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]

天眼查资料显示，中联重科股份有限公司，成立于1999年，位于长沙市，是一家以从事汽车制造业为主 的企业。企业注册资本867799.2236万人民币。通过天眼查大数据分析，中联重科股份有限公司共对外 投资了104家企业，参与招投标项目5000次，财产线索方面有商标信息1178条，专利信息5000条，此外 企业还拥有行政许可671个。 专利摘要显示，本发明涉及液压控制系统技术领域，具体涉及一种支腿液压控制系统、方法和作业机 械，支腿液压控制系统包括：支腿油缸；换向阀组，设于支腿油缸的工作油路上；支腿油缸的无杆腔工 作油路和回油油路之间设置有第一泄压件，第一泄压件用于两端油压压差大于预设油压时进行卸荷；第 二泄压件，第二泄压件的两个进油口分别与有杆腔和无杆腔连通，第二泄压件的出油口与回油油路连 通；控制器，配置为：分别实时获取有杆腔和无杆腔的液压油压力值；确定有杆腔和无杆腔的液压油压 力是否存在异常；在确定液压油压力存在异常的情况下，控制第二泄压件所在的泄压油路导通，从而能 够在支腿液压系统压力异常时，快速响应，并对支腿液压控制系统进行泄压保护。 金融界2025年6月21日消息，国家知识产权局信息显示，中联重科股份 ...

Group 1 - The fourth China-Africa Economic and Trade Expo was held in Changsha, showcasing advanced manufacturing capabilities of Changsha's leading engineering machinery companies like Zoomlion and SANY [3][5] - Zoomlion presented four categories of products including construction cranes, aerial work machinery, earth-moving machinery, and agricultural machinery, tailored to meet the needs of the African market [3][5] - The ZLT3000V501 truck-mounted crane attracted interest from a West African customer, highlighting its superior stability and lifting performance [3][5] Group 2 - High-altitude work machinery and earth-moving machinery received significant attention, with products designed for diverse African user needs, such as the ZE385G hydraulic excavator known for its high-end configuration and energy efficiency [5] - Zoomlion's agricultural machinery, including the TE100 grain combine harvester and RS1604 wheeled tractor, was well-received, emphasizing the company's strong local presence and adaptability to African agricultural modernization [5] - Zoomlion has been a key player in the African market for nearly 20 years, with over 10,000 units of equipment sold, benefiting from a robust overseas business model focused on end-to-end, digital, and localized strategies [5][6]

Industry Overview - The Chinese construction machinery industry is experiencing a continuous recovery, with excavator sales in April 2025 reaching 22,142 units, a year-on-year increase of 17.6% [1] - From January to April 2025, a total of 83,514 excavators were sold, marking a 21.4% year-on-year growth [1] - The dual growth in domestic and export markets reflects ongoing domestic infrastructure investment and equipment renewal demands, as well as the successful global expansion of Chinese construction machinery companies [1] Company Performance - Sany Heavy Industry reported a revenue of 21.049 billion yuan in Q1 2025, a year-on-year increase of 19.18%, with a net profit of 2.471 billion yuan, up 56.40% [2] - XCMG achieved a revenue of 26.815 billion yuan in Q1 2025, a 10.92% increase year-on-year, with a net profit of 2.022 billion yuan, growing by 26.37% [2] - Zoomlion's Q1 2025 revenue reached 12.117 billion yuan, with a net profit of 1.410 billion yuan, reflecting a significant growth of 53.98% [2] Market Trends - The overall market is expected to stabilize and enter an upward cycle over the next two to three years, driven by new energy and intelligent equipment penetration, as well as equipment replacement demands [3] - Infrastructure investment, new urbanization, and demand from mining and water conservancy projects are anticipated to further recover, supported by long-term special government bonds [3] R&D Investment - XCMG's R&D investment reached nearly 5.6 billion yuan in 2024, accounting for 6.11% of its revenue, with a year-on-year increase of 11.10% [5] - Sany Heavy Industry invested 5.381 billion yuan in R&D in 2024, focusing on global R&D layout and low-carbon products [6] - Zoomlion's cumulative R&D investment from 2018 to 2024 reached 21.544 billion yuan, with over 10,000 R&D personnel by 2024 [6] International Expansion - XCMG's overseas revenue in 2024 was 41.687 billion yuan, a 12% increase, with overseas revenue accounting for 45.48% of total revenue [8] - Sany Heavy Industry's overseas revenue reached 48.513 billion yuan in 2024, a 12.15% increase, with overseas revenue making up 63.98% of total revenue [8] - Zoomlion's overseas revenue in Q1 2025 was 6.568 billion yuan, representing 54.2% of total revenue, with a year-on-year growth of 15.17% [7]

Group 1 - The article highlights the increasing involvement of Chinese heavy machinery in infrastructure projects across Africa, particularly from Changsha, known as the manufacturing hub for engineering machinery [1] - SANY Group, a leading Chinese equipment manufacturer, showcased 17 products at the China-Africa Economic and Trade Expo, emphasizing its commitment to the African market with the theme "SANY Light Up Africa" [1][3] - SANY's exhibition featured a focus on renewable energy, including the establishment of the "SANY Africa Zero Carbon Technology Park," which demonstrated integrated solutions for microgrid construction [3] Group 2 - The SANY exhibition included a self-sufficient power supply system using high-efficiency solar panels and backup generators, showcasing the company's capability to adapt to the African market [3] - SANY Group and the SANY Foundation initiated a public welfare challenge at the expo, where participants could donate solar lamps to underprivileged areas in Africa, highlighting the company's social responsibility efforts [3] - Since entering the African market in 2002, SANY has established a service network across all 54 African countries, achieving over 20 billion yuan in sales and maintaining a fleet of over 23,000 units [3] Group 3 - Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) also participated in the expo, presenting over 10 products that cater to the construction and agricultural needs of Africa [5] - Zoomlion's products are designed to meet the specific performance and quality requirements of the African construction environment, attracting interest from various African clients [5] - With nearly 20 years of experience in Africa, Zoomlion has become one of the major exporters of construction and agricultural machinery, with over 10,000 units in the region [5]

Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]

特此公告。 中联重科股份有限公司 董 事 会 二○二五年六月十二日 1 证券代码：000157 证券简称：中联重科 公告编号：2025－039 号 中联重科股份有限公司 关于回购 H 股股份注销完成的公告 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。 中联重科股份有限公司（以下简称"公司"）于 2024 年 11 月 11 日召开的 2024 年度第二次临时股东大会、A 股类别股东大会和 H 股 类别股东大会决议公告审议通过了《关于回购公司部分 H 股一般性 授权的议案》。根据该授权，公司累计回购 H 股股份数量为 29,457,000 股，占公司 H 股股份总数的 1.86%，占公司股份总数（A+H） 的 0.34%，支付总金额为 161,479,127 港元（不含佣金等费用）。 2025年6月11日，公司根据香港联交所相关要求对上述已回购H 股股份进行了注销，尚待办理相关工商变更登记手续。注销后，公司 H股股份总数变更为1,552,507,548股，公司股份总数（A+H）变更为 8,648,535,236股。 ...

中联重科（000157）公告，公司于2024年11月11日召开的2024年度第二次临时股东大会、A股类别股东 大会和H股类别股东大会决议公告审议通过了《关于回购公司部分H股一般性授权的议案》。根据该授 权，公司累计回购H股股份数量为2945.7万股，占公司H股股份总数的1.86%，占公司股份总数(A+H)的 0.34%，支付总金额为1.61亿港元(不含佣金等费用)。2025年6月11日，公司根据香港联交所相关要求对 上述已回购H股股份进行了注销，尚待办理相关工商变更登记手续。注销后，公司H股股份总数变更为 15.53亿股，公司股份总数(A+H)变更为86.49亿股。 ...

Investment Rating - The industry is rated as "Positive" [5] - Specific companies recommended for "Increase" rating include Sany Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC [5] Core Viewpoints - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, while loader sales were 10,535 units, up 7.24% year-on-year [13][14] - Cumulative excavator sales from January to May 2025 totaled 101,716 units, reflecting a 17.40% year-on-year growth, with domestic sales at 57,501 units, up 25.70% [4][13] - The average working hours for major construction machinery in May 2025 were 84.5 hours, a decrease of 3.86% year-on-year [14] - The construction machinery industry is currently in a renewal cycle, with urban renewal initiatives expected to steadily boost engineering demand amid a sluggish real estate sector [4][31] Industry Data - As of June 10, 2025, the Shenyin Wanguo Machinery Equipment industry P/E ratio (TTM, overall method, excluding negative values) was 26.18 times, with a valuation premium of 117.57% relative to the CSI 300 [3][23] - The average monthly operating rate for major construction machinery products in May 2025 was 59.5%, down 2.45 percentage points month-on-month [15][31] - The steel composite price index (CSPI) was at 90.31 as of June 6, 2025 [16] Company Announcements - Zhejiang Lino plans to acquire 100% equity of Xuzhou Chemical Machinery Co., Ltd. for 260 million yuan [20] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [21] Market Review - From June 4 to June 10, 2025, the CSI 300 index rose by 0.35%, while the Shenyin Wanguo Machinery Equipment industry increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [22] - Notable stock performances included Jiao Da Tie Fa with a 262.09% increase and Kai Le Co., Ltd. with a -40.62% decrease [28][30]

Investment Rating - The report maintains a "Recommendation" rating for the engineering machinery industry [2] Core Viewpoints - The domestic sales of excavators turned negative in May 2025, but the overall industry recovery trend remains intact. The report anticipates a steady recovery in demand driven by increased fixed asset investment and local government bond issuance [5][6] - The export of excavators continues to show robust growth, with a year-on-year increase of 5.4% in May 2025, indicating a stable demand in traditional markets and an expanding market share for Chinese brands [5] - The report highlights the rapid increase in the electrification penetration rate of loaders, reaching 26.2% in May 2025, driven by stricter environmental requirements and decreasing lithium battery material costs [5] Summary by Sections Industry Basic Data - The engineering machinery industry consists of 11 listed companies with a total market capitalization of 402.51 billion yuan and a circulating market capitalization of 342.78 billion yuan [2] Sales Performance - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.1%, with domestic sales declining by 1.5% [5] - Loader sales in May 2025 totaled 10,535 units, with domestic sales growing by 16.7% [5] Export Performance - The engineering machinery export trade value for January to April 2025 was 18.07 billion USD, reflecting a year-on-year growth of 9.0% [5] - The top three export markets for Chinese engineering machinery are Russia, the United States, and Indonesia, with varying growth rates [5] Investment Recommendations - The report recommends focusing on companies such as SANY Heavy Industry, Hengli Hydraulic, and Zoomlion, while also suggesting to pay attention to Liugong and XCMG [5][6]