2025年上半年受 国内外销售双增带动，这家工程机械龙头净利同比增近五成 。 8月21日，三一重工披露了最新中报，报告显示，2025年上半年，公司实现营收445.34亿元，同比增长 14.96%；净利润52.16亿元，同比增长46%。 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利率(%) | 营业收入比 上年增减 | 营业成本 比上年增 | 毛利率比上年 | | | | | | (%) | 减(%) | 增减(%) | | 工程机械行业 | 43, 650, 473 | 31,616, 439 | 27.57 | 15. 39 | 14. 12 | 0. 81 | | | | | 主营业务分产品情况 | | | | | 分产品 | 营业收入 | 营业成本 | 毛利率(%) | 营业收入比 上年增减 | 营业成本 比上年增 | 毛利率比上年 | | | | | | (%) | 减(%) | 增减(%) | | 混凝土机械 | 7. 440. 916 | 5,738,52 ...

金融界8月22日消息，上证指数高开高走，上证50等权重指数 (50等权，000050)上涨2.73%，报2309.57 点，成交额1806.45亿元。 数据统计显示，上证50等权重指数近一个月上涨4.63%，近三个月上涨7.16%，年至今上涨6.14%。 从上证50等权重指数持仓样本的行业来看，金融占比24.45%、工业占比17.45%、信息技术占比 14.91%、原材料占比9.06%、能源占比7.50%、可选消费占比5.67%、主要消费占比5.54%、通信服务占 比5.41%、医药卫生占比4.75%、公用事业占比3.47%、房地产占比1.78%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过10%。样本调整设置缓冲区，排名在40名之前的候选新样本优 先进入，排名在60名之前的老样本优先保留。特殊情况下将对指数进行临时调整。当样本退市时，将其 从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，上证50等权重指数十大权重分别为：寒武纪（3.09%）、洛阳钼业（2.7%）、药明 ...

2025年3月份开始，新能源重卡销量连续4个月超过1.5万辆，这其中，同步保持1万辆上下高 水准的充电重卡贡献最大。7月份，新能源重卡整体销量继续保持高位，达到1.66万辆，充电 重卡的突出表现也还在继续。 7月销1.14万辆大增205%，连续19个月翻倍涨 2025年7月份，国内新能源重卡市场共计销售1.66万辆（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6月份下降8%，同比增长152%。7月份，纯电动重 卡（包括换电和充电）销售1.63万辆，占比高达98.07%，较上月（97.87%）略有提升，仍 是新能源重卡最重要的组成部分。这其中，充电重卡销售1.14万辆，环比下降6%，同比增长 205%，同比增幅较上月（+183%）扩大22个百分点，这是充电重卡连续第19个月实现翻倍 增长。7月份，充电重卡205%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23个月跑赢新能源重卡市场"大盘"。7月份，充电重卡在纯电动重卡销量中的占比为 69.68%，较上月（68.38%）提升超1个百分点（如下图）。 请看第一商用车网的分析报道。 根据第一商用车网的观察，自2024年7月份 ...

Investment Rating - The report maintains a "Strong Buy" rating for SANY Heavy Industry (600031) [1] Core Views - The company benefits from a synchronized recovery in domestic and international demand, showcasing profit elasticity through cost reduction and efficiency improvements [1] - The company's revenue for the first half of 2025 reached 447.8 billion yuan, a year-on-year increase of 14.6%, with net profit attributable to shareholders at 52.2 billion yuan, up 46.0% year-on-year [6] - The report highlights the company's strong performance in core product segments, particularly in excavators and cranes, with significant growth in both domestic and overseas markets [6] Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 78,383 million yuan, 90,362 million yuan, 108,053 million yuan, and 129,646 million yuan respectively, with year-on-year growth rates of 5.9%, 15.3%, 19.6%, and 20.0% [2] - Net profit attributable to shareholders is projected to be 5,976 million yuan, 8,682 million yuan, 10,813 million yuan, and 13,593 million yuan for the same years, reflecting growth rates of 32.0%, 45.3%, 24.5%, and 25.7% respectively [2] - Earnings per share (EPS) are expected to be 0.71 yuan, 1.02 yuan, 1.28 yuan, and 1.60 yuan for 2024A, 2025E, 2026E, and 2027E [2] Market and Product Performance Summary - The company achieved a domestic revenue of 173.5 billion yuan in the first half of 2025, a year-on-year increase of 21.4%, while overseas revenue was 263.0 billion yuan, up 11.7% [6] - The gross margin and net margin for the first half of 2025 were 27.4% and 11.9%, respectively, with a notable decrease in various expense ratios [6] - The company launched over 30 new energy products in the first half of 2025, including electric excavators and cranes, enhancing its competitive edge in traditional construction machinery [6] Global Strategy and Market Expansion - The company's overseas revenue accounted for 60.3% of its main business income, with a gross margin of 31.2% in international markets, which is 9.1 percentage points higher than domestic margins [6] - The report indicates strong performance in Africa and Asia-Pacific regions, driven by demand in mining and infrastructure sectors [6] - The company has established a comprehensive global market channel system with over 400 overseas subsidiaries and nearly 1000 parts warehouses, positioning itself for long-term growth [6]

上半年受国内外销售双增带动，这家工程机械龙头净利同比增近五成。 8月21日，三一重工（600031）披露了最新中报，报告显示，2025年上半年，公司实现营收445.34亿 元，同比增长14.96%；净利润52.16亿元，同比增长46%。 海外市场成为三一重工近年来业绩增长的主要驱动力。上半年，三一重工海外收入同比增长11.72%至 263.02亿元，占总营收比重达60.26%；海外业务毛利率为31.18%，较去年同期提升了1.04个百分点，较 国内市场22.1%的毛利率高出9.08个百分点。 分红方面，三一重工称，2025年中期，公司拟向全体股东每股派发0.31元（含税），合计派发金额为 26.14亿元，占归母净利润50.11%。 值得注意的是，今年7月19日，总投资约1.2万亿元的雅鲁藏布江水电工程正式开工。业内预计，重大基 建项目的启动将支撑工程机械行业国内需求。 在上述项目开工仪式上，三一电动挖掘机、电动自卸车、电动宽体车、电动装载机、电动搅拌车、泵车 等成套电动设备齐上阵。三一重工表示，期待并将积极主动推进相关合作，为墨脱水电站建设提供更好 的产品和更优质的服务。 截至8月22日午间收盘，三一重工报2 ...

招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,105 | -0.29 | 25.15 | | 恒生国企 | 8,975 | -0.65 | 23.11 | | 恒生科技 | 5,499 | -1.45 | 23.06 | | 上证综指 | 3,771 | 1.16 | 12.51 | | 深证综指 | 2,358 | 0.72 | 20.47 | | 深圳创业板 | 2,595 | -0.41 | 21.19 | | 美国道琼斯 | 44,786 | -0.28 | 5.27 | | 美国标普 500 | 6,370 | -1.22 | 8.31 | | 美 国 纳 斯 达 | 21,100 | -2.45 | 9.27 | | 德国 DAX 克 | 24,293 | -0.09 | 22.02 | | 法国 CAC | 7,938 | 0.69 | 7.55 | | 英国富时 100 | 9,309 | ...

Core Viewpoint - Sany Heavy Industry's net profit for the first half of the year is approaching last year's total, indicating a strong recovery in the construction machinery industry driven by domestic and overseas demand [1][4]. Financial Performance - Sany Heavy Industry reported operating revenue of 44.534 billion yuan, a year-on-year increase of 14.96%, and a net profit of 5.216 billion yuan, up 46% year-on-year [1]. - In Q2, the net profit reached 2.745 billion yuan, an 11% increase from Q1 and a 37.76% increase year-on-year, marking the best quarterly performance since Q3 2021 [1]. - The company plans to distribute a cash dividend of 3.1 yuan per 10 shares, totaling 2.614 billion yuan, which represents 50.11% of its net profit for 2025 [1][3]. Industry Context - The construction machinery industry is characterized by strong cyclicality, with a recovery phase beginning in 2021 after a downturn [1][4]. - The domestic demand is supported by long-term government bond issuance, equipment renewal policies, and accelerated energy transition [4]. Sales and Market Performance - From January to July, domestic manufacturers sold 137,700 excavators, a year-on-year increase of 17.8%, with domestic sales of 72,900 units, up 22.3% [5]. - Sany Heavy Industry's overseas sales revenue reached 26.302 billion yuan, accounting for 60.26% of its main business revenue, with an 11.72% year-on-year increase [5][7]. Profitability and Margins - The company's net profit margin improved to 11.65%, a year-on-year increase of 2.5 percentage points [7]. - The gross profit margin for overseas main business was 31.18%, up from 30.14% year-on-year, significantly higher than the domestic margin [7]. Product and Regional Performance - The Asia-Pacific region remains the main revenue driver for Sany Heavy Industry, with revenue of 11.455 billion yuan, a 16.3% increase [9]. - The company launched over 80 new products in overseas markets and established a global warehousing network [8]. Asset and Cash Flow - As of June 30, Sany Heavy Industry's overseas asset scale reached 50.034 billion yuan, accounting for 32.57% of total assets [10]. - The net cash flow from operating activities was 10.134 billion yuan, a year-on-year increase of 20.11% [10].

国金证券8月22日发布研报称，给予三一重工（600031.SH，最新价：21.43元）买入评级。评级理由主 要包括：1）营收扩张、经营杠杆释放，利润表现亮眼；2）亚澳、非洲表现亮眼，下半年欧美收入有望 加速增长；3）挖机龙头有望持续受益内销长周期向上；4）现金流向好，存货、应收账款周转加速。风 险提示：下游地产、基建需求不及预期、海外市场竞争加剧、原材料价格上涨风险、汇率波动风险。 （文章来源：每日经济新闻） ...

Group 1 - As of August 22, the national team appeared as a major shareholder in 14 stocks, holding a total of 3.129 billion shares valued at 23.988 billion yuan [1] - The top three stocks by the number of shares held by the national team are Sinopec, Sany Heavy Industry, and GoerTek, with holdings of 2.641 billion shares, 298 million shares, and 83 million shares respectively [1] - In terms of market value, the national team's largest holdings are also in Sinopec, Sany Heavy Industry, and GoerTek, valued at 14.893 billion yuan, 5.342 billion yuan, and 1.937 billion yuan respectively [1] Group 2 - By the end of the second quarter, the national team was a major shareholder in 61 stocks, holding a total of 8.067 billion shares valued at 98.642 billion yuan [1] - Among these, 45 stocks had holdings exceeding 10 million shares, with Sinopec, Guodian Power, and Huaneng International being the top three by number of shares held, at 2.641 billion shares, 2.531 billion shares, and 467 million shares respectively [1] - The national team's holdings are primarily concentrated in the software, pharmaceutical, and power industries, with 8, 7, and 5 stocks respectively [1]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3771 | 0.13 | 5.94 | 2.85 | | 深证综指 | 2358 | -0.2 | 8.35 | 4.26 | 今日重点推荐 2025 年 08 月 22 日 大族激光（002008）深度：全球智能装备提供商，多业务布局 助力穿越周期 ◼ 全球领先的智能制造装备整体解决方案提供商。公司具备从基础器件、整 机设备到工艺解决方案的垂直一体化优势；产品涵盖信息产业设备、新能 源设备、半导体设备、通用工业激光加工设备等。2010–2024 年，公司营 收及归母净利润 CAGR 分别为 11.77%、11.36%。 ◼ 信息产业：AI 及出口驱动下，PCB 及消费电子设备需求有望迎来高速增长。 1）PCB：AI 服务器及数通产品需求持续上升，加上智能手机、汽车电子 等电子终端产品的技术升级，共同推动 PCB 行业各类细分产品的成长；以 泰国为热点的东南亚地区 PCB 新建项目快速推进；2）消费电子：随着 AIPC ...