Core Viewpoint - The A-share market saw a significant rally in the engineering machinery sector on February 3, with multiple stocks experiencing substantial gains, indicating a positive trend in this industry [1]. Group 1: Stock Performance - Jiangshun Technology (江顺科技) reached the daily limit with a 10% increase, bringing its total market value to 66.33 billion [2]. - Construction Machinery (建设机械) and Sikan Technology (思看科技) both rose by over 8%, with Sikan Technology's market value at 137 billion [2]. - Huadian Technology (华电科工) increased by over 7%, with a market value of 134 billion [2]. - Anhui Heli (安徽合力) and Zoomlion Heavy Industry (中联重科) both saw gains exceeding 6%, with market values of 198 billion and 797 billion respectively [2]. - Sany Heavy Industry (三一重工) rose by 6.03%, with a market value of 2085 billion [2]. - Other notable performers included Shantui (山推股份) and Hengli Hydraulic (恒立液压), both increasing by over 5% [2]. Group 2: Year-to-Date Performance - Jiangshun Technology has a year-to-date increase of 42.17% [2]. - Sikan Technology shows a remarkable year-to-date increase of 65.88% [2]. - Huadian Technology has a year-to-date increase of 46.56% [2]. - Anhui Heli's year-to-date increase stands at 6.41% [2]. - Zoomlion Heavy Industry has a year-to-date increase of 9.40% [2]. - Sany Heavy Industry's year-to-date increase is 7.29% [2].

Core Viewpoint - The A-share market saw a collective surge in engineering machinery stocks, with several companies experiencing significant price increases, indicating a positive trend in the sector [1]. Group 1: Stock Performance - Jiangshun Technology reached the daily limit with a 10% increase, marking a year-to-date rise of 42.17% [2]. - Construction Machinery and Sika Technology both rose by over 8%, with Sika Technology showing a year-to-date increase of 65.88% [2]. - Huadian Engineering increased by over 7%, with a year-to-date rise of 46.56% [2]. - Anhui Heli and Zoomlion both saw increases of over 6%, with Anhui Heli's year-to-date rise at 6.41% and Zoomlion at 9.40% [2]. - Sany Heavy Industry rose by 6.03%, with a year-to-date increase of 7.29% [2]. - Other notable performers included Shantui, Hengli Hydraulic, and Fushite, all rising over 5% [1][2]. Group 2: Market Capitalization - Jiangshun Technology has a total market capitalization of 66.33 billion [2]. - Construction Machinery's market cap stands at 56.44 billion [2]. - Sika Technology has a market cap of 137 billion [2]. - Huadian Engineering's market cap is 134 billion [2]. - Anhui Heli has a market cap of 198 billion, while Zoomlion's is 797 billion [2]. - Sany Heavy Industry has a market cap of 208.5 billion [2]. - Shantui's market cap is 186 billion, and Hengli Hydraulic's is 152.7 billion [2]. - Fushite has a market cap of 47.63 billion, while Tietuo Machinery's is 2.618 billion [2]. - Xugong Machinery has a market cap of 130.5 billion [2].

Group 1 - The core viewpoint of the article highlights the performance of the Infrastructure ETF Huaxia (159635), which rose by 1.24% to 1.140 yuan with a trading volume of 8.1113 million yuan as of the midday close on February 3 [1] - The major holdings of the Infrastructure ETF Huaxia include several companies, with notable increases in stock prices: XCMG Machinery up 2.75%, Zoomlion up 4.40%, and Sany Heavy Industry up 2.20% [1] - The performance benchmark for the Infrastructure ETF Huaxia is the CSI Infrastructure Index return, managed by Huaxia Fund Management Co., Ltd. Since its establishment on June 28, 2022, the fund has achieved a return of 12.52%, with a monthly return of 0.75% [1]

（文章来源：证券日报） 证券日报网讯 2月2日，徐工机械发布公告称，截至2026年1月31日，公司通过股份回购专用证券账户以 集中竞价方式累计回购公司股份36419003股，占总股本0.31%，成交总额299972235.17元。 ...

一、回购进展情况 证券代码：000425 证券简称：徐工机械 公告编号：2026-08 徐工集团工程机械股份有限公司 关于回购公司股份并用于注销的进展公告 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。 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"）分别于 2025 年 4 月 26 日、2025 年 5 月 27 日召开第九 届董事会第三十二次会议、2024 年年度股东大会审议通过了《关 于回购公司股份并用于注销的议案》，基于对未来发展的信心和 对公司价值的认可，为维护广大投资者利益，增强投资者信心， 提升公司资本市场形象，在考虑经营情况、财务状况及未来发展 战略的基础上，同意公司拟以自有资金通过二级市场回购公司股 份，本次回购的股份将用于减少公司注册资本，并自回购完成之 日起十日内注销。本次回购资金总额不超过人民币 60,000 万元 （含），不低于人民币 30,000 万元（含），回购价格不超过人民币 13 元/股（含）。具体回购股份的数量以回购期限届满时实际回购 的股份数量为准。 本次回购股份的实施期限自公司股东大会审议通过本回购 股 ...

证券代码：000425 证券简称：徐工机械 公告编号：2026-09 徐工集团工程机械股份有限公司 关于回购公司股份用于股权激励或员工持股的进展公告 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。 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 2025 年 4 月 8 日召开第九届董事会第三十次会议（临 时），审议通过了《关于回购公司股份的议案》，同意公司以自有 资金或其他合法资金通过二级市场回购公司股份，本次回购的股 份将用于实施股权激励或员工持股计划。本次回购资金总额不超 过人民币 360,000 万元（含），不低于人民币 180,000 万元（含）， 回购价格不超过人民币 13 元/股（含）。具体回购股份的数量以回 购期限届满时实际回购的股份数量为准。 一、回购进展情况 本次回购股份的实施期限自公司董事会审议通过回购股份 方案之日起不超过十二个月。具体内容详见公司刊登在巨潮资讯 网（www.cninfo.com.cn）的《第九届董事会第三十次会议（临时） 决议公告》（公告编号：2025-05）、《关于回购公司股份的公告》 （公告编号 ...

Investment Rating - The industry is rated positively, with expectations for overall returns exceeding the CSI 300 index by more than 5% in the next six months [36]. Core Viewpoints - The report anticipates a comprehensive recovery in both domestic and international demand for construction machinery in 2025, maintaining a positive outlook on industry demand [10][21]. - Data from the Construction Machinery Industry Association indicates strong sales performance across various machinery categories in December, with notable year-on-year growth in excavators (10.9%), loaders (17.6%), and cranes (39.1%) domestically, and significant export increases for excavators (26.9%) and loaders (41.5%) [10][11]. - For the full year of 2025, domestic sales are projected to reach 118,518 excavators (up 17.9%) and 66,330 loaders (up 22.1%), while exports are expected to total 116,739 excavators (up 16.1%) and 61,737 loaders (up 14.6%) [10][11]. - The report highlights that favorable policies in real estate and infrastructure, along with the machinery replacement cycle, are expected to drive demand improvements [10][11]. - The "Belt and Road" initiative is anticipated to enhance overseas market opportunities for domestic manufacturers, particularly in mining machinery, as global mining capital expenditures rise [10][11]. Summary by Sections Industry Opinion and Investment Suggestions - The report emphasizes a positive outlook for the construction machinery sector, predicting a recovery in demand [10][21]. Key Company Announcements - XCMG is involved in the construction of the world's largest football stadium, showcasing its equipment's capabilities [12]. - Zoomlion has signed procurement agreements worth 180 million yuan with Latin American clients, reflecting its international market trust [12]. Market Performance Review - During the period from January 26 to January 30, the CSI 300 index rose by 0.1%, while the machinery sector declined by 4.2%, ranking 25th among all primary industries [30].

Group 1 - The market is currently experiencing a trend of upward movement followed by narrow fluctuations, with volatility initially rising and then declining, indicating a need for digestion of previous gains [1] - The ETF outflows, particularly from the CSI 300, have put pressure on broad indices, with large-cap stocks underperforming compared to small-cap stocks [1] - There is an acceleration in thematic rotation, with some themes experiencing sharp rises and subsequent pullbacks, suggesting a short-term advantage for small-cap and growth stocks, but a need for rebalancing in the future [1] Group 2 - The gold stock recommendation logic for February 2026 includes companies benefiting from AI upgrades, solid growth in nickel powder business, and strong positions in the photovoltaic and alloy powder sectors [17] - Specific companies highlighted include BQX New Materials, which is expected to see rapid growth due to a significant expansion in production capacity and strong demand from major clients [17] - Industrial Fulian is noted for its deep integration with leading clients in the AI server market, with expectations of maintaining high growth rates due to its comprehensive supply chain capabilities [17] Group 3 - Financial data for the recommended stocks shows significant expected growth in earnings per share (EPS) for companies like BQX New Materials and Industrial Fulian, with projected EPS increasing from 0.33 to 2.09 and from 1.17 to 3.27 respectively from 2024 to 2026 [19] - The price-to-earnings (PE) ratios for these companies are also projected to decrease significantly, indicating potential for upward valuation adjustments [19] - Tencent Holdings is expected to see strong growth in advertising revenue and new game releases, contributing to its overall performance in 2026 [18]

Market Overview - The engineering machinery sector experienced a decline of 0.78% on January 30, with Anhui Heli leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Changling Hydraulic (688389) with a closing price of 81.84, up 6.29% on a trading volume of 22,300 shares and a turnover of 178 million [1] - Tuoshan Machinery (001226) closed at 51.83, up 6.25% with a trading volume of 25,300 shares and a turnover of 129 million [1] - Major decliners included: - Anhui Heli (600761) closed at 21.82, down 6.19% with a trading volume of 535,100 shares and a turnover of 1.161 billion [2] - Fushite (301446) closed at 46.81, down 5.43% with a trading volume of 30,800 shares and a turnover of 14.5 million [2] Capital Flow - The engineering machinery sector saw a net outflow of 212 million from institutional investors, while retail investors contributed a net inflow of 160 million [2] - The capital flow for specific stocks showed: - LiuGong (000528) had a net inflow of 49.67 million from institutional investors, while retail investors had a net outflow of 24.11 million [3] - XCMG Machinery (000425) recorded a net inflow of 34.38 million from institutional investors, with retail investors also experiencing a net outflow of 15.04 million [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Industrials - **Key Insights**: Strong export growth observed, but concerns are rising due to material price hikes and soft infrastructure investment [2][3] Core Points and Arguments 1. **Export Growth**: December 2025 and January 2026 saw resilient sales in construction machinery and heavy-duty trucks (HDT), with a notable increase in shipbuilding orders aligning with 2026 full-year guidance [2][3] 2. **Infrastructure Investment**: Infrastructure fixed asset investment (FAI) excluding utilities fell by 12.2% YoY in December, leading to a total YoY decline of 2.2% for 2025 [3] 3. **Excavator Sales**: January excavator sales are projected at around 9,000 units, reflecting a YoY increase of approximately 70%, influenced by base effects and Chinese New Year distortions [3][12] 4. **Automation Sector**: A moderate recovery in automation demand is expected in 2026, with companies cautious about downstream capital expenditures in the automotive sector [4] 5. **Lithium Battery Equipment**: Companies in the lithium battery sector anticipate a continued CAPEX upcycle in 2026, with indices for PV and battery equipment up 12% and 23% YTD, respectively [4] 6. **Shipbuilding Orders**: New shipbuilding orders showed a 79% YoY growth in December, despite a 24% YoY decline in 2025 [3] Additional Important Insights 1. **HDT Sector Performance**: The HDT sector's shipments rose 27% YoY to 1.14 million units in 2025, with domestic sales up 31% and exports up 17% [11] 2. **Risks**: Investment downsizing at the macroeconomic level poses a significant risk to the industrial sector, potentially leading to reduced demand for industrial goods [14] 3. **Valuation and Price Targets**: Various companies in the industrial sector have been assigned buy ratings, with price targets set for Hongfa at Rmb 45.00, Sinotruk at HK$ 45.00, and Sungrow at Rmb 225.00 [8][31] 4. **Emerging Technologies**: Chinese OEMs are expected to dominate global humanoid robot shipments, with significant growth anticipated in 2026 [5] 5. **Market Size Projections**: The global market for solid-state batteries is projected to grow from approximately US$100 million in 2030 to over US$30 billion by 2050, although earnings impact visibility remains low [5] Conclusion The China industrial sector is experiencing a mix of strong export performance and rising concerns over material costs and infrastructure investment. Key sectors such as construction machinery, automation, and lithium battery equipment are poised for growth, while risks related to macroeconomic conditions and competition remain significant.