证券代码：000157 证券简称：中联重科 公告编号：2026-008 号 中联重科股份有限公司 关于 2025 年度计提资产减值准备的公告 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。 根据《企业会计准则》及公司会计政策的相关规定，本着谨慎 性原则，公司对截至 2025 年 12 月 31 日存在减值迹象的应收款项、 存货、固定资产等进行了减值测试，预计各项资产的可变现净值低 于其账面价值时，经过确认或计量，计提了资产减值准备。 一、计提资产减值准备概述 经测试，公司各项减值准备本年度合计计提61,155.58万元， 其中应收账款计提坏账准备64,469.75万元，其他应收款计提坏账准 备2,047.68万元；冲回长期应收款坏账准备15,446.78万元；存货跌 价准备计提6,282.20万元；发放贷款和垫款减值损失计提537.98万 元；合同资产减值准备计提61.12万元；无形资产减值准备计提 2,337.14万元；其他流动资产计提坏账准备866.50万元。剔除外币 报表折算差异影响，本年发生的资产减值准备影响当期损益（税前） 共计61,155.58万元 ...

证券代码：000157 证券简称：中联重科 公告编号：2026-011 号 中联重科股份有限公司 关于向有关金融机构申请综合授信并授权董事长 签署所有相关融资文件的公告 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。 根据公司 2026 年度经营规划，拟向有关金融机构申请综合授信 及办理融资业务。现将相关事项公告如下： 一、授信内容 公司拟向有关金融机构申请综合授信及办理融资业务，总授信 规模不超过 2000 亿元，包括：流动资金贷款、固定资产贷款、并购 贷款、工程机械按揭、供应链融资、债券投资、信用证、保函等相 关业务。 本授权有效期自公司 2025 年年度股东会审议通过之日至 2026 年年度股东会召开之日止。 四、审议程序 公司于 2026 年 3 月 30 日召开的第七届董事会第七次会议审议 通过了《关于向有关金融机构申请综合授信并授权董事长签署所有 相关融资文件的议案》，该议案尚需提交股东会批准。 五、备查文件 公司第七届董事会第七次会议决议。 特此公告。 中联重科股份有限公司 董 事 会 二、授权事项 授权董事长詹纯新先生及董事长授权的人士代表本公 ...

证券代码：000157 证券简称：中联重科 公告编号：2026-003 号 中联重科股份有限公司 第七届董事会第七次会议决议公告 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。 一、董事会会议召开情况 1、中联重科股份有限公司第七届董事会第七次会议（以下简称 "本次会议"）通知已于 2026 年 3 月 19 日以电子邮件方式向全体 董事发出。 2、本次会议于 2026 年 3 月 30 日 10:00 在长沙市银盆南路 361 号中联科技园第十一号会议室以现场会议的方式召开。 3、公司董事詹纯新先生、贺柳先生、王贤平先生、刘小平先生、 张成虎先生、黄国滨先生、吴宝海先生、黄珺女士以现场会议方式 出席了本次会议。 4、本次会议由董事长兼首席执行官詹纯新先生主持。公司首席 财务官杜毅刚女士、董事会秘书陶兆波先生列席了会议。 5、本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《2025 年度 CEO 工作报告》 审议结果：表决票 8 票，赞成票 8 票，反对票 0 票，弃权票 0 票 2、审议通过了《2025 年度董 ...

证券代码：000157 证券简称：中联重科 公告编号：2026-005 号 中联重科股份有限公司 关于 2025 年度利润分配预案的公告 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。 重要内容提示： 1、中联重科股份有限公司（简称"公司"）2025 年度利润分配 预案为：以分红派息股权登记日股本总数为基数，向全体股东每 10 股派发 2 元人民币现金（含税）。公司 2025 年度利润分配预案公布 至实施前，如股本总数发生变动，以 2025 年度利润分配预案实施所 确定的分红派息股权登记日股本总数为基数，分配比例不变，按重新 调整后的股本总数进行分配。 2、公司披露现金分红不触及《深圳证券交易所股票上市规则》 第 9.8.1 条规定的可能被实施其他风险警示情形。 一、审议程序 1、2026 年 3 月 30 日，公司召开第七届董事会第七次会议，审 议通过《2025 年度利润分配预案》。 2、本次利润分配预案尚需提交股东会审议。 二、利润分配预案的基本情况 9,405,626,086.73 元。截至 2025 年 12 月 31 日及 2026 年 3 月 30 ...

证券代码：000157 证券简称：中联重科 公告编号：2026-006 号 中联重科股份有限公司 关于提请股东会授权董事会制定 2026 年度 一、2026 年中期分红安排 （一）中期分红的前提条件 公司在 2026 年进行中期分红的，应同时满足下列条件： 中期利润分配方案的公告 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。 公司根据《公司法》《上市公司监管指引第 3 号——上市公司 现金分红》《上市公司自律监管指引第 1 号——主板上市公司规范 运作》等相关法律、法规、规范性文件及《公司章程》的规定，为 进一步提高分红频次，增强投资者回报水平，结合公司实际情况， 拟定 2026 年中期分红安排如下： （二）授权内容及期限 公司董事会提请股东会授权董事会，在满足上述前提条件的情 况下，全权处理 2026 年中期分红方案一切相关事宜，包括但不限于 决定是否进行现金分红、实施现金分红的具体金额和时间等一切与 中期分红相关的事宜。授权期限自 2025 年年度股东会审议通过之日 起至公司 2026 年年度股东会召开之日止。 二、审议程序 公司于 2026 年 3 月 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in domestic markets. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in sectors like aerospace and military. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting larger firms with cost advantages [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies, and suggests focusing on companies involved in AI PCB equipment, AIDC devices, and industrial gases [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire HuiLian Electronics to enter the PCB drill needle market, enhancing its product line and positioning in high-growth sectors driven by AI [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of commercial space and rocket launch capabilities [23][24]. - Liugong, a leader in the engineering machinery sector, is undergoing reforms to enhance operational vitality and aims for 60 billion CNY in revenue by 2030, with a focus on internationalization and smart solutions [27][28]. Key Data Tracking - The mechanical industry has seen a significant decline of 12.8% in the past month, with various sub-sectors experiencing different levels of performance [10][11]. - The report tracks macroeconomic indicators, including manufacturing PMI and fixed asset investment growth, which are crucial for understanding industry trends [32][33].

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in the domestic market. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in aerospace, military, and electronics sectors. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting leading manufacturers [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on companies involved in AI PCB equipment, industrial gases, humanoid robots, and engineering machinery [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire 70% of Huilian Electronics for up to 700 million CNY, enhancing its position in the PCB drill needle sector. This acquisition is expected to strengthen its product line and capitalize on the growing demand driven by AI and high-tech applications [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of rocket launch capabilities and the potential for investment in related components [23][24]. Key Data Tracking - The mechanical industry has seen a significant decline, with a 12.8% drop in the sector's performance over the past month. However, certain sub-sectors, such as metal products, have shown resilience with a 2.7% increase [10][11]. - The report provides macroeconomic indicators, including the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's overall health [32][33].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1] Core Viewpoints - The cyclical recovery in the mechanical sector continues, with high oil prices expected to catalyze opportunities in the new energy sector [1][5] - In March, the CITIC mechanical sector fell by 13.54%, underperforming the CSI 300 index by 8.59 percentage points, ranking 25th among 30 CITIC primary industries [4][10] - The report suggests a defensive approach in the short term, focusing on stable recovery and high dividend yields from leading cyclical mechanical companies [5] Summary by Sections 1. Mechanical Sector Market Performance - As of March 26, 2026, the CITIC mechanical sector experienced a decline of 13.54%, with all sub-industries showing a downward trend, except for nuclear power and railway transportation equipment, which fell by less than 10% [4][10] - The report highlights that the mechanical sector's valuation is at a high level, with a price-to-earnings ratio of 39.2, placing it in the 76.5th percentile of the past decade [16][19] 2. Engineering Machinery - In January-February 2026, excavator sales increased by 13.1% year-on-year, indicating a sustained recovery in the industry [21][32] - The report emphasizes the importance of equipment renewal cycles and the increasing competitiveness of engineering machinery exports, with major companies expanding their global presence [39] 3. Robotics - The industrial robotics sector continues to recover, with production increasing by 31.1% year-on-year in January-February 2026 [40][43] - The report notes that humanoid robots are entering a phase of mass production, with significant advancements in technology and market potential [48] 4. Shipbuilding - In January-February 2026, new ship orders and prices are showing signs of recovery, with China maintaining a leading position in global shipbuilding metrics [49][51] - The report indicates that the shipbuilding industry is experiencing a resurgence, with a notable increase in new orders compared to previous years [49]

Investment Strategy Overview - The report focuses on the restructuring of investment safety in sectors such as new energy, new military, and new technology, summarizing key internal reports and marginal changes within the manufacturing strategy team [1] Key Companies and Core Portfolio - The core companies highlighted include: Yaxing Anchor Chain, Zoomlion Heavy Industry, XCMG, Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Jinwo Co., Huatest, Taotao Vehicle, Sany Heavy Industry, China Shipbuilding, Hangcha Group, Juxing Technology, Hongdu Aviation, Hengli Hydraulic, Zhongji United, BGI, Robotech, and Jereh Holdings [1] - The core investment portfolio consists of: Zoomlion Heavy Industry, Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Fudan Microelectronics, Jinwo Co., New Times, Taotao Vehicle, Sany Heavy Industry, XCMG, Zhenlan Instrument, China Shipbuilding, Huatest, Hangcha Group, Yaxing Anchor Chain, Robotech, Juxing Technology, Yadi Holdings, Aima Technology, Hongdu Aviation, Zhongji United, BGI, Huaxiang Co., Jack Technology, Wuzhou Xinchun, Anhui Heli, Zhongli Co., Shantui, LiuGong, Hengli Hydraulic, Jereh Holdings, Jinghua New Materials, China Marine Defense, China Ordnance, Inner Mongolia First Machinery, and Optoelectronic Co. [1] Industry Insights - The report notes that the machinery sector is experiencing a shift towards embodied intelligence, with companies like Yushu Technology filing for an IPO, indicating potential future opportunities in the sector [2] - The report also highlights the performance of various industry indices, with the best-performing indices being the communication sector (+2.1%) and banking sector (+0.36%) during the week of March 16-20, 2026 [2] Fusion Energy Development - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [3] - The report outlines a three-step development plan for fusion energy, focusing on pilot experimental reactors, demonstration reactors, and commercial reactors, with an emphasis on creating a complete industrial ecosystem [5] Market Outlook and Investment Recommendations - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing demand for AI computing power and the significance of controllable nuclear fusion as a "ultimate energy" source [6] - The report estimates that the global nuclear fusion equipment market could reach an annual scale of 266 billion yuan by 2035 [6] - Investment strategies should focus on high-value segments and "chain leader" enterprises, with recommendations for midstream equipment suppliers and upstream material companies [6] Company-Specific Analysis: Jiangsu Shentong - Jiangsu Shentong is identified as a leading manufacturer of nuclear-grade valves, with significant growth potential in controllable nuclear fusion and semiconductor sectors [6] - The company holds over 90% market share in domestic nuclear-grade butterfly and ball valves, benefiting from the normalization of nuclear power approvals [7] - The report projects Jiangsu Shentong's revenue to grow from 2.2 billion yuan in 2025 to 2.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [7]

Investment Rating - The report maintains a "Recommended" rating for key companies in the engineering machinery sector, including Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery [3][11]. Core Insights - The engineering machinery industry is expected to experience a V-shaped recovery in 2026, driven by both domestic and international demand, with a focus on structural optimization [11]. - Domestic excavator sales are projected to grow by 18% in 2025, with a notable increase in the sales of small excavators, while the overall market is expected to recover significantly in 2026 [7][19]. - Internationally, sales in Asia, Africa, and Latin America are expected to see double-digit growth, while Europe and North America are anticipated to turn positive, indicating a broad recovery in overseas markets [43][62]. Summary by Sections Domestic Market - The domestic market for excavators and non-excavators is showing signs of recovery, with a clear upward trend expected in 2026. The sales of excavators are projected to reach 23.5 million units in 2025, with a year-on-year growth of 17% [7][19]. - The sales structure is expected to improve, with small excavators leading the growth, followed by medium and large excavators [19][24]. International Market - The overseas market is projected to account for approximately 50% of excavator sales in 2025, with a total of 117,000 units sold, reflecting a year-on-year growth of 16% [43][62]. - The report highlights the significant potential for growth in international markets, particularly in North America, where a decline in interest rates and a return of manufacturing are expected to boost demand [43][46]. Investment Recommendations - The report suggests focusing on leading companies such as Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery, which are well-positioned to benefit from the anticipated recovery in both domestic and international markets [11][62].