Group 1: Machinery Industry - In September 2025, the total sales of excavators in China increased by 25.4% year-on-year, with domestic sales and exports growing by 21.5% and 29.0% respectively. For the first nine months, total excavator sales rose by 18.1% year-on-year, with domestic sales and exports increasing by 21.5% and 14.6% respectively [2] - In September 2025, the total sales of loaders in China increased by 30.5% year-on-year, with domestic sales and exports growing by 25.6% and 35.3% respectively. For the first nine months, total loader sales rose by 14.6% year-on-year, with domestic sales and exports increasing by 20.7% and 8.3% respectively [2] - The growth in sales for earth-moving machinery is attributed to increased sales efforts by manufacturers, accelerated exports of second-hand equipment, and a low base from the previous year. Future growth in domestic sales is expected to continue due to ongoing demand for equipment updates and contributions from new projects [2] - The overseas market is anticipated to maintain growth driven by demand from emerging markets in Africa and mineral-rich countries like Indonesia and Australia, alongside domestic manufacturers accelerating their international expansion [2] Group 2: Lithium Battery Equipment - In September 2025, the production of power batteries in China increased by 35.4% year-on-year, with a total installed capacity of 76.0 GWh, reflecting a 39.5% year-on-year growth. For the first nine months, the cumulative installed capacity reached 493.9 GWh, up 42.5% year-on-year, while total production grew by 51.4% to 1121.9 GWh [3] - The growth in power battery production is driven by the rapid increase in new energy vehicle sales, which reached approximately 1.604 million units in September 2025, a year-on-year increase of 24.6% [3] - Future growth in the new energy vehicle market is expected to continue, supported by policy incentives and technological advancements, which will also drive demand for lithium battery equipment [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.4 percentage points to 49.8% in September 2025, indicating improvements in production, new orders, and new export orders, suggesting a recovery in both supply and demand in the manufacturing sector [4] - The report maintains a "buy" rating for the machinery industry, particularly recommending the engineering machinery sector, which is expected to see sustained growth in performance due to the resonance of domestic and international demand [5] - The lithium battery equipment sector is also highlighted for its potential growth driven by rapid end-user demand and technological advancements leading to equipment upgrades [5]

沪投资品（000102）指数十大成份股详情如下： 证券之星消息，10月23日，沪投资品（000102）指数报收于7184.98点，涨0.5%，成交649.17亿元，换手 率1.29%。当日该指数成份股中，上涨的有32家，德业股份以4.61%的涨幅领涨，下跌的有15家，恒立液 压以2.9%的跌幅领跌。 | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh601899 | 紫金矿业 | 6.33% | 29.70 | 0.85% | 7893.54 | 有色金属 | | sh600150 | 中国船舶 | 5.31% | 35.45 | -0.56% | 2667.83 | 国防军工 | | sh600111 | 北方稀土 | 4.99% | 49.75 | -2.05% | 1798.50 | 有色金属 | | sh600031 | 三一重工 | 4.92% | 22.68 | -1.48% | 1921.99 | 机械设备 | | sh603993 | 洛阳辑业 | ...

市场消息： 三一重工 香港招股公开发售部分超额认购53倍，涉及663亿港元（85亿美元）。 ...

高空机械工程 | BOOMLIFT-CHINA50 ▼ 三一重工将于2025年10月20日至10月23日进行招股，全球发售5.8亿股H股，其中香港发售占10%，国际 发售占90%。发售价区间为每股20.3至21.3港元，预计H股将于10月28日在联交所上市。 10月20日，三一重工股份有限公司（以下简称"三一重工"）公告，公司本次全球发售H股基础发行股数 约5.8亿股（视乎发售量调整权及超额配股权行使与否而定），其中，初步安排香港公开发售约5804万 股（可予重新分配），约占全球发售总数的10.0%；国际发售约5.22亿股（可予重新分配、视乎发售量 调整权以及超额配股权行使与否而定），约占全球发售总数的90.0%，并确定H股发行价格区间为20.30 港元/股至21.30港元/股，预计于10月28日在香港联合交易所有限公司挂牌并开始上市交易。 相关人士表示，三一重工如此迅速地进行了在港股挂牌上市的相关工作，在宏观层面和行业层面均释放 出积极信号，有望推动中国优质资产国际化战略加速前进。 ...

| | | 都在用的精业宣讲工具 家中小企业发展子基金属下机构 | 三一重工段份有限公司 | (8 天眼一下 | ● 应用 · | | --- | --- | --- | --- | --- | --- | | 基本信息 507 | | 上市信息 999+ 法律诉讼 254 | 经营风险 999+ | 经营信息 999+ | 公司发展 99 | | 丰要殿东 ● 品股权结构 | | | | | | | 最新公示10 | 工商登记2 | VIP VIP 历史主要股东4 股权变更历程106 2 | | | 更新日期 3: 2025-06-30 | | 序号 | | 股东名称 | 股份类型 | 持股比例 # | 持股数(股) : | | 1 | | 三一集团有限公司 品 大殷东 | 流通A股 | 29.26% O | 2,480,088,257 | | 2 | 中中 结果 | 香港中央结算有限公司 富 大殿东 | 流通A股 | 11.8% 9 | 999,957,216 | | 3 | | 梁稳根 ぽ 19 | 流通A股 | 2.78% @ | 235,840,517 | | | | 受益所有人 实际控制人 | | ...

2025年3月份开始，新能源重卡销量连续6个月超过1.5万辆，其中充电重卡自4月份起月销 量保持超万辆水准，贡献最大。9月份，新能源重卡整体销量再创新高，达到2.41万辆，而 充电重卡的突出表现也还在继续。 请看第一商用车网的分析报道。 9月销1.58万辆大增220%，连续21个月翻倍涨 2025年9月份，国内新能源重卡市场共计销售2.41万辆（注：本文数据来源为交强险实销 口径，不含出口和军车，下同），环比今年8月份增长36%，同比增长206%。9月份，纯 电动重卡（包括换电和充电）销售2.35万辆，占比高达97.33%，较上月（98.66%）小幅 下滑，仍是新能源重卡最重要的组成部分。这其中，充电重卡销售1.58万辆，环比增长 32%，同比增长220%，同比增幅较上月（+246%）有所缩窄，这是充电重卡连续第21个 月实现翻倍增长。9月份，充电重卡220%的同比增幅继续跑赢新能源重卡市场"大盘"，这 是充电重卡连续第25个月跑赢新能源重卡市场"大盘"。9月份，充电重卡在纯电动重卡销量 中的占比为67.46%，较上月（68.61%）有所下降（如下图）。 根据第一商用车网的观察，自2024年6月份起，充电重卡 ...

三一重工（600031）(06031)于10月20日至23日招股。公司拟全球发售5.8亿股H股，其中香港发售占约 10%，国际发售占约90%，发售价为20.3-21.3港元。集资最多123.6亿港元。市场消息指，三一重工拟以 每股21.3港元定价，而国际配售获数倍超购，并提早一日于周三(22日)下午停止接受认购。 随三一重工公开发售结束，初步统计孖展认购总额约513.6亿港元，以公开发售集资额12.36亿港元计， 孖展认购已超购40.5倍。 资料显示，三一重工主要从事工程机械的研发、制造、销售和服务。公司产品包括混凝土机械、挖掘机 械、起重机械、桩工机械、路面机械。其中，混凝土设备为全球第一品牌，挖掘机、大吨位起重机、旋 挖钻机、路面成套设备等主导产品已成为中国第一品牌。根据弗若斯特沙利文的资料，按2020年至2024 年核心工程机械的累计收入计，三一重工是全球第三大及中国最大工程机械企业。从细分领域看，三一 重工在挖掘机及混凝土机械方面，全球排名第一。 三一重工本次IPO最引人注目的亮点，无疑是其背后星光熠熠的基石投资者阵营。三一重工总共引入23 名基石投资者，其中不乏全球顶级机构，合共认购7.58亿美元( ...

随三一重工公开发售结束，初步统计孖展认购总额约513.6亿港元，以公开发售集资额12.36亿港元计， 孖展认购已超购40.5倍。 智通财经APP获悉，三一重工 (06031) 于10月20日至23日招股。公司拟全球发售5.8亿股H股，其中香港 发售占约10%，国际发售占约90%，发售价为20.3-21.3港元。集资最多123.6亿港元。市场消息指，三一 重工拟以每股21.3港元定价，而国际配售获数倍超购，并提早一日于周三(22日)下午停止接受认购。 三一重工每手200股，一手入场费4303港元，预期将于10月28日挂牌买卖，中信证券为独家保荐人。 资料显示，三一重工主要从事工程机械的研发、制造、销售和服务。公司产品包括混凝土机械、挖掘机 械、起重机械、桩工机械、路面机械。其中，混凝土设备为全球第一品牌，挖掘机、大吨位起重机、旋 挖钻机、路面成套设备等主导产品已成为中国第一品牌。根据弗若斯特沙利文的资料，按2020年至2024 年核心工程机械的累计收入计，三一重工是全球第三大及中国最大工程机械企业。从细分领域看，三一 重工在挖掘机及混凝土机械方面，全球排名第一。 三一重工本次IPO最引人注目的亮点，无疑是其背后 ...

Summary of China Machinery 3Q25 Preview Industry Overview - The report focuses on the **China machinery industry**, specifically construction machinery and trucks, with an emphasis on sales volume and profitability trends for 3Q25 [1][7][16]. Key Points Sales Volume Trends - **Domestic Sales Growth**: - Domestic sales volume for heavy-duty trucks (HDTs) increased by **81% year-over-year (yoy)** at the wholesale level and **65% yoy** at the retail level, indicating strong channel inventory health [5]. - Excavator sales volume also saw a surprising increase of **18% yoy**, surpassing earlier expectations of **5-10%** growth [5][14]. - Small machines drove the growth in excavators, with a **26% yoy** increase, while medium-to-large machines faced a **2% yoy** decline [5][14]. - **Export Trends**: - Export sales for HDTs grew by **23% yoy**, with strong performance in regions like Africa, the Middle East, and Southeast Asia [9][14]. - Overall export growth remained strong across most machinery categories, except for mobile cranes and aerial work platforms (AWPs) [14]. Profitability Insights - Despite solid top-line growth, profitability is expected to be under pressure due to: - Unfavorable foreign exchange impacts, particularly affecting companies like Hengli and Dingli [7][17]. - A negative product mix impacting Sany Heavy [7][17]. - Increased competition affecting Weichai [7]. Earnings Forecasts - The report anticipates that **4 out of 6** coverage companies will report solid top-line growth, primarily in double digits, led by Hengli [7]. - EPS estimates for the coverage companies have been revised downwards by **-7% to +6%** based on year-to-date developments [1][8]. Stock Ratings and Recommendations - **Buy Ratings**: - Weichai and Dingli are maintained as Buy rated due to their potential from German fiscal expansion and exposure to developed markets [8]. - **Neutral Ratings**: - Most construction machinery stocks, including Sany, Hengli, and Lonking, are rated Neutral as their positive outlooks are already reflected in current valuations [8]. - **Sell Rating**: - Sinotruk is rated Sell due to concerns over overestimated profitability amid pressures from electric HDTs and unfavorable export conditions [8]. Additional Insights - The report highlights a notable shift in the powertrain mix for trucks, with LNG penetration recovering and electrification accelerating, while diesel HDTs reached a historical low share [5]. - The construction machinery sector is experiencing intensified competition, particularly in the rental channel, which may affect future sales dynamics [14]. Conclusion - The China machinery industry is showing robust sales growth, particularly in domestic markets, but faces challenges in profitability due to external factors and competitive pressures. The outlook for individual companies varies, with specific recommendations based on their market positions and expected performance in the upcoming quarter.

中国石油股份 （派息日） 建业新生活 （派息日） 智通财经APP获悉，2025年10月23日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 八马茶业 | | | | (招股中) | | | | 剑桥科技 | | | | (招股中) | | | 新股活动 | 三一重工 | | | | (招股中) | | | | 滴普科技 | | | | (招股中) | | | | 普拉达 | | | | 丽珠医药 | | | 业绩公布日 | 法拉帝 | | | | 平安好医生 | | | | 龙源电力 | | | | 东方海外国际 | | | | 青岛港 | | | | 中国创新投资 | | | | 重庆机电 | | | 股东大会召开日 | 大唐发电 | | | | 安德利果汁 | | | | 弘业期货 | | | | 西藏水资源 | | | | 中国安储能源 | | | 分红派息 | 恒生银行 | | | | （除净日） | | | | 华讯 | | | | （派息日） | | | | 万事昌国际 | | | | （派息日） | | | | 致丰工业电子 | | | ...