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。 三一重工股份有限公司（以下简称"公司"）第九届董事会第五次 会议于 2025 年 10 月 13 日以通讯表决的方式召开。会议应参加表决的 董事 7 人，实际参加表决的董事 7 人。会议由董事长向文波先生主持， 符合《公司法》和《公司章程》的有关规定，审议通过了以下议案： 一、审议通过《关于确定 H 股全球发售（包括香港公开发售及国 际发售）及在香港联合交易所有限公司上市相关事宜之议案》 与会董事经审议，同意关于公司首次公开发行境外上市股份（H 股）并在香港联合交易所有限公司主板上市事宜的相关安排，包括但 不限于刊发、签署符合相关法律法规要求的招股说明书及其他相关文 件，处理 H 股发行程序及相关事项，授权相关人士按相关决议处理与 本次发行上市有关的具体事务。 证券代码：600031 证券简称：三一重工 公告编号：2025-076 表决结果： 7 票同意， 0 票反对， 0 票弃权。 根据公司 2025 年第二次临时股东大会授权，本议案无需提交公司 股东会审议。 三一重工 ...

港交所10月12日晚披露，三一重工（600031）股份有限公司(下称"三一重工")通过港交所主板上市聆 讯，中信证券为其独家保荐人。 三一重工此次冲击港股IPO取得实质性进展。若赴港上市成功，将成为继中联重科（000157）后第二 家"A+H"工程机械股。 招股书显示，三一重工成立于1994年，已从单一品类、单一国家运营，转型升级为多元化产品、全球化 运营的世界级工程机械行业领军企业。产品线覆盖挖掘机械、混凝土机械、起重机械、桩工机械、路面 机械等主要品类，并提供定制化解决方案，服务于多种工程场景。 近年来，三一重工积极实施全球化战略，产品已销往150多个国家与地区。2024年海外市场收入占总收 入的62.3%，增速高于行业平均水平。 研发投入方面，三一重工在全球设有21个研发中心，研发费用占收入比例超过行业平均水平。 根据招股书披露，三一重工此次港股IPO拟发行不超过10.83亿股境外上市普通股，拟募集资金15亿美元 （约117亿港元），募集资金将主要投向全球化业务拓展与研发投入两大核心领域，旨在进一步提速国 际化的战略布局。 公开资料显示，三一重工主要从事工程机械的研发、制造、销售和服务，公司于2003年 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the mining machinery sector [4]. Core Insights - The increase in metal prices is expected to drive higher capital expenditures on equipment by mining companies. As metal prices rise, mining profits increase, leading to a stronger willingness to purchase equipment. Initially, demand for vehicles, consumables, and maintenance services will rise, followed by increased investment in new mining projects and equipment procurement as prices continue to climb [4]. - Precious metals and industrial metals have seen significant price increases this year, with gold rising over 50%, silver over 60%, and copper and tin both increasing by over 26% [4]. - The demand for tools and spare parts is expected to rise due to increased mining and processing volumes. Recommendations include focusing on companies like New Sharp, Hengli Drill, and Zhongtung High-Tech for tools, and companies like Fushite and Naipu Mining for spare parts [4]. - The acceleration of new mining projects will lead to increased demand for complete equipment. Key equipment segments include excavation, crushing, transportation, and mineral processing, with recommended companies including Xugong Machinery, Sany Heavy Industry, and CITIC Heavy Industries [4]. - Mining asset companies will directly benefit from price increases. For instance, tungsten concentrate prices have surged from 143,000 CNY per ton at the beginning of the year to 271,000 CNY per ton by September 30, marking an increase of 89.51%. This price surge significantly boosts profits for tungsten mining companies [4]. Summary by Sections Equipment Demand - The demand for mining equipment is expected to rise as metal prices increase, leading to higher capital expenditures by mining companies [4]. - Specific recommendations for equipment manufacturers include Xugong Machinery, Sany Heavy Industry, and Zhongtung High-Tech [4]. Tool and Spare Parts - Increased mining activity will drive demand for tools and spare parts, with a focus on companies like New Sharp and Hengli Drill for tools, and Fushite and Naipu Mining for spare parts [4]. Mining Asset Companies - Companies with tungsten mining assets are expected to benefit significantly from rising tungsten prices, with notable mentions including Zhongtung High-Tech and Xiamen Tungsten [4].

Core Viewpoint - The mechanical equipment industry is experiencing a significant upward trend driven by fundamental industry factors, with expectations for a new upward cycle due to multiple drivers such as cyclical reversal, growth explosion, and export rise [2]. Group 1: Industry Performance - As of September 2025, the Shenwan Mechanical Equipment Industry Index has increased by 37% year-to-date, ranking sixth among all primary industries and significantly outperforming the market [1]. - Major companies like Sany Heavy Industry and XCMG have seen their stock prices reach historical highs, with core component manufacturers like Hengli Hydraulic experiencing over 50% growth [1]. Group 2: Previous Cycle Analysis - The previous cycle (approximately 2016 to 2021) showed a strong correlation between stock performance and industry prosperity, driven by domestic infrastructure projects, improved real estate starts, and strong equipment replacement demand [4]. - Sany Heavy Industry's stock rose approximately 70% from its low in mid-2016 to its peak in August 2017, with the overall cycle lasting about 4.5 years until the first quarter of 2021 [4]. - A significant divergence occurred in early 2021, where Sany Heavy Industry's revenue reached a historical high, yet its stock price fell over 40% from its peak, indicating a warning signal [5]. Group 3: Current Cycle Dynamics - The current cycle is characterized by a more complex structural recovery, shifting from pure investment-driven growth to a combination of domestic stock updates, globalization, and technological paradigm shifts [10]. - The domestic market recovery is supported not only by traditional infrastructure investment but also by the lifecycle replacement of equipment and stringent environmental policies [11]. - The theoretical replacement cycle for major equipment like excavators is approximately 8 to 10 years, with significant sales peaks from 2016 to 2018 now entering a concentrated replacement window [11]. Group 4: Globalization and Risk Management - Leading companies have established deep global layouts to create a key "performance stabilizer," with a consensus that "not going abroad means going out of business" [12]. - The overseas market not only supplements scale but also ensures profit quality, with many manufacturers reporting higher gross margins from international sales compared to domestic [12]. Group 5: Technological Transformation - The current cycle's most profound difference lies in the industrial value reallocation driven by technological iteration, particularly the deep integration of electrification and intelligence [14]. - Electric products accounted for 40% of Sany Group's exhibited equipment at the Changsha International Construction Machinery Exhibition, with sales exceeding 10 billion yuan in 2024 [14]. - The shift towards intelligent equipment, such as unmanned road rollers and remotely controlled excavators, indicates a future competitive landscape focused on technology, data, and ecosystems [14].

Core Insights - SANY Group Co., Ltd. has demonstrated outstanding performance in quality operations, innovative breakthroughs, and social contributions, leading to its nomination for the "Most Respected Enterprises" for the 2024-2025 period by the Economic Observer [1] Group 1 - The company has excelled in various metrics including operational quality, innovation, and social impact [1]

Investment Rating - The report rates the mining machinery industry as "Overweight" due to expected growth driven by rising metal prices [3][4]. Core Insights - Rising prices of precious and industrial metals are anticipated to boost capital expenditures on mining equipment, as increased profits for mining companies enhance their willingness to invest in new equipment [4]. - The demand for tools and spare parts is expected to rise directly with increased mining and processing volumes, with specific companies recommended for investment in these segments [4]. - The acceleration of new mining projects will lead to increased demand for complete machinery, with several companies highlighted as potential investment opportunities [4]. - Companies with mining assets are expected to benefit directly from price increases, particularly those involved in tungsten mining, which has seen significant price appreciation this year [4]. Summary by Sections Equipment Investment - The report emphasizes that equipment investment is driven by the upward trend in metal prices, which leads to increased mining activity and capital expenditures [4]. Tools and Spare Parts - The report categorizes mining tools into three types: dragging tools, rotating tools, and impact tools, recommending companies such as New Sharp, Hengli Drill, and Zhongtung High-Tech for investment [4]. Complete Machinery - The report identifies key segments in the mining process, including excavation, crushing, transportation, and mineral processing, and suggests companies like Xugong Machinery and Sany Heavy Industry for investment [4]. Mining Asset Companies - The report highlights the significant profit potential for companies with tungsten mining assets due to substantial price increases, recommending companies like Zhongtung High-Tech and Xiamen Tungsten for investment [4].

Company Action - Sany Heavy is assessing investor interest for its Hong Kong listing [1]

Core Insights - SANY Heavy Industry has passed the main board listing hearing of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - From 2020 to 2024, SANY Heavy Industry ranks as the third largest engineering machinery company globally and the largest in China based on cumulative revenue from core products [1] Company Overview - Established in 1994, the company has evolved from a single product and single country operation to a world-class engineering machinery enterprise with diversified products and global operations [1] - The product line includes excavators, concrete machinery, and lifting machinery, along with customized solutions for various engineering scenarios [1] Global Strategy - SANY Heavy Industry actively implements a globalization strategy, with products sold in over 150 countries and regions [1] - By 2024, overseas market revenue is expected to account for 62.3% of total revenue, with growth rates surpassing the industry average [1] Research and Development - The company places significant emphasis on R&D, operating 21 research and development centers globally [1] - R&D expenses as a percentage of revenue exceed the industry average [1]

文件：三一重工开始评估对香港上市的兴趣。 ...

点击查看公告原文>> 来源：新浪港股-好仓工作室 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 根据招股书披露，本次港股上市募集资金在扣除相关费用后，将用于以下用途： 1. 用于进一步发展全 球销售及服务网络，以提高全球品牌知名度、市场渗透率和服务效率； 2. 用于增强研发能力； 3. 用于 扩大海外制造能力和优化生产效率； 4. 用于营运资金和一般公司用途。 三一重工成立于1994年，是创新驱动的全球工程机械行业领军企业。公司专注于挖掘机、混凝土机械、 起重机、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。公司产品销往全球 150多个国家和地区，广泛参与如港珠澳大桥、伦敦奥运场馆等多项全球标志性项目的施工建设。此 外，三一重 ...