Core Viewpoint - Zhonglian Heavy Industry (01157) has seen a stock price increase of over 4%, currently trading at 6.59 HKD with a transaction volume of 73.39 million HKD, reflecting positive market sentiment towards the company and the industry as a whole [1] Industry Summary - According to the China Construction Machinery Industry Association, a total of 17,138 excavators were sold in July, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1] - From January to July, a total of 137,658 excavators were sold, showing a year-on-year growth of 17.8%. The engineering machinery industry is currently experiencing a phase of moderate recovery in domestic demand and steady growth in exports [1][1] - Dongwu Securities has reported that leading companies in the industry are accelerating the release of performance elasticity due to their respective competitive advantages [1] Company Summary - On July 19, a groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project was held in Nyingchi City, Tibet, with a total investment of approximately 1.2 trillion CNY [1] - On July 23, Zhonglian Heavy Industry confirmed its active participation in the Yarlung Tsangpo hydropower project, stating that its excavators, cranes, and concrete equipment have been deployed to the construction sites [1] - The company has established long-term cooperative relationships with key participants in the Yarlung Tsangpo project and has developed a full range of green, intelligent, high-end, and plateau low-temperature versions of construction equipment [1]

Group 1 - Heavy machinery stocks in Hong Kong have generally risen, with Zoomlion up approximately 4%, China Longgong up over 2%, and Sany International up over 1% [1] - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, up 31.9% [1] - From January to July 2025, a total of 137,700 excavators were sold, marking a year-on-year growth of 17.8%. The monthly operating rate for excavators in July was reported at 56.7% by the China Construction Machinery Industry Association [1] Group 2 - Analysts suggest that the 17.2% growth in excavator sales indicates a phase of recovery in the industry. The increase in domestic sales reflects a revival in investment activities in downstream sectors such as infrastructure and real estate, likely linked to the accelerated issuance of special government bonds, the commencement of new infrastructure projects, and the implementation of "stabilizing growth" policies [1] - Leading companies like Sany Heavy Industry and XCMG are expected to capture market share more easily due to their channel and product advantages, with gross margins likely to improve as a result of economies of scale [1]

Core Viewpoint - The Ministry of Industry and Information Technology, along with several other departments, has issued the "Implementation Plan for the Digital Transformation of the Machinery Industry (2025-2030)", aiming to establish at least 200 excellent smart factories by 2027 and 500 by 2030, promoting the digital and intelligent upgrade of the machinery industry [2][3]. Group 1: Digital Transformation Goals - By 2027, the plan aims for 50% of enterprises to reach a maturity level of smart manufacturing capability at level two or above, with at least 200 excellent smart factories established [3]. - By 2030, the target is for 60% of enterprises to reach a maturity level of smart manufacturing capability at level two or above, with at least 500 excellent smart factories established [3]. Group 2: Industry Trends and Performance - The engineering machinery sector is focusing on developing high-end, green machinery for intelligent operational scenarios and unmanned driving systems, with significant advancements in digital transformation already observed [2][3]. - In the first half of the year, the machinery industry saw a 9.0% year-on-year increase in added value for enterprises above designated size, outperforming national industrial and manufacturing growth rates by 2.6 and 2 percentage points, respectively [5]. - Excavator sales reached 121,000 units in the first half of the year, marking a 16.8% year-on-year increase, with domestic sales up by 22.9% [5]. Group 3: Company-Specific Developments - Sany Heavy Industry has established 37 lighthouse factories by the end of 2024, achieving a 66% automation rate in key processes and a 13% year-on-year increase in overall labor productivity [4]. - Zoomlion has reported a comprehensive automation rate of over 85% in its smart factories, with significant improvements in production efficiency, on-time delivery, and procurement rates [4]. - Zhejiang Dingli reported a 12.35% year-on-year increase in total operating revenue for the first half of 2025, while Guangxi Liugong Machinery expects a net profit growth of 20%-30% year-on-year for the same period [5][6].

Core Points - The AMAC Specialized Equipment Index increased by 1.11% to 3662.93 points, with a trading volume of 105.067 billion yuan [1] - The index has risen by 7.85% in the past month, 12.99% in the past three months, and 12.90% year-to-date [1] Index Composition - The top ten holdings of the AMAC Specialized Equipment Index are: - Northern Huachuang (6.42%) - Mindray Medical (6.19%) - SANY Heavy Industry (5.31%) - Zhongwei Company (3.84%) - XCMG Machinery (3.11%) - United Imaging (2.86%) - Zoomlion (1.65%) - Lead Intelligent (1.29%) - Aimeike (1.24%) - Huahai Qingke (1.20%) [1] Market Distribution - The market distribution of the AMAC Specialized Equipment Index shows that: - Shenzhen Stock Exchange accounts for 56.80% - Shanghai Stock Exchange accounts for 43.20% [1] Industry Breakdown - The industry composition of the AMAC Specialized Equipment Index is as follows: - Industrial: 53.61% - Healthcare: 24.41% - Information Technology: 17.58% - Energy: 1.77% - Consumer Discretionary: 0.88% - Financials: 0.53% - Materials: 0.49% - Utilities: 0.40% - Real Estate: 0.22% - Consumer Staples: 0.12% [2]

Market Overview - The engineering machinery sector increased by 1.58% on August 6, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Top Gainers - Weiman Sealing (301161) closed at 34.40, up 5.62% with a trading volume of 224,200 shares and a transaction value of 774 million [1] - Tongli Co. (834599) closed at 23.67, up 5.01% with a trading volume of 102,300 shares and a transaction value of 240 million [1] - Zhongli Co. (603194) closed at 42.70, up 4.10% with a trading volume of 74,800 shares and a transaction value of 319 million [1] Top Losers - Southern Road Machinery (603280) saw a significant decline of 9.97%, closing at 51.50 with a trading volume of 97,400 shares and a transaction value of 520 million [2] - Hengli Drilling Tools (836942) decreased by 5.64%, closing at 49.90 with a trading volume of 97,500 shares and a transaction value of 494 million [2] - Wuxin Suizhuang (835174) fell by 3.34%, closing at 59.41 with a trading volume of 65,900 shares and a transaction value of 39.5 million [2] Capital Flow - The engineering machinery sector experienced a net outflow of 681 million from institutional investors, while retail investors saw a net inflow of 657 million [2][3] - Major stocks like Hengli Hydraulic (601100) had a net inflow of 48.42 million from institutional investors, while retail investors contributed a net inflow of 50.73 million [3] - Weiman Sealing (301161) had a net inflow of 22.17 million from institutional investors, with retail investors also contributing a net inflow of 22.34 million [3]

| 交易日 | 融) 田學院論 | | 融券令重(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-05 | | -1600.0 | 110.19万 | 806.59万 | | 2025-08-04 | | 2.86万 | 110.35万 | 803.35万 | | 2025-08-01 | | 3.44万 | 107.49万 | 782.53万 | | 2025-07-31 | | 3.61万 | 104.05万 | 764.77万 | | 2025-07-30 | | -2.47万 | 100.44万 | 753.30万 | 证券之星消息，8月5日，中联重科（000157）融资买入2909.29万元，融资偿还2749.39万元，融资净买 入159.9万元，融资余额20.63亿元，近3个交易日已连续净买入累计2944.3万元，近20个交易日中有13个 交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-05 | 159.90万 ...

（文章来源：证券日报） 证券日报网讯中联重科8月5日在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任公司 提供的数据，截至2025年7月31日，公司股东总户数259，591户。 ...

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. emphasizes the strategic importance of its mining machinery segment, which includes a national-level technology center and has received significant awards for its technological advancements [1] Group 1: Company Development - The company has established a national-level technology center and has been recognized with a major technological equipment award from the State Council for its "annual production of tens of millions of tons of complete equipment for open-pit mining" [1] - The product lineup includes three main series: open-pit mining equipment, crushing and screening equipment, and material handling equipment, focusing on large-scale, intelligent, and green development [1] Group 2: Technological Advancements - The company is accelerating the implementation of intelligent technologies, which include remote-controlled excavators, unmanned mining trucks, and remote-controlled down-the-hole drills, aiming to create a modern smart mining model that is efficient and environmentally friendly [1] Group 3: Product Applications - The company's tunneling machines are primarily used in tunnel construction and water conservancy projects, and are not intended for mining operations [1]

Market Performance - The engineering machinery sector rose by 1.22% on August 5, with Noli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Highlights - Noli Co., Ltd. (603611) closed at 25.85, with a gain of 10.00% and a trading volume of 202,400 shares, amounting to a transaction value of 519 million yuan [1] - Other notable performers included: - Shanhe Intelligent (002097) at 17.17, up 9.99% with a volume of 3,672,300 shares [1] - Hengli Hydraulic (601100) at 77.43, up 4.72% with a volume of 172,200 shares [1] - Weiman Sealing (301161) at 32.57, up 4.42% with a volume of 120,260 shares [1] Fund Flow Analysis - The engineering machinery sector experienced a net outflow of 1.061 billion yuan from institutional investors, while retail investors saw a net inflow of 818 million yuan [2][3] - Notable net inflows from retail investors were observed in: - Hengli Hydraulic with a net inflow of 1.35 billion yuan [3] - Noli Co., Ltd. with a net inflow of 67.78 million yuan [3] Individual Stock Fund Flow - Hengli Hydraulic had a net institutional inflow of 1.35 billion yuan, but saw net outflows from both retail and speculative investors [3] - Noli Co., Ltd. had a net institutional inflow of 67.78 million yuan, with outflows from speculative and retail investors [3] - Zhejiang Dingli (603338) recorded a net institutional inflow of 49.51 million yuan, while facing outflows from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The implementation of the "Artificial Intelligence +" initiative is expected to drive demand for engineering machinery, particularly with the commencement of the Yarlung Zangbo River hydropower project, which has a total investment of approximately 1.2 trillion yuan [15] - The humanoid robot sector is poised for significant growth, with expectations of mass production reaching the ten-thousand-unit level in 2025, which will enhance data collection and training capabilities [7] - The agricultural machinery market is anticipated to see long-term demand growth, particularly in tractor exports, which have shown a year-on-year increase of 11.9% in quantity and 27.0% in value for the first half of 2025 [10] Summary by Relevant Sections Humanoid Robots - The government is promoting policies to develop humanoid robots and related technologies, with significant investments being made in the sector [4][5] - RoboScience completed nearly 200 million yuan in angel financing, indicating strong investor interest [6] - The humanoid robot industry is expected to see breakthroughs in 2025, with a focus on high-complexity components and cost reduction strategies [7] Machine Tools & Cutters - Japan's machine tool orders in June 2025 amounted to 133.15 billion yen, showing a slight year-on-year decline of 0.5% but a month-on-month increase of 3.4% [8] - China's metal cutting machine tool production in the first half of 2025 increased by 13.5% year-on-year, indicating a recovery in the sector [8] Agricultural Machinery - The agricultural machinery market's sentiment index was at 40.9% in June 2025, reflecting a decline [9] - Tractor production in China saw a decrease in the first half of 2025, with large, medium, and small tractors down by 4.1%, 6.9%, and 15.8% respectively [9] - Despite the decline in domestic production, tractor exports have increased significantly, suggesting a shift towards international markets [10] Engineering Machinery - The engineering machinery sector is benefiting from the Yarlung Zangbo River hydropower project, which is expected to create substantial demand for machinery [15] - Excavator sales in June 2025 reached 18,804 units, a year-on-year increase of 13.3%, with domestic sales up by 6.2% [15][16] - The industry is expected to recover as infrastructure investments increase, with a focus on leading companies like SANY Heavy Industry and Zoomlion [16] Forklifts - Forklift sales in June 2025 reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales growing by 27.3% [16] - The market for unmanned forklifts is projected to expand significantly, driven by advancements in robotics and artificial intelligence [17] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from increased railway investments and passenger traffic recovery, with significant contracts awarded for high-speed train maintenance [18] Semiconductor Equipment - The report highlights the acceleration of domestic substitution for semiconductor equipment due to trade tensions, with a focus on companies involved in the production of critical components [19][20] New Energy Equipment - The new energy sector is seeing growth in renewable energy installations, with a notable increase in solar power capacity [22] - Solid-state battery technology is on the verge of commercialization, which will drive demand for specialized manufacturing equipment [23]