Core Viewpoint - Positive feedback on Zoomlion following the 2026 capital goods sector outlook and investor call, indicating a meaningful recovery in domestic demand for crane and concrete machinery and solid growth in earth-moving machinery [1] Domestic Market Performance - Domestic machinery sales growth for Zoomlion in October-November estimated at 20-30% YoY, an acceleration from 13% YoY in Q3 2025 [1] - Continued recovery in demand for crane and concrete machinery noted, with earth-moving machinery also showing solid growth [1] International Market Performance - Strong sales growth for Zoomlion in overseas markets during October-November [1] Earnings Forecast and Valuation - Earnings forecast for Zoomlion remains unchanged, with a target price (TP) for A-shares maintained at RMB12.0 and H-shares at HK$9.2 [1] - Target price for A-shares based on a 2026E target P/E multiple of 18.6x, reflecting an emerging market expansion story [1] - H-share target price reflects a 30% discount based on historical averages [1] Growth Drivers - Mining equipment identified as a structural growth driver, with current revenue contribution from mining equipment (including excavators and trucks) at 6-7%, expected to increase to 15% in the coming years [1]

Group 1 - The core point of the news is that Zhonglian Heavy Industry (000157) has pledged 140 million shares, accounting for 1.62% of its total share capital, to Guotai Junan Securities [1] - As of the announcement date, the total pledged shares by the shareholders have reached 288 million, which is 42.14% of their total holdings [1] - The cumulative pledged shares of the top ten shareholders of Zhonglian Heavy Industry are detailed in the accompanying chart [1] Group 2 - Zhonglian Heavy Industry's financial data for the first three quarters of 2025 shows a revenue of 37.156 billion yuan, an increase of 8.06% year-on-year [3] - The net profit attributable to shareholders for the same period is 3.92 billion yuan, reflecting a year-on-year increase of 24.89% [3] - The company's third-quarter performance includes a revenue of 12.301 billion yuan, up 24.88% year-on-year, and a net profit of 1.156 billion yuan, which is a 35.8% increase year-on-year [3] - The company has a debt ratio of 53.8% and a gross profit margin of 28.1% [3] - Zhonglian Heavy Industry specializes in the research, manufacturing, sales, and service of construction machinery and agricultural machinery [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （股份代號：1157） （於中華人民共和國註冊成立的股份有限公司） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於2025年12月6日在《中國證券報》、《上海證券 報》、《證券時報》、《證券日報》、深圳證券交易所網站( www.szse.cn)以及巨潮資 訊網( www.cninfo.com.cn)刊登的「關於持股5%以上股東股份質押及解除質押的公 告」文件，僅供參閱。 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2025年12月5日 於本公告刊發日期，本公司執行董事為詹純新博士；非執行董事為賀柳先生及王 賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶海先生及黃珺 女士。 ...

证券代码：000157 证券简称：中联重科 公告编号：2025-055 号 一、股东股份质押及解除质押的基本情况 （一）本次股东股份质押及解除质押的基本情况 | | 是否为控 | | | | 是否为 限售股 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押数 | 占其所 | 占公司 | （如 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 持股份 | 总股本 | 是，注 | 充质 | 起始日 | 到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 明限售 | 押 | | | | | | | 致行动人 | | | | | | | | | | | | | | | | 类型） | | | | | | | 和一 | | | | | | | 2025 年 12 | 办理解 | 国泰海通证券 | 偿还 | | 盛投 | 否 | 140,000,000 | 20.52% | 1.62% | 否 | 否 ...

Group 1 - Heavy machinery stocks in Hong Kong continue to rise, with Zoomlion increasing by 3.5%, marking its sixth consecutive rise [1] - Other companies such as China Railway Construction Equipment and SANY International saw gains of over 2% and 1% respectively, along with China National Heavy Duty Truck and China Longgong [1] - First Tractor Company also experienced a follow-up increase in its stock price [1]

Group 1 - Heavy machinery stocks in Hong Kong continue to rise, with Zoomlion increasing by 3.5% for six consecutive days, and other companies like China Railway Construction Equipment and Sany International also showing gains [1] - According to the China Construction Machinery Industry Association, the import and export trade volume of China's construction machinery is expected to grow by 12.8% year-on-year in the first three quarters of 2025, reaching $45.873 billion, with exports accounting for about 95% [1] - This growth rate significantly exceeds the global construction machinery market's expected decline of 2% this year, highlighting the international competitiveness of Chinese construction machinery [1] Group 2 - The global construction machinery market is projected to bottom out in 2025, with a long-term upward trend expected to begin in 2026, as 2025 is anticipated to be the worst year for overseas demand, particularly from major markets like Europe and the United States [1] - The following companies reported their latest stock prices and percentage changes: Zoomlion at $7.780 (3.46%), China Railway Construction Equipment at $0.960 (2.13%), Sany International at $7.680 (1.05%), China Longgong at $3.050 (0.99%), China National Heavy Duty Truck at $29.580 (0.96%), and First Tractor Company at $7.400 (0.54%) [2]

Group 1 - The core viewpoint of the news highlights the continued upward trend of heavy machinery stocks in the Hong Kong market, particularly with Zoomlion Heavy Industry increasing by 3.5% for six consecutive days, and other companies like China Railway Construction Equipment and SANY International also showing gains [1] - According to the China Construction Machinery Industry Association, the import and export trade volume of China's construction machinery is expected to grow by 12.8% year-on-year in the first three quarters of 2025, reaching approximately $45.873 billion, with exports accounting for about 95% [1] - This growth rate significantly exceeds the global construction machinery market's projected decline of 2% for this year, indicating the international competitiveness of Chinese construction machinery [1] Group 2 - The global construction machinery market is anticipated to bottom out in 2025, with a long-term upward trend expected to begin in 2026, as 2025 is projected to be the worst year for overseas demand, particularly from major markets like Europe and the United States [1] - Following 2026, the overseas market is expected to enter a long-term growth phase, suggesting a potential recovery for companies in the construction machinery sector [1]

"十四五"期间，长沙持续用力打造国家重要先进制造业高地，锻造高质量发展核心引擎 挺起工业硬脊梁 澎湃新质生产力 长沙晚报全媒体记者 陈星源 滔滔湘江，一路北去，以奔流不息的浪潮，滋润着两岸蓬勃生长。 12月4日，"长沙'十四五'答卷"系列主题新闻发布会打造国家重要先进制造业高地专场举行，长沙市工业和信息化局党组书记、局长郑以仁系统 介绍"十四五"期间"成绩单"。"十四五"期间，长沙工业和信息化系统深入贯彻落实党中央决策部署及省、市工作要求，锚定"三高四新"美好蓝 图，在市委、市政府的坚强领导下，将打造国家重要先进制造业高地作为核心战略，以"闯创干"的劲头，奋力推动长沙工业经济实现质的有效 提升和量的合理增长。 一份勾勒长沙发展曲线的硬核答卷跃然眼前：全国先进制造业百强市排名从第10位攀升至第5位，全国中小企业发展环境评估排名从第11位跃居 第5位； 一张彰显长沙战略地位的荣誉版图加速铺展：中小企业数字化转型试点城市、制造业新型技术改造试点城市、国家智能网联汽车"车路云一体 化"应用试点城市、北斗规模应用试点城市等一系列"国字号"使命相继落子。 从工程机械的钢铁巨臂到北斗卫星的璀璨银河，湘江之畔，一座以实体经济 ...

Core Viewpoint - The 2025 World Intelligent Manufacturing Conference opened in Nanjing, where 15 leading intelligent factories, including Zoomlion, jointly released an initiative to outline a new blueprint for intelligent manufacturing development. Zoomlion has been recognized for overcoming challenges in the heavy equipment industry and establishing a world-class collaborative intelligent factory cluster for construction machinery, representing the highest level of Chinese manufacturing [1][2]. Group 1: Intelligent Factories - The 15 leading intelligent factories span various industries, including equipment manufacturing, raw materials, electronic information, and consumer goods [2]. - In the equipment manufacturing sector, notable factories include Shanghai Aerospace Equipment Manufacturing Factory, XCMG Heavy Machinery, Weichai, and Zoomlion's excavator sharing manufacturing intelligent factory [2][3]. - Zoomlion's excavator sharing manufacturing intelligent factory boasts an AI technology application rate exceeding 80%, achieving a production cycle of just 6.5 days from steel plate cutting to complete machine delivery, with a production rhythm of one excavator every six minutes, marking the shortest core indicators in the global construction machinery sector [3]. Group 2: Industry Trends - The engineering machinery industry is showing signs of recovery, with improved sales data for excavators and loaders anticipated in 2025 [5][6]. - The industry is transitioning to "National IV" standards starting December 1, indicating regulatory changes that may impact production and sales [5]. - Domestic sales have seen a continuous decline for 13 months, while exports have surged over 70%, suggesting a potential shift in market dynamics [5].

Key Points Summary Industry Overview - The mechanical equipment industry is expected to see continued investment opportunities, particularly in the engineering machinery and robotics sectors, driven by domestic demand and infrastructure projects [1][6]. - The industry has experienced a recovery in demand, with excavator and loader sales maintaining growth, supported by favorable domestic construction activity and government policies aimed at expanding effective investment [6][39]. Engineering Machinery - In October 2025, excavator sales reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units (up 2.44%) and exports at 9,628 units (up 12.90%) [28]. - The sales of various types of loaders increased by 27.70% year-on-year, totaling 10,673 units, with domestic sales growing by 33.23% [33]. - The industry is benefiting from a clear growth logic in downstream demand, with major projects expected to drive further recovery [6][39]. Robotics - In October 2025, China's industrial robot production increased by 17.90% year-on-year, reaching 57,900 units, with cumulative production for the first ten months at approximately 602,700 units, up 28.80% [43]. - The market for industrial robots in China remains the largest globally, with significant room for growth in per capita ownership density [6][43]. Market Performance - From November 2 to December 2, 2025, the Shanghai and Shenzhen 300 Index fell by 1.86%, while the Shenwan Machinery Equipment Index declined by 3.67%, underperforming the broader market by 1.81 percentage points [5][60]. - As of December 2, 2025, the Shenwan Machinery Equipment Index had a price-to-earnings ratio (PE, TTM) of 43.59, representing a valuation premium of 210.68% over the Shanghai and Shenzhen 300 Index [67]. Company Recommendations - The report maintains a "positive" rating for the industry and recommends "buy" ratings for specific companies, including Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [7].