Investment Rating - The report assigns a "Buy" rating to key companies in the mining machinery sector, including SANY Heavy Industry, Zoomlion, and Weichai Power, indicating strong growth potential in the upcoming years [5][4]. Core Insights - The mining machinery sector, particularly large mining excavators and trucks, is expected to be a major growth area for Chinese engineering machinery manufacturers in 2026, driven by high global capital expenditure in mining and increasing demand for Chinese brand equipment due to domestic companies expanding overseas [2][4]. - The report forecasts a 70% increase in global demand for backup generator sets for data centers from 2025 to 2030, presenting significant opportunities for Weichai Power [2][4]. - The report highlights that the replacement cycle for construction equipment in China is ongoing, with specific growth expected in the automotive crane sector starting in 2026, driven by energy construction demands [4][2]. Summary by Sections Mining Machinery - Global mining capital expenditure is projected to remain high, with a 16% year-on-year growth expected in 2025, and continued growth in 2026, driven by rising demand for energy-related metals and aging equipment needing replacement [12][25]. - Chinese brands are increasingly penetrating the large mining machinery market, traditionally dominated by international giants like Caterpillar and Komatsu, by enhancing product offerings and after-sales service networks [4][12]. - Africa and Brazil are identified as key markets for Chinese mining machinery, with increasing import shares from China surpassing those from the U.S. in recent years [4][46]. Equipment Replacement Cycle - The report anticipates that the replacement cycle for earth-moving machinery will continue, with excavators and wheel loaders seeing sustained demand [4][68]. - The upcoming Yaxia hydropower project in China is expected to significantly boost demand for construction machinery, with an estimated annual investment of approximately 24 billion RMB in related machinery [67][68]. Data Center Power Equipment - The demand for backup diesel generator sets is expected to grow significantly, with the market size projected to expand from approximately 4 billion USD in 2025 to about 6.8 billion USD by 2030, reflecting a growth rate exceeding 70% [4][2]. - Weichai Power is positioned to capitalize on this growth, focusing on the backup power segment for data centers [4][2]. Company-Specific Insights - SANY Heavy Industry aims to increase its sales of large mining trucks from 22% in 2024 to 40% in 2025 and 55% in 2026, indicating a strategic shift towards larger equipment [32][38]. - The report emphasizes the potential for after-market services in the mining equipment sector, which can provide sustainable revenue growth as the installed base of equipment increases [43][4].

Core Insights - The project involves a total investment of 1.35 billion yuan, covering an area of 350 acres with a total construction area of 210,000 square meters [1] - The collaboration includes Changqing Industrial Development Group, Hebei Yuedi New Energy Technology Group, SANY Group, and Ganfeng Lithium Industry Group, aiming to establish a northern base for manufacturing new energy special vehicles and a northern base for energy storage and power battery pack production [1] - The project is set to commence construction in March 2024 and is expected to be completed and put into production by May 2025 [1] Production Capacity and Equipment - Upon reaching full production capacity, the project is expected to produce 10,000 units of new energy special vehicles, 8 GWh of lithium batteries, and refurbish 2,000 units of second-hand special vehicles annually [3] - The project will introduce four specialized production lines and high-end production equipment, including high-precision laser cutting machines, efficient smoke purification systems, large hydraulic shears, heavy-duty CNC bending machines, intelligent lifting equipment, and welding robots [1] Economic Impact - The investment-output ratio of the project is projected to be 10.3, with an expected additional output value of 60 million yuan in 2025 and 1 billion yuan in 2026, along with an additional tax revenue of 50 million yuan [3]

招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 2025 年 12 月 8 日 1 中国股市上涨，港股原材料、金融与工业领涨，综合、公用事业与必选消费 下跌，南向净买入 13.4 亿港元，小米与美团净买入最多，阿里与腾讯净卖出 居前。A 股非银金融、有色金属与工贸综合涨幅居前，银行、煤炭与电信服 务跑输市场。A 股券商板块大涨，中国证监会主席表示鼓励头部机构通过并 购重组打造国际一流投行，将对优质券商适度松绑打开资本空间与杠杆限制， 鼓励中小机构打造小而美的精品投行、特色投行和特色服务商；保险板块大 涨，保险公司投资资本市场的风险因子再度下调，显示监管机构鼓励险资等 长期资本入市的态度。 美股上涨，通讯服务、信息技术与可选消费涨幅居前，公用事业、能源与医 疗保健跌幅最大。戴尔、联想、惠普等主要 OEM 厂商计划大幅提高服务器 价格，因供应很难跟上快速增长的需求。微软与博通商谈定制芯片设计合作， 可能替换现有供应商 Marvell，以降低对英伟达依赖。随着 AI 产品创新，定 制芯片需求激增，科技公司寻求供应链多元化以降低风险与成本。 美债收益率升至两周新高，美元指数转 ...

Core Viewpoint - Sany Heavy Industry announced its plan to continue futures hedging operations in 2026 to mitigate the adverse effects of raw material price fluctuations on production and to lock in production costs [1] Group 1: Company Actions - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will engage in futures hedging, utilizing a maximum trading margin and premium of 800 million yuan and a maximum contract value of 2 billion yuan on any trading day [1] - The company will use its own funds for futures hedging and will not utilize raised funds for this purpose [1] - The hedging will involve commodities such as steel, copper, aluminum, crude oil, and rubber, which are correlated with corresponding futures varieties [1] Group 2: Industry Context - The global economic environment is complex, with significant volatility in commodity prices, leading to a strong demand for risk management among real economy enterprises [1] - The futures market is increasingly recognized for its role in serving the real economy, with rising participation from state-owned and listed companies in futures trading, characterized by comprehensive industry coverage and refined trading strategies [1] - As of now, China has listed 164 futures and options varieties, enhancing the resilience and safety of supply chains [2] - The futures market has developed the scale and capability to support the real economy, playing a crucial role in enterprise trade pricing and risk management across major sectors [2]

Core Viewpoint - The Shanghai Stock Exchange has actively promoted the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative this year, with listed companies and major shareholders responding positively to regulatory calls through "increases in holdings and buybacks" to enhance investor returns and stabilize market expectations [1] Summary by Category Increase in Holdings - From January to November, 210 companies on the Shanghai Stock Exchange disclosed new increase plans, with a total planned increase amount of 649.84 billion, representing a 25.43% increase compared to 518.10 billion in the same period last year [1] - Among these, 177 companies on the main board disclosed new increase plans, with a total planned increase amount of 628 billion, a 27% increase from 493 billion in the previous year [1] - Notable companies with significant planned increases include China Yangtze Power (40 billion to 80 billion), China Petroleum (28 billion to 56 billion), and China National Offshore Oil Corporation (20 billion to 40 billion) [1] Share Buybacks - From January to November, 252 companies on the Shanghai Stock Exchange disclosed new buyback plans, with a total planned buyback amount of 671.67 billion [1] - On the main board, 163 companies disclosed new buyback plans, with a total planned buyback amount of 582 billion [1] - Major companies with substantial planned buybacks include Kweichow Moutai (15 billion to 30 billion), Sany Heavy Industry (10 billion to 20 billion), and Haier Smart Home (10 billion to 20 billion) [1]

Core Viewpoint - SANY Heavy Industry Co., Ltd. is planning to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on its production operations, with a focus on commodities such as steel, copper, aluminum, crude oil, and rubber [5][11]. Group 1: Futures Hedging Business - The purpose of the futures hedging business is to effectively avoid the negative impacts of spot price fluctuations of raw materials on the company's production [5]. - The maximum trading margin and premium for the futures hedging business is set at RMB 800 million, with the highest contract value held on any trading day not exceeding RMB 2 billion [7]. - The trading period for this business is from January 1, 2026, to December 31, 2026 [9]. Group 2: Approval and Procedures - The board of directors convened on December 5, 2025, to approve the proposal for the futures hedging business, which does not require submission to the shareholders' meeting for approval [10]. - The company will use its own funds for the futures hedging business and will not utilize raised funds [8]. Group 3: Risk Analysis and Control Measures - The company acknowledges several risks associated with the futures hedging business, including market risk, funding risk, internal control risk, and technical risk [11]. - To mitigate these risks, the company will align the hedging business with its production operations, control the scale of funds used, and adhere to its internal management system for futures hedging [12]. Group 4: Impact on the Company - The futures hedging business is expected to lower the adverse effects of price fluctuations on raw materials and products, effectively manage production costs, and control operational risks, thereby safeguarding operating profits [13].

Group 1 - The company plans to conduct deposit business with its affiliated bank, Hunan Sanxiang Bank, in 2026, with a daily deposit limit of up to RMB 6 billion [2][4][9] - The proposal will be submitted for shareholder meeting approval [3][15] - The transaction does not constitute a major asset restructuring as defined by relevant regulations [5] Group 2 - The affiliated bank, Hunan Sanxiang Bank, is 18% owned by the company's controlling shareholder, SANY Group, and its chairman is also a director of the bank [6] - The bank's total assets reached RMB 52.767 billion, with loans of RMB 32.18 billion and deposits of RMB 39.175 billion as of the end of 2024 [8] Group 3 - The deposit business will be conducted at market prices, ensuring fairness and transparency [11][12] - The independent directors have unanimously agreed that the transaction is fair and does not harm the interests of the company or minority shareholders [13][29] Group 4 - The company intends to provide financial assistance to its subsidiaries totaling up to RMB 7.15 billion, with a borrowing term of one year [19][21] - The financial assistance is aimed at meeting the operational funding needs of subsidiaries [23][29] Group 5 - The company expects to engage in daily related transactions in 2026, with procurement from related parties amounting to RMB 10.15765 billion and sales to related parties amounting to RMB 5.32732 billion [35][36] - The independent directors have confirmed that these transactions are necessary for production and will not affect the company's independence [33][34] Group 6 - The company plans to provide guarantees for its subsidiaries and independent third-party suppliers, with a total guarantee limit of RMB 1 billion for 2026 [59][60] - The company has not experienced any overdue guarantees as of October 31, 2025 [68]

Core Viewpoint - Sany Heavy Industry Co., Ltd. has decided to abolish its supervisory board and amend its articles of association to enhance corporate governance in compliance with the latest legal requirements [1][39]. Group 1: Abolishment of Supervisory Board - The company will no longer have a supervisory board, and its functions will be transferred to the audit committee of the board of directors [1][39]. - The supervisory board and its rules will be abolished to align with the latest laws and regulations [1][39]. Group 2: Amendments to Governance Rules - The company has approved amendments to the shareholder meeting rules and board meeting rules [3][4]. - The amendments are part of the broader effort to improve governance and comply with legal standards [1][39]. Group 3: Financial Operations - The company plans to engage in futures hedging business through its subsidiaries [7]. - For 2026, the company anticipates a total of up to 40 billion yuan in new mortgage loans and financing leases, with a buyback obligation for these amounts [8]. - The company will provide guarantees for its subsidiaries, with specific limits set for various financial activities [10][14]. Group 4: Related Transactions - The company has approved expected daily related transactions for 2026, which are deemed necessary for its operations [15][34]. - The company will conduct deposit business with affiliated banks, ensuring fair pricing and compliance with regulations [11][31]. Group 5: Upcoming Meetings - The company will hold its fifth extraordinary shareholders' meeting on December 30, 2025, to review the approved proposals [23][24].

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to conduct futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Business Strategy - Sany's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [1]

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Risk Management Strategy - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [1]