Core Points - The company, XCMG Machinery, has approved a proposal to issue asset-backed notes totaling no more than 10 billion yuan [1] - This proposal is subject to approval by the shareholders' meeting and the trading association, indicating potential uncertainties [1] - As of July 31, 2025, the company has 11 existing asset-backed note products related to accounts receivable [1]

证券代码：000425 证券简称：徐工机械 公告编号：2025-57 徐工集团工程机械股份有限公司 关于申请发行资产支持票据的公告 本公司及董事会全体成员保证信息披露的内容真实、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.徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）于 2024 年申请发行总额不超过人民币 200 亿元（含） 的资产证券化项目（包括深圳证券交易所市场资产支持专项计划 100 亿元和银行间市场资产支持票据 100 亿元），其中银行间市 场资产支持票据 100 亿元注册额度基本使用完毕，本次申请发行 资产支持票据注册额度，接续即将到期的注册额度。 2.本次申请发行资产支持票据注册额度，尚未明确具体项目 的交易安排和发行方案，具体的分期发行规模、发行期限、产品 分层等要素根据基础资产具体情况而定。 3.公司申请发行资产支持票据注册额度，适时有序发行资产 证券化项目将有助于公司盘活存量资产、加快资金周转、优化资 产负债结构，提高资产及资金运营效益。本次申请发行资产支持 票据注册额度，尚需取得交易商协会出具的接受注册通知书，申 请及发行均可能存在不确定性，其实 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-56 徐工集团工程机械股份有限公司 第九届董事会第三十六次会议（临时）决议公告 本公司及董事会全体成员保证信息披露的内容真实、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 徐工集团工程机械股份有限公司（以下简称"公司"）第九 届董事会第三十六次会议（临时）通知于 2025 年 8 月 7 日（星 期四）以书面方式发出，会议于 2025 年 8 月 12 日（星期二）以 非现场的方式召开。公司董事会成员 9人，出席会议的董事 9人， 实际行使表决权的董事 9 人：杨东升先生、孙雷先生、陆川先生、 邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、况世道先生、 杨林先生。公司监事、高级管理人员列席了会议。本次会议的召 集、召开和表决程序符合有关法律、法规和公司《章程》的规定， 会议形成的决议合法有效。 表决情况为：9 票同意，0 票反对，0 票弃权 （二）关于申请发行资产证券化项目的议案 表决情况为：9 票同意，0 票反对，0 票弃权 - 1 - 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一） ...

Core Viewpoint - In July 2025, the heavy truck market experienced a significant year-on-year sales increase of 46%, while the tractor market grew by 29%, continuing to lag behind the overall heavy truck market performance [1][25]. Market Performance - In July 2025, the total sales of heavy trucks reached 84,900 units, a month-on-month decrease of 13% but a year-on-year increase of 46% [4]. - The tractor market sold 42,800 units in July, reflecting a month-on-month decline of 12% and a year-on-year growth of 29%, which is lower than the overall heavy truck market growth [4][10]. - The tractor market's year-on-year growth rate decreased slightly from 31% in June to 29% in July [10]. Historical Trends - Over the past five years, July tractor sales have shown a pattern of decline followed by growth, with July 2025 marking the highest sales in five years at 42,800 units, an increase of nearly 10,000 units compared to July 2024 [6]. - Cumulatively, from January to July 2025, tractor sales reached 313,000 units, marking the second-highest total in five years, with a 5% increase compared to the same period in 2024 [8][17]. Company Performance - In July 2025, the leading company in tractor sales was China National Heavy Duty Truck Corporation (重汽), selling 10,800 units, capturing a market share of 25.13% [12][15]. - Other notable companies included FAW Jiefang (一汽解放) with 9,125 units sold (21.30% market share) and Shaanxi Automobile Group (陕汽集团) with 6,888 units sold (16.10% market share) [12][15]. - The top ten companies accounted for 99.01% of the tractor market, with the top five companies holding 88.50% of the market share [15][21]. Cumulative Sales and Market Share - From January to July 2025, the cumulative sales of the tractor market reached 313,000 units, with a year-on-year increase of 5% [17]. - The cumulative market share of the top ten companies reached 99.04%, with the top two companies, 重汽 and 一汽解放, each exceeding 20% market share [21]. - Companies such as 徐工 and 远程 saw significant growth, with year-on-year increases of 182% and 108%, respectively [19]. Industry Dynamics - The rankings of the top ten companies in the tractor market remained consistent from June to July 2025, with some shifts in positions among the lower-ranked companies [16][23]. - Compared to the end of 2024, the rankings of some companies have changed, indicating a dynamic competitive landscape [23]. Conclusion - The heavy truck market is showing strong growth, but the tractor segment continues to lag behind, raising questions about its potential to catch up in the remaining months of 2025 [25].

Core Insights - The domestic excavator industry in China is experiencing steady growth, with July sales reaching 17,138 units, a year-on-year increase of 25.2% [1] - Domestic sales for the first seven months of the year totaled 73,306 units, up 17.8% year-on-year, indicating a robust market demand [1] - The industry is expected to maintain a stable growth trajectory over the next three years, driven by favorable policies and a new growth cycle [1][4] Domestic Market Performance - In July, domestic excavator sales were 7,306 units, reflecting a year-on-year growth of 17.2% [1] - The average working hours for excavators in July were 66.1 hours, with a utilization rate of 56.7% [1] - The first seven months of 2023 saw a total of 137,658 excavators sold, with domestic sales growing by 22.3% [1] Export Market Dynamics - The export volume of excavators reached 9,832 units in July, marking a 31.9% increase year-on-year [1] - The export trend is expected to remain positive, with projections of 100,000 to 120,000 units exported annually over the next three years [3] - The demand for excavators in Southeast Asia, Africa, and the Middle East is increasing, while challenges such as U.S.-China tariff uncertainties persist [2][3] Industry Outlook - The engineering machinery sector is benefiting from large infrastructure projects, which are expected to boost orders for companies like Hengli Hydraulic [4][6] - The mining sector is projected to drive demand for large excavators, with fixed asset investment in mining expected to grow by 10.5% in 2024 [5] - Major projects like the Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, are anticipated to significantly increase equipment demand [5][6] Technological Advancements - Companies are focusing on international expansion and enhancing product quality to improve competitiveness in global markets [2][3] - The shift towards electric and unmanned equipment is being accelerated by projects in remote areas where fuel supply is challenging [6]

Core Viewpoint - The heavy truck market in China experienced a significant year-on-year increase of 46% in July 2025, marking the fourth consecutive month of growth, with sales reaching 84,900 units [4][18]. Sales Performance - In July 2025, the total sales of trucks (including chassis and tractors) amounted to 264,400 units, reflecting a 14% year-on-year increase but a 16% decrease compared to June [4]. - The heavy truck segment alone sold 84,900 units in July, which is 13% lower than June but 46% higher than the same month last year, with the growth rate expanding by 9 percentage points compared to June's 37% [4][10]. - July 2025's heavy truck sales surpassed the historical average of 70,800 units for the month over the past decade, achieving the highest sales figure for July in the last five years [6]. Cumulative Sales Data - From January to July 2025, the cumulative sales of heavy trucks reached 624,000 units, representing an 11% increase compared to the same period last year [8][14]. - The average monthly sales for the first seven months of 2025 were nearly 90,000 units, significantly higher than the average monthly sales of 75,000 units in 2024 and 76,000 units in 2023 [8]. Market Share and Competition - In July 2025, five companies achieved sales exceeding 10,000 units, with the top five companies accounting for over 90% of the market share [10][12]. - The leading companies in July included Heavy Truck (22,700 units), Jiefang (15,900 units), Dongfeng (13,400 units), Shaanxi Automobile (13,000 units), and Foton (11,500 units) [10]. - The market concentration has increased, with the top ten companies holding a combined market share of 98.05%, and the top five companies alone accounting for 90.83% [17]. Growth Trends - Most companies in the top ten by cumulative sales experienced growth, with notable increases from companies like Foton (134%), Xugong (100%), and Chery (551%) in July [12][15]. - The market share of Foton increased significantly, rising by 4.85 percentage points compared to the previous year, indicating strong competitive performance [17]. Future Outlook - The heavy truck market is expected to continue its growth trend into August 2025, which is traditionally a slow season, with a low base from the previous year [18].

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Construction Machinery Sector - **Key Insights**: The construction machinery sector is experiencing mixed signals with some growth in sales but underlying demand remains weak. Key Points 1. **Excavator Sales Performance**: - July domestic excavator sales grew by 17% year-over-year (YoY) to 7,306 units, while total excavator sales reached 17,138 units, up 25% YoY [2][2] - Year-to-date (7M25) excavator sales rose 18% YoY, with domestic sales up 22% YoY [2][2] - Dealers report low expectations for August sales, forecasting flat performance but anticipate improvement in September [2][2] 2. **Export Growth**: - Excavator exports totaled 9,832 units in July, up 32% YoY but down 8% month-over-month (MoM) [2][2] - Export volume grew 13% YoY in 7M25, exceeding market expectations [2][2] 3. **Wheel-loader Sales**: - Wheel-loader sales increased by 7% YoY in July, with domestic sales of 4,549 units, up 2% YoY [3][3] - Electric wheel-loader sales surged by 82% YoY, indicating a 27% penetration rate [3][3] 4. **Construction Machinery Exports**: - Major construction machinery exports grew by 6% YoY in June, with excavators, bulldozers, and tractors outperforming the industry average [4][4] - Excavator export value surged by 20% YoY in H125, driven by a favorable product mix [4][4] 5. **Market Outlook**: - The sector is viewed positively, with expectations of a clear upward cycle confirmed by July data [5][5] - Anticipated growth from the Yarlung Zangbo hydropower project could lead to incremental sales of Rmb20-25 billion annually starting in 2026/27 [5][5] 6. **Company Recommendations**: - Top picks include XCMG and Hengli, with expected profit enhancements of 10% for Zoomlion, 8% for Sany, and 6% for XCMG by 2027 [5][5] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in property and infrastructure investment due to government policies [24][24] - Weaker-than-expected replacement demand and potential trade friction impacting overseas sales [24][24] - **Upside Risks**: - Faster-than-expected growth in property investment and stronger replacement demand [25][25] - Policy support for domestic brands and easing of overcapacity [25][25] Additional Insights - **Cash Collection**: No improvement in cash collection was observed in July, indicating potential liquidity issues within the sector [2][2] - **Pricing Stability**: Overall pricing in the sector remains relatively stable despite competitive pressures [2][2] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the China construction machinery sector.

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic excavator sales in July 2025 showed strong performance, with total sales (including exports) reaching 17,138 units, a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2% [3][11]. - The report highlights the ongoing demand for machinery driven by the replacement cycle, estimating a compound growth of around 30% in replacement demand for the coming years [3]. - Government policies from the Two Sessions are expected to support sustained recovery in machinery demand, with significant investments planned in infrastructure projects [4]. - The launch of the Yarlung Tsangpo River hydropower project is anticipated to further boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [7]. - The report notes a significant increase in electric loader sales, with July 2025 sales reaching 2,391 units, a year-on-year growth of 81.5%, indicating a shift towards electrification in the industry [6]. Summary by Sections Sales Performance - In July 2025, excavator sales reached 17,138 units, with domestic sales at 7,306 units, reflecting a year-on-year growth of 25.2% and 17.2% respectively [3][11]. - The first seven months of 2025 saw total excavator sales of 137,658 units, up 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [3][11]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds, increasing infrastructure investment and supporting machinery demand [4]. - The focus on new urbanization and infrastructure development is expected to sustain machinery demand, particularly in underground and municipal construction [4]. Export Trends - Excavator exports in July 2025 reached 9,832 units, a year-on-year increase of 31.9%, with total exports for the first seven months at 64,715 units, up 13.0% [5][11]. - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [5]. Electrification and Innovation - The electric loader sales in July 2025 reached 2,391 units, marking an 81.5% increase, with an electrification rate of 26.6%, up 10.8 percentage points year-on-year [6]. - The report emphasizes that the shift towards green and electric machinery is a key development direction for the industry [6]. Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component manufacturers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [8].

Summary of Key Points Core Viewpoint - The report highlights the target price increases and broker recommendations for various listed companies from August 4 to August 8, indicating potential investment opportunities in the healthcare and automotive sectors. Group 1: Target Price Increases - Jiuzhou Pharmaceutical and BYD lead the target price increases with 60.26% and 55.20% respectively, belonging to the healthcare and passenger vehicle industries [1][2] - Other notable companies with significant target price increases include: - Jerry Holdings: 50.98% [2] - Haowei Group: 50.97% [2] - Kangjiayuan: 43.82% [2] - XGIMI Technology: 41.46% [2] - Hikvision: 40.08% [2] Group 2: Broker Recommendations - A total of 201 listed companies received broker recommendations during the specified period, with Zhongchong Co. receiving the highest at 26 recommendations [3][4] - Other companies with notable recommendations include: - Ninebot: 14 recommendations [3] - Changshu Bank: 12 recommendations [3] Group 3: Rating Adjustments - 11 companies had their ratings upgraded, including: - XCMG Machinery: upgraded from "Recommended" to "Strong Buy" [5] - Guanghui New Network: upgraded from "Increase" to "Buy" [5] - Zhongchong Co.: upgraded from "Increase" to "Buy" [5] - 6 companies had their ratings downgraded, including: - Rongbai Technology: downgraded from "Buy" to "Increase" [6] - Fuling Pickles: downgraded from "Buy" to "Increase" [6] - Bank of China: downgraded from "Strongly Recommended" to "Recommended" [6] Group 4: First-Time Coverage - 74 instances of first-time coverage were reported, with notable companies receiving ratings such as: - Beiding Co.: "Increase" by Shanxi Securities [7] - Zhou Dazheng: "Buy" by Huaxin Securities [7] - Jintuo Co.: "Buy" by Huaxin Securities [7]

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].