Market Overview - On October 17, the engineering machinery sector experienced a decline of 4.06%, with Zhongji United leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Notable gainers included: - XG Group (600815) with a closing price of 2.84, up 3.65% on a trading volume of 756,600 shares and a turnover of 215 million yuan [1] - Fushite (301446) closed at 30.90, up 2.32% with a trading volume of 41,800 shares and a turnover of 12.9 million yuan [1] - Major decliners included: - Zhongji United (605305) closed at 35.55, down 7.13% with a trading volume of 105,300 shares and a turnover of 384 million yuan [2] - XCMG Machinery (000425) closed at 11.15, down 5.11% with a trading volume of 1,097,200 shares and a turnover of 1.238 billion yuan [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 809 million yuan from institutional investors, while retail investors contributed a net inflow of 599 million yuan [2] - The following stocks had significant capital flows: - XG Group (600815) had a net inflow of 22.65 million yuan from institutional investors, but a net outflow of 21.35 million yuan from retail investors [3] - LiuGong (000528) experienced a net inflow of 17.67 million yuan from institutional investors and a net outflow of 49.66 million yuan from retail investors [3]

Core Viewpoint - The construction machinery industry is experiencing significant growth, with excavator sales in September 2025 reaching 19,858 units, a year-on-year increase of 25.4% [3]. Excavator Sales Summary - In September 2025, a total of 19,858 excavators were sold, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [3]. - From January to September 2025, total excavator sales reached 174,039 units, with domestic sales of 89,877 units (up 21.5%) and exports of 84,162 units (up 14.6%) [3]. Loader Sales Summary - In September 2025, loader sales amounted to 10,530 units, reflecting a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%) [3]. - For the period from January to September 2025, total loader sales were 93,739 units, with domestic sales of 49,996 units (up 20.7%) and exports of 43,743 units (up 8.31%) [3]. Industry Outlook - The rapid growth in excavator sales indicates a clear recovery in the industry, driven by a new round of replacement cycles and the commencement of large projects like the Yaxi Water Conservancy Project [3]. - The demand for infrastructure development in countries along the "Belt and Road" initiative is contributing to export growth, while leading companies are enhancing their market share through technological upgrades and global expansion [3]. - The overall industry fundamentals show a positive trend, leading to a maintained "recommended" rating for investments in this sector [3]. Investment Recommendations - Companies with strong global presence are considered more competitive, with a focus on the following: XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [4].

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。 证券代码：605305 证券简称：中际联合 公告编号：2025-066 中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 重要内容提示： ● 本次现金管理受托方：兴业银行股份有限公司北京通州北苑支行 ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 2025 年 4 月 17 日召开第四届董事会第十二次会议及第四届监事会第十 一次会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 该议案经公司 2024 年年度股东大会审议通过，同意公司及子公司在确保募投项 目所需资金正常使用和保证募集资金安全的前提下，对不超过人民币 6,000.00 万元（含本数）的闲置募集资金进行现金管理，在上述额度内，资金可以循环使 用，投资期限自公司 2024 年年度股东大会审议通过之日起 12 个月内有效。公司 监事会发表了明确的同意意见，保荐人中信建投证券股份有限公司对本事项出具 了明确的核查意见。详 ...

Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Zhongji Equipment, to secure a credit line of RMB 20 million from China Merchants Bank for operational needs [1][3][7]. Group 1: Guarantee Details - The guarantee amount is set at a maximum of RMB 20 million, with a one-year credit term [1][5]. - The guarantee is structured as a joint liability guarantee, covering various financial services including loans, trade financing, and bank acceptance bills [5][6]. - The company will not charge any guarantee fees to the subsidiary and does not require counter-guarantees, indicating manageable risk [1][7]. Group 2: Internal Decision Process - The board of directors and the supervisory board approved the guarantee proposal on April 17, 2025, without needing shareholder approval [2][8]. Group 3: Progress of Guarantee - On September 23, 2025, the subsidiary signed a credit agreement with China Merchants Bank, and the company executed an irrevocable guarantee [3][9]. - The guarantee is within the previously approved limits and does not require further board approval [3][9]. Group 4: Financial Context - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 260 million, which includes this guarantee, representing 10.05% of the company's audited net assets for 2024 [9].

证券代码：605305 证券简称：中际联合 公告编号：2025-065 中际联合（北京）科技股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 （一） 担保的基本情况 为满足子公司生产经营及业务发展的需要，中际联合（北京）科技股份有限 公司（以下简称"中际联合"或"公司"）全资子公司中际联合（北京）装备制 1 造有限公司（以下简称"中际装备"）向招商银行股份有限公司北京分行（以下 简称"招商银行"）申请综合授信人民币 2,000.00 万元，授信期限为 1 年，公 司为上述授信提供担保，担保金额为最高额度人民币 2,000.00 万元，担保方式 为连带责任保证。本次担保主要用于申请银行承兑汇票、非融资性保函、贷款、 衍生产品交易、信用证、委托开证、商业承兑汇票等业务，具体业务品种及金额 最终以银行批复为准。本次公司为中际装备提供担保不收取子公司任何担保费用， 也不需要提供反担保，担保风险可控，本次担保有助于满足中际装备经营发展的 需要。上述事项具体内容详见公司于 ...

Core Insights - The company, Zhongji United (605305.SH), reported a new order amount for the period from January to August 2025, indicating a growth of less than 30% compared to the same period last year [1] Company Summary - Zhongji United's new order amount for the first eight months of 2025 shows a growth rate of approximately less than 30% year-on-year [1]

Core Viewpoint - Zhongji United (Beijing) Technology Co., Ltd. has provided a guarantee for its wholly-owned subsidiary, Zhongji United (Beijing) Equipment Manufacturing Co., Ltd., to support its business operations through a credit facility from China Merchants Bank [1] Group 1 - Zhongji Equipment has applied for a comprehensive credit facility of 20 million yuan from China Merchants Bank, with a term of one year [1] - The company has signed a "Maximum Unrevocable Guarantee Letter" and provided joint liability guarantees [1] - As of the announcement date, the actual guarantee balance provided by the company is 9.3055 million yuan, with total external guarantees amounting to 26 million yuan, which accounts for 10.05% of the audited net assets for the fiscal year 2024 [1] Group 2 - There are no overdue guarantees reported, indicating a stable financial position [1] - The guarantee is intended for various business operations, and the associated risks are considered controllable, which is beneficial for the subsidiary's operational development [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

Market Overview - On September 18, the engineering machinery sector declined by 1.28%, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Fushite (301446) with a closing price of 33.98, up 19.99% [1] - Zhongji United (605305) at 41.79, up 9.20% [1] - Changling Hydraulic (605389) at 57.02, up 6.84% [1] - Significant losers included: - Wantong Hydraulic (830839) at 43.42, down 5.42% [2] - Hangcha Group (603298) at 27.80, down 3.64% [2] - Anhui Heli (600761) at 21.59, down 3.18% [2] Capital Flow - The engineering machinery sector experienced a net outflow of 325 million yuan from main funds, while retail investors saw a net inflow of 393 million yuan [2][3] - Main fund inflows were led by Zhongji United (605305) with 84.05 million yuan, while Wantong Hydraulic (830839) saw a net outflow of 81.98 million yuan [3]

证券代码：605305 证券简称：中际联合 公告编号：2025-064 1 近日，公司已在北京市通州区市场监督管理局办理完成《公司章程》工商 备案工作。 特此公告。 中际联合（北京）科技股份有限公司 董事会 2025 年 9 月 18 日 中际联合（北京）科技股份有限公司 关于完成《公司章程》工商备案的公告 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法律责任。 中际联合（北京）科技股份有限公司（以下简称"公司"）于2025年8月21 日召开第四届董事会第十四次会议，审议通过了《关于取消监事会、修改公司 英文名称并修订<公司章程>的议案》，并授权公司董事长或董事长书面指定的 授权代理人具体办理与《公司章程》有关的工商备案等工作；该议案经公司 2025年9月8日召开的2025年第一次临时股东会审议通过。具体内容详见公司在 上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的《中际联 合（北京）科技股份有限公司关于修订<公司章程>及修订、制定部分治理制度 的公告》（公告编号：2025-056）《中际联合（北京）科技股 ...