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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]

证券代码：600031 证券简称：三一重工 公告编号：2025-087 三一重工股份有限公司 一、审议通过《关于取消公司监事会并修订〈公司章程〉的议案》 为全面贯彻落实最新法律法规要求，进一步提升公司治理水平，根据《中华人民共和国公司法》《上市 公司章程指引》等法律法规的相关要求和最新规定，结合公司实际情况，公司将不再设置监事会和监 事，监事会的职权由董事会审计委员会行使，公司《监事会议事规则》相应废止。 在股东会审议通过本事项之前，监事会及监事仍将按照有关法律、行政法规和《公司章程》的规定继续 履行职责，确保公司的规范运作。 表决结果： 7 票同意， 0 票反对， 0 票弃权。 具体内容详见与本公告同日披露于上海证券交易所网站的《三一重工股份有限公司关于取消公司监事会 并修订〈公司章程〉〈股东会议事规则〉〈董事会议事规则〉的公告》。 二、审议通过《关于修订〈股东会议事规则〉的议案》 表决结果： 7 票同意， 0 票反对， 0 票弃权。 三、审议通过《关于修订〈董事会议事规则〉的议案》 第九届董事会第七次会议决议公告 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 ...

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]

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the decision to abolish its supervisory board to enhance corporate governance and streamline operations, transferring the supervisory board's responsibilities to the audit committee of the board of directors [1] Group 1 - The company aims to improve its governance structure in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Shanghai Stock Exchange Listing Rules [1] - The supervisory board's powers will now be exercised by the audit committee, indicating a shift in governance practices [1] - Related regulations and rules governing the supervisory board will be abolished, reflecting a significant change in the company's operational framework [1]

Market Overview - In November, A-shares and Hong Kong stocks experienced a trend of high-low switching, with the ChiNext Index down 4.23% and the Hang Seng Tech Index down 5.23%[5] - The market's focus shifted towards defensive sectors as funds moved from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets[5] Investment Strategy - December's market is expected to maintain an upward trend, with a short-term oscillating structure anticipated[5] - Key events include the Central Economic Work Conference and various industry conferences that may create investment opportunities[5] Key Investment Themes - Focus on "anti-involution" policies which are expected to improve industry performance, particularly in resource sectors benefiting from rising commodity prices[5] - Emphasis on overseas expansion themes, with Chinese high-end manufacturing expected to gain market share globally[5] Recommended Stocks - Zijin Mining (601899.SH) projected EPS growth from 1.21 in 2024 to 2.83 in 2027, with a PE ratio decreasing from 23.62 to 10.10[7] - Electric Power Investment (002128.SZ) expected to see EPS rise from 2.38 in 2024 to 2.75 in 2027, with a PE ratio decreasing from 10.9 to 9.45[27] Financial Performance - Zijin Mining's revenue is projected to grow from 303.64 billion yuan in 2024 to 381.84 billion yuan in 2027, with a net profit increase from 32.05 billion yuan to 75.22 billion yuan[18] - Electric Power Investment's revenue is expected to increase from 298.59 billion yuan in 2024 to 371.25 billion yuan in 2027, with net profit rising from 5.34 billion yuan to 6.17 billion yuan[27] Risk Factors - Risks include unexpected policy changes, underperformance in commercialization, and slower-than-expected product development[5]