Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

Core Insights - The annual meeting of the National Intelligent Transportation Equipment Industry Education-Industry Integration Community 2025 was successfully held in Xuzhou, Jiangsu, focusing on deepening education-industry integration and fostering high-quality talent [1][8] Group 1: Meeting Objectives and Themes - The meeting aimed to promote the deep integration of industry technology advancement and talent cultivation, establishing a collaborative innovation ecosystem among industry, academia, and research [1] - The theme of the meeting was "Deepening Education-Industry Integration, Empowering Intelligent Transportation, and Co-cultivating High-Quality Talent" [1] Group 2: Participation and Discussions - Over 80 representatives from more than 60 enterprises, higher education institutions, industry organizations, and research institutions gathered to discuss trends in the intelligent transportation equipment industry, innovative talent cultivation models, and technology transfer [3] - The meeting was co-hosted by Bai Bingdong, a senior official from Nanjing Vocational College of Transportation, and Gao Yanbei, the Party Secretary of the School of Engineering Machinery at Chang'an University [3] Group 3: Key Highlights and Developments - The meeting approved the addition of 13 new member units, expanding the community's reach across more industry chain segments and educational resources [4] - Recognition was given to exemplary cases of education-industry integration, establishing benchmarks for collaborative talent cultivation [4] - Talent cultivation agreements were signed between Xugong Group and Nanjing Vocational College of Transportation, as well as Yunnan Vocational College of Transportation, laying the groundwork for precise alignment with industry needs [5] Group 4: Future Directions - The community's chairman, Wang Daofeng, presented an annual work report summarizing progress in mechanism construction, talent cultivation, and education-industry collaboration, with a focus on governance optimization, educational reform innovation, technology cooperation, and service expansion for 2026 [3] - The meeting marked a significant step towards deeper collaborative innovation, with plans to continue integrating industry and educational resources to align talent cultivation with industry demands [7]

Group 1 - The company held its second extraordinary general meeting of shareholders on December 25, 2025, with a total of 1,204 shareholders present, representing 6,587,543,622 shares, which is 57.78% of the total voting shares [4][6] - The meeting was conducted in accordance with relevant laws and regulations, and no resolutions were rejected [1][3] - The legal opinions provided by the law firm confirmed that the meeting's procedures and resolutions were in compliance with applicable laws and regulations [10] Group 2 - The company’s board of directors held its 42nd meeting on December 25, 2025, where all nine directors were present and voted [14] - The board approved adjustments to the 2025 stock option and restricted stock incentive plan, reducing the number of initial grant recipients from 4,700 to 4,545 and adjusting the number of stock options and restricted stocks accordingly [16][31] - The total number of stock options granted was adjusted to 138,183,000, with a reserved portion of 16,617,000, while the total number of restricted stocks granted was adjusted to 283,616,000, with a reserved portion of 31,584,000 [32][70] Group 3 - The initial grant date for the stock options and restricted stocks was set for December 25, 2025, with an exercise price of 9.67 yuan per option and a grant price of 4.84 yuan per restricted stock [45][76] - The incentive plan is designed to motivate key personnel, including middle management and core technical staff, with a total of 4,536 recipients for stock options and 4,545 for restricted stocks [51][80] - The plan includes performance assessments over the years 2025 to 2028, with specific performance targets tied to the granting and vesting of the options and stocks [67]

Group 1 - XuGong Machinery's stock increased by 5.14%, reaching 11.24 CNY per share, with a trading volume of 468 million CNY and a turnover rate of 0.46%, resulting in a total market capitalization of 132.103 billion CNY [1] - XuGong Group Engineering Machinery Co., Ltd. was established on December 15, 1993, and listed on August 28, 1996. The company specializes in the research, manufacturing, sales, and service of various types of construction machinery and parts [1] - The main business revenue composition includes: earthmoving machinery 31.05%, other construction machinery, parts, and others 28.09%, lifting machinery 19.11%, mining machinery 8.64%, aerial work machinery 8.34%, and piling machinery 4.77% [1] Group 2 - Changjiang Asset Management has one fund heavily invested in XuGong Machinery, specifically the Changjiang Chucai One-Year Holding Mixed Fund A (017464), which held 160,000 shares, accounting for 0.47% of the fund's net value, ranking as the fourth-largest holding [2] - The fund was established on August 18, 2023, with a current size of 382 million CNY. Year-to-date returns are 8.45%, ranking 6090 out of 8087 in its category; the one-year return is 8.01%, ranking 6073 out of 8074; and since inception, the return is 8.32% [2] Group 3 - The fund managers of Changjiang Chucai One-Year Holding Mixed Fund A are Liu Zuoyong and Luo Cong. Liu has a tenure of 3 years and 302 days, with a total fund asset size of 971 million CNY, achieving a best return of 15.91% and a worst return of 5.86% during his tenure [3] - Luo has a tenure of 3 years and 198 days, managing a total fund asset size of 619 million CNY, with a best return of 25.73% and a worst return of -0.06% during his tenure [3]

□ 本报记者 成岗 王岩 张涛 张耀文 冬日，徐州淮海国际港务区铁路集散中心的龙门吊长臂擎天，精准、高效地吊装着满载货物的集装箱。 汽笛轰鸣，一列中欧班列蓄势待发，即将启程奔赴中亚。 作为徐州对外开放的"金名片"，徐州中欧班列始终保持高质量发展强劲势头，累计开行超2600列，畅达 41个国家60多个城市，源源不断地将工程机械、电子产品等"徐州智造"送出国门，将海外的优质农产 品、精密设备等各类货物运回国内。今年1至11月，徐州中欧班列累计开行401列，完成年度任务 93.9%；近3年，进出口货值年均增幅达42.3%。 走进徐州市中心的"彭城七里"城市更新项目现场，工人师傅们正加紧对户部山部分"老建筑"进行修复。 从下圆墩遗址到黄楼，徐州在这条长约7里的城市南北轴线上，串联起235处历史文化遗存。这是徐 州"历史文化名城宝贵名片的集中彰显、以人民为中心城市更新的生动实践、文商旅居融合人文烟火的 繁荣集聚"。 从"十四五"走进"十五五"，徐州正以奋进之姿迎接下一个五年。未来的徐州，有着怎样的现实模样？本 报记者专访徐州市委书记宋乐伟。 记者：市委全会提出，加大保障和改善民生力度，在高质量发展中扎实推进全体人民共同 ...

证券日报网讯 12月25日，徐工机械发布公告称，徐工机械第九届董事会第四十二次会议（临时）审议 通过《关于调整公司2025年股票期权与限制性股票激励计划首次授予激励对象名单和授予权益数量的议 案》《关于向2025年股票期权与限制性股票激励计划激励对象首次授予股票期权与限制性股票的议 案》。 （编辑 楚丽君） ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-95 徐工集团工程机械股份有限公司 关于向 2025 年股票期权与限制性股票激励计划 激励对象首次授予股票期权与限制性股票的公告 限制性股票首次授予数量为 28,361.60 万股，授予价格为：4.84 元/股 徐工集团工程机械股份有限公司（以下简称"公司"或"徐工机械"）2025 年股票期权与限制性股票激励计划（以下简称"《激励计划》""本计划"或"本 激励计划"）规定的首次授予条件已经成就，根据公司 2025 年第二次临时股东大 会的授权，公司于 2025 年 12 月 25 日召开第九届董事会第四十二次会议（临时）， 审议通过《关于向 2025 年股票期权与限制性股票激励计划激励对象首次授予股 票期权与限制性股票的议案》，董事会确定以 2025 年 12 月 25 日为首次授予日， 向符合授予条件的 4,536 名激励对象授予 13,818.30 万份股票期权，行权价格为 9.67 元/份；向符合授予条件的 4,545 名激励对象授予 28,361.60 万股限制性股 票，授予价格为 4.84 元/股。具体情况如下： 一、本激励计划已履行的 ...

徐工集团工程机械股份有限公司 关于调整公司 2025 年股票期权与限制性股票激励 计划首次授予激励对象名单和授予权益数量的公告 证券代码：000425 证券简称：徐工机械 公告编号：2025-94 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。 徐工集团工程机械股份有限公司（以下简称"公司"或"徐工机械"）于 2025 年 12 月 25 日召开第九届董事会第四十二次会议（临时），审议通过《关于调整 公司 2025 年股票期权与限制性股票激励计划首次授予激励对象名单和授予权益 数量的议案》。现将有关事项公告如下： 一、本激励计划已履行的相关审批程序和信息披露情况 （一）2025 年 9 月 2 日，公司召开第九届董事会第三十八次会议（临时）， 审议通过《关于<公司 2025 年股票期权与限制性股票激励计划（草案）>及其摘 要的议案》《关于<公司 2025 年股票期权与限制性股票激励计划实施考核管理办 法>的议案》及《关于提请股东大会授权董事会办理公司 2025 年股票期权与限制 性股票激励计划相关事宜的议案》等相关议案。相关议案已经公司董事会薪酬与 考核委员会 ...

徐工集团工程机械股份有限公司 2025 年股票期权与限制性股票激励计划 首次授予激励对象名单（首次授予日） 一、股票期权在各激励对象间的分配情况 ②上述相关数值在尾数上如有差异，是由于四舍五入所造成。 徐工集团工程机械股份有限公司董事会 2025 年 12 月 26 日 - 1 - 注：①本计划激励对象未参与两个或两个以上上市公司的股权激励计划，激励对象中没有持有公司 5%以上 股权的主要股东或实际控制人及其配偶、父母、子女。 ②上述相关数值在尾数上如有差异，是由于四舍五入所造成。 二、限制性股票在各激励对象间的分配情况 | 姓名 | | 职务 | 获授的限制性股 票数量(万股) | 占授予限制性股 票总数的比例 | 占本计划草案公 告时公司股本总 | | --- | --- | --- | --- | --- | --- | | | | | | | 额的比例 | | 刘建森 | | 副总裁 | 70.00 | 0.22% | 0.006% | | 宋之克 | | 副总裁 | 70.00 | 0.22% | 0.006% | | 蒋明忠 | | 副总裁 | 70.00 | 0.22% | 0.006% | | ...

北京云亭（徐州）律师事务所 关于徐工集团工程机械股份有限公司 2025 年股票期权与限制性股票激励计划调整 及首次授予相关事项之 法律意见书 地址：江苏省徐州市云龙区金融集聚区 H 座国盛大厦 17 楼 电话/传真：0516 - 6887 0901 二〇二五年十二月 法律意见书 北京云亭(徐州)律师事务所 关于徐工集团工程机械股份有限公司 2025 年股票期权与限制性股票激励计划调整 及首次授予相关事项之 法律意见书 云亭徐意字[2025]第 20251225-02 号 致：徐工集团工程机械股份有限公司 北京云亭（徐州）律师事务所（以下简称"本所"）为具有从事证券法律业 务资格的律师事务所，本所接受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"）的委托，担任公司 2025 年股票期权与限制性股票激励计 划（以下简称"激励计划""本计划"或"本激励计划"）相关事宜的专项法律 顾问，并于 2025 年 12 月 8 日出具了《北京云亭（徐州）律师事务所关于徐工集 团工程机械股份有限公司 2025 年股票期权与限制性股票激励计划（草案）之法 律意见书》。 本所律师根据《中华人民共和国公司法》（以下简 ...