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 August 2025 showed resilience during the traditional off-season, with significant recovery in non-excavator categories [3][4]. - The report highlights a strong growth trend in the sales of various types of construction machinery, with notable increases in loader sales by 18.3%, grader sales by 16.1%, and truck crane sales by 28.2% in August 2025 [3][4]. - The government’s fiscal policies, including the issuance of long-term special bonds and increased local government bonds, are expected to support infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing internationalization and electrification trends in the machinery industry, with electric loader sales increasing by 159.4% in August 2025 [7][8]. - The commencement of the Yarlung Tsangpo River hydropower project is projected to significantly boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Sales Performance - In August 2025, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [14]. - Non-excavator machinery categories also showed strong performance, with loaders and truck cranes experiencing significant sales growth [3][14]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds and increase local government bonds to 4.4 trillion RMB, aimed at enhancing infrastructure investment [5]. - Continued investment in urban infrastructure and new-type urbanization strategies is expected to sustain machinery demand [5]. Export Trends - Excavator exports in August 2025 totaled 8,838 units, reflecting a year-on-year growth of 11.1% [6]. - The report notes opportunities and challenges in the export market, particularly in Southeast Asia, Africa, and the Middle East [6]. Electrification and Innovation - The report highlights a significant increase in electric loader sales, with a 159.4% year-on-year growth in August 2025, indicating a shift towards electrification in the industry [7][8]. - The electrification trend is expected to enhance revenue and profit margins for leading manufacturers [8]. Future Demand Drivers - The Yarlung Tsangpo River hydropower project is anticipated to create substantial demand for construction machinery, with a projected equipment investment of 120 billion to 180 billion RMB [9].

Core Viewpoint - XuGong Machinery's stock has shown significant growth this year, with a year-to-date increase of 32.82% and a recent uptick of 5.53% over the past five trading days, indicating strong market performance and investor interest [1][2]. Company Overview - XuGong Machinery, established on December 15, 1993, and listed on August 28, 1996, is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province. 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]. Financial Performance - For the first half of 2025, XuGong Machinery achieved operating revenue of 54.808 billion yuan, representing a year-on-year growth of 10.43%. The net profit attributable to shareholders was 4.358 billion yuan, reflecting a year-on-year increase of 17.61% [2]. - Since its A-share listing, the company has distributed a total of 12.445 billion yuan in dividends, with 5.955 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for XuGong Machinery reached 132,800, an increase of 22% compared to the previous period. The average number of circulating shares per shareholder decreased by 18.27% to 60,981 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 534 million shares, an increase of 14.7675 million shares from the previous period [3].

Core Viewpoint - The new energy heavy truck market in August 2025 saw a significant year-on-year increase of 182%, with total sales approaching 17,800 units, indicating strong growth momentum in the sector [1][2]. Market Performance - In August 2025, the domestic new energy heavy truck market sold a total of 17,800 units, representing a month-on-month increase of 7% and a year-on-year increase of 182% [2]. - Pure electric heavy trucks accounted for 98.66% of total sales, with sales of 17,500 units, a slight increase from 98.07% in the previous month [2]. - The sales of battery-swapping heavy trucks reached 5,500 units, marking an 11% increase month-on-month and a 149% increase year-on-year, although this growth rate lagged behind the overall new energy heavy truck market [2][4]. Segment Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 31.39%, an increase from the previous month but a decrease of 7.5 percentage points compared to the same period last year [5]. - From January to August 2025, battery-swapping heavy trucks sold a total of 35,400 units, reflecting a year-on-year growth of 139% [16][18]. - The main types of battery-swapping heavy trucks sold were tractor trucks and dump trucks, accounting for 87.67% and 10.77% of sales, respectively [22]. Company Performance - In August 2025, Foton led the sales of battery-swapping heavy trucks with 1,288 units, achieving a remarkable year-on-year growth of 3,289% [12][14]. - Other notable performers included FAW Liberation, Xugong, and YuanCheng, with sales of 841, 766, and 740 units, respectively [12]. - The top ten companies in the battery-swapping heavy truck market all experienced growth compared to the previous year, with six companies achieving over 100% growth [14]. Competitive Landscape - The competition in the battery-swapping tractor truck segment is intense, with six companies selling over 3,000 units each [24]. - Foton, Xugong, and FAW Liberation are the top three companies in this segment, with market shares of 21.77%, 14.93%, and 14.04%, respectively [24]. - In the battery-swapping dump truck market, Xugong leads with a market share of 38.80%, followed by China National Heavy Duty Truck and Shaanxi Automobile, both exceeding 10% market share [26]. Future Outlook - The battery-swapping heavy truck market has shown consistent growth, with a year-on-year increase in sales for the first eight months of 2025, although the growth rate has been lower than that of the overall new energy heavy truck market [29].

资金流向方面，深证国企股东回报R（470064）指数成份股当日主力资金净流出合计11.92亿元，游资资 金净流出合计940.03万元，散户资金净流入合计12.01亿元。成份股资金流向详情见下表： 证券之星消息，9月19日，深证国企股东回报R（470064）指数报收于2221.85点，涨0.16%，成交275.25 亿元，换手率1.08%。当日该指数成份股中，上涨的有26家，徐工机械以5.94%的涨幅领涨，下跌的有23 家，中油资本以4.5%的跌幅领跌。 深证国企股东回报R（470064）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz000725 | 京东方A | 9.90% | 4.13 | -0.24% | | 1545.19 | 电子 | | sz000858 | 五粮液 | 8.57% | 124.08 | 0.11% | | 4816.30 | 食品饮料 | | sz002415 | 海康威视 | 7.86% | ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-72 徐工集团工程机械股份有限公司 2025 年第一次临时股东大会决议公告 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.本次股东大会未出现否决议案的情形。 2.本次股东大会未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.召开时间：2025 年 9 月 19 日（星期五）下午 3:00 2.召开地点：公司 706 会议室 3.召开方式：现场投票和网络投票相结合 4.召集人：公司董事会 5.主持人：董事长杨东升先生 6.会议的召开符合《公司法》《上市公司股东会规则》《深圳 证券交易所股票上市规则》等法律法规和公司《章程》的有关规 定。 （二）会议出席情况 1.会议总体出席情况 出席本次股东大会的股东及股东授权委托代表（以下统称股 - 1 - 东）1,220 人，代表股份 6,033,517,413 股，占公司有表决权股份 总数的 52.92%。 2.现场出席会议情况 出席本次现场会议的股东共 12 人，代表股份 3,024,457,702 股， ...

北京大成（南京）律师事务所 关于徐工集团工程机械股份有限公司 2025 年第一次临时股东大会 的法律意见书 本所律师审核后认为，本次股东大会召集人资格合法、有效，本 次股东大会召集、召开程序符合《公司法》、《上市公司股东会规则》 等法律、法规、规章和其他规范性文件以及《公司章程》的有关规定。 鉴于此，本所律师根据上述法律、法规及规范性文件的要求，按 照律师行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律 意见如下： 一、本次股东大会召集人资格、召开程序 1 / 5 经核查，公司本次股东大会是由公司董事会召集召开的。公司于 2025年9月3日在《中国证券报》、《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）刊登了《徐工集团工程机械股份有限公司关于召 开2025年第一次临时股东大会的通知》。公告载明了召开本次会议的 时间、地点、审议事项、出席会议人员、登记方法等有关事项。公告 刊登的日期距本次股东大会的召开日期已达十五日。 本次股东大会采取现场投票和网络投票相结合的方式：现场会议 于2025年9月19日下午3:00在公司总部大楼706会议室召开；通过深圳 证券交易所交易系统进行网络投票的具 ...

Group 1 - The engineering machinery sector rose by 3.03% on September 19, with Wuxin Tunnel Equipment leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Wuxin Tunnel Equipment up 11.57% and Shanhai Intelligent up 10.00% [1] Group 2 - The engineering machinery sector saw a net inflow of 778 million yuan from institutional investors, while retail investors experienced a net outflow of 881 million yuan [2][3] - Major stocks like Shanhai Intelligent and Yichong Heavy Industry had substantial net inflows from institutional investors, indicating strong interest [3] - The trading volume for Wuxin Tunnel Equipment reached 107,300 shares, contributing to a total transaction value of 670 million yuan [1]

Core Viewpoint - The engineering machinery sector is experiencing a significant upward trend, with notable stock performances from various companies, indicating a positive market sentiment in this industry [1] Company Performance - Fushite reached a new intraday high during trading [1] - Shanhe Intelligent hit the daily limit up [1] - Other companies such as Wuxin Tunnel Equipment, Southern Road Machinery, Hengli Drilling Tools, Zhongli Co., and XCMG also saw increases in their stock prices [1]

这是徐工与印尼经销商第12次携手亮相该展会。展会将持续至20日。 新华财经雅加达9月18日电（记者孙磊）第23届印尼国际矿业展（Mining Indonesia）17日在雅加达国际 会展中心开幕。作为东南亚规模最大的矿业设备展会，本届展会汇聚了来自全球的矿业领军企业和关键 参与者，共同展示最新产品与服务，推动印尼矿业行业的交流与合作。 中国机械设备制造商徐工集团携20余款绿色智能装备及露天矿山全场景解决方案参展。徐工宣布，将进 一步拓展在印尼市场的电动化产品布局，并计划未来在印尼建设新能源设备组装工厂和矿山机械主机、 零部件再制造工厂。同时，公司还将启动"服务万里行"，在苏门答腊、爪哇、加里曼丹和苏拉威西等服 务代表点强化售后网络和服务，深化本土化发展。 （文章来源：新华财经） ...

Core Insights - The 2025 Indonesia Mining Exhibition is taking place from September 17 to 20, attracting global attention in the engineering machinery sector, with Chinese company XCMG showcasing over 20 green and intelligent equipment [1][3] Group 1: Company Participation - XCMG's participation marks the 12th collaboration with Indonesian distributor GMT, contributing significantly to Indonesia's low-carbon mining transformation [3] - The exhibition features a diverse product line, including core equipment for open-pit mining and complete solutions for various scenarios, catering to diverse customer needs [3] Group 2: Product Highlights - Notable products include the XDE130 rigid dump truck, the XE1350 mining excavator, and electric equipment like the XGA4250 pure electric tractor and XC9108-EV pure electric loader, which align with the vision of "green mining" [3][5] - The XC9108-EV and XC968-EV electric loaders were successfully delivered to a leading Indonesian mining company during the exhibition [5] Group 3: Service and Engagement - XCMG's Indonesian company leader discussed three core topics: "green open-pit mining solutions," "complete sets of new energy equipment," and "XCMG's all-in service," attracting interest from major mining companies and media [5] - The "XCMG All-in+" service brand is being localized in Indonesia, with service representatives appointed for key regions, marking the launch of the "Service Journey" initiative [5]