证券代码：600031 证券简称：三一重工 公告编号：2025-098 三一重工股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 公司于 2025 年 12 月 30 日下午召开职工代表大会，经与会职工代表审议，选 举刘道君先生为公司董事会职工代表董事（简历详见附件），与公司第九届董事会 其他 7 名董事共同组成公司第九届董事会，任期自本次职工代表大会选举通过之 日且修订《公司章程》经股东会审议通过之日起至第九届董事会任期届满之日止。 - 2 - 三一重工股份有限公司董事会 2025 年 12 月 31 日 - 1 - 附件：刘道君先生简历 刘道君先生，1977 年出生，中国国籍，无境外永久居留权，研究生学历。现 任公司职工代表董事、审计监察总监。2001 年毕业于郑州航空工业管理学院，获 学士学位，2012 年取得香港中文大学高级财会人员专业会计硕士学位及上海国家 会计学院财务总监资格认证。2005 年加入公司，主要负责公司内部审计监察工作， 拥有 20 年的财务及内部审计监察 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-097 三一重工股份有限公司 2025年第五次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 3,272 | | --- | --- | | 其中：A 股股东人数 | 3,271 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,308,313,033 | | 其中：A 股股东持有股份总数 | 3,868,918,378 | | 境外上市外资股股东持有股份总数（H 股） | 439,394,655 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.5430 | - 1 - (一) 股东大会召开的时间：2025 年 12 月 30 日 (二) 股东大会召开的地点：湖南省长沙市长沙县三一产业园行政中心一号会 议室 (三) 出席会议的普通股股东和恢复表决权的 ...

湖南启元律师事务所 关于三一重工股份有限公司 2025 年第五次临时股东会的 法律意见书 2025 年 12 月 致：三一重工股份有限公司 湖南启元律师事务所（以下简称"本所"）接受三一重工股份有限公司（以下 简称"公司"）委托，指派律师出席公司 2025 年第五次临时股东会（以下简称"本 次股东会"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《三一重工股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次股东会的召集、召开程序、出席会议的人员资格、召集 人资格、表决程序及表决结果等事宜出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东会，并核查和验证了公司提 供的与本次股东会有关的文件、资料，同时听取了公司就有关事实的陈述和说明。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资料均 已向本所披露；公司向本所提供的所有资料和信息均真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大 ...

Group 1 - A-shares maintained a "zero破发" status in 2025, with an average first-day increase of approximately 256%, marking the best performance in three years [2][4] - A total of 114 new companies were listed on A-shares in 2025, a 14% increase from the previous year, raising a total of 130.64 billion yuan, which is a 94% increase year-on-year [2] - The top ten IPOs in A-shares included Huadian New Energy, which raised 18.17 billion yuan, and Moer Technology, which raised 8 billion yuan [2] Group 2 - Hong Kong's IPO market saw a significant increase in 2025, with 117 new listings raising a total of 285.69 billion HKD, reclaiming the title of the world's largest IPO market [4][5] - The average first-day increase for new stocks in Hong Kong was 38%, with a 28% rate of breaking [4] - Notably, six of the top ten IPOs in Hong Kong were companies that originated from A-shares, indicating a high "含A率" [4] Group 3 - The main industries driving IPOs in A-shares included electronics, power equipment, automotive, basic chemicals, and machinery, accounting for over 60% of new listings [3] - In Hong Kong, the healthcare, consumer discretionary, and information technology sectors had the highest number of new listings, collectively exceeding 60% [5] Group 4 - Looking ahead to 2026, there is optimism for continued IPO activity in both A-shares and Hong Kong, with expectations of 150-200 new listings in Hong Kong and a fundraising target exceeding 300 billion HKD [9][10] - The upcoming IPOs are expected to focus on sectors such as AI, new energy, high-end manufacturing, and biotechnology, aligning with national development priorities [10]

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]

Core Insights - The Hong Kong IPO market experienced a strong recovery in 2025, regaining the top position globally in terms of fundraising, with over 110 companies raising nearly 300 billion HKD, surpassing both the New York Stock Exchange and NASDAQ for the first time in four years [1][2] - The year saw 19 A-share companies successfully list on the Hong Kong Stock Exchange, accounting for nearly 50% of the total IPO fundraising in Hong Kong, with several companies like CATL and Zijin Mining raising over 10 billion HKD each [1] - The market's robust supply was attributed to regulatory optimizations, including revisions to the listing rules that improved pricing mechanisms, attracting more high-quality issuers [1][2] Market Dynamics - Investor participation was notably high, with a significant increase in the average first-day return of new stocks to 40%, and a decrease in the overall failure rate compared to the previous year [2] - Foreign capital inflow was evident, with cornerstone investments from foreign investors reaching 28.6 billion HKD in the first half of 2025, more than double the amount from the same period in 2024 [2] - The market outlook for 2026 is optimistic, with expectations of an IPO fundraising midpoint of approximately 330 billion HKD, supported by a cycle of quality enterprises and ample capital [2] Structural Changes - A shift in industry structure was observed, with manufacturing sector IPOs leading in fundraising, contrasting with the previous year's dominance of consumer and TMT sectors [1] - The pricing and valuation expectations of newly listed companies have increased compared to previous years, indicating a more competitive market environment [1] Market Segmentation - Signs of market differentiation began to emerge, with an increase in the first-day failure rate of new stocks as the IPO pace accelerated and liquidity conditions tightened [3] - Individual investors have started to adjust their strategies, opting for more certain investment targets amid changing market conditions [3] - Despite the significant increase in total IPO fundraising in 2025, it has not yet surpassed the high levels seen in 2020-2021, which exceeded 330 billion HKD [3]

| 工程机械 | 1.35 | 3.00亿元 | 三一重工 | | --- | --- | --- | --- | | 计算机设备 | 0.87 | 2.86亿元 | 御银股份 | | 半导体 | 0.1 1 | 2.60亿元 | N强- | | 消费电子 | 0.96 | 2.32亿元 | 硕贝德 | | *数据仅供参考，不构成投资建议 | | | | | | 板块名称 涨跌幅(%) 板块资金流向 | | 净流入最大 | | --- | --- | --- | --- | | 文化传媒 | 1.44 | 14.63亿元 | 蓝色光标 | | 汽车零部件 | 0.89 | 13.32亿元 | 山子高科 | | 通用设备 | 0.83 | 6.99亿元 | 巨力索具 | | 通信服务 | 0.09 | 6.03亿元 | 中国卫通 | | 纺织服装 | 0.7 | 5.37亿元 | 孚日股份 | | 游戏 | 1.32 | 3.90亿元 | 三七互娱 | 据交易所数据显示，截至12月30日午间收盘，大盘主力资金净流出277.18亿元。主力资金流入前十大板块分别为：文化 传媒（14.63亿元）、 汽车零部件 （13 ...

Core Viewpoint - Six companies, including Wanan Robotics (6600.HK) and Yingxi Intelligent (3696.HK), successfully listed on the Hong Kong Stock Exchange on December 30, marking the completion of new stock issuances for the year, totaling 117 listings [1]. Group 1: New Listings - The six newly listed companies are Wanan Robotics, Yingxi Intelligent, Xunce, Meilian Holdings, and Linqingxuan [1]. - On their first trading day, only Wanan Robotics opened flat, while the other five stocks experienced gains, with Yingxi Intelligent leading at a 45.53% increase [1]. Group 2: Fundraising Statistics - The total amount raised by the 117 new stocks in Hong Kong for the year is approximately 285.693 billion HKD [1]. - CATL (宁德时代) topped the fundraising list with approximately 41.006 billion HKD, followed by other companies like Zijin Mining International and Sany Heavy Industry, each raising over 10 billion HKD [1].

Core Viewpoint - In 2025, the Hong Kong Stock Exchange (HKEX) is expected to lead the global IPO market with a projected fundraising total exceeding HKD 280 billion, marking a significant return to prominence after several years [1][2]. Group 1: IPO Market Dynamics - The HKEX is anticipated to host 117 new listings in 2025, averaging a new listing every two trading days [1]. - Major IPO projects are significantly contributing to the overall fundraising scale, with the top ten IPOs expected to account for a substantial portion of the total [3][4]. - Six of the top ten IPOs are "A+H" listed companies, collectively raising HKD 1,033.20 million, which represents 36.12% of the total IPO fundraising for the year [4]. Group 2: A-Share Influence - The "A-share" influence is increasing, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 1,399.93 million, nearly half of the total new fundraising [6]. - The "A+H" listing model is becoming a preferred choice for many companies, driven by various strategic needs such as international expansion and risk diversification [6][8]. Group 3: Policy Support - Continuous policy support is fueling the IPO trend, including measures from the China Securities Regulatory Commission to encourage leading companies to list in Hong Kong [7][8]. - Recent optimizations to HKEX listing rules have made it easier for companies to meet public shareholding requirements, further lowering the barriers for listing [8]. Group 4: New Economic Forces - The IPO market is witnessing a strong emergence of "new economy" companies, particularly in sectors like AI and robotics, with six companies set to list simultaneously [10]. - The hard technology sector is a key driver, with significant representation in the IPO pipeline, including 20 companies in pharmaceuticals and 19 in software services [11]. Group 5: Consumer Brands - The "new consumption" sector is also thriving, with 19 companies from various consumer industries listing in 2025, many of which had previously attempted to list in the A-share market [13][14]. - High demand for these consumer brands is evident, with many experiencing subscription rates exceeding 100 times, indicating strong investor interest [13][14]. Group 6: Market Performance and Future Outlook - The IPO market is showing a notable improvement in profitability, with a record low IPO failure rate of 28.83% and significant first-day price increases for many new listings [16]. - Despite some recent volatility, forecasts for 2026 remain optimistic, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [18]. - Long-term prospects suggest that the HKEX could solidify its role as a global pricing hub for Chinese assets, contingent on maintaining high-quality listings and robust capital flows [19].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a resurgence in IPO activity, with an expected total fundraising amount exceeding HKD 280 billion in 2025, reclaiming its position as the global leader in IPO fundraising [1][4]. Group 1: IPO Market Dynamics - In 2025, HKEX is projected to have 117 new listings, averaging one IPO every two trading days [1]. - The total IPO fundraising amount is expected to reach HKD 286.3 billion (approximately USD 36 billion), surpassing Nasdaq's annual expectations [4]. - Six companies listed on both A-share and H-share markets contributed significantly to the fundraising, totaling HKD 1,033.2 million, accounting for 36.12% of the total IPO fundraising [4]. Group 2: A+H Listing Trend - Nineteen A-share companies successfully listed on the HKEX in 2025, raising a total of HKD 1,399.93 million, which constitutes nearly half of the total new stock fundraising in the Hong Kong market [5]. - The A+H listing model is becoming increasingly popular among companies, driven by various strategic needs such as international expansion and risk hedging [6]. - Regulatory support, including relaxed public holding requirements for A+H issuers, has facilitated this trend [6]. Group 3: New Economy and Technology Focus - The IPO market in 2025 is characterized by a strong influx of new economy companies, particularly in sectors like AI and robotics, indicating a broad appeal for innovative businesses [9]. - The healthcare and software service sectors are leading in the number of IPOs, with significant growth observed in companies like Paig Bio and autonomous driving firms [9][10]. - The introduction of specific listing rules for biotech and specialized technology companies has resulted in 88 listings since their implementation, showcasing the effectiveness of these regulations [10]. Group 4: Market Performance and Investor Sentiment - The IPO market has seen a notable increase in profitability, with a first-day IPO failure rate of approximately 28.83%, the lowest in five years [14]. - A record net inflow of HKD 1.41 trillion from southbound funds was observed, marking a 74.37% increase from the previous year [14]. - Despite the positive trends, there are concerns about market capacity and the potential for increased volatility as new listings surge [14]. Group 5: Future Outlook - Forecasts for 2026 suggest continued vibrancy in the IPO market, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [15]. - The long-term vision for the HKEX includes becoming a global pricing hub for core Chinese assets, necessitating ongoing regulatory improvements and enhanced cross-border capital flow [15][16]. - Strengthening the link between mainland and Hong Kong markets through initiatives like ETF connectivity is essential for reinforcing Hong Kong's role as a global financial center [16].