Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a significant increase in performance for Q3 2025, with revenue reaching 2.619 billion yuan, a year-on-year increase of 24.53%, and a net profit attributable to shareholders of 658 million yuan, up 30.60% year-on-year [2][6] - The growth is attributed to the recovery in domestic excavator demand, the restoration of foreign client demand, and the addition of new clients, leading to a notable increase in the excavator segment's revenue [12] - The company's overall profitability continues to improve, with a gross margin of 42.2% in Q3 2025, an increase of 0.9 percentage points year-on-year [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 7.790 billion yuan, a year-on-year increase of 12.31%, and a net profit of 2.087 billion yuan, up 16.49% year-on-year [6] - In Q3 2025, the company reported a revenue of 2.619 billion yuan and a net profit of 658 million yuan, reflecting strong growth in both metrics [6] Business Segments - The excavator segment is expected to see significant growth due to the recovery in domestic and foreign demand, with the domestic excavator industry sales increasing by 21.2% year-on-year in Q3 2025 [12] - The non-excavator segment is also projected to improve, with revenue from non-excavator hydraulic cylinders expected to grow due to diversification into various industrial sectors [12] Future Outlook - The hydraulic components business is anticipated to continue its upward trajectory, supported by the steady progress of the linear drive business, which is expected to open new growth opportunities [12] - The company is expected to achieve net profits of 3.004 billion yuan and 3.612 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 42 times and 35 times [12]

Market Performance - As of November 11, the China AI 50 concept index declined by 1.76%, ranking among the top declines in concept sectors [1] - Within the China AI 50 sector, notable declines were seen in Jinpan Technology, Tax Friend Co., and Zhongji Xuchuang, while five stocks experienced price increases, with Shengke Communication, Yuke Technology, and Meinian Health leading the gains at 2.22%, 0.55%, and 0.18% respectively [1] Capital Flow - The China AI 50 sector experienced a net outflow of 6.501 billion yuan, with 40 stocks seeing net outflows and 21 stocks exceeding 100 million yuan in outflows [2] - The stock with the highest net outflow was ZTE Corporation, with a net outflow of 1.064 billion yuan, followed by Xinyi Technology, Keda Xunfei, and Haiguang Information with net outflows of 777.9 million yuan, 469.5 million yuan, and 434.3 million yuan respectively [2] Top Decliners - The top decliners in the China AI 50 sector included ZTE Corporation (-2.87%), Xinyi Technology (-2.98%), and Keda Xunfei (-2.70%) [3] - Jinpan Technology saw the largest decline at -7.92%, followed by Zhongji Xuchuang at -4.48% [3] Top Gainers - The stocks with the highest net inflow included Hanwujing, Hengli Hydraulic, and Huqin Technology, with net inflows of 56.26 million yuan, 34.93 million yuan, and 19.40 million yuan respectively [4] - Shengke Communication and Yuke Technology also showed positive performance with gains of 2.22% and 0.55% respectively [4]

Core Viewpoint - Hengli Hydraulic's stock price has experienced fluctuations, with a year-to-date increase of 70.27% but a recent decline in the last five and twenty trading days [1] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved operating revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders for the same period was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period [2] - The average circulating shares per person increased by 18.70% to 36,379 shares [2] Dividend Distribution - Hengli Hydraulic has distributed a total of 6.18 billion yuan in dividends since its A-share listing, with 3.11 billion yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF, ranked sixth among circulating shareholders, held 9.12 million shares, a decrease of 412,000 shares [3] - E Fund CSI 300 ETF and Huaxia CSI 300 ETF, ranked seventh and tenth respectively, also saw reductions in their holdings [3]

Core Viewpoint - Hengli Hydraulic announced a change in the designated sponsor representative for its non-public stock issuance project, with Chen Yida replacing Shang Linzheng due to work changes [2]. Group 1 - Hengli Hydraulic received a letter from China International Capital Corporation (CICC) regarding the change of the continuous supervision sponsor representative for its non-public stock issuance project [2]. - The previous sponsor representative, Shang Linzheng, will no longer serve in this role due to work changes [2]. - CICC appointed Chen Yida to take over the responsibilities and obligations related to the continuous supervision of Hengli Hydraulic's non-public stock issuance project [2].

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" (maintained) [2] Core Viewpoints - The sales of excavators in October 2025 reached 18,096 units, a year-on-year increase of 7.77%. Domestic sales were 8,468 units, up 2.44%, while exports were 9,628 units, up 12.9%. For the period from January to October 2025, a total of 192,135 excavators were sold, marking a 17% year-on-year increase [5] - The sales of loaders in October 2025 totaled 10,673 units, a year-on-year increase of 27.7%. Domestic sales were 5,372 units, up 33.2%, and exports were 5,301 units, up 22.6%. From January to October 2025, 104,412 loaders were sold, reflecting a 15.8% year-on-year increase [5] - The industry is experiencing a clear recovery, driven by a new round of concentrated replacement cycles and the commencement of large projects such as the Yaxi Water Conservancy Project. Domestic demand is expected to improve, while structural overseas demand continues to grow, particularly in countries along the "Belt and Road" initiative [5] - Leading companies are enhancing their global market share through "technology upgrades and globalization," indicating strong medium to long-term growth momentum [5] Summary by Sections Sales Data - In October 2025, excavator sales were 18,096 units, with domestic sales at 8,468 units and exports at 9,628 units. Year-to-date sales from January to October reached 192,135 units [5] - Loader sales in October 2025 were 10,673 units, with domestic sales at 5,372 units and exports at 5,301 units. Year-to-date sales from January to October totaled 104,412 units [5] Investment Recommendations - The report suggests focusing on leading listed companies with a well-established global presence, including XCMG Machinery (000425.SZ), Sany Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [5]

证券代码：601100 证券简称：恒立液压 公告编号：临2025-033 江苏恒立液压股份有限公司 公司董事会对尚林争先生在公司非公开发行股票项目持续督导期间所做的 贡献表示衷心的感谢！ 特此公告。 江苏恒立液压股份有限公司董事会 2025年11月10日 关于变更保荐代表人的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 附件：陈益达先生简历 江苏恒立液压股份有限公司（以下简称"公司"）于近日收到中国国际金 融股份有限公司（以下简称"中金公司"）出具的《中国国际金融股份有限公 司关于更换江苏恒立液压股份有限公司非公开发行股票项目持续督导保荐代表 人的函》。 原保荐代表人尚林争先生由于工作变动不再担任公司非公开发行股票项目 的持续督导保荐代表人，为不影响持续督导工作的正常进行，根据《证券发行 上市保荐业务管理办法》等法律法规的规定，中金公司决定委派陈益达先生接 替尚林争先生继续履行恒立液压非公开发行股票项目持续督导工作的相关职责 和义务。 本次变更后，公司非公开发行股票项目持续督导保荐代表人为陈益达先生、 于海先生。 陈益 ...

Group 1: Excavator Sales and Market Outlook - In October, domestic excavator sales increased by 2.4% year-on-year, while exports rose by 12.9% [3] - Total excavator sales in October reached 18,096 units, marking a 7.77% year-on-year growth, with domestic sales at 8,468 units and exports at 9,628 units [3] - The domestic market is expected to remain stable, driven by demand from water conservancy projects and labor substitution, while overseas markets show strong capital expenditure in mining sectors [3] Group 2: Oil Service Equipment and Saudi Aramco - Saudi Aramco reported a Q3 adjusted net profit of $28 billion and operating cash flow of $36.1 billion, both showing slight year-on-year increases [4] - The company has adjusted its natural gas production capacity goals, increasing the target growth from over 60% to approximately 80% by 2030 [4] - The demand for oil service equipment is expected to rise due to ongoing energy transition and increased investment in downstream operations [4][5] Group 3: Robotics Sector and Upcoming Catalysts - The robotics sector is anticipated to experience a significant upward trend in November, driven by key events such as Tesla's third-generation robot release and the IPO application of Yushu [5] - Core stocks in the robotics supply chain are recommended for focus, including Top Group, Zhejiang Rongtai, and Hengli Hydraulic [5] - The sector is expected to benefit from concentrated catalysts in the upcoming months, suggesting a favorable investment environment [5]

Investment Rating - The report suggests a positive outlook for the engineering machinery sector, indicating a potential profit release for domestic manufacturers [5][11]. Core Insights - The report highlights significant advancements in humanoid robotics by companies like Xiaopeng and Tesla, with a projected mass production target set for 2026, which is expected to catalyze market growth [5]. - The engineering machinery sector is experiencing a recovery, with excavator sales in October 2025 reaching 18,096 units, a year-on-year increase of 7.77% [5][33]. - The report emphasizes the robust growth in gas turbine orders, particularly for Mitsubishi Heavy Industries, which saw a significant increase in new orders, reflecting a high industry demand [5][33]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 0.15% in the week of November 3-7, 2025, ranking 22nd among 31 primary industry categories, while the CSI 300 Index rose by 0.82% [14][17]. Key Data Tracking General Machinery - The manufacturing PMI for October was 49.0%, indicating continued pressure in the general machinery sector [24]. - Forklift sales in September 2025 reached 130,380 units, a year-on-year increase of 23.0% [24]. Engineering Machinery - The engineering machinery sector is on an upward trend, with excavator sales in October 2025 showing a 7.8% increase year-on-year [33]. - Domestic sales of excavators reached 8,468 units, up 2.4%, while exports totaled 9,628 units, up 12.9% [33]. Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment maintaining a growth rate of around 6% [46]. Gas Turbines - The gas turbine sector is robust, with GEV reporting a 39% year-on-year increase in new orders for the first three quarters of 2025 [56]. Industry Dynamics - The report notes that the engineering machinery market is expected to benefit from a recovery in North America and Europe, with companies like XCMG, SANY, and LiuGong highlighted as key players to watch [5][11].

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for CITIC Securities, Tongli Co., and Ailis, showing target price increases of 44.71%, 42.53%, and 38.88% respectively, across the securities, engineering machinery, and chemical pharmaceutical industries [1][2] - On November 6, the highest target prices and their respective target price increases were reported for CITIC Securities at 42.24 CNY, Tongli Co. at 31.00 CNY, and Ailis at 141.56 CNY [2] - Other companies with significant target price increases include Zhongchong Co. at 79.52 CNY (37.58%), Yongyi Co. at 15.78 CNY (35.45%), and BYD at 132.00 CNY (35.36%) [2] Group 2 - On November 6, the number of broker recommendations was reported, with notable mentions including Teruid at 30.30 CNY with 2 broker ratings, Jinghe Integrated at 32.99 CNY with 2 ratings, and Fuyao Glass at 67.51 CNY also with 2 ratings [3] - The rating for Taisheng Wind Power was upgraded from "Hold" to "Buy" by Tianfeng Securities on November 6 [4] - Three companies received initial coverage on November 6, including Daimai Co. with a "Buy" rating, Zhongji Huan Ke with an "Increase" rating, and Hengli Hydraulic with an "Increase" rating, all from Dongbei Securities [6]

Core Insights - The engineering machinery sector experienced a slight increase of 0.05% on November 7, with Zhongji United leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Engineering Machinery Sector Performance - Zhongji United (605305) closed at 48.26, up 2.31% with a trading volume of 120,500 shares and a transaction value of 581 million [1] - Shantui (000680) closed at 11.30, up 1.99% with a trading volume of 291,100 shares and a transaction value of 327 million [1] - TuoShan Heavy Industry (001226) closed at 38.32, up 1.35% with a trading volume of 11,800 shares and a transaction value of approximately 44.99 million [1] - Hengli Hydraulic (601100) closed at 94.22, up 1.15% with a trading volume of 112,900 shares and a transaction value of 1.061 billion [1] - Liugong (000528) closed at 12.07, up 1.09% with a trading volume of 477,800 shares and a transaction value of 572 million [1] - Other notable performers include Tongli Co. (665GOZG) up 1.01%, Zhejiang Dingli (603338) up 0.93%, and Sany Heavy Industry (600031) up 0.64% [1] Fund Flow Analysis - The engineering machinery sector saw a net outflow of 207 million from main funds, while retail investors contributed a net inflow of 1.48 billion [2] - Speculative funds recorded a net inflow of approximately 58.98 million [2]