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]

证券代码：000157 证券简称：中联重科 公告编号：2025－040 号 中联重科股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、现场会议召开时间：2025 年 6 月 26 日 14:30 2、网络投票时间： 通过深圳证券交易所系统进行网络投票的具体时间为：2025 年 6 月 26 日上午 9:15—9:25，9:30-11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 6 月 26 日 9:15 至 15:00 期间的任意时间。 3、召开地点：长沙市银盆南路361号公司办公楼二楼多功能会议厅 4、召开方式：现场投票和网络投票方式相结合 5、召集人：董事会 6、主持人：董事长詹纯新先生 本次会议的召开符合《中华人民共和国公司法》、《深圳证券交易所股 票上市规则》、《香港联合交易所有限公司证券上市规则》及《 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路 1 号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F, North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于中联重科股份有限公司 2024 年年度股东大会的法律意见书 ·1 / 9 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律 意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真 实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈 述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供公司为本次股东大会之目的使用。未经本所事先书面同意 ...

Core Insights - The introduction of the world's first AI bulldozer by Shantui has garnered significant attention in the engineering machinery industry, marking a shift towards intelligent construction through the integration of AI technology [1][2] - The rapid development of AI large models has accelerated the strategic deployment of AI in the engineering machinery sector, leading to a trend of product innovation and application in various construction scenarios [1][4] Group 1: AI Bulldozer Launch - Shantui launched China's first AI bulldozer, featuring an intelligent whole machine and an AI assistant, designed around customer needs with nine intelligent systems for core scenarios like power optimization and construction safety [1][2] - The AI bulldozer has undergone over 25,000 field tests, transitioning from "smart equipment" to "AI entity" through the development of a proprietary AI decision model [2] Group 2: AI Levels and Capabilities - Shantui has established a classification for AI levels, ranging from L1 (basic automation) to L5 (fully autonomous operations), with current products achieving L3 and preparing for L4 capabilities [2][3] - The transition to L4 will allow operators to act as "commanders," overseeing multiple machines remotely and enabling autonomous construction in specific scenarios [3] Group 3: Industry Trends and Developments - The engineering machinery industry is entering a new phase of "digital intelligence integration," leveraging AI to address complex construction challenges and enhance efficiency across the supply chain [4][6] - Major players like SANY and XCMG are actively integrating AI into their products, with advancements in autonomous machinery and smart manufacturing processes [5][6] Group 4: Global Market Expansion - Chinese engineering machinery companies are increasingly focusing on international markets, with AI advancements expected to enhance their competitive edge abroad [7][9] - For instance, Zoomlion reported a 30.58% year-on-year increase in overseas revenue, highlighting the importance of AI in driving global market growth [7] Group 5: Future Outlook - The industry anticipates a significant transformation driven by AI, with expectations for improved safety, efficiency, and cost control in construction operations [6][9] - The integration of AI with renewable energy technologies is expected to enhance the environmental and energy efficiency of Chinese engineering machinery products, further strengthening their international market position [9]

Group 1: General Automation Equipment - In May 2025, the production of metal cutting machine tools in China was approximately 67,000 units, a year-on-year increase of 6.3%, with a month-on-month decline of 9.3 percentage points [1] - The cumulative production from January to May 2025 reached about 332,000 units, reflecting a year-on-year growth of 13.3%, with a month-on-month decline of 3.5 percentage points [1] - The production of industrial robots in May 2025 was around 69,000 units, showing a year-on-year increase of 35.5%, but a month-on-month decline of 16.0 percentage points [1] Group 2: Engineering Machinery - In May 2025, the total sales of six types of engineering machinery, including excavators and forklifts, showed varied performance, with excavators up 2.1% and forklifts up 11.8% year-on-year [2] - Conversely, six other types, including truck cranes and aerial work platforms, experienced declines, with truck cranes down 20.3% year-on-year [2] - Domestic demand for engineering machinery appeared weak in May, attributed to insufficient project funding and adverse weather conditions affecting operational rates [2] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing conditions [3] - The ongoing improvement in U.S.-China relations is expected to support continued growth in exports, further enhancing manufacturing sentiment [3] - The mechanical industry is rated as "buy," with a focus on engineering machinery companies benefiting from recovering domestic demand and sustained export growth [3]

Group 1 - The core point of the news is that Zoomlion Heavy Industry Science & Technology Co., Ltd. has applied for a patent related to a hydraulic control system for supporting legs, indicating ongoing innovation in hydraulic technology [1] - The patent application, titled "Hydraulic Control System, Method and Working Machinery for Supporting Legs," was filed on March 2025 and is aimed at enhancing the safety and efficiency of hydraulic systems [1] - The hydraulic control system includes components such as a leg cylinder, a valve group, and pressure relief devices, which are designed to respond quickly to pressure anomalies, ensuring operational safety [1] Group 2 - Zoomlion Heavy Industry was established in 1999 and is based in Changsha, primarily engaged in the automotive manufacturing sector [2] - The company has a registered capital of approximately 867.8 million RMB and has made investments in 104 enterprises [2] - Zoomlion has participated in around 5,000 bidding projects and holds a significant number of intellectual property assets, including 1,178 trademarks and 5,000 patents [2]

Investment Rating - The industry investment rating is "Standard Allocation," indicating that the industry index is expected to perform within ±10% of the market index over the next six months [33]. Core Insights - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12% but a month-on-month decrease of 17.79%. Domestic sales were 8,392 units, down 1.48% year-on-year and down 33.12% month-on-month. Export sales were 9,810 units, up 5.42% year-on-year and up 2.24% month-on-month, accounting for 53.90% of total sales [3]. - For the first five months of 2025, cumulative excavator sales totaled 101,716 units, a year-on-year increase of 17.44%, with domestic sales at 57,501 units (up 25.70%) and export sales at 44,215 units (up 8.20%) [3]. - In May 2025, loader sales were 10,535 units, a year-on-year increase of 7.24% but a month-on-month decrease of 9.59%. Domestic sales were 6,037 units (up 16.72% year-on-year) and export sales were 4,498 units (down 3.31% year-on-year) [4]. - Cumulative loader sales for the first five months of 2025 reached 52,755 units, a year-on-year increase of 14.13%, with domestic sales at 29,607 units (up 25.36%) and export sales at 23,148 units (up 2.39%) [4]. - The report notes that the domestic demand for excavators has turned negative in May, while cumulative sales remain robust. The decline in average working hours and operating rates for major construction machinery products is attributed to seasonal factors and demand pull-forward at the beginning of the year [5]. - The acceleration of local government bond issuance in the first five months of 2025 is expected to support domestic demand, alongside ongoing infrastructure investment and replacement policies [5]. - In April 2025, the export trade value of construction machinery was $5.152 billion, a year-on-year increase of 12.46% and a month-on-month increase of 4.89%. Cumulative export trade value for the first four months was $18.073 billion, up 9.10% year-on-year [5]. Summary by Sections Excavator Sales - May 2025 excavator sales: 18,202 units, YoY +2.12%, MoM -17.79% [3] - Domestic sales: 8,392 units, YoY -1.48%, MoM -33.12% [3] - Export sales: 9,810 units, YoY +5.42%, MoM +2.24% [3] - Cumulative sales (Jan-May 2025): 101,716 units, YoY +17.44% [3] Loader Sales - May 2025 loader sales: 10,535 units, YoY +7.24%, MoM -9.59% [4] - Domestic sales: 6,037 units, YoY +16.72% [4] - Export sales: 4,498 units, YoY -3.31% [4] - Cumulative sales (Jan-May 2025): 52,755 units, YoY +14.13% [4] Market Dynamics - Domestic excavator demand has turned negative in May, but cumulative sales remain strong [5] - Local government bond issuance is accelerating, expected to support domestic demand [5] - April 2025 export trade value: $5.152 billion, YoY +12.46% [5]