Core Viewpoint - The market is experiencing a bullish trend, with the Shanghai Composite Index surpassing 4000 points, driven by opportunities in AI-related sectors, particularly in computing power, storage, and electricity infrastructure [3][5][11]. Group 1: AI-Related Opportunities - The "four forces" driving market opportunities are computing power, transportation capacity, storage capacity, and electricity supply, with significant gains in stocks like Haiguang Information and Cambrian [3][6]. - The semiconductor industry is seeing a rebound, with major players like Haiguang Information and Cambrian experiencing substantial stock price increases [6][9]. - The storage chip sector is entering a new cycle of price increases, with SK Hynix confirming higher prices for HBM4 chips, indicating a potential "super cycle" driven by AI demand [9]. Group 2: Electricity Infrastructure - The electricity infrastructure sector is showing strong performance, with key stocks like Sunshine Power and TBEA reaching historical highs [11][15]. - The global demand for electricity equipment is expected to rise significantly, with projections indicating that electricity consumption in AI data centers will quadruple by 2030 [15]. - Recent investments in fixed assets and major projects in high-voltage direct current engineering are expected to boost the electricity infrastructure sector, with the State Grid's investment projected to exceed 650 billion yuan this year [15][16].

人民财讯11月6日电，潍柴动力（000338）11月6日在港交所公告，公司之董事会知悉今日本公司股份价 格上升及成交量上升，兹声明，董事会并不知悉任何导致上述变动的原因。于当前情况下作出一切有关 本公司之合理查询后，董事会确认，其并不知悉有关其股份之股份价格上升及成交量上升之任何原因， 或任何必须公布以避免本公司证券出现虚假市场的资料，又或任何根据香港法例第571章《证券及期货 条例》第XIVA部须予披露的任何内幕消息。 ...

Core Insights - The Shanghai Composite Index has surpassed 4000 points, driven by four key forces related to AI: computing power, transportation capacity, storage capacity, and electricity supply [1] Group 1: Computing Power - Stocks such as Haiguang Information and Cambricon have seen significant gains, indicating strong performance in the computing power sector [1] - The AI computing sector has shown impressive results in Q3, with ongoing interest in both North American and domestic computing chains [6] Group 2: Storage Capacity - The storage chip sector is experiencing a price increase, with SK Hynix confirming a price of approximately $560 for HBM4 chips, up from an expected $500 [7] - The storage chip market is entering a "super cycle" due to increased demand from the AI industry and previous supply constraints [7] Group 3: Transportation Capacity - Companies like Zhongji Xuchuang and Yuanjie Technology have also reported significant stock price increases, reflecting a robust transportation capacity sector [1][4] Group 4: Electricity Supply - The electricity infrastructure sector is gaining momentum, with companies like Weichai Power and Sunshine Power seeing substantial stock price increases [1][8] - The global demand for electricity is expected to rise significantly, with projections indicating that AI data centers will quadruple their electricity consumption by 2030 [12] - The National Grid's investment is projected to exceed 650 billion yuan this year, marking a significant increase in infrastructure spending [12]

潍柴动力（000338）(02338)发布公告，公司董事会知悉今日公司股份价格上升及成交量上升，兹声 明，董事会并不知悉任何导致上述变动的原因。 于当前情况下作出一切有关公司之合理查询后，董事会确认，其并不知悉有关其股份之股份价格上升及 成交量上升之任何原因，或任何必须公布以避免公司证券出现虚假市场的资料，又或任何根据香港法例 第571章《证券及期货条例》第XIVA部须予披露的任何内幕消息。 ...

于当前情况下作出一切有关公司之合理查询后，董事会确认，其并不知悉有关其股份之股份价格上升及 成交量上升之任何原因，或任何必须公布以避免公司证券出现虚假市场的资料，又或任何根据香港法例 第571章《证券及期货条例》第XIVA部须予披露的任何内幕消息。 智通财经APP讯，潍柴动力(02338)发布公告，公司董事会知悉今日公司股份价格上升及成交量上升，兹 声明，董事会并不知悉任何导致上述变动的原因。 ...

Core Viewpoint - Weichai Power (02338.HK) announced that its board of directors is unaware of any reasons for the recent increase in share price and trading volume [1] Summary by Relevant Sections - **Company Announcement** - The board of directors confirmed that after reasonable inquiries regarding the company's situation, they do not know of any reasons for the increase in share price and trading volume [1] - The board also stated that there is no information that must be disclosed to prevent the company's securities from appearing in a false market, nor any insider information that needs to be disclosed under Hong Kong's Securities and Futures Ordinance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. 股價及成交量之不尋常波動 本聲明乃按香港聯合交易所有限公司（「聯交所」）之 要 求，根 據 聯 交 所 證 券 上 市 規 則（「上市規則」）第13.10條 而 發 出。 濰柴動力股份有限公司（「本公司」）之董事（「董 事」）會（「董事會」）知悉今日本公 司 股 份 價 格 上 升 及 成 交 量 上 升，茲 聲 明，董 事 會 並 不 知 悉 任 何 導 致 上 述 變 動 的 原 因。 承董事會命 馬常海 濰柴動力股份有限公司 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 ...

Industry Overview - The construction machinery sector is experiencing a recovery, with excavator sales maintaining a positive trend and both domestic and international market sales showing rapid year-on-year growth [1] - Non-excavator categories such as truck cranes, crawler cranes, truck-mounted cranes, and pavers are also witnessing significant sales increases [1] - Factors such as favorable downstream projects like hydropower and urban renewal are expected to continue driving demand for construction machinery [1] - The reduction of tariff disturbances in major global regions is enhancing the cost-performance advantage of domestic equipment [1] - The industry is anticipated to maintain a recovery trend due to large-scale equipment renewal policies [1] Export and Production Data - In September 2025, China's construction machinery export value reached $5.271 billion, a year-on-year increase of 29.6%, while import value was $234 million, up 18.5%, leading to a significant trade surplus [1] - The production of industrial robots increased by 28.3% year-on-year, driven by policies promoting equipment renewal and loan subsidies [1] - The "14th Five-Year Plan" emphasizes the development of high-end machine tools, which is expected to accelerate domestic advancements in this area [1] Company Performance - Zoomlion reported revenue of 37.156 billion yuan for the first three quarters of 2025, a year-on-year increase of 8.06%, with net profit attributable to shareholders rising by 24.89% to 3.92 billion yuan [1] - XCMG achieved revenue of 78.157 billion yuan, up 11.61%, and net profit of 5.977 billion yuan, an increase of 11.67% [2] - Hengli Hydraulic's revenue for the same period was 7.790 billion yuan, a 12.31% increase, with net profit rising by 16.49% to 2.087 billion yuan [2] - Hengli Hydraulic's Q3 revenue grew by 24.53% year-on-year, and net profit increased by 30.60% [2] - The cash flow from operating activities for both Zoomlion and XCMG showed significant improvements, with increases of 137.3% and 178.47%, respectively [1][2] Market Indicators - The tower crane rental industry’s utilization rate was reported at 57.3% in September 2025, with a rental price index of 497.31 points, reflecting a month-on-month increase [2] - The construction machinery ETF (560280) saw a strong increase of 2.54% as of November 6, 2025, with significant growth in both scale and share volume over the past three months [3] - The top ten weighted stocks in the ETF accounted for 69.81% of the total, with notable performances from Weichai Power and Hengli Hydraulic [3]

Group 1 - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index aiming for the 4000-point mark, supported by significant gains in the A500 ETF fund and its constituent stocks [1] - The A500 ETF fund has seen a net subscription of over 500 million yuan in the previous day and has attracted over 2.4 billion yuan in the last 10 trading days, indicating strong investor interest in core assets [1] - The macro outlook for 2026 suggests a continued structural market characterized by low volatility dividends and technology growth, with a focus on companies benefiting from improved external demand and completed capital expenditures [1] Group 2 - The new generation A500 ETF fund (512050) enables investors to easily allocate to core A-share assets, tracking the CSI A500 Index with a balanced industry allocation and leading stock selection strategy [2] - The A500 ETF fund covers all 35 sub-sectors of the market, integrating value dividends and growth attributes, and is overweight in sectors such as AI, pharmaceuticals, renewable energy, and defense, showcasing a natural "dumbbell" investment strategy [2]

Core Viewpoint - Weichai Power (000338)(02338) saw a significant stock increase of over 13% following the announcement of a manufacturing license agreement with Ceres Power for solid oxide fuel cells (SOFC) [1] Group 1: Company Developments - On November 5, Ceres Power announced a manufacturing license agreement with Weichai Power, reinforcing their existing partnership [1] - Weichai Power plans to establish a new factory to produce batteries and stacks aimed at the data center, commercial, and industrial power markets, with expected revenue recognition in the fiscal year 2026 [1] - Following a strategic investment in Ceres Power in 2018, where Weichai acquired a 20% stake, significant progress has been made in the commercialization of SOFC technology [1] Group 2: Market Context - The strategic importance of power stability is increasingly highlighted due to rising overseas AI computing investments [1] - Weichai Power is proactively expanding its clean energy technology portfolio, including solid fuel cells and natural gas engines, and has established a joint venture with Fudi to accelerate its new energy battery business [1] - The company's ongoing development in clean energy is expected to benefit from the global trend of electricity shortages [1]