资料显示，11月26日，三一重工(06031)股东将股票存入中信里昂证 券，存仓市值19.17亿港元，占比12.35%。 三一重工公告，于2025年11月26日因部分行使超额配股权而发行及配发8901.56万股H股。 ...

三一重工（600031）(06031)发布公告，于2025年11月26日因部分行使超额配股权而发行及配发8901.56 万股H股。 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

格隆汇11月26日丨三一重工(06031.HK)发布公告，于2025年11月26日因部份行使超额配股权而发行及配 发8901.56万股H股。 ...