Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The forklift sales in October 2025 reached 114,300 units, a year-on-year increase of 15.9%. Domestic sales were 70,400 units, up 16.2%, while overseas sales were 43,900 units, also up 16.2%. Cumulative sales from January to October 2025 totaled 1,220,700 units, reflecting a 14.2% year-on-year growth [4]. - The growth in forklift sales is attributed to the robust performance of domestic forklift companies in overseas markets and the increasing global demand for forklifts. The demand for forklifts is closely linked to the manufacturing and warehousing logistics sectors [4]. - Hangcha Group launched the X1 series humanoid robots, marking a significant step towards transforming from a traditional industrial vehicle manufacturer to a smart logistics solution provider [4]. - Hangcha completed a large order for hydrogen fuel forklifts, delivering 108 units, which signifies a deeper collaboration in the hydrogen-powered industrial vehicle sector and supports the low-carbon economy [4]. - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a shift towards large-scale application of intelligent logistics systems [4]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [4].

Core Viewpoint - The company has no plans to establish a production base in Africa at this time [1]. Group 1 - The company responded to an investor inquiry on its interactive platform regarding its localization strategy in Africa [3]. - The inquiry specifically asked about the potential use of magnesium alloy die-casting for weight reduction and cost savings in the production of forklift structural components in Ethiopia [3]. - The company confirmed that there are currently no plans for a production base in Africa, addressing the investor's concerns directly [1].

Market Overview - The engineering machinery sector increased by 0.26% on November 25, with Helen Zhe leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Helen Zhe (300201) closed at 6.36, up 6.00% with a trading volume of 1.5095 million shares and a turnover of 944 million yuan [1] - Jin Dao Technology (301279) closed at 28.89, up 5.13% with a trading volume of 27,900 shares and a turnover of 797.584 million yuan [1] - Xia Gong Co. (600815) closed at 3.74, up 3.31% with a trading volume of 1.382 million shares and a turnover of 511 million yuan [1] - Changling Hydraulic (605389) closed at 67.01, up 3.20% with a trading volume of 20,900 shares and a turnover of 140 million yuan [1] - Aidi Precision (603638) closed at 19.90, up 3.11% with a trading volume of 137,300 shares and a turnover of 274 million yuan [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 23.2778 million yuan from institutional investors and 12.6804 million yuan from speculative funds, while retail investors saw a net inflow of 35.9582 million yuan [2] - The top net inflows from institutional investors included Zhonglian Cheke (000157) with 38.2059 million yuan and Helen Zhe (300201) with 36.83 million yuan [3] - The largest net outflows from retail investors were seen in Zhonglian Cheke (000157) with -50.0579 million yuan and Helen Zhe (300201) with -25.7235 million yuan [3]

Group 1 - The core viewpoint of the article highlights the growth in China's excavator industry, with a projected production increase of 15.3% year-on-year in September 2025, reaching 32,000 units [1] - Cumulative excavator production from January to September 2025 is reported at 277,000 units, reflecting a growth of 16.8% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a robust market outlook for the excavator sector in China [1] Group 2 - Listed companies in the excavator industry include SANY Heavy Industry, XCMG Machinery, Zoomlion Heavy Industry, Shantui, LiuGong, Xiamen XGMA Machinery, Shanhe Intelligent, Anhui Heli, Hengli Hydraulic, and Construction Machinery [1] - Zhiyan Consulting has released a report titled "2025-2031 China Excavator Industry Market Survey and Future Outlook," which provides insights into market trends and forecasts [1] - The article emphasizes Zhiyan Consulting's expertise in industry research and its role in supporting investment decisions through comprehensive industry solutions [1]

11月17日，安徽合力盘中下跌2.00%，截至09:55，报20.05元/股，成交5150.35万元，换手率0.29%，总 市值178.58亿元。 责任编辑：小浪快报 资金流向方面，主力资金净流出334.00万元，大单买入795.28万元，占比15.44%，卖出1129.28万元，占 比21.93%。 安徽合力今年以来股价涨18.29%，近5个交易日跌1.76%，近20日跌0.30%，近60日涨7.80%。 资料显示，安徽合力股份有限公司位于安徽省合肥市经济技术开发区方兴大道668号，成立日期1993年9 月30日，上市日期1996年10月9日，公司主营业务涉及工业车辆、智慧物流产业及其关键零部件的研 发、制造与销售,以及配件服务、融资租赁、车辆租赁、维保服务、再制造等后市场业务。主营业务收 入构成为：叉车等及配件98.78%，其他(补充)1.22%。 安徽合力所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：机器人概念、机 械、新能源车、中盘、电子商务等。 截至9月30日，安徽合力股东户数2.79万，较上期减少27.97%；人均流通股31923股，较上期增加 38.83%。2025年1月- ...

Core Viewpoint - The global forklift industry is expected to experience a structural recovery in 2025, driven by a rate-cutting cycle and technological upgrades after approximately two years of decline [1][3]. Group 1: Market Trends - In the first nine months of 2025, China's cumulative forklift sales reached 1.1064 million units, a year-on-year increase of 14%, with domestic sales at 697,400 units (+13.1%) and exports at 409,000 units (+15.5%) [3]. - The monthly domestic sales growth in September 2025 reached 29.3%, indicating a rebound in domestic manufacturing investment demand [3]. - The global forklift order inflection point has been observed, with demand entering an upward channel, showing resilience against fluctuations in downstream single-industry demand [3]. Group 2: Technological Advancements - The integration of AI and embodied intelligence is expected to reshape the logistics industry, transitioning from mechanized operations to cognitive intelligence, enhancing the unity of "cognition" and "execution" [1][7]. - The penetration rate of unmanned forklifts was only 1.9% in 2024, but cost advantages are becoming apparent, indicating an impending industry explosion [2]. - The logistics sector is poised to be one of the first applications for embodied intelligent robots, driven by the broad application prospects and relatively limited action specifications [2]. Group 3: Company Performance - Kion Group's new forklift orders have shown a positive trend since Q4 2024, with a year-on-year growth of 17% in Q3 2025 [4]. - Toyota Industries has also seen a turnaround in new orders since Q4 2024, maintaining small positive growth throughout the year [4]. - Chinese forklift companies are increasing their overseas market share, with overseas revenue proportions for Heli, Hangcha, and Zhongli at 43%, 40%, and 52% respectively in the first half of 2025 [6]. Group 4: Future Outlook - The electric forklift penetration rate is accelerating, with Europe reaching 68% and China at 35%, below the global average of 43% [5]. - The long-term trend for electric forklifts is strong, with lithium battery forklifts expected to replace lead-acid batteries significantly [5]. - Chinese companies are expected to leverage their first-mover advantage in the new wave of intelligent logistics, potentially achieving a leap from catching up to surpassing competitors [7].

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-059 安徽合力股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的进展公告 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，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、前次使用部分暂时闲置募集资金进行现金管理到期赎回情况 （一）杭州银行"添利宝"结构性存款产品（120 天） 2025 年 7 月 11 日，公司认购了杭州银行"添利宝"结构性存款产品（编号： TLBB2025****1），认购金额 3,000 万元，具体内容详见公司于 2025 年 7 月 12 日披露于上海证券交易所网站（www.sse.com.cn）的《公司关于使用部分暂时闲 置募集资金进行现金管理的进展公告》（临 2025-034）。11 月 11 日，公司对上 1 本次现金管理产品种类：结构性存款。 本次现金管理受托方：杭州银行股份有限公司合肥分行（以下简称"杭州银 行"）。 本次现金管理金额：2,400 万元。 本次现金管理产品名称及期限：杭州银行"添利宝"结构性存款产品（25 天）。 履行的审 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Anhui Heli achieved a net profit attributable to shareholders of 1.121 billion yuan in Q1-Q3 2025, representing a year-on-year decrease of 4.88% [1] - In Q3 alone, the net profit attributable to shareholders was 303 million yuan, reflecting a year-on-year decline of 11.84% [1] - The short-term performance is impacted by expenses, while the company is strategically positioning itself in the robotics industry [1] Financial Performance - For Q1-Q3 2025, the net profit attributable to shareholders was 1.121 billion yuan, down 4.88% year-on-year [1] - In Q3 2025, the net profit attributable to shareholders was 303 million yuan, down 11.84% year-on-year [1] Strategic Developments - The company is focusing on the robotics industry as part of its strategic layout [1] - The acquisition of Jianghuai Heavy Industry is part of the company's growth strategy [1]

据悉，本次参评信息披露工作的沪市上市公司共计2263家，评价结果分为A（优秀）、B（良好）、C（合格）、D（不合格）四个等级，该结果将作为上 交所对上市公司实施分类监管的重要依据。其中，获得A类评级的上市公司共计430家，占比为19%，安徽合力是唯一获得信息披露A级评价的工业车辆行 业企业。 公司股东会股东交流答疑现场 作为国有控股的沪市主板上市公司，在董事会的领导下，安徽合力严格遵守监管要求，持续优化信息披露管理体系，建立了覆盖定期报告、ESG报告、临 时公告、战略项目落地、重大事项披露等全链条的信息披露机制，确保信息传递的真实、准确、完整和及时，帮助投资者更加深入、全面地了解公司的运 营模式、研发实力和产品竞争力。在此基础上，安徽合力主动加强市值管理，高度重视投资者沟通，积极构建多元化交流渠道，积极推动"中期分红"等多 层次投资者回报机制，主动回应市场关切。2025年至今，安徽合力累计组织2场股东会、4场业绩说明会以及46场投资者现场调研活动，面向机构投资者开 展路演活动145场，由专人累计接听处理投资者热线来电超过115次，并积极回应投资者在e互动平台的提问。 机构投资者参观公司"三合一"大会现场 近日 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 49.67 billion yuan in Q3 2025, representing a year-on-year increase of 7.57%. The net profit attributable to shareholders was 3.03 billion yuan, down 11.84% year-on-year. The net profit excluding non-recurring items was 2.74 billion yuan, a decrease of 1.00% year-on-year [2][6]. - The overall gross margin for the first three quarters of 2025 was 23.81%, an increase of 0.53 percentage points year-on-year. The increase in research and development expenses has led to higher costs, but the company expects its core forklift business to continue to grow steadily, with emerging sectors like smart logistics and components becoming new growth drivers [2][12]. - The company is experiencing significant improvements in both domestic and international sales, with the global forklift market showing strong growth. The domestic market saw a total sales volume of 221,000 units in Q3 2025, up 21.1% year-on-year, while international sales also continued to rise [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 149.34 billion yuan, a year-on-year increase of 10.94%. The net profit attributable to shareholders was 11.21 billion yuan, down 4.88% year-on-year, while the net profit excluding non-recurring items was 10.07 billion yuan, up 0.56% year-on-year [6][12]. Market Trends - The forklift industry in China saw a total sales volume of 367,000 units in Q3 2025, reflecting a year-on-year increase of 19.0%. The company has established subsidiaries and service networks in various regions globally, which is expected to drive growth in markets such as South America, Europe, and Africa [12]. Strategic Developments - The company is deepening its smart logistics business and has formed strategic partnerships with leading technology firms. This collaboration is expected to enhance the development of its robotics and smart logistics products [12]. - The company maintains a positive outlook for its long-term growth potential, driven by the recovery of domestic manufacturing and the shift towards larger, high-end, and intelligent forklift products [12].