证券代码：000157 证券简称：中联重科 公告编号：2025－031 号 中联重科股份有限公司 第七届监事会 2025 年度第二次临时会议决议公告 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。 二、监事会会议审议情况 审议通过了《关于以公开摘牌方式购买北京租赁股权暨关联交易 的议案》。 监事会同意公司通过公开竞价摘牌方式分别参与收购湖南兴湘 投资控股集团有限公司、湖南迪策投资有限公司挂牌转让的中联重科 融资租赁（北京）有限公司（以下简称"北京租赁"）45%、36%股权。 1 本次交易完成后，公司持有北京租赁股权比例由19%上升至100%，北 京租赁成为公司全资子公司，纳入公司合并报表范围。 一、监事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"、"上市公司"或"中 联重科"）第七届监事会 2025 年度第二次临时会议（以下简称"本次 会议"）通知已于 2025 年 5 月 13 日以电子邮件方式向全体监事发出。 2、本次会议于 2025 年 5 月 20 日以通讯表决的方式召开。 3、本次会议应参加表决的监事三名，实际参加表决的监事两名。 公司 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－030 号 中联重科股份有限公司 第七届董事会 2025 年度第二次临时会议决议公告 2、本次会议于 2025 年 5 月 20 日以通讯表决的方式召开。 3、本次会议应参加表决的董事七名，实际参加表决的董事六名， 公司董事詹纯新先生、王贤平先生、张成虎先生、黄国滨先生、吴宝 海先生、黄珺女士以通讯方式对本次会议议案进行了表决，关联董事 贺柳先生回避表决。 4、本次会议的召开符合《中华人民共和国公司法》（以下简称 "《公司法》"）及《中联重科股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 审议通过了《关于以公开摘牌方式购买北京租赁股权暨关联交易 的议案》。 1 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（以下简称"公司"、"上市公司" 或"中联重科"）第七届董事会 2025 年度第二次临时会议（以下简 称"本次会议"）通知已于 2025 年 5 月 13 日以电子邮件方式向全 体董事发出。 公司独立董事专门 ...

Core Viewpoint - The company plans to acquire 45% and 36% stakes in Zhonglian Heavy Industry Financing Leasing (Beijing) Co., Ltd. through public bidding, increasing its ownership from 19% to 100% [1] Group 1 - The stakes being acquired are from Hunan Xingxiang Investment Holding Group Co., Ltd. and Hunan Disi Investment Co., Ltd. with starting prices of 904 million and 723 million respectively [1] - Upon completion of the transaction, Beijing Leasing will become a wholly-owned subsidiary of the company [1]

Company Overview - Zoomlion Heavy Industry Science and Technology Co., Ltd. was founded in 1992 and primarily engages in the research, development, and manufacturing of high-tech equipment such as construction machinery and agricultural machinery, as well as new building materials [1] - The company has a diverse product range that includes 18 major categories, 105 product series, and 636 models, making it the first A+H share listed company in the industry [1] Financial Performance - As of May 20, Zoomlion has experienced a decline in stock price for six consecutive trading days, with a cumulative drop of -4.42% [1] - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge Fund, is among the top ten shareholders of Zoomlion and has reduced its holdings in the first quarter of this year [1] - The year-to-date return for the ETF is -1.11%, ranking 2375 out of 3435 in its category [1][2] Market Comparison - In terms of performance, the ETF's returns over various periods are as follows: - Last week: -0.30% - Last month: +2.92% - Last three months: -1.41% - Last six months: -2.05% - Year-to-date: -1.11% [2] - The average return for similar funds and the CSI 300 index during the same periods shows a mixed performance, with the CSI 300 index returning -0.93% year-to-date [2]

Core Viewpoint - The Chinese tractor industry is undergoing unprecedented technological transformation driven by agricultural modernization and "dual carbon" goals, characterized by "high-end leadership, intelligent drive, and green transformation" [1][16][18]. Group 1: Industry Overview - The new energy tractor refers to agricultural machinery powered by non-traditional fuels (such as electricity, hydrogen, or solar energy), aiming to reduce carbon emissions and enhance energy efficiency while meeting modern agricultural demands for intelligence and sustainability [2][4]. - New energy tractors have three core advantages over traditional tractors: environmental friendliness (zero emissions, low noise), economic efficiency (operating costs reduced by 30%-50%), and intelligence (seamless integration with precision agriculture systems) [4][5]. Group 2: Industry Development Background - The acceleration of land transfer and the rise of large-scale farming operations (over 60% of farming entities) have increased the demand for intelligent and green agricultural machinery [9][12]. - Recent policies, such as the "2024-2026 Agricultural Machinery Purchase and Application Subsidy Implementation Opinions," provide comprehensive support for the development of the new energy tractor industry [9][10]. Group 3: Market Dynamics - The new energy tractor industry is expected to experience explosive growth, with a market size projected to exceed 100 billion yuan and a compound annual growth rate (CAGR) of over 30% by 2030 [18][29]. - The industry is characterized by a competitive landscape where leading companies dominate the market, while smaller firms seek differentiation through niche segments [21][23]. Group 4: Technological Trends - The industry is witnessing a multi-energy landscape with mixed power, pure electric, and hydrogen fuel cell technologies coexisting, with mixed power being the most mature and holding the largest market share (65%) [23][25]. - Intelligent and unmanned technologies are rapidly advancing, with L4-level autonomous driving models expected to achieve full autonomy by 2030, significantly reducing labor costs [28][29]. Group 5: Future Outlook - The new energy tractor industry is positioned for rapid growth driven by policy support and technological advancements, with a shift from equipment sales to a "data + service + carbon trading" ecosystem [25][29]. - The focus will be on enhancing energy management and transmission efficiency, with pure electric technology penetrating the market for small to medium-sized agricultural scenarios [26][27].

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

Group 1 - The fourth Changsha International Construction Machinery Exhibition concluded, attracting 35 of the world's top 50 construction machinery companies and showcasing over 20,000 machinery products [1] - The exhibition covered an area of 300,000 square meters with 1,806 participating companies, a 20% increase from the previous event, and attracted over 350,000 professional visitors from more than 110 countries and regions [1] - The event highlighted a significant shift towards high-end, intelligent, and green construction machinery, with over 60% of exhibits featuring advanced technologies such as AI models and remote control, and 75% of products being environmentally friendly [1] Group 2 - Guangxi Liugong Group showcased over 20 new energy products, emphasizing the company's innovations in green and intelligent engineering equipment [2] - Sany Heavy Industry delivered three of the world's largest 4,000-ton all-terrain cranes on the first day, while XCMG signed contracts for over 1,000 units with a total order value exceeding 100 million yuan [2] - Non-traditional construction machinery suppliers, such as Jiangxi Luchong IoT Technology Co., presented smart charging stations for heavy trucks, indicating strong growth potential in the new energy truck market [2] Group 3 - The exhibition facilitated regional cooperation among five provinces in China, signing a strategic agreement focused on joint research, complementary industrial chains, and market sharing [3] - A regional emergency rescue cooperation agreement was signed to enhance cross-regional emergency capabilities [3] - Changsha aims to establish the exhibition as a key platform for global machinery companies to showcase products and technologies, contributing to infrastructure development and sustainable growth [3]

Group 1 - The 2025 Changsha International Engineering Machinery Global Procurement Signing Conference was held, featuring over 100 companies in the engineering machinery supply chain, with annual procurement agreements exceeding 13 billion yuan signed on-site [2] - Major companies such as SANY Heavy Industry and Zoomlion signed strategic cooperation agreements that extend beyond equipment procurement to include technology research and development collaboration and overseas market expansion [2] - Changsha has become the world's third-largest engineering machinery industry cluster, with a total industrial output value surpassing 200 billion yuan and products exported to 180 countries and regions [2] Group 2 - Technological innovation was a highlight of the conference, with 10 companies showcasing cutting-edge technological achievements, including a new environmentally friendly process that reduces carbon emissions by 30% in the lifecycle of equipment [3] - The conference facilitated deep binding and collaborative development of the engineering machinery supply chain, driving continuous breakthroughs in technological innovation and precise policy empowerment [3] - The event marked a significant step for Changsha towards becoming a world-class industrial cluster, demonstrating the strength of collaboration among leading companies in the sector [3]

Group 1 - The 2025 Changsha International Construction Machinery Main Engine Supporting Global Procurement Signing Conference was held in Changsha, attracting over 100 companies from the construction machinery supply chain, resulting in annual procurement agreements exceeding 13 billion yuan [1] - The conference, themed "Smart Chain Global · Co-creation of New Quality," aims to integrate international resources and promote "Chinese Intelligent Manufacturing" technology standards and service models globally [1] - The Changsha construction machinery cluster is the third largest in the world, with a total industrial output value exceeding 200 billion yuan, and products exported to 180 countries and regions [1] Group 2 - Hunan Province's construction machinery exports are projected to exceed 30 billion yuan for the first time in 2024, reaching 31.63 billion yuan [1] - Hunan's construction machinery products cover 12 major categories and over 100 subcategories, accounting for approximately 70% of the national construction machinery types, forming a significant industrial cluster valued in the hundreds of billions [1] - At the conference, several companies, including Qianjiang Group and Runtian Zhike, showcased advancements in eco-friendly processes and smart construction solutions, highlighting China's leading position in high-end equipment [2]

Core Insights - The fourth Changsha International Construction Machinery Exhibition gathered 1,806 companies globally, showcasing the latest technologies and products in the construction machinery sector [1] - Changsha Economic Development Zone led the exhibition with over 100 participating companies and a total exhibition area of 23,000 square meters, the largest among all parks and districts in the province [1] Group 1: Major Exhibitors and Products - Zoomlion displayed the world's largest 4,000-ton all-terrain crane and a range of other industry-leading products, with a total exhibition area of nearly 9,000 square meters, marking the largest scale and product quantity in the company's history [3][4] - CRRC showcased advanced tunneling equipment, including the domestically developed largest diameter shield machine "Jianghai" and the first domestic 16-meter ultra-large diameter shield machine "Jinghua" [4] - SANY introduced the E-MOVE, the world's first fully electric unmanned excavator, which features a 78% reduction in energy loss due to complete electrification [5][6] Group 2: Innovations and Technological Advancements - SANY's A7 intelligent handling robot combines smart driving and manual control, capable of operating in both indoor and outdoor environments, addressing traditional AGV limitations [6] - The new 34-meter electric boom lift SWT34JE-P from another exhibitor supports collaborative construction with a maximum load capacity of 454 kg and improves operational efficiency by 30% [7] - Shanhe Intelligent presented over 20 new energy products, with nearly 50% of its offerings being electric equipment, showcasing advancements in intelligent emergency rescue equipment [6][8] Group 3: Small and Medium Enterprises - The exhibition provided a platform for small and medium enterprises to showcase their innovations, such as Hunan Blue Ocean Intelligent Equipment Co., which signed contracts worth nearly 30 million yuan during the event [8][10] - Changsha Maixin Electronic Technology Co. introduced a new intelligent remote controller with real-time video transmission capabilities, enhancing remote operation precision [9] - Changsha Tuoo Technology Co. presented a series of smart control systems, including an AI intelligent control system for aerial work platforms, attracting numerous potential clients [9][10] Group 4: Future Prospects - The Changsha Economic Development Zone aims to continue optimizing the business environment and strengthening technological support to help local enterprises expand internationally, contributing to the development of a globally influential advanced manufacturing hub [10]