高盛发布研报称，一拖股份是中国最大的农用拖拉机生产商。在中国为实现粮食安全而向农业现代化转 型的背景下，公司处于有利地位，能够捕捉拖拉机大型化和高端化升级所带来的结构性增长机会。长期 来看，出口业务有望成为公司增长的另一大支柱，随着一拖股份不断提升其全球竞争力，出口有望成为 长期增长的新驱动力。该行认为，这些结构性转变将推动一拖股份的利润率和回报状况逐步向全球同业 靠拢，并为该股偏低的估值带来向上重估机会。 一拖股份（601038）(00038)早盘涨超11%，截至发稿，涨11.39%，报8.02港元，成交额7226.29万港 元。 ...

智通财经APP获悉，一拖股份(00038)早盘涨超11%，截至发稿，涨11.39%，报8.02港元，成交额7226.29 万港元。 高盛发布研报称，一拖股份是中国最大的农用拖拉机生产商。在中国为实现粮食安全而向农业现代化转 型的背景下，公司处于有利地位，能够捕捉拖拉机大型化和高端化升级所带来的结构性增长机会。长期 来看，出口业务有望成为公司增长的另一大支柱，随着一拖股份不断提升其全球竞争力，出口有望成为 长期增长的新驱动力。该行认为，这些结构性转变将推动一拖股份的利润率和回报状况逐步向全球同业 靠拢，并为该股偏低的估值带来向上重估机会。 ...

证券时报·数据宝统计，截至今日上午10:30，上证综指3884.77点，收于半年线之上，涨跌幅-0.63%，A 股总成交额为8431.64亿元。到目前为止，今日有59只A股价格突破了半年线，其中乖离率较大的个股有 永辉超市、汇嘉时代、今创集团等，乖离率分别为9.65%、9.51%、9.01%；国电南瑞、佰仁医疗、一拖 股份等个股乖离率较小，刚刚站上半年线。 | 601018 | 宁波港 | 1.63 | 0.23 | 3.69 | 3.75 | 1.55 | | --- | --- | --- | --- | --- | --- | --- | | 600196 | 复星医 | 3.17 | 1.30 | 27.90 | 28.32 | 1.52 | | | 药 | | | | | | | 000936 | 华西股 | 3.17 | 1.57 | 7.38 | 7.48 | 1.38 | | | 份 | | | | | | | 000718 | 苏宁环 | 2.90 | 1.86 | 2.45 | 2.48 | 1.29 | | | 球 | | | | | | | 688269 | 凯立新 材 | 1.52 ...

9 December 2025 | 11:24PM HKT Equity Research First Tractor (0038.HK) China's food security - Powering China's agriculture modernization; initiate at Buy | 0038.HK | 12m Price Target: HK$14.00 | Price: HK$7.20 | Upside: 94.4% | | --- | --- | --- | --- | | 601038.SS | 12m Price Target: Rmb21.00 | Price: Rmb12.69 | Upside: 65.5% | We initiate on First Tractor, China's largest manufacturer of agricultural tractors (by 2024 sales revenue), at Buy with our 12-m TPs of HK$14.0/Rmb21.0 for H/A-share implying 91%/6 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 第一拖拉机股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00038 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 391,940,000 | RMB | | | 1 RMB | | 391,940,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 391,940,000 | RMB | | | 1 RMB | | 391,940,000 | | 2. 股份分類 | ...

Group 1: Core Insights - The article highlights the transformation of "Henan Manufacturing" towards high-end, intelligent, and green production, showcasing significant advancements in technology and product offerings [1] - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, with a total market capitalization of approximately 1.8 trillion yuan, indicating rapid growth in the capital market during the "14th Five-Year Plan" period [1] - A large-scale media investigation revealed how capital markets empower local high-quality development in Henan, emphasizing the region's strategic importance in China's modernization [1] Group 2: Traditional Industry Transformation - Traditional industries in Henan, particularly in Luoyang, are undergoing significant transformation through digitalization and innovation, with companies like Luoyang Bearing Group investing over 2 billion yuan in smart factory upgrades [2][3] - The proportion of high-end products in Luoyang Bearing Group has risen to nearly 70%, with a 40% market share in domestic wind turbine main bearings, reflecting successful adaptation to modern demands [2] - The integration of traditional heavy equipment manufacturing with intelligent technology is exemplified by CITIC Heavy Industries, which has transitioned from traditional manufacturing to a comprehensive industrial giant [3] Group 3: Emerging Industries - Emerging industries in Henan are rapidly developing, with strategic policies focusing on seven key emerging industries and 28 priority industrial chains, leading to a significant increase in the contribution of these sectors to the economy [7][8] - Companies like Hanwei Technology and Shijia Photon are leading the charge in sensor and semiconductor industries, respectively, establishing a robust industrial ecosystem and breaking foreign monopolies [8][9] - The strategic focus on new industries has resulted in a 2.4 percentage point increase in the share of strategic emerging industries in Henan's industrial output, reaching 24.8% [10] Group 4: Future Industry Planning - The "Action Plan" released in August outlines ambitious goals for the development of strategic emerging industries, targeting an annual growth of over 11% and a significant increase in the share of these industries in the overall industrial output by 2027 [11] - Companies like Yutong Bus are playing a pivotal role in the development of the new energy vehicle supply chain, fostering collaboration with over 290 local suppliers to create a self-sustaining ecosystem [12] - The focus on innovation and technology in future industries is supported by government policies aimed at enhancing capital market engagement and facilitating mergers and acquisitions [14][15]

一拖股份（601038）东方红智能制造基地内，机械臂精准抓取零部件，AGV小车穿梭运送物料，大屏 幕上实时跳动着生产数据——这幅智能化图景的背后，是我国农机行业唯一"A+H"上市公司一拖股份， 借资本之力深耕中原、实现农机产业进阶的生动实践。 资本市场是地方高质量发展的"助推器"，更是实体企业转型升级的"加油站"。作为河南装备制造领域的 龙头企业，一拖股份以资本为笔、创新为墨，在技术突破、产业协同、未来布局的画卷上，书写着资本 市场赋能企业发展、助力地方高质量发展的精彩答卷。 以技术创新筑牢发展根基 自1997年H股上市、再到2012年A股回归，一拖股份在资本市场的浪潮中稳步前行，构建起"融资—研发 —回报"的良性循环体系。 资本市场为一拖股份的技术攻坚注入了关键"活水"。"借力资本市场，企业持续加大研发投入和技改力 度，成功搭建国内新一代大轮拖技术平台，实现新型轮式拖拉机核心能力提升。"公司相关负责人介绍 称。 据介绍，2012年公司利用IPO募集资金，专项投向"新型轮式拖拉机核心能力提升"、"大功率农用柴油 机"等项目，直接覆盖了大马力拖拉机最核心的动力系统与整车集成技术研发成本。公司依托资金优势 专攻动 ...

Core Viewpoint - The article emphasizes the role of Yituo Co., Ltd. as a leading player in the agricultural machinery industry in China, showcasing how the company leverages capital markets for technological innovation, industry collaboration, and future development strategies [1][13]. Group 1: Technological Innovation - Since its H-share listing in 1997 and A-share return in 2012, Yituo has established a virtuous cycle of "financing - R&D - returns," with capital markets providing essential funding for technological advancements [3]. - The company has significantly increased R&D investment, focusing on core technologies such as power shift and continuously variable transmission, leading to a reduction in component procurement costs and enhancing self-manufacturing rates [5]. - Yituo has accumulated 328 patents in the agricultural machinery sector, with 12 patents, including the "power shift transmission system for high-horsepower tractors," awarded the Henan Provincial Science and Technology Progress Award [5]. Group 2: Industry Cluster Development - Yituo plays a pivotal role in the "Luoyang Modern Agricultural Machinery Equipment Industry Cluster," which was recognized as a national advanced manufacturing cluster, contributing to the development of a comprehensive industrial chain in Henan [9]. - The agricultural machinery industry in Henan has formed a development pattern centered around Luoyang, with over 300 related enterprises generating an output value of 60 billion yuan, accounting for approximately 30% of the national total [9]. - The company sources 45% of its suppliers from Henan, effectively driving the development of the agricultural machinery supply chain in the region [9]. Group 3: Future Development Strategy - Yituo aims to enhance agricultural modernization by integrating new information technologies, biotechnology, and smart agricultural machinery, establishing a digital ecosystem for agriculture [12]. - The company plans to focus on "bottleneck" technology R&D and the application of new energy agricultural machinery, while promoting flexible and green upgrades in its production lines [12]. - Yituo's future strategy includes strengthening collaborations with local enterprises to foster technological advancements and contribute to the high-quality development of Henan's agricultural equipment sector [12].

2020-2025年1-9月中国大型拖拉机产量统计图 根据国家统计局数据显示：2025年9月中国大型拖拉机产量为1万台，同比下降2.1%；2025年1-9月中国 大型拖拉机累计产量为9万台，累计下降1.8%。 数据来源：国家统计局，智研咨询整理 上市企业：一拖股份（601038） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国拖拉机行业市场需求分析及投资战略咨询报告》 ...

Core Points - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony were held in Suzhou, Jiangsu, focusing on sustainable development [1] - Yituo Co., Ltd. was awarded the "ESG Excellence Central Enterprise Golden Bull Award" for its innovative practices and outstanding performance in the ESG field [1][4] Group 1 - The ESG Golden Bull Award is a brand established by China Securities Journal to evaluate corporate ESG performance [4] - The third National New Cup ESG Golden Bull Award follows the principles of "openness, fairness, and justice," utilizing a rigorous and scientific evaluation system to identify leaders in ESG practices within the capital market [4][5] - Seven awards were set up for this year's ESG Golden Bull Award, including "Top 100 ESG Golden Bull Awards," "ESG Excellence Central Enterprise Golden Bull Award," "ESG Carbon Neutrality Golden Bull Award," "ESG Technology Leadership Golden Bull Award," "ESG Governance Golden Bull Award," "ESG Rural Revitalization Golden Bull Award," and "ESG New Star Golden Bull Award" [4][5] Group 2 - The evaluation committee drew on the China National New ESG evaluation methodology and research results from the State-owned Assets Supervision and Administration Commission, assessing corporate ESG performance from financial significance and impact significance [5] - The evaluation process included systematic assessments of ESG risk events, public opinion evaluations, and the quality of ESG disclosures [5] - The awards were determined based on a combination of comprehensive judgments from the evaluation committee's experts and a replacement principle, ensuring a diverse and comprehensive evaluation of the ESG performance of the candidates [5]