Core Viewpoint - In February 2026, the sales of new energy heavy trucks experienced a year-on-year decline for the first time since February 2023, interrupting the previous growth trend, with the battery-swapping heavy truck market also showing a decline [1][25]. Sales Performance - In February 2026, a total of 7,435 new energy heavy trucks were sold in China, representing a month-on-month decrease of 54% and a year-on-year decrease of 9% [3]. - The sales of battery-swapping heavy trucks reached 1,845 units in February, marking a month-on-month decline of 58% and a year-on-year decline of 29%, with the year-on-year growth rate dropping from +61% in the previous month [3][11]. - The proportion of battery-swapping heavy trucks in the total sales of pure electric heavy trucks was 25.06% in February, down from 27.67% in January [5]. Market Trends - The monthly sales of battery-swapping heavy trucks in the first two months of 2026 were below the average monthly sales of the previous year, indicating a cooling market [7]. - The sales of battery-swapping heavy trucks were primarily composed of tractor trucks and dump trucks, accounting for 87.40% and 7.77% of sales, respectively [9]. Company Performance - In February 2026, only six companies sold over 100 units of battery-swapping heavy trucks, with no company exceeding 1,000 units. The top three companies were YuanCheng, Xugong, and Foton, with sales of 472, 398, and 350 units, respectively [11]. - In the first two months of 2026, the cumulative sales of battery-swapping heavy trucks reached 6,238 units, a year-on-year increase of 17%, with five companies showing growth and five showing decline [14]. Market Share - In the first two months of 2026, three companies had market shares exceeding 10%, with Xugong and YuanCheng both exceeding 20% [17]. - The market share of Xugong was 26.3%, YuanCheng was 25.0%, and Foton was 13.5%, all showing significant year-on-year increases [17]. Segment Analysis - The cumulative sales of battery-swapping tractor trucks in the first two months of 2026 reached 5,452 units, with a year-on-year growth of 27%, while the sales of battery-swapping dump trucks fell by 49% [18][23]. - The top three companies in the battery-swapping tractor truck segment were Xugong, YuanCheng, and Foton, with market shares of 27.3%, 23.8%, and 12.9%, respectively [21].

Investment Rating - The report maintains a "Recommended" rating for key companies in the engineering machinery sector, including Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery [3][11]. Core Insights - The engineering machinery industry is expected to experience a V-shaped recovery in 2026, driven by both domestic and international demand, with a focus on structural optimization [11]. - Domestic excavator sales are projected to grow by 18% in 2025, with a notable increase in the sales of small excavators, while the overall market is expected to recover significantly in 2026 [7][19]. - Internationally, sales in Asia, Africa, and Latin America are expected to see double-digit growth, while Europe and North America are anticipated to turn positive, indicating a broad recovery in overseas markets [43][62]. Summary by Sections Domestic Market - The domestic market for excavators and non-excavators is showing signs of recovery, with a clear upward trend expected in 2026. The sales of excavators are projected to reach 23.5 million units in 2025, with a year-on-year growth of 17% [7][19]. - The sales structure is expected to improve, with small excavators leading the growth, followed by medium and large excavators [19][24]. International Market - The overseas market is projected to account for approximately 50% of excavator sales in 2025, with a total of 117,000 units sold, reflecting a year-on-year growth of 16% [43][62]. - The report highlights the significant potential for growth in international markets, particularly in North America, where a decline in interest rates and a return of manufacturing are expected to boost demand [43][46]. Investment Recommendations - The report suggests focusing on leading companies such as Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery, which are well-positioned to benefit from the anticipated recovery in both domestic and international markets [11][62].

北京市嘉源律师事务所 关于陕西建设机械股份有限公司 2026年第二次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 紅龍 阿 哥 务 所 UAN LAW OFFICES 关于陕西建设机械股份有限公司 2026年第二次临时股东会的 法律意见书 嘉源(2026)-04-122 北京市嘉源律师事务所(以下简称"本所")接受陕西建设机械股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《中华人民共和国证券法》(以下简称"《证券法》")《上市公司 股东会规则》(以下简称"《股东会规则》")等现行有效的法律、行政法规、 部门规章、规范性文件(以下简称"法律法规")以及《陕西建设机械股份有限 公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司2026 年第二次临时股东会(以下简称"本次股东会")进行见证,并依法出具本法律 意见书。 为出具本法律意见书,本所指派律师见证了本次股东会,查阅了公司提供的 与本次股东会有关的文件和资料,并进行了必要的核查和验证。在前述核查和验 证的过程中,本所律师得到公司的如下承诺和保证:就本所 ...

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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东会召开的时间：2026 年 3 月 17 日 (二) 股东会召开的地点：西安市金花北路 418 号公司一楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：600984 证券简称：建设机械 公告编号：2026-011 陕西建设机械股份有限公司 2026年第二次临时股东会决议公告 | 1、出席会议的股东和代理人人数 | 478 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 469,789,577 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 37.3725 | | 比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次股东会由公司董事会召集，会议由董事长车万里先生主持，会议采取现 场表决和网络投票相结合的表决方式，符合《公司法》和《公司章程》等有关法 ...

Core Viewpoint - In February 2026, the overall sales of new energy heavy trucks in China experienced a year-on-year decline of 9%, marking the first decline since February 2023. The new energy tractor segment, which holds the largest market share, also showed a significant downturn in performance [1][2]. Sales Performance - In February 2026, domestic sales of new energy heavy trucks totaled 7,435 units, reflecting a month-on-month decrease of 54% and a year-on-year decrease of 9%. Specifically, new energy tractors sold 4,555 units, with a month-on-month decline of 57% and a year-on-year decline of 25% [2][5]. - The market share of new energy tractors in the new energy heavy truck segment was 61.26% in February, down from 65.39% in January. For the first two months of 2026, the share was 64.08%, significantly lower than the 76.36% share in 2025 [4][10]. Market Trends - February 2026 marked the first year-on-year decline in new energy tractor sales since July 2023, ending a streak of 31 consecutive months of growth [7]. - The overall heavy truck market in February saw a total sales volume of 28,400 units, with a 41% decline both month-on-month and year-on-year. New energy tractors accounted for 29.36% of the total tractor sales, a notable drop from 42.07% in January [10][12]. Technology and Distribution - The majority of new energy tractors sold in January and February 2026 were pure electric, with 99.60% of the 15,100 units registered being electric vehicles. The top three provinces for registrations were Guangdong, Shanxi, and Shandong, collectively accounting for over 30% of total sales [12][19]. Company Performance - In February 2026, the leading companies in new energy tractor sales included XCMG with 828 units, followed by SANY with 709 units, and FAW Jiefang and Sinotruk closely behind. The market showed a mixed performance with some companies experiencing significant growth while others faced declines [15][17]. - Cumulatively, in the first two months of 2026, the new energy tractor market saw a total sales of 15,100 units, representing a year-on-year increase of 38%. Notably, companies like XCMG and Yuantong achieved substantial growth rates of 105% and 6575%, respectively [20][23]. Conclusion - The new energy heavy truck market in the first two months of 2026 exhibited contrasting trends, with a significant increase in January followed by a sharp decline in February. The upcoming traditional sales season will be critical for the new energy tractor market to regain momentum [25].

Core Viewpoint - The sales of new energy heavy trucks in China have experienced a significant decline in February 2026, marking the first year-on-year decrease since February 2023, ending a streak of 36 consecutive months of growth [1][2][16]. Sales Performance - In February 2026, the domestic new energy heavy truck market sold 7,435 units, representing a 9% year-on-year decrease and a 54% month-on-month decline [1][2]. - The overall heavy truck market saw a total sales of 28,400 units in February, with a 41% decline both month-on-month and year-on-year [2]. Market Share - In February 2026, new energy heavy trucks accounted for 26.16% of the total heavy truck market, down approximately 7 percentage points from the previous month but up nearly 10 percentage points from the same month last year [4]. - For January-February 2026, the market share of new energy heavy trucks reached 30.58%, slightly higher than the 2025 annual share of 28.89% [4]. Regional Distribution - By February 2026, there were 285 cities in China with registered new energy heavy trucks, with 65 cities having over 100 registrations [7]. Leading Companies - In February 2026, 12 companies sold over 100 units of new energy heavy trucks, with two companies exceeding 1,000 units: XCMG with 1,230 units and SANY with 1,078 units [9]. - The top 12 manufacturers showed mixed results in February, with some companies like Yutong and United Heavy Truck achieving over 100% growth, while others experienced significant declines [11]. Cumulative Sales Data - Cumulatively, from January to February 2026, new energy heavy truck sales reached 23,500 units, a 54% increase year-on-year, although the growth rate has significantly narrowed compared to January [12]. - The leading companies in cumulative sales for January-February 2026 included XCMG (4,413 units), China National Heavy Duty Truck (3,365 units), and SANY (3,296 units) [14]. Market Dynamics - The decline in sales in February 2026 is attributed to the long Spring Festival holiday and the reduction in the new energy vehicle purchase tax, which led to a preemptive buying surge in late 2025 [1][2][16].

陕西建设机械股份有限公司 2026 年第二次临时股东会会议资料 二〇二六年三月十日 | | | | 一、2026 年第二次临时股东会会议议程 | 1 | | --- | --- | | 二、陕西建设机械股份有限公司关于公司 | 2026 年度融资计划的议案 2 | 建设机械 2025 年 第二次临时股东会会议议程 2026 年第二次临时股东会会议议程 一、现场会议召开时间：2026 年 3 月 17 日下午 14:00 二、网络投票时间：2026 年 3 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召 开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东会召开当日的 9:15-15:00。 三、会议表决方式：采取现场投票与网络投票相结合的方式 四、现场会议地点：陕西省西安市金花北路 418 号公司一楼会议室 五、会议主持人：董事长车万里 | 序号 | | 会 | 议 | 议 | 程 | | --- | --- | --- | --- | --- | --- | | 一 | 报告大会人员出席情况 | ...

Core Viewpoint - In February 2026, the sales of new energy tractors in China showed a slight decline of 1% year-on-year, breaking the continuous growth trend observed in previous months. The overall market for new energy heavy trucks, however, experienced a small increase of 9% year-on-year, indicating that the new energy tractor segment is lagging behind the broader market [1][18]. Sales Performance - In February 2026, a total of 5,128 new energy tractors were sold, representing a month-on-month decrease of 67% and a year-on-year decline of 1%. This marks a significant drop from January's sales, which had seen a year-on-year increase of 167% [2][3]. - The cumulative sales for January and February 2026 reached over 20,600 units, reflecting a year-on-year growth of 88%. Despite the slowdown in February, the overall market remains in a growth phase [13]. Company Rankings - XCMG led the sales in February with nearly 1,000 units sold (944 units), followed by Heavy Truck (748 units), SANY (632 units), and Jiefang (625 units). The top six companies all sold over 300 units [5][6]. - Notably, Chuangwei experienced a remarkable increase of 9,250% year-on-year, entering the top ten rankings for the first time, while other companies like Dongfeng and Yuchai also showed significant growth [8][10]. Market Share - In February 2026, the market shares of the top four companies were as follows: XCMG (18.4%), Heavy Truck (14.6%), SANY (12.3%), and Jiefang (12.2%). The next tier included Shaanxi Automobile (8.3%) and Foton (6.2%) [10][16]. - The market share differences among the leading companies are minimal, with Heavy Truck and SANY having a difference of less than 0.1% in market share [16]. Monthly Changes - The rankings of the top ten companies changed in February, with Chuangwei moving up four positions to rank ninth. Heavy Truck rose to second place, while Shaanxi Automobile and Foton also improved their standings [11][12]. Future Outlook - The new energy tractor market is expected to face challenges in March, as it enters the traditional sales peak season for heavy trucks. The ability of the new energy tractor segment to regain growth will be closely monitored [18].

Core Viewpoint - The sales of new energy heavy trucks in January 2026 exceeded 20,000 units, marking a significant growth, although a large portion of this was carried over from the previous year. February sales showed a decline compared to January but still reflected resilience in the market with a year-on-year increase [1][3]. Sales Performance - In February 2026, a total of 7,034 new energy heavy trucks were sold nationwide, representing a month-on-month decrease of 66% but a year-on-year increase of 9%. The year-on-year growth rate significantly narrowed compared to January's 184% increase [2][5]. - The cumulative sales for January and February 2026 reached 27,700 units, with a year-on-year growth of 102%. This growth rate has decreased from January's 184% but still indicates a doubling in sales [14][21]. Market Dynamics - The sales in February were influenced by the Spring Festival holiday, which affected the overall market activity. Despite the lower month-on-month sales, the year-on-year increase demonstrates the market's resilience [3][21]. - By February, all 31 provincial-level administrative regions in China had recorded sales of new energy heavy trucks, with 10 regions exceeding 1,000 units sold [3]. Company Performance - In February 2026, the top three companies in terms of sales were XCMG (1,220 units), Sinotruk (1,134 units), and SANY (1,034 units). Notably, XCMG maintained a market share of 17.3% [7][12]. - Several companies experienced significant year-on-year growth, with Chuangwei and United Heavy Trucks seeing increases of 2,571% and 186%, respectively [10][12]. Market Share - In February 2026, the market shares of the leading companies were as follows: XCMG (17.3%), Sinotruk (16.1%), and SANY (14.7%). The fourth place was held by Jiefang with a market share of 10.6% [12][19]. - The market share dynamics showed changes from January, with Chuangwei entering the top ten rankings, while some companies dropped out of the list [12][19]. Future Outlook - The upcoming months, particularly the "golden March and silver April" period, are critical for maintaining the growth momentum in the new energy heavy truck market. The industry is closely monitoring whether the positive sales trend can continue [21].

Core Viewpoint - The new energy heavy truck market in China has experienced significant growth in January 2026, achieving a year-on-year increase of 127% despite a month-on-month decline of 65% compared to December 2025, indicating a robust start to the year [3][31]. Market Overview - In January 2026, a total of 16,100 new energy heavy trucks were sold across 269 cities in China, with 30 provinces having registered these vehicles, showcasing a widespread market penetration [3][31]. - The top ten cities accounted for 30.23% of total sales, a slight decrease from previous years, indicating a more distributed market rather than concentration in a few cities [5][31]. Regional Performance - Guangdong province led with 2,379 new energy heavy trucks registered, with Guangzhou, Foshan, and Shenzhen ranking among the top ten cities for sales [7][31]. - Notably, Guangzhou topped the sales chart with 784 units sold, where XCMG held a dominant market share of 43.1% [10][31]. - Foshan showed remarkable growth, moving from 20th place in 2025 to 2nd in January 2026, with a market share of 68.9% for the leading brand, Yuan Cheng [12][31]. Brand Competition - In January 2026, 14 brands were active in Shenzhen, with Shaanxi Automobile leading with a market share of 25.2% [14][31]. - Chongqing and Tianjin saw significant improvements in their rankings, with Chongqing and Tianjin rising by 5 positions each, and the leading brands in these cities were United Heavy Truck and China National Heavy Duty Truck respectively [18][20][31]. - Shanghai, previously the top city in 2025, fell to 8th place in January 2026, with no brand exceeding 100 units sold [29][31]. Conclusion - The new energy heavy truck market in China is showing signs of comprehensive growth, with expectations for further expansion in the number of cities where these vehicles will be registered and sold throughout 2026 [31].