Core Viewpoint - The major shareholder of Taijia Co., Ltd. has not reduced their stake since the company's listing, and the recent reduction was based on operational needs, with the shareholder remaining the second largest stakeholder [2] Group 1: Company Information - Taijia Co., Ltd. produces bimetal band saw blades and carbide band saw blades, which are essential cutting tools for metal processing [2] - The company serves a wide range of industries and has a diverse customer base, characterized by high purchase frequency but low single purchase volume [2] Group 2: Business Relationships - Zoomlion Heavy Industry Science & Technology Co., Ltd. supports Taijia's development, but their main business focuses on engineering machinery, agricultural machinery, and mining machinery, indicating limited business synergy [2] - In 2024, the total amount of band saw blades purchased by Zoomlion and its subsidiaries from Taijia is projected to be 341,500 yuan [2]

Core Insights - The report highlights that the macroeconomic environment in 2026 will be influenced by U.S. midterm election pressures, defense demands in Europe and Japan, and China's focus on stable growth, leading to continued policy easing in the first half of the year [2] - The AI boom is expected to enhance efficiency and stock valuations but may also exacerbate job losses and economic K-shaped divergence [2] - The report suggests that the second half of 2026 may see a rebound in inflation due to global liquidity easing, a weaker dollar, and China's anti-involution efforts, potentially causing volatility in high-valuation assets [2] Industry Outlook Chinese Internet Software - 2026 is seen as a critical year for competing for user attention in the AI era, with a focus on lowering usage barriers, enhancing decision-making efficiency, and creating real value [2] - Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [5] Semiconductor - The report maintains four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive allocations, and industry consolidation [7] - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [7] Technology - The global tech industry is expected to experience demand differentiation and accelerated AI innovation, with a focus on AI computing infrastructure and end-user AI products [8] - Key companies to watch include Apple, which is anticipated to have a year of innovation with new AI products [8] Consumer Sectors Essential Consumption - The report identifies three main investment themes: deepening consumption stratification, focusing on essential survival needs, and leveraging overseas expansion to hedge against domestic uncertainties [10][20] - Companies in the food and beverage sector, such as Nongfu Spring and China Resources Beverages, are recommended due to their stable demand and attractive valuations [21] Discretionary Consumption - The outlook for the discretionary consumption sector is cautious, with expected retail sales growth of about 3.5% in 2026, slightly down from 4% in 2025 [11] - The report suggests a focus on survival-type consumption and low-cost emotional comfort products, with recommendations for companies like Luckin Coffee and Bosideng [11][21] Automotive - The Chinese automotive industry is expected to show resilience despite pressures from subsidy reductions and tax incentives, with retail sales of passenger vehicles projected to remain stable [12] - Key trends include intensified competition and the introduction of new models, particularly in the new energy vehicle segment [12] Pharmaceuticals - The innovative drug sector has seen significant growth driven by overseas licensing deals, but future catalysts are expected to shift from upfront payments to milestone achievements [13] - The CXO industry is anticipated to continue its recovery in 2026, supported by a rebound in domestic R&D demand [13] Real Estate - The report forecasts a continued contraction in the real estate market, with total residential sales expected to decline by 8% in 2026 [16][17] - Investment themes include focusing on stock market service providers and companies with strong operational capabilities in commercial assets [18][19]

Core Viewpoint - The company announced the completion of its non-public stock issuance project for the year 2021 and plans to permanently supplement its working capital with the remaining raised funds amounting to 223,917,397.64 yuan, including interest, without the need for shareholder meeting approval [1] Group 1 - The company will conclude its non-public stock issuance project for 2021 [1] - The remaining funds, totaling approximately 223.92 million yuan, will be used to enhance working capital [1] - No shareholder meeting approval is required for this decision [1]

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 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 1 2 月 1 8 日在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「境外發行證券與上市 相關保密和檔案管理工作制度」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17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；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。 第二条 本制度所称"境外 ...

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 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17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 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18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「關於募投項目結項並將節餘募集資金永久補充 流 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） * 僅供識別 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18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「第七屆董事會2025年度第五次臨時會議決議公 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17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；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、 ...

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. has announced the completion of its fundraising projects and plans to permanently supplement its working capital with the remaining funds from these projects, totaling approximately 223.92 million yuan [1] Group 1: Fundraising Projects - The company has completed several fundraising projects, including the "Excavation Machinery Intelligent Manufacturing Project," "Key Components Intelligent Manufacturing Project," and "Concrete Mixer Product Intelligent Manufacturing Upgrade Project" [1] - The remaining funds from these projects, including interest income, amount to 223,917,397.64 yuan [1] Group 2: Financial Management - The company intends to use the surplus funds to permanently supplement its working capital [1] - Following the transfer of funds, the company will promptly cancel the dedicated fundraising accounts related to these projects [1]

华泰联合证券有限责任公司 关于中联重科股份有限公司募投项目结项并将节余募集资 金永久补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为 中联重科股份有限公司（以下简称"中联重科"、"公司"）2021年非公开发行股 票的保荐人，根据《上市公司募集资金监管规则》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》 等有关规定，对中联重科募投项目结项并将节余募集资金永久补充流动资金的事 项进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 截至2025年11月30日，公司募集资金专户余额为223,917,397.64元，募集资 金存放情况如下： 1 | 银行名称 | 银行账户 | 余额（元） | 募投项目 | | --- | --- | --- | --- | | 招商银行 | 731908492410666 | 0.00 | 挖掘机械智能制造项 目 | | 光大银行 | 56200188000063803 | 124,526,306.53 | 挖掘机械智能制造项 目 | | 交通银行 | 431101888013000 ...

中联重科股份有限公司 境外发行证券与上市相关保密和档案管理工作制度 第一条 为保障国家经济安全，保护社会公共利益，规范中联重科股 份有限公司（以下简称"公司"）境外发行证券与上市相关的国家秘密和 档案管理工作，根据《中华人民共和国证券法》《中华人民共和国保守国 家秘密法》（以下简称"《保密法》"）、《中华人民共和国档案法》和《关于 加强境内企业境外发行证券和上市相关保密和档案管理工作的规定》等相 关规定，制定本制度。 第二条 本制度所称"境外发行证券与上市"是指公司在中华人民共 和国大陆地区以外的国家和地区发行证券并上市。本制度适用于公司境外 发行证券与上市的全过程，包括申请阶段、审核阶段及上市阶段。 第三条 本制度适用于公司及其合并财务报表范围内的境内下属企业 以及公司为境外发行证券与上市所聘请的境内外证券公司、证券服务机 构。 第四条 在境外发行证券与上市过程中,公司以及提供相应服务的证 券公司、证券服务机构应当严格遵守中华人民共和国相关法律法规的规定 以及本制度的要求,增强保守国家秘密和加强档案管理的法律意识,建立 健全保密和档案工作制度，采取必要措施落实保密和档案管理责任，不得 泄露国家秘密和国家机关 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－060 号 中联重科股份有限公司 关于募投项目结项并将节余募集资金永久补充 流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 中联重科股份有限公司（以下简称"公司"）于2025年12月17 日召开第七届董事会2025年度第五次临时会议，审议通过了《关于募 投项目结项并将节余募集资金永久补充流动资金的议案》，鉴于公司 2021年度非公开发行股票募集资金投资项目"挖掘机械智能制造项 目"、"关键零部件智能制造项目"、"搅拌车类产品智能制造升级 项目"、"补充流动资金"（以下统一简称"募投项目"）已达到预 定可使用状态，公司拟对募投项目进行结项，并将募投项目节余募集 资金（包含利息收入）223,917,397.64元永久补充流动资金（实际金 额以资金转出当日专户余额为准）。在资金转出后，公司将及时注销 上述募投项目所涉的募集资金专用账户。 因本次永久补流的节余募集资金未超过募投项目募集资金净额 的10%，根据《上市公司募集资金监管规则》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公 ...