Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in domestic markets. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in sectors like aerospace and military. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting larger firms with cost advantages [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies, and suggests focusing on companies involved in AI PCB equipment, AIDC devices, and industrial gases [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire HuiLian Electronics to enter the PCB drill needle market, enhancing its product line and positioning in high-growth sectors driven by AI [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of commercial space and rocket launch capabilities [23][24]. - Liugong, a leader in the engineering machinery sector, is undergoing reforms to enhance operational vitality and aims for 60 billion CNY in revenue by 2030, with a focus on internationalization and smart solutions [27][28]. Key Data Tracking - The mechanical industry has seen a significant decline of 12.8% in the past month, with various sub-sectors experiencing different levels of performance [10][11]. - The report tracks macroeconomic indicators, including manufacturing PMI and fixed asset investment growth, which are crucial for understanding industry trends [32][33].

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in the domestic market. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in aerospace, military, and electronics sectors. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting leading manufacturers [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on companies involved in AI PCB equipment, industrial gases, humanoid robots, and engineering machinery [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire 70% of Huilian Electronics for up to 700 million CNY, enhancing its position in the PCB drill needle sector. This acquisition is expected to strengthen its product line and capitalize on the growing demand driven by AI and high-tech applications [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of rocket launch capabilities and the potential for investment in related components [23][24]. Key Data Tracking - The mechanical industry has seen a significant decline, with a 12.8% drop in the sector's performance over the past month. However, certain sub-sectors, such as metal products, have shown resilience with a 2.7% increase [10][11]. - The report provides macroeconomic indicators, including the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's overall health [32][33].

Summary of the Conference Call for LiuGong Company Overview - **Company**: LiuGong - **Industry**: Construction Machinery Key Points Financial Performance and Projections - **2026 Q1 International Business Revenue**: Expected growth of 20%-25%, a 10 percentage point acceleration compared to the same period in 2025 [2][4] - **Overall Performance**: Anticipated single-digit growth for the overall performance in 2026 [2] - **Middle East Conflict Impact**: Limited impact on revenue, with pure Middle East revenue contributing only 3%-4% [2][4] - **Exchange Losses**: Estimated losses of RMB 50 million to 100 million due to currency fluctuations [4] Product and Market Insights - **Electric Loader Penetration**: Expected to reach 60% in 2026, with overseas electric loader gross margins exceeding 50% [2][4] - **Domestic Business Improvement**: Increased share of large and super-large excavators contributing to profit recovery; loader business gross margins have bottomed out [2][4] - **Mining Business Goal**: Targeting RMB 10 billion scale by 2030, transitioning from small to large mines [2][11] - **Agricultural Machinery**: Currently in a foundational stage, aiming for profit contribution by 2027 [2][12] Industry Trends - **Industry Cycle**: Currently in an L-shaped slow recovery phase, expected to rise until 2028 [2][16] - **Price Competition**: Price wars are easing, especially in the electric loader sector due to rising fuel costs [5][6] Strategic Initiatives - **H Share IPO Plans**: Delayed due to A-share valuation issues; decision expected in the second half of 2026 [2][6] - **International Business Strategy**: Aiming for international revenue to exceed 60% of total by 2030, with increased resource allocation [7][11] - **R&D and Market Investment**: No changes in R&D and market investment plans for 2026, with evaluations planned mid-year [7] Channel Strategy - **Distribution Model**: Primarily relying on dealers, with a focus on supporting them rather than increasing direct sales [7][9] - **Agent Transition**: Open to new cooperation models with agents to enhance governance and compliance [8] Competitor Landscape - **Agent Profitability**: Agents focusing on comprehensive solutions are performing better than those specializing in single products [9] - **Market Adaptation**: Encouraging agents to adopt models similar to Caterpillar, focusing on after-market services [9][10] Regional Market Insights - **Regional Performance**: North American market expected to show good growth in 2026, while the Northern Special Zone (Russia) may face challenges [16][17] - **Emerging Markets**: Africa and South Asia are identified as regions with long-term growth potential [17][18] Product Development - **Electric Loader Gross Margin**: Currently over 50% in international markets, with expectations for domestic margins to improve [14][15] - **Product Innovation**: Focus on new technology products and improving product structure to enhance margins [15] Conclusion - **Overall Outlook**: LiuGong is positioned for growth with strategic initiatives in international markets, product innovation, and a focus on improving profitability through enhanced product offerings and market strategies [2][7][11]

Investment Rating - The report maintains a "Recommended" rating for key companies in the engineering machinery sector, including Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery [3][11]. Core Insights - The engineering machinery industry is expected to experience a V-shaped recovery in 2026, driven by both domestic and international demand, with a focus on structural optimization [11]. - Domestic excavator sales are projected to grow by 18% in 2025, with a notable increase in the sales of small excavators, while the overall market is expected to recover significantly in 2026 [7][19]. - Internationally, sales in Asia, Africa, and Latin America are expected to see double-digit growth, while Europe and North America are anticipated to turn positive, indicating a broad recovery in overseas markets [43][62]. Summary by Sections Domestic Market - The domestic market for excavators and non-excavators is showing signs of recovery, with a clear upward trend expected in 2026. The sales of excavators are projected to reach 23.5 million units in 2025, with a year-on-year growth of 17% [7][19]. - The sales structure is expected to improve, with small excavators leading the growth, followed by medium and large excavators [19][24]. International Market - The overseas market is projected to account for approximately 50% of excavator sales in 2025, with a total of 117,000 units sold, reflecting a year-on-year growth of 16% [43][62]. - The report highlights the significant potential for growth in international markets, particularly in North America, where a decline in interest rates and a return of manufacturing are expected to boost demand [43][46]. Investment Recommendations - The report suggests focusing on leading companies such as Sany Heavy Industry, XCMG, Zoomlion, Shantui, Hengli Hydraulic, LiuGong, and Construction Machinery, which are well-positioned to benefit from the anticipated recovery in both domestic and international markets [11][62].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a positive outlook for specific companies within the machinery sector [10]. Core Insights - The agricultural machinery sector is expected to recover globally, with significant growth in domestic demand and exports, particularly in the tractor segment [4]. - Yushutech's IPO is highlighted, showcasing its leading position in humanoid robot sales and strong profitability metrics [4]. - The engineering machinery sector is experiencing high export growth, with recommendations for several leading companies due to their undervaluation and potential profit elasticity from overseas markets [4]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 6.26% over the past week, ranking 25th among 31 primary industry categories, while the CSI 300 Index decreased by 2.19% [12]. - Year-to-date, the SW Machinery Equipment Index has risen by 1.36%, ranking 12th among the same categories, with the CSI 300 Index down by 1.36% [14]. Agricultural Machinery - In January-February 2026, the production of large and medium tractors in China was 25,000 and 46,000 units, respectively, showing a year-on-year change of +9.4% and -3.5% [4]. - Exports of wheeled tractors reached 22,800 units, a year-on-year increase of 37.1%, with export value at $22.6 million, up 32.2% [4]. Engineering Machinery - The total export of excavators and loaders in January-February 2026 was 20,456 and 12,143 units, respectively, with year-on-year growth of 38.8% and 43.9% [4]. - The report emphasizes the potential for profit elasticity from overseas markets and recommends companies like XCMG, Hengli Hydraulic, Sany Heavy Industry, Zoomlion, and LiuGong [4]. Humanoid Robotics - Yushutech plans to issue at least 40.45 million shares to raise 4.2 billion yuan, aiming to become the first humanoid robot company listed on the A-share market [4]. - The company reported a revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335%, with a gross margin of 60.27% and a net profit margin of 35.1% [4]. Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward, with stable growth in railway equipment and gas turbines [4]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [4].

Investment Rating - The report maintains a "Recommended" rating for the engineering machinery industry [1] Core Insights - The overall export of China's engineering machinery remains robust, with a total trade value of USD 11.072 billion in January-February 2026, reflecting a year-on-year growth of 31.4%. Exports alone reached USD 10.686 billion, up 33.4% year-on-year, while imports decreased by 7.46% to USD 3.86 billion [6][15] - Excavators are the primary export product in the engineering machinery sector, with export value reaching CNY 12.98 billion in January-February 2026, marking a 29.7% increase year-on-year. The growth rates for exports to various regions include Latin America (+68%), Africa (+62%), Asia (+22%), Europe (+0.4%), North America (+24%), and Oceania (+29%) [9][16] Summary by Sections Overall Export Performance - In January 2026, the export value was USD 5.556 billion, a 17.5% increase year-on-year, while February saw exports of USD 5.13 billion, up 56.3% year-on-year [15] - The engineering machinery export value for January-February 2026 is USD 10.686 billion, with a significant year-on-year growth of 33.4% [6][15] Excavator Export Insights - Excavators accounted for the largest share of engineering machinery exports, with a total export value of CNY 12.98 billion in January-February 2026, reflecting a year-on-year increase of 29.7% [16] - The report highlights key export markets for excavators, including Brazil (1,372 units), Belgium (2,702 units), Indonesia (4,762 units), the United States (10,039 units), South Africa (498 units), and Australia (1,141 units [9][35] Regional Export Growth - The report details the year-on-year growth rates for excavator exports to different regions, with Latin America showing the highest growth at 68%, followed by Africa at 62% and Asia at 22% [9][35] - The overall export performance indicates a strong demand for engineering machinery, particularly excavators, across various international markets [6][9]

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Insights - In January-February 2026, excavator sales in China (including exports) reached 35,934 units, a year-on-year increase of 13.1%, while domestic sales were 15,478 units, down 9.2% due to the impact of the Spring Festival [3] - The report highlights a significant recovery in the demand for non-excavator machinery, with loader sales increasing by 11.5% and crawler crane sales rising by 30.3% year-on-year [3] - The government plans to allocate 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds to support infrastructure construction, which is expected to drive the recovery of the engineering machinery sector [4] - Excavator exports surged to 20,456 units, a 38.8% increase year-on-year, indicating strong international demand [5] - Electric loader sales saw a remarkable growth of 112.7%, with an electrification rate of 24.1%, reflecting a shift towards green and low-carbon technologies in the industry [6] - Forklift sales increased by 14.1%, with a notable rise in the demand for unmanned forklifts driven by advancements in robotics and artificial intelligence [7] - The mining machinery sector is experiencing sustained growth, with global market size projected to increase from 123 billion USD in 2025 to 160 billion USD by 2030, indicating significant opportunities for domestic manufacturers [9] - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to further boost demand for engineering machinery [10] Summary by Sections Excavator Sales - In January-February 2026, excavator sales were 35,934 units, with domestic sales down 9.2% and exports up 38.8% [3][5] Loader and Crane Sales - Loader sales increased by 11.5%, and crawler crane sales rose by 30.3% year-on-year [3] Government Support - The government is set to invest 755 billion yuan in infrastructure, which will support the engineering machinery sector [4] Electric Machinery - Electric loader sales reached 5,132 units, a 112.7% increase, with an electrification rate of 24.1% [6] Forklift Market - Forklift sales grew by 14.1%, with a significant rise in unmanned forklift adoption [7] Mining Machinery - The global mining machinery market is expected to grow significantly, providing opportunities for domestic companies [9] Major Projects - The Yarlung Tsangpo River hydropower project is anticipated to drive demand for engineering machinery [10]

☑ 是 □ 否 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不 得担任公司董事的情形。 广西柳工机械股份有限公司 独立董事候选人声明与承诺 声明人林朝南作为广西柳工机械股份有限公司第十届董事会独立董 事候选人，已充分了解并同意由提名人广西柳工机械股份有限公司董事会 提名为广西柳工机械股份有限公司（以下简称该公司）第十届董事会独立 董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人 独立性的关系，且符合相关法律、行政法规、部门规章、规范性文件和深 圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体 声明并承诺如下事项： 一、本人已经通过广西柳工机械股份有限公司第十届董事会提名委员 会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 ☑ 是 □ 否 七、本人担任独立董事不会违反中共中央纪委《关于规范中管干部辞 去公职或者退（离）休后担任上市公司、基金 管理公司独立董事、独立 监事的通知》的相关规定。 ☑ 是 □ 否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2026 年 3 月 20 日召开 第十届董事会第十次（临时）会议，审议通过了《关于公司增补第十届董事会非独立董 事的议案》《关于公司增补第十届董事会独立董事的议案》。现将相关情况公告如下： 一、董事离任情况 1 . 因工作变动原因，公司第十届董事会原非独立董事黄海波先生已辞去董事职务， 详见公司在《中国证券报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于非独立 董事、高级副总裁辞职的公告》（公告编号：2026-04）； 证券代码：000528 证券简称：柳 工 公告编号：2026-13 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于增补董事的公告 2 . 公司独立董事李嘉明先生意外离世。李嘉明先生的原定任期为自 2025 年 5 月 20 日起至 2028 年 5 月 19 日公司第十届董事会任期届满之日止。截至本公告披露日，李 嘉明先生未持有公司股份，不存在应当履行而未履行的承诺事项。 二、董事增补情况 根据《 ...

广西柳工机械股份有限公司 独立董事提名人声明与承诺 提名人广西柳工机械股份有限公司董事会现就提名林朝南为广西柳工 机械股份有限公司第十届董事会独立董事候选人发表公开声明。被提名人 已书面同意作为广西柳工机械股份有限公司第十届董事会独立董事候选人 （参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情 况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、 规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立 性的要求，具体声明并承诺如下事项： 一、被提名人已经通过广西柳工机械股份有限公司第十届董事会提名 委员会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关 系或者其他可能影响独立履职情形的密切关系。 ☑ 是 □ 否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规 定不得担任公司董事的情形。 ☑ 是 □ 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳 证券交易所业务规则规定的独立董事任职资格和条件。 ☑ 是 □ 否 七、被提名人担任独立董事不会违反中共中央纪委《关于规范 ...