Core Viewpoint - The article highlights the advancements in smart factories in China, particularly focusing on the "卓越级" (Excellence Level) smart factories that represent the pinnacle of intelligent manufacturing, showcasing the integration of robotics and data-driven decision-making in production processes [1][27]. Group 1: Smart Factory Features - The smart factory is categorized into four levels: basic, advanced, excellence, and pioneering, with the excellence level being the highest standard of intelligent manufacturing [1]. - The factory utilizes nearly 1,000 industrial robots across 60 highly flexible production lines, handling all six core processes of excavator production, achieving millimeter-level precision and 24-hour unmanned operation [4][26]. - The factory operates under a "black light factory" model, where robots autonomously manage material logistics and production tasks, creating a fully automated production system [4][12]. Group 2: Robotics and Automation - Industrial robots are equipped with advanced features, such as flexible mechanical arms and multiple sensors, allowing them to perform complex tasks with high accuracy and speed, reducing the need for human intervention [2][4]. - The factory has introduced humanoid robots as "apprentices," which are undergoing training to enhance their capabilities in various tasks, including sorting and assembly [10][12]. - A training facility with nearly 100 workstations has been established to facilitate large-scale data collection and skill training for humanoid robots, ensuring they can adapt to different work environments [12]. Group 3: Data-Driven Decision Making - The smart factory employs a comprehensive data-driven approach, enabling real-time monitoring and optimization of every production step, from raw material inspection to final product quality verification [19][24]. - The integration of artificial intelligence allows for intelligent decision-making throughout the entire production process, enhancing operational efficiency and product quality [29]. - The factory has achieved significant improvements, including a 20% increase in production efficiency, a 30% reduction in labor input, and a 5-day average reduction in manufacturing cycle time [26][32]. Group 4: Industry Impact - The establishment of over 230 excellence-level smart factories across China signifies a major shift towards intelligent manufacturing, covering more than 80% of major manufacturing sectors [27][31]. - These factories have demonstrated substantial improvements in product development cycles, production efficiency, defect rates, and carbon emissions, showcasing the effectiveness of smart manufacturing practices [32].

华西证券指出，根据中联重科2025年中报，公司实现海外收入138.1亿元，同比增长14.78%，且海外收 入占比已经达到55.6%，达到历史新高。公司持续完善"端对端、数字化、本土化"海外业务体系。借助 端对端直销模式拓宽业务版图，依托大数据平台提升运营效能，凭借航空港资源赋能销售增长，全力打 造全球市场拓展的崭新格局。该行看好公司长期的出海发展，在新兴市场有望通过多品类带来储蓄收入 增长。 消息面上，近日，在中联重科德国子公司威尔伯特工厂，首台折臂式随车起重机成功下线并交付斯洛伐 克客户。据悉，近年来，除德国威尔伯特工厂项目外，中联重科今年新建了匈牙利高机工厂、德国二期 工厂，通过加速完善覆盖多品类高端装备的欧洲制造网络，提升本地化供应效率与市场响应速度，为进 一步拓展欧洲市场奠定了坚实基础。 智通财经APP获悉，中联重科(01157)午后涨近7%，高见6.95港元创四年新高。截至发稿，涨6.62%，报 6.93港元，成交额1.45亿港元。 ...

Core Viewpoint - The Chinese construction machinery industry is experiencing a recovery driven by both domestic and international demand, with companies showing resilience through localization and product upgrades [1][2][3] Group 1: Industry Recovery - In the first eight months of 2025, excavator sales reached 154,181 units, a year-on-year increase of 17.2%, with domestic sales at 80,628 units (up 21.5%) and exports at 73,553 units (up 12.8%) [2] - The sales of graders also saw growth, with a total of 5,650 units sold, reflecting a 5.25% increase year-on-year, driven by domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [2] - The recovery is attributed to increased infrastructure investment and a significant demand for equipment updates, as the industry approaches a ten-year equipment replacement cycle [3] Group 2: New Application Scenarios - The industry is expanding into new application areas such as renewable energy, mining, and agriculture, creating a diverse growth landscape [4] - The urban renewal wave in municipal engineering is driving demand for small to medium-sized construction machinery, with projects like underground pipeline renovations and old community refurbishments set to commence in 2025 [4] - The push for carbon neutrality is expected to boost demand for customized equipment in the wind power sector, particularly large cranes and specialized excavators [4] Group 3: Global Expansion Strategies - Companies are accelerating their international expansion, particularly in emerging markets like Southeast Asia, the Middle East, and Africa, while also achieving structural growth in Europe and North America through product upgrades [6] - A combination of localized operations and product upgrades is being employed to navigate the changing international trade environment, enhancing responsiveness to local market needs [6] - Companies like Jiangsu Hengli Hydraulic are establishing overseas R&D centers and production bases to strengthen supply chain resilience and transition from product sales to localized services [6][7] Group 4: High-Quality Development - The Chinese construction machinery industry is gradually entering a phase of high-quality development, characterized by recovery in production and sales, expansion into new application scenarios, and breakthroughs in overseas markets [7] - The industry is expected to achieve stable growth in volume and quality, further solidifying its leading position in the global market [7]

在AI与工业制造深度融合的趋势下，发展工业机器人、具身智能人形机器人并持续扩大生产应用广受 关注。但行业也面临数据获取难、开发门槛高、训练效率低等问题，限制了技术迭代和实际运用。而该 平台针对关键痛点打造，可显著降低开发门槛和成本，提升智能进化速度。 长沙晚报掌上长沙9月16日讯（全媒体记者 周辉霞 通讯员 杨牧意）作为未来产业的前沿领域，人形机 器人正经历从概念验证到应用落地的技术拐点，无论是核心硬件，还是智能软件，都呈现出强劲的发展 势头。记者从中联重科了解到，在今天结束的2025互联网岳麓大会上，该品牌发布了云谷具身智能大模 型和工具链，展示了多款人形机器人，推动着长沙人形机器人产业落地再提速。 赋能人形机器人实际应用 中联重科中科云谷技术团队通过自主研发，正式发布云谷具身智能大模型和工具链。 多模拟场景应用展现实力 参加此次互联网岳麓大会的嘉宾，对于中联重科的人形机器人印象深刻。特别设置的机器人体验中心， 中联重科作为最大参展方，共展示五款人形机器人，在迎宾、行走表演、物流分拣、装配、生活五大模 拟场景应用，带来一场惊喜满满的研发成果实景秀。 首次亮相的新一代双足机器人，在复杂环境中平稳自如地行走，与 ...

（编辑 袁冠琳） 证券日报网讯 中联重科9月16日在互动平台回答投资者提问时表示，根据监管的相关规定，公司在定期 报告中披露截至报告期末的股东户数。根据2025年半年度报告，报告期末普通股股东总数为222，119 户。 ...

Core Viewpoint - The company has developed the Zhongke Yungu Industrial Internet platform, which enhances global production efficiency and market expansion through real-time scheduling and data integration across the supply chain [1] Group 1: Industrial Internet Platform - The Zhongke Yungu Industrial Internet platform connects various global production bases using a hybrid cloud architecture, enabling compliant and efficient real-time scheduling of factories worldwide [1] - The platform improves overall production efficiency through intelligent scheduling [1] Group 2: Supply Chain Integration - The platform integrates data across upstream and downstream enterprises, driving efficient collaboration and agile supply [1] - It horizontally connects research, production, sales, and service, while vertically linking equipment, production lines, workshops, management, and decision-making, facilitating flexible production [1] Group 3: Market Expansion and Cost Reduction - The platform enables an "end-to-end" connection between the company and the market, effectively reducing intermediate links, lowering marketing costs, and improving service quality [1] - These advancements support the company's efforts to expand into diverse global markets and contribute to steady growth in overseas performance [1]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The low-altitude economy is showing steady growth, with significant policy support from various government departments, which is expected to create substantial market opportunities [3][4]. - The mechanical equipment sector is anticipated to maintain a steady growth trajectory, bolstered by strong competitive advantages of domestic leading enterprises in both supply and demand [3][4]. Weekly Market Review - From September 7 to September 12, 2025, the Shanghai Composite Index rose by 1.52%, while the ShenZhen Component Index and the ChiNext Index increased by 2.65% and 2.10%, respectively. The Shenwan Mechanical Equipment Index outperformed with a rise of 3.52%, ranking 7th among 31 Shenwan first-level industries [2][11]. - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 2.90%, 3.13%, and 7.09%, respectively [2][11]. Key Sector Tracking - The low-altitude economy sector is being propelled by new policies aimed at integrating low-altitude transportation with AI and energy sectors, indicating a significant potential for industrial upgrades and market expansion [3]. - The mechanical equipment sector is witnessing domestic companies like Zoomlion actively expanding into overseas markets, exemplified by the successful delivery of a crane to Slovakia [3]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, and WanFengAoWei among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4]. Economic Data Tracking - The manufacturing PMI for August 2025 was reported at 49.4%, indicating a slight increase, while the non-manufacturing business activity index rose to 50.3%, suggesting a stable economic outlook [21][23]. - The industrial producer price index showed a year-on-year decline of 2.9% in August, with a narrowing of the decline compared to previous months [23]. Key Industry Data Tracking - The machine tool industry reported a total revenue of 578.9 billion yuan for the first seven months of 2025, reflecting a year-on-year decrease of 1.0%, while metal cutting machine tools saw a growth of 13.3% [26]. - The export value of machine tools reached 131.8 billion USD, marking an increase of 8.1% year-on-year [26].

本报讯 （记者何文英）9月14日至16日，以"AI领航 畅想湘江"为主题的2025互联网岳麓大会在长沙举 行。中联重科（000157）股份有限公司（以下简称"中联重科"）副总裁付玲出席开幕式；中联重科中科 云谷总经理曾光受邀出席岳麓论坛，在"AI+工业互联网"分论坛上进行主题分享；大会现场发布了云谷 具身智能大模型和工具链，展示了多款人形机器人，在业内引发强烈反响。 中联重科中科云谷技术团队通过自主研发，在现场正式发布云谷具身智能大模型和工具链。在AI与工 业制造深度融合的趋势下，发展工业机器人、具身智能人形机器人并持续扩大生产应用广受关注，但行 业也面临数据获取难、开发门槛高、训练效率低等问题，限制了技术迭代和实际运用，该平台针对关键 痛点打造，可显著降低开发门槛和成本，提升智能进化速度。 据介绍，云谷具身智能大模型和工具链通过突破多模态数据处理、GPU算力调度、分布式训练等关键技 术，集成数据采集、模型训练、仿真评测、OTA部署四大核心模块，覆盖具身智能算法开发的全流程需 求。在具身智能大模型和工具链支持下，中联重科建设的拥有上百工位的人形机器人训练场，正大规模 采集沉淀真实数据，通过真实数据与海量工业操 ...

Market Performance - The engineering machinery sector rose by 1.36% on September 16, with Hangcha Group leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Key Stocks in Engineering Machinery Sector - Hangcha Group (603298) closed at 26.69, up 6.38% with a trading volume of 175,200 shares and a transaction value of 460 million [1] - Fushite (301446) closed at 29.35, up 5.42% with a trading volume of 26,600 shares and a transaction value of 76.74 million [1] - Noli Co., Ltd. (603611) closed at 25.35, up 4.97% with a trading volume of 126,000 shares and a transaction value of 310 million [1] - Anhui Heli (600761) closed at 21.76, up 4.87% with a trading volume of 243,100 shares and a transaction value of 522 million [1] - Other notable stocks include Jinzhi Technology (301279), Zhongli Co., Ltd. (603194), and Weiman Sealing (301161) with respective gains [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 61.61 million from main funds, while retail investors experienced a net outflow of 103 million [2][3] - Main funds showed significant inflows in stocks like Hengli Hydraulic (601100) and Zhejiang Dingli (603338) [3] Individual Stock Fund Flows - Hengli Hydraulic (601100) had a main fund net inflow of 1.53 billion, but retail investors showed a net outflow of 938.69 million [3] - Zhejiang Dingli (603338) recorded a main fund net inflow of 1.16 billion, with retail investors experiencing a net outflow of 1.49 billion [3] - Other stocks like Helen Zhe (300201) and Noli Co., Ltd. (603611) also showed varied fund flows, indicating mixed investor sentiment [3]

（文章来源：每日经济新闻） 中联重科（000157.SZ）9月16日在投资者互动平台表示，公司2025年上半年财务费用-3.71亿，其中汇兑 净收益为4.40亿，主要是欧元、巴西雷亚尔等货币对人民币升值所致。 每经AI快讯，有投资者在投资者互动平台提问：贵公司25年中报汇兑收益影响增加利润3.71亿中具体内 容是什么？鉴于今年人民币对美元汇率增值的情况，贵公司境外收入中有多少比例是以人民币计价？有 多少以美元计价的负债？ ...