Investment Rating - The report maintains a "Recommended" rating for the engineering machinery sector [1] Core Insights - The report highlights a strong resonance between domestic and foreign demand, reinforcing the bullish outlook for beta investment opportunities in the sector [1] - Excavator sales reached 19,858 units in September 2025, a year-on-year increase of 25.44%, with domestic sales at 9,249 units (+21.54%) and exports at 10,609 units (+29.05%) [1] - Loader sales totaled 10,530 units, up 30.45% year-on-year, with domestic sales at 5,051 units (+25.58%) and exports at 5,479 units (+35.28%) [1] - The report notes that the domestic market is driven by supply-side renewal demand, with a significant recovery trend observed [1] - The overseas market shows sustained high demand in emerging markets, with exports of engineering machinery amounting to $38.597 billion, a year-on-year increase of 11.4% [1] Summary by Sections Industry Scale - The engineering machinery sector comprises 474 listed companies with a total market capitalization of 4,713.4 billion and a circulating market capitalization of 4,111.5 billion [1] Sales Performance - The report indicates that excavator and loader sales have both shown significant year-on-year growth, with excavators achieving a dual growth rate above 20% for the first time in 54 months [1] - The electric loader segment has seen remarkable growth, with sales increasing by 175.99% year-on-year, achieving a penetration rate of 24.56% [1] Domestic Market Analysis - The report discusses the investment and operational aspects of the domestic market, noting that fixed asset investments in infrastructure and real estate have shown mixed results [1] - The report emphasizes that the current recovery is characterized by structural changes in demand, leading to a stable performance in operating hours despite fluctuations in sales [1] International Market Analysis - Emerging markets continue to show robust demand, with significant growth in exports to regions such as Africa, the Middle East, and Southeast Asia [1] - The report highlights a marginal improvement in demand from Western Europe, which has positively impacted the sales of smaller excavators [1] Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery sector, including XCMG, SANY Heavy Industry, Zoomlion, Shantui, and LiuGong, as well as key component manufacturers like Hengli Hydraulic and ADI Precision [1]

烟台艾迪精密机械股份有限公司 关于 2025 年第三季度可转换公司债券转股结果暨股份变动公告 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： ●转股情况：截至 2025 年 9 月 30 日，累计共有 59,000 元"艾迪转债"转 换为公司股票或回售，其中累计转股金额为 57,000 元，累计回售金额为 2,000 元。截至 2025 年 9 月 30 日，累计因转股形成的股份数量为 2,299 股，占"艾 迪转债"转股前公司已发行股份总额的 0.0003%。 | 证 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-041 | | --- | --- | --- | --- | | | 转债代码：113644 | 转债简称：艾迪转债 | | "艾迪转债"转股期间为 2022 年 11 月 18 日至 2028 年 4 月 14 日。 自 2025 年 7 月 1 日至 2025 年 9 月 30 日，共有人民币 3,000 元"艾迪转债" 转换为公司股票；转股数量为 126 ...

| 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回的公告 | 序号 | 产品类型 | 实际投入金额 实际收回本金 | | 实际收益 | 尚未收回本金金额 | | --- | --- | --- | --- | --- | --- | | 1 | 中国银行对公结构性存款 | 59,000 | 59,000 | 159.70 | 0 | | 2 | 兴业银行90天封闭式产品 | 10,000 | 10,000 | 54.25 | 0 | | 3 | 中信银行结构性存款 | 12,500 | 10,000 | 36.61 | 2,500 | | 4 | 光大银行结构性存款 | 16,000 | 16,000 | 73.38 | 0 | | 5 | 中信银行结构性存款 | 41,058 | 41,058 | 74.62 | 0 | | | 合计 | 138,558 | 136,058 | 398.56 | 2 ...

Core Insights - The BICES 2025 Beijing International Engineering Machinery Exhibition was successfully held from September 23 to 26, showcasing Eddie Precision's technological innovations and solutions in hydraulic systems and engineering machinery [1][28]. Indoor Exhibition: Focus on Core Equipment Across Multiple Fields - Eddie's hydraulic exhibition area featured core products for excavators ranging from 1 to 200 tons, including main pumps, valves, motor assemblies, and electric hydraulic products, providing integrated solutions for global customers [1]. - Highlighted products included: - **FECV28F Valve**: Designed for 20-30t excavators, featuring independent control and real-time communication with the main machine's VCU and ECU, enhancing precision and energy efficiency [1]. - **FCV28CP02 Digital Multi-way Valve**: Also for 20-30t excavators, it offers dual closed-loop control for precise valve opening, with a response time of ≤80ms [2]. - **FHP70A High-speed Pump**: An electric high-speed pump with a response speed of 6500 RPM and a displacement of 70cc, designed for quiet and efficient operation in 20-30t excavators [3]. - **Power Splitter**: Suitable for 70-200t excavators, it features a modular design with high efficiency and durability, capable of handling extreme working conditions [6]. - **Complete Hydraulic System for 200t Excavators**: This system has been upgraded for a 15% energy saving, with peak pressure at 45Mpa and improved efficiency [7]. Outdoor Exhibition: High-end Engineering Machinery Attachments - The outdoor area showcased a full range of hydraulic attachments, including breakers, shears, and compactors, with a dynamic demonstration area highlighting the efficiency of quick-change functions [13][18]. - Notable products included: - **Pure Hydraulic Breaker**: Covers applications for 10-80 ton excavators, known for its high frequency, energy efficiency, and low noise [17]. - **Rock Drills**: Featuring new manufacturing techniques for higher impact efficiency [17]. - **Multi-functional Grabs**: Capable of breaking and transporting materials, with enhanced durability and efficiency [18]. Customer Engagement: Deepening Demand Connections - The exhibition attracted significant attention, with Eddie's sales team actively engaging with visitors to discuss product features and address specific business needs, fostering a lively interaction atmosphere [26]. Conclusion: Commitment to Industry Advancement - Eddie Precision's dual exhibition model effectively showcased its technological capabilities in hydraulic components, new energy batteries, and engineering machinery attachments, aligning with industry trends towards domestic substitution and green transformation [28].

证券日报网讯 9月19日晚间，艾迪精密发布公告称，公司于2025年9月19日在公司会议室召开职工代表 大会，选举徐尚武先生担任公司第五届董事会职工代表董事。 （文章来源：证券日报） ...

●会议召开时间：2025年10月20日(星期一) 下午 14:00-15:00 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-039 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ●会议召开地点：上海证券交易所上证路演中心（网址：https://roa dshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●会议问题征集：2025年10月13日(星期一) 至10月17日(星期五)16: 00前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司 邮箱（lijiaoyun@cceddie.com）进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 烟台艾迪精密机械股份有限公司（以下简称"公司"）已于2025 年8月30日在上海证券交易所网站（www.sse.c ...

| 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 徐尚武先生辞职不会导致公司董事会成员低于法定人数，不会影响公司董事 会的正常运行，亦不会对公司的日常生产经营产生不利影响。 烟台艾迪精密机械股份有限公司 关于非独立董事辞任暨选举职工代表董事的公告 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。 烟台艾迪精密机械股份有限公司（以下简称"公司"）董事会于近日收到公 司非独立董事徐尚武先生的书面辞职报告。为全面贯彻落实最新法律法规要求， 根据公司治理结构优化调整安排以及个人意愿，徐尚武先生自愿辞去公司董事职 务。辞去上述职务后，徐尚武先生仍在公司任职。根据《中华人民共和国公司法》 和《公司章程》的有关规定，徐尚武先生的辞职报告自送达董事会时生效。 公司于 2025 年 9 月 19 日在公司会议室召开职工代表大会，选举徐尚武先生 担任公司第五届董事会职工代表董事，任期与公司股东会选举产生的第 ...

北京植德律师事务所 关 于 烟台艾迪精密机械股份有限公司 2025 年第一次临时股东大会的 法律意见书 植德京(会)字[2025]0132 号 二〇二五年九月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于烟台艾迪精密机械股份有限公司 2025年第一次临时股东大会的 法律意见书 植德京(会)字[2025]0132 号 致：烟台艾迪精密机械股份有限公司（贵公司） 北京植德律师事务所（下称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2025 年第一次临时股东大会（下称本次会议或本次股东大会）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下 简称《公司法》）、《中华 ...

| | | 转债代码: 113644 转债简称: 艾迪转债 烟台艾迪精密机械股份有限公司 2025年第一次临时股东大会决议公告 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。 (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： | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 532,471,790 | | 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 | 64.0692 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票和网络投票相结合的方式表决，会议由公司董事 会召集，董事长宋飞先生主持。会议的召集和召开程序、出席会议人员的资格、 会议的表决方式和程序均符合《公司法》和《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 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)股东大会召开的时间： ...

Market Performance - The engineering machinery sector increased by 2.81% on September 17, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Wantong Hydraulic (code: 830839) closed at 45.91, up 12.41% with a trading volume of 50,300 shares and a turnover of 221 million yuan [1] - Changling Hydraulic (code: 605389) closed at 53.37, up 10.00% with a trading volume of 27,100 shares [1] - Hangcha Group (code: 603298) closed at 28.85, up 8.09% with a trading volume of 180,100 shares and a turnover of 506 million yuan [1] - Zhonglian Heavy Industry (code: 000157) closed at 7.71, up 4.76% with a trading volume of 2,696,700 shares and a turnover of 2.043 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 197 million yuan from institutional investors, while retail investors experienced a net outflow of 75.92 million yuan [2] - The main stocks with significant net inflows included Zhonglian Heavy Industry with 202 million yuan and Zhejiang Dingli with 89.57 million yuan [3] Summary of Stock Movements - The overall performance of the engineering machinery sector indicates a positive trend, with several key players showing substantial gains in both stock price and trading volume [1][2] - The capital flow data suggests a strong interest from institutional investors, contrasting with the outflows from retail investors, indicating a potential shift in market sentiment [2][3]