Core Insights - In November, excavator sales increased by 13.9% year-on-year, with domestic sales up by 9.11% and exports up by 18.8% [2][4] - Loader sales in November rose by 32.1% year-on-year, with domestic sales increasing by 29.4% and exports by 34.8% [2][4] - The electrification rate in November was 25.7%, a month-on-month increase of 0.34 percentage points, with a cumulative rate of approximately 23.35% for the first eleven months [2][4] Excavator and Loader Sales - Total excavator sales in November reached 20,027 units, with domestic sales at 9,842 units and exports at 10,185 units [2][4] - Total loader sales in November amounted to 11,419 units, with domestic sales at 5,671 units and exports at 5,748 units [2][4] Other Product Performance - In October, various machinery categories showed strong growth, including truck cranes with a domestic sales increase of 41.7% and crawler cranes with an overall increase of 71.4% [3] - However, the aerial work platform segment faced challenges, with a significant decline in sales [3] Working Hours and Utilization Rates - The average working hours for major construction machinery products in November were 84.2 hours, a year-on-year decrease of 13% but a month-on-month increase of 4.08% [3] - The average utilization rate for major products was 56.5%, down 12.1 percentage points year-on-year but up 1.5 percentage points month-on-month [3] Export Performance - From January to October, excavator exports totaled $8.52 billion, reflecting a year-on-year increase of 25.9% [4] - Notable market fluctuations were observed, with some markets like Belgium and the Philippines experiencing declines, while others like Russia showed significant growth [4] Industry Outlook - The industry is expected to maintain an upward trend in both domestic and international sales, driven by recovery in demand from Europe and North America, as well as strong demand in mining machinery in Australia and Latin America [4] - Key players in the industry include SANY Heavy Industry, XCMG, LiuGong, and Zoomlion, along with core component manufacturers like Hengli Hydraulic [4]

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 11, which is higher than the 10-year government bond yield of 4.89% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 11, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Zoomlion Heavy Industry Science and Technology Co., Ltd. announced a dividend of HKD 0.22 per share, with the ex-dividend date set for December 15, 2025, and the payment date on January 9, 2026 [1]

Group 1 - The company held its first extraordinary general meeting of shareholders for 2025 on December 11, 2025, with no resolutions being rejected [1][2] - The meeting was conducted both in-person and via online voting, ensuring compliance with relevant laws and regulations [3][6] - All proposals presented at the meeting were disclosed in advance through various financial news outlets [5][6] Group 2 - The voting results indicated that the ordinary resolutions, including the mid-term profit distribution plan, were approved by more than half of the voting rights held by shareholders present [6][7] - Special resolutions, including amendments to the articles of association and proposals for issuing H-share convertible bonds, received over two-thirds approval from shareholders [7][8] - Legal opinions confirmed that the meeting's procedures and voting results were valid and complied with applicable laws [9] Group 3 - The company elected Liu Xiaoping as the employee representative director during the employee representative meeting held on December 11, 2025 [11][12] - Liu Xiaoping's qualifications meet the requirements set forth by the Company Law and the company's articles of association [12][14] - Liu Xiaoping has a long history with the company, having joined in 1995 and held various managerial positions [13][14]

Group 1 - Zhonglian Heavy Industry (01157.HK) announced that Liu Xiaoping has been elected as the employee representative director at the employee representative meeting [1] - Liu Xiaoping will be appointed as the executive director of the company effective from December 11, 2025, with a term lasting until the end of the seventh board of directors [1]

Group 1 - The core point of the article is that Zoomlion Heavy Industry Science and Technology Co., Ltd. announced a temporary shareholders' meeting on December 11, 2025, to approve amendments to its articles of association, which will eliminate the supervisory board [1] Group 2 - The company will no longer have a supervisory board following the approval of the amendments [1]

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. announced that it will hold an extraordinary general meeting on December 11, 2025, to approve amendments to its articles of association, which will result in the company no longer having a supervisory board [1] Group 1 - The extraordinary general meeting is scheduled for December 11, 2025 [1] - The amendments to the articles of association will eliminate the supervisory board structure [1]

章程 二零二五年十二月 （本公司章程以中文拟就，英文翻译仅供参考。如本公司章程的中文与英文版本有 任何差异，概以中文版本为准。） | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份和注册资本 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 7 | | 第四节 | 股票和股东名册 | 7 | | 第四章 | 股东和股东会 | 9 | | 第一节 | 股东 | 9 | | 第二节 | 控股股东和实际控制人 | 12 | | 第三节 | 股东会的一般规定 | 13 | | 第四节 | 股东会的召集 | 17 | | 第五节 | 股东会的提案与通知 | 18 | | 第六节 | 股东会的召开 | 21 | | 第七节 | 股东会的表决和决议 | 24 | | 第八节 | 类别股东表决的特别程序 | 29 | | 第五章 | 董事和董事会 | 31 | | 第一节 | 董事的一般规定 | 31 | | 第二节 | 董事会 | 35 | | 第三节 | 独立董 ...

Group 1 - The core point of the article is the appointment of Mr. Liu Xiaoping as an executive director of Zoomlion, effective from December 11, 2025, following his election as a worker representative director [1] Group 2 - Mr. Liu Xiaoping was elected as a worker representative director during the employee representative meeting [1] - His term as an executive director will last until the end of the seventh board of directors [1]

Group 1 - The core point of the article is the appointment of Mr. Liu Xiaoping as an employee representative director of Zoomlion Heavy Industry Science and Technology Co., Ltd. effective from December 11, 2025 [1] - Mr. Liu's term as an executive director will last until the end of the seventh board of directors [1]

Group 1 - The core point of the article is the appointment of Liu Xiaoping as an executive director of Zoomlion Heavy Industry Science and Technology Co., Ltd. effective from December 11, 2025, following his election as a representative director by the company's employee representative meeting [1] Group 2 - Liu Xiaoping's term will last until the end of the seventh board of directors' term [1]