Market Overview - The engineering machinery sector experienced a decline of 1.75% on July 31, with Hengli Drilling leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Top Performers - Tianyuan Intelligent (603273) saw a significant increase of 10.02%, closing at 21.09 with a trading volume of 218,000 shares and a turnover of 455 million yuan [1] - Southern Road Machinery (603280) also rose by 10.01%, closing at 54.86 with a trading volume of 82,400 shares [1] - Changling Hydraulic (605389) increased by 9.99%, closing at 48.99 with a trading volume of 45,400 shares [1] Underperformers - Hengli Drilling (836942) experienced the largest decline, down 11.39% to 57.90 with a trading volume of 135,500 shares and a turnover of 811 million yuan [2] - Tuoshan Heavy Industry (001226) fell by 9.97%, closing at 40.00 with a trading volume of 109,400 shares [2] - Wuxin Suizhuang (835174) decreased by 7.19%, closing at 64.67 with a trading volume of 87,500 shares [2] Capital Flow - The engineering machinery sector saw a net outflow of 566 million yuan from institutional investors and 196 million yuan from speculative funds, while retail investors contributed a net inflow of 762 million yuan [2][3] - Notable capital flows include Huadong Heavy Machine (002685) with a net inflow of 17.7 million yuan from institutional investors, while Tianyuan Intelligent (603273) had a net outflow of 143 million yuan from institutional investors [3]

Core Viewpoint - The domestic sales of new energy heavy trucks in the first half of 2025 reached nearly 80,000 units, showing a year-on-year growth of 186% and a penetration rate exceeding 22%, indicating a strong upward trend in the market [1]. Group 1: Market Performance - In the first half of 2025, the cumulative sales of new energy heavy trucks in China reached 79,200 units, with XCMG Automotive selling 12,900 units, a year-on-year increase of 160%, capturing a market share of 16.25% [4]. - XCMG Automotive ranked first in monthly sales for seven times in the first half of 2025, with average monthly sales exceeding 1,000 units and reaching over 2,000 units for four consecutive months starting from March [5][3]. - The average monthly sales of XCMG's new energy heavy trucks in the first half of 2025 was 2,145 units, a significant increase from the average of 1,197 units in the previous year [8]. Group 2: Segment Performance - In the competitive new energy tractor market, XCMG sold 9,532 units in the first half of 2025, a year-on-year increase of 288%, achieving a market share of 16.30% [8]. - In the new energy dump truck segment, XCMG sold 2,275 units, a year-on-year increase of 93%, with a market share of 22.15% [8]. - In the battery swap heavy truck market, XCMG sold 4,647 units, a year-on-year increase of 140%, leading the market with a share of 18.59% [10]. Group 3: Product and Service Quality - XCMG's new energy heavy trucks are recognized for their reliability and effective service, contributing to positive word-of-mouth and increased orders [15]. - The trucks are equipped with unique battery thermal management technology, allowing operation in extreme temperatures from -35°C to 65°C, which enhances their appeal across diverse climates [16]. - XCMG provides comprehensive service solutions, including 24-hour online rescue services and rapid response times, ensuring efficient vehicle operation for customers [18]. Group 4: Market Expansion - XCMG has established a presence in 30 out of 31 provincial-level administrative regions in China, achieving widespread market penetration [14]. - The company continues to expand its market influence, demonstrating strong performance in the highly competitive new energy heavy truck sector [19].

Core Viewpoint - The recent announcement of the 397th batch of new vehicles by the Ministry of Industry and Information Technology indicates a significant shift in the tractor market, with a notable increase in the number of National VI tractors while the number of new energy tractors has decreased. Group 1: National VI Tractors - A total of 12 new National VI tractors were announced, with 2 being diesel-powered, 9 natural gas-powered, and 1 hybrid model [5][8][10] - The number of National VI tractor applications increased by 200% compared to the previous batch, reaching the highest level this year [3][30] - Major manufacturers in this segment include FAW Jiefang, China National Heavy Duty Truck Group, Dongfeng Commercial Vehicle, Foton Daimler, and Beiqi Foton [5][8] Group 2: New Energy Tractors - The new energy tractor segment saw a decline of 30%, with 29 new models announced, including 7 battery swap tractors and 16 charging tractors [3][16] - No new players or significant new models were introduced in the new energy tractor market during this batch [16][30] - Dongfeng led the new energy tractor applications with 6 models, including fuel cell and dual-motor electric tractors [18][20] Group 3: Market Dynamics - The competition in the National VI tractor market is intensifying, particularly in the high-power natural gas tractor segment, with manufacturers like Dongfeng and Foton introducing models with up to 700 horsepower [14][30] - The new energy tractor market is focusing on larger battery capacities and longer ranges, with several models featuring over 600 kWh of battery capacity [27][30] - The market dynamics suggest a potential reshaping of the industry landscape as manufacturers strive for technological upgrades and competitive advantages [14][30]

Core Viewpoint - The domestic sales of new energy heavy trucks reached 18,000 units in June 2025, setting a new monthly record, with new energy tractors also achieving record sales [1][4]. Sales Performance - In June 2025, new energy tractors sold 14,000 units, a year-on-year increase of 217% [3][4]. - The overall sales of new energy heavy trucks in June 2025 increased by 19% month-on-month and 158% year-on-year [4]. - The market share of new energy tractors in the new energy heavy truck market reached 77.68% in June, up nearly 5 percentage points from the previous month [6]. Market Trends - The sales of new energy tractors in the first half of 2025 totaled 58,500 units, a year-on-year increase of 265% [22][31]. - The sales performance from March to June 2025 was notably strong, with each month ranking among the top sales months in the history of new energy tractors [8]. Competitive Landscape - In June 2025, the top three companies in new energy tractor sales were Jiefang, Xugong, and SANY, each selling over 2,000 units [19]. - The number of market participants in the new energy tractor sector reached 27 by June 2025, indicating a continuously hot market [21]. Market Share Analysis - The leading companies in the new energy tractor market for the first half of 2025 included Xugong (9,532 units, 16.30% market share) and Jiefang (9,268 units, 15.85% market share) [23][26]. - Most major companies experienced significant growth, with Jiefang's sales increasing by 607% year-on-year [23][29]. Future Outlook - The new energy tractor market is expected to remain robust, with indications that new monthly sales records may continue to be set [31].

Group 1 - Construction Machinery has experienced a decline for five consecutive trading days, with a cumulative drop of -4.75% [1] - Shaanxi Construction Machinery Co., Ltd. was established in 1954 and is a state-controlled mixed-ownership enterprise under Shaanxi Coal and Chemical Industry Group [1] - The company was listed on the Shanghai Stock Exchange in 2004 with the stock code 600984 [1] Group 2 - Huisheng Fund's Huisheng Huize Mixed A has entered the top ten shareholders of Construction Machinery, marking a new entry in the first quarter of this year [1] - The fund has achieved a year-to-date return of 4.65%, ranking 1106 out of 2296 in its category [2] Group 3 - The fund managers of Huisheng Huize Mixed A include Sun Qing, Qian Ruinan, and Xu Yuliang, each with extensive experience in fund management [3][5][6] - Sun Qing has been a fund manager since October 2019 and has managed multiple funds, with a total fund size of 51.39 billion [4] - Qian Ruinan has over 15 years of experience in fund management and has held various positions in different financial institutions [5] - Xu Yuliang has a background in statistics and has worked in investment management since 2014 [6] Group 4 - Huisheng Fund Management Co., Ltd. was established in September 2018 and has a total of 10 shareholders, with the chairman holding 31.01% of the shares [6]

Core Viewpoint - The new energy heavy truck market experienced significant growth in June 2025, with a year-on-year increase of 158%, reaching a record sales volume of 18,000 units, including over 12,000 units of charging heavy trucks, setting a new monthly sales record [1][4]. Market Performance - In June 2025, the domestic new energy heavy truck market sold a total of 18,000 units, with a month-on-month increase of 19% and a year-on-year increase of 158% [4][5]. - Pure electric heavy trucks accounted for 97.87% of total sales, with charging and battery swap heavy trucks contributing significantly [5]. - Battery swap heavy trucks sold 5,573 units in June, marking a month-on-month increase of 16% and a year-on-year increase of 141%, although this growth rate was lower than the overall new energy heavy truck market [5][6]. Market Share and Competition - The market share of battery swap heavy trucks in pure electric heavy truck sales was 31.62% in June, showing a slight decline from the previous month and a decrease compared to the same period last year [7]. - From January to June 2025, the battery swap heavy truck market saw participation from 27 companies, with 24 active participants as of June [20]. - The top-selling companies in June included Foton, Xugong, and Jiefang, with Foton achieving a remarkable year-on-year growth of 825% [16][18]. Segment Analysis - The battery swap heavy truck segment is dominated by tractor and dump trucks, which accounted for 86.38% and 11.72% of sales, respectively [11][27]. - The competition in the battery swap tractor market is intense, with six companies selling over 2,000 units each, and Foton leading with 4,147 units sold [29]. - The battery swap dump truck segment did not keep pace with the overall growth, with a year-on-year increase of only 26% [31]. Conclusion - The battery swap heavy truck sector has shown impressive growth in the first half of 2025, with continuous month-on-month increases, but it still lags behind the overall new energy heavy truck growth rate [36].

Group 1 - The company's net profit is approximately -447 million yuan [1] - The performance forecast period is not specified, and the forecast has not been audited by a registered accountant [1] - The previous year's net profit attributable to shareholders was -421.12 million yuan, with a loss per share of -0.3350 yuan [1] Group 2 - The main reasons for the current performance loss include reduced project commencement rates and low equipment utilization and rental prices [1] - Non-operating income and expenses did not have a significant impact on the current performance [1] - Accounting treatment did not significantly affect the current performance [1]

重要内容提示： 1、陕西建设机械股份有限公司(以下简称"公司")预计 2025 年半年度归属于上市 公司的净利润为-44,700 万元左右。 2、归属于上市公司股东扣除非经常性损益后的净利润为-45,100 万元左右。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 证券代码：600984 证券简称：建设机械 公告编号：2025-042 陕西建设机械股份有限公司 2025 年半年度业绩预亏公告 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法律责任。 （二）业绩预告情况 1、经财务部门初步测算，预计 2024 年半年度归属于上市公司的净利润为-44,700 万元左右。 2、归属于上市公司股东扣除非经常性损益后的净利润-45,100 万元左右。 （三）本次业绩预告未经注册会计师审计，注册会计师未对公司本期业绩预告是否 适当和审慎出具专项说明。 二、上年同期业绩情况 （一）归属于上市公司股东的净利润：-42,112.16 万元。归属于上市公司股东的扣 除非经常性损益的净利润：-42 ...

建设机械（600984）公告，公司预计2025年半年度归属于上市公司的净利润为-4.47亿元左右，归属于 上市公司股东扣除非经常性损益后的净利润为-4.51亿元左右。2024年同期归属于上市公司股东的净利 润为-4.21亿元，扣除非经常性损益的净利润为-4.23亿元。 ...

Group 1 - Construction Machinery has experienced a decline for four consecutive trading days, with a cumulative drop of -3.02% [1] - Shaanxi Construction Machinery Co., Ltd. was established in 1954 and is a state-controlled mixed-ownership enterprise under Shaanxi Coal and Chemical Industry Group [1] - The company was listed on the Shanghai Stock Exchange in 2004, with the stock code 600984 [1] Group 2 - Huisheng Fund's Huisheng Huize Mixed A has entered the top ten shareholders of Construction Machinery, marking a new entry in the first quarter of this year [1] - The fund has achieved a year-to-date return of 2.99%, ranking 1127 out of 2313 in its category [1] Group 3 - The fund manager of Huisheng Huize Mixed A is Sun Qing, who has a PhD and is a CFA charterholder [3] - Sun Qing has been the fund manager since October 2019 and has previously held various positions in different financial institutions [3][4]