Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Investment Rating - The report suggests a positive outlook for the machinery sector, particularly highlighting specific companies for investment opportunities [13]. Core Insights - The engineering machinery sector shows short-term fluctuations in operating rates but maintains a long-term recovery logic driven by domestic demand [7][25]. - The new shipbuilding prices have stabilized and are showing signs of recovery, indicating an upward trend in industry sentiment [7][46]. - The gas turbine sector is experiencing robust growth, with significant increases in orders and production expected [7][55]. Market Review - The SW Machinery Equipment Index increased by 0.26% over the past week, ranking 24th among 31 primary industry categories [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 8.29%, ranking 7th among the same categories [3][18]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The operating rate for major engineering machinery products was 56.9% in June, down 7.55% year-on-year [7][25]. - The average working hours for these products were 77.2 hours, reflecting a decline of 9.11% year-on-year [7][25]. Shipbuilding - The global new ship price index reached 187.11 in June, marking a 0.22% increase, the first rise since February [7][46]. Oilfield Equipment - The global rig count has stabilized at over 1,600 units, indicating a bottoming out of demand in the oilfield equipment sector [48]. Gas Turbines - The gas turbine sector is on a steady upward trajectory, with GEV's new orders increasing by 44.9% in Q1 2025 [55][56]. Industry Dynamics - The report emphasizes the importance of monitoring the recovery trends in various segments, including engineering machinery, shipbuilding, and gas turbines, as they present potential investment opportunities [7][55].

Core Insights - The report maintains a "positive" rating for the mechanical equipment industry, with a focus on the production rhythm of humanoid robots and the potential investment opportunities in the industry chain [8][70][71] - The report recommends "overweight" ratings for specific companies including SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC [2][71] Industry Overview - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales at 8,392 units, down 1.48% [7][24][70] - The report highlights that the domestic construction machinery market is currently in a renewal cycle, with urban renewal initiatives expected to drive steady demand for engineering machinery [70][71] - The humanoid robot industry is progressing well, with major manufacturers like Tesla clarifying their mass production routes, which is anticipated to accelerate the development of the industry chain [70][71] Market Performance - From June 1 to July 1, 2025, the CSI 300 index rose by 2.67%, while the Shenwan Mechanical Equipment industry increased by 2.85%, outperforming the CSI 300 by 0.18 percentage points [5][59] - As of July 1, 2025, the TTM price-to-earnings ratio for the Shenwan Mechanical Equipment industry was 26.75 times, with a valuation premium of 115.88% compared to the CSI 300 [67][68] Key Recommendations - The report suggests maintaining a focus on investment opportunities in companies involved in urban renewal and humanoid robotics, emphasizing the importance of these sectors for future growth [70][71] - Specific companies recommended for investment include SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC, all rated as "overweight" [2][71]

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]

债券简称：19 中联 01 债券代码：112927.SZ 股票简称：中联重科 股票代码：000157.SZ 中联重科股份有限公司 2019 年面向合格投 资者公开发行公司债券（第一期） 受托管理事务报告 （2024年度） 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为中金公司所作的承诺或声明。 | 第一章本期公司债券概要 1 | | --- | | 第二章发行人 2024 年度经营和财务状况 3 | | 第三章发行人募集资金使用情况 17 | | 第四章增信机制及偿债保障措施情况 18 | | 第五章债券持有人会议召开的情况 19 | | 第六章受托管理人履行职责情况 20 | | 第七章本期公司债券本息偿付情况 21 | | 第八章本期公司债券跟踪评级情况 22 | | 第九章发行人指定的代表发行人负责本期债券事务的专人的变动情况 23 | | 第十章其他事项 24 | 债券受托管理人 中国国际金融股份有限公司 北京市建国门外大街1号国贸大厦2座27层及28层 2025 年 6 月 重要声明 中国国际金融股份有限公司（以下简称"中金 ...

中联重科对于全地面起重机的研究由来已久，早在上世纪八十年代初期便已开始。数十年技术创新发 展，中联重科成就了超大型全地面起重机的全球引领地位，诸多技术优势在ZAT40000H7得到了淋漓尽 致的体现。从高强异级材料焊接匹配，到"大径厚比超长臂节的多能场自适应焊接技术"；从"多桥转向 系统"研发，到"重载集约型全地面起重机整机高集成设计技术"、"重载长柔臂架设计制造及其智能控制 技术"，从整机轻量化和底盘驱动能力技术，一系列制约全地面起重机继续攀高向新的关键技术瓶颈， 均被中联重科突破。 全球首台？究竟什么是"全地面起重机" 中联重科ZAT40000H7是全球唯一可满足公路行驶标准的4000吨级轮式全地面起重机。那么问题来了， 外型长像酷似"双胞胎兄弟"的全地面起重机与普通轮式起重机到底有何不同？ 全地面起重机是一种多用途起重设备，采用全轮驱动、多轴底盘和液压悬架系统，既能适应崎岖的野外 地形（如建筑工地、油田或山区），又符合公路法规允许在公共道路上快速转场。全地面起重机的起重 能力、越野能力更强，担负着更为严苛工况下的超大吨位吊装工况需求。既要符合路行驶法规，即设备 底盘需在3米宽度22.5米长度的尺寸限制范 ...

Core Viewpoint - The Chinese government is accelerating the digital transformation and intelligent upgrade of the manufacturing industry through a multi-level smart factory cultivation action plan, aiming to create a clear and structured development system for smart factories [1][2]. Group 1: Smart Factory Levels - The smart factory cultivation action is structured into four levels: Basic, Advanced, Excellent, and Leading, forming a clear "pyramid" model for progression [2]. - Basic-level smart factories focus on digital transformation and network connectivity, allowing self-assessment and construction by qualifying enterprises [2]. - Advanced-level smart factories require prior self-assessment as basic-level and emphasize digital transformation and collaborative networking to set regional industry benchmarks [2]. - Excellent-level smart factories aim for national leadership in digital transformation, networking, and intelligent upgrades [2]. - Leading-level smart factories focus on exploring future manufacturing models and aim for global leadership in digital transformation and intelligent change [2]. Group 2: Implementation and Progress - Various provinces are actively promoting smart factory construction following the national action plan, with specific implementation schemes being developed [3]. - Jiangsu Province has recognized 1,808 advanced-level smart factories, with significant investments and improvements in operational efficiency reported [4]. - In Hunan Province, 174 enterprises have been recognized as advanced-level smart factories, with a focus on strategic emerging industries [5]. Group 3: Case Study - Zoomlion - Zoomlion's tower crane smart factory is recognized as the largest and most advanced in the global engineering machinery sector, showcasing significant improvements in production efficiency and quality [6]. - The smart factory has achieved an 80% increase in output per unit area, a 75% reduction in quality defects, and a 25% reduction in product delivery times compared to traditional production methods [6]. - The factory employs advanced technologies such as intelligent control, smart production lines, and AI-driven systems to enhance production efficiency and quality [6]. Group 4: Industry Insights - The integration of new industrialization and artificial intelligence is reshaping traditional production models, creating a more resilient and innovative ecosystem [3]. - Companies are encouraged to develop their own intelligent teams and tailor their smart production systems to achieve efficient development [7].

Core Viewpoint - The company held its 2024 Annual General Meeting, where various proposals were discussed and voted on, including the appointment of auditors and financial guarantees for subsidiaries [1][2][6]. Meeting Details - The meeting was conducted in compliance with relevant laws and regulations, ensuring its legality and validity [1]. - Voting was conducted through a combination of on-site and online methods [2]. Proposals and Voting Results - Proposals included the appointment of KPMG as the domestic auditor for 2025 and the authorization of the board to determine specific remuneration for the auditors [1][6]. - A total of sixteen ordinary resolutions were passed with more than half of the voting rights in favor [6]. - Five special resolutions, including proposals for issuing short-term financing bonds and asset-backed securities, were approved with over two-thirds of the voting rights [7]. Voting Statistics - The voting results showed a high level of agreement among shareholders, with significant percentages of votes in favor of the proposals: - For the appointment of auditors, 99.75% of votes were in favor [3]. - Overall, the majority of proposals received over 98% approval from shareholders [3][5]. Legal Compliance - Legal opinions confirmed that the meeting and voting processes adhered to the company's rules and regulations, ensuring the legitimacy of the proceedings [8].

Group 1 - The legal opinion letter confirms that the procedures for convening and holding the 2024 annual general meeting of Zoomlion Heavy Industry Science and Technology Co., Ltd. comply with relevant Chinese laws and regulations as well as the company's articles of association [4][14] - The meeting will adopt a combination of on-site and online voting, with the on-site meeting taking place on June 26, 2025, and the online voting available during the trading hours of that day [5][6] - A total of 14 shareholders, representing 1,433,547,139 shares (17.08% of the total voting shares), participated in the on-site voting, while 1,181 shareholders participated in the online voting [6][7] Group 2 - The voting results showed that the resolutions were passed with significant support, including 98.84% approval for one resolution and 96.63% for another, indicating strong shareholder backing [7][8][9] - The legal opinion asserts that the qualifications of the participants in the voting process were legitimate and valid, and the convenor of the meeting, the board of directors, was also deemed qualified [6][14] - The meeting's resolutions included the appointment of KPMG as the domestic auditor for 2025, with 96.63% approval, and the authorization for the board to determine remuneration principles for the audit committee [8][9][10]