证券代码：000528 证券简称：柳 工 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 投资者关系记录表 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 机构投资者、证券分析师等 60 位参会人员： 大成基金、国寿安保基金、国泰基金、国投瑞银基金、华泰柏瑞基金、华夏基 金、鹏华基金、平安基金、浦银安盛基金、银华基金、长信基金、招商基金、 中欧基金、百年保险资管、宁银理财、人保资产、太平资产、招商信诺资管、 中信资管、阿杏投资、和基投资； 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、国海证券、国金证券、 国联民生证券、华创证券、华福证券、华鑫证券、申万宏源、信达证券、招商 证券、中泰证券、Merrill Lynch (Asia Pacific) Limited 时间 2025 年 11 月 25 日—11 月 26 日 地点 柳工国际工业园、柳工挖掘机智慧工厂、柳工全球创新中心 上市公司接待 人员姓名 1．董事长：郑津先生 2 ...

Core Viewpoint - The article highlights the successful hosting of the 2025 Liugong Global Dealer Conference and the 11.26 Global Customer Festival, showcasing Liugong's advancements in technology and global strategy in the machinery industry [1][2]. Group 1: Strategic Vision - Liugong has transitioned from a single product manufacturer to a comprehensive solution provider over its 67 years of development, emphasizing high-quality global growth [3][5]. - The company aims to pursue high-quality development across customers, products, technology, and solutions, shifting from a machine-centric approach to a customer and application-centric model [5]. Group 2: Technological Empowerment - Liugong launched an electric product energy replenishment solution, introducing three energy supply paths: mobile power supply, rapid battery swapping, and external power sources [8]. - The company unveiled new mining equipment, including the 9200F excavator and DW165CE electric mining truck, expanding its product lineup [12]. - The event featured over 220 pieces of equipment across eight industry solutions, demonstrating Liugong's strength and service capabilities [13]. Group 3: Collaborative Growth - The T-series loader challenge showcased the efficiency advantages of Liugong's new generation loaders, receiving positive feedback from participants [21]. - Attendees experienced Liugong's intelligent manufacturing through factory tours and product test drives, highlighting the company's innovative capabilities [23][25]. - The event served as a platform for global partners to discuss trends and deepen cooperation in the machinery industry [26][28].

Core Viewpoint - The company has established a presence in over 180 countries and regions globally, with a strong market position in the Northern Special Zone [1] Group 1 - The company is closely monitoring changes in the Northern Special Zone and is prepared to adjust its marketing and operational strategies accordingly [1] - The company is committed to actively advancing its global layout and market preparation [1]

Group 1 - The mechanical equipment industry has shown a strong performance with a 55.20% increase from January to October 2025, outperforming the CSI 300 index by 25.03 percentage points, ranking fifth among Shenwan industries [14][6][29] - Revenue and net profit attributable to the parent company for the first three quarters of 2025 grew by 6.11% and 14.52% year-on-year, respectively, indicating improved profitability and operational quality [17][29][30] - The industry is benefiting from factors such as product exports, cost control, and optimization of product structure, leading to enhanced profitability [17][29] Group 2 - The engineering machinery sector has experienced significant growth in exports, with a focus on increasing electrification rates. Domestic excavator sales showed a slowdown in October 2025, attributed to preemptive inventory replenishment [34][44][54] - The demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [34][49] - The global market for electric engineering machinery is projected to grow significantly, with China's electrification rate expected to reach 7.90% by 2024 [69][74] Group 3 - The humanoid robot sector is seeing advancements in industrial applications, particularly in dexterous hand technology, which is crucial for the deployment of humanoid robots in various settings [75][78] - The integration of AI models is enhancing the capabilities of robots, making them more versatile for industrial applications [77][78] - Tesla's Optimus Gen3 is set to launch in Q1 2026, with significant demand for components, indicating a robust growth trajectory for humanoid robotics [79][80] Group 4 - The automation equipment sector is experiencing a mixed recovery, with industrial robots facing intensified competition and a shift towards high-end markets [80][81] - The demand for industrial automation is expected to recover in specific sub-sectors, while overall manufacturing PMI remains below the growth line [80][81] - The machine tool sector is witnessing a gradual recovery in revenue growth, supported by improved downstream demand and policy support [80][81] Group 5 - Investment recommendations for 2026 focus on technology development, cyclical recovery, and export chain layout, with specific companies highlighted for potential investment [6][29][40]

Core Insights - The engineering machinery sector experienced a 1.9% increase on November 26, with Liugong leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Engineering Machinery Sector Performance - Liugong (000528) closed at 12.04, up 6.74% with a trading volume of 1.2395 million shares [1] - Huadong Heavy Machinery (002685) closed at 8.29, up 6.15% with a trading volume of 1.2092 million shares [1] - Other notable performers include: - XD Hangcha (603298) at 25.62, up 3.22% - Shantui (000680) at 10.56, up 3.02% - Zoomlion (000157) at 8.15, up 2.52% [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 63.9794 million yuan from institutional investors, while retail investors experienced a net outflow of 5.171 million yuan [2] - Major stocks with significant capital inflows include: - Huadong Heavy Machinery with a net inflow of 209 million yuan [3] - Xugong Machinery with a net inflow of 40.2421 million yuan [3] - Hengli Hydraulic with a net inflow of 38.9485 million yuan [3]

Core Insights - The article highlights the growth of the Zhongzheng 500 Quality Growth Index, which increased by 0.63% as of November 26, 2025, with notable stock performances from companies like Liugong and Juxing Technology [1] - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, emphasizing the digital transformation of the manufacturing sector and the integration of AI with manufacturing [1] - CITIC Securities projects that the market size for embodied intelligence will exceed one trillion, driven by the generalization capabilities of large models, which can facilitate the scaling of various applications [1] Industry Overview - Industrial robot production saw a year-on-year increase of 17.9% in October, with a cumulative growth of 28.8% from January to October, indicating a rapid development in the humanoid robot sector [2] - Domestic policies aimed at improving manufacturing profitability and reducing competition are expected to boost demand for machinery and equipment [2] - The Zhongzheng 500 Quality Growth ETF closely tracks the Zhongzheng 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential from the broader Zhongzheng 500 Index [2] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology and Kaiying Network being the top two [2] - The performance of individual stocks within the index varied, with Huagong Technology increasing by 3.08% and Tianshan Aluminum decreasing by 0.47% [4]

Group 1 - The engineering machinery sector opened higher on November 26, with notable gains in several companies [1] - Iron Tuo Machinery saw an increase of over 10%, indicating strong market performance [1] - Other companies such as Southern Road Machinery, LiuGong, ShanTui Co., ZhiGao Machinery, and WuXin Tunnel Equipment also experienced upward movement [1]

Core Viewpoint - The engineering machinery sector opened higher, with notable gains in several companies, indicating positive market sentiment in this industry [1] Company Summaries - Iron Tuo Machinery saw a rise of over 10%, reflecting strong investor interest and confidence in its performance [1] - Other companies such as Southern Road Machinery, LiuGong, Shantui, Zhigao Machinery, and Wuxin Tunnel Equipment also experienced upward movement, suggesting a broader trend of growth within the sector [1]

Core Viewpoint - The collaboration between German technology and the Chinese market exemplified by Liuzhou ZF has accelerated the globalization of the partnership, showcasing the integration of management wisdom and skills from both countries [2][4]. Group 1: Company Overview - Liuzhou ZF Machinery Co., Ltd. celebrated its 30th anniversary, having been established in 1995 through a partnership between Guangxi Liugong Machinery Co., Ltd. and ZF Group [4]. - ZF Group, with over a century of history, is a significant global supplier of automotive components, contributing advanced technology to enhance China's traditional component sector [4]. Group 2: Market Presence and Achievements - Liugong has become a model for Chinese equipment manufacturing going global, exporting products to over 180 countries and regions, with ZF transmission components being key products in markets like Indonesia, India, and Russia [5]. - Over the past 30 years, Liuzhou ZF has integrated ZF's century-old technological foundation into Liuzhou's manufacturing, achieving recognition for high-quality transmission components in the industry, with cumulative sales of 150,000 units [5]. Group 3: Future Prospects - The demand for electrification in the construction machinery industry is increasing, and both companies are looking forward to participating in this transition [5]. - A new cooperation agreement was signed to extend and deepen the partnership for another 20 years, indicating a commitment to future collaboration [5]. - The combination of Germany's advanced manufacturing experience with China's strengths in new energy and intelligence is expected to create better cooperation advantages [5].

Market Overview - The engineering machinery sector increased by 0.26% on November 25, with Helen Zhe leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Helen Zhe (300201) closed at 6.36, up 6.00% with a trading volume of 1.5095 million shares and a turnover of 944 million yuan [1] - Jin Dao Technology (301279) closed at 28.89, up 5.13% with a trading volume of 27,900 shares and a turnover of 797.584 million yuan [1] - Xia Gong Co. (600815) closed at 3.74, up 3.31% with a trading volume of 1.382 million shares and a turnover of 511 million yuan [1] - Changling Hydraulic (605389) closed at 67.01, up 3.20% with a trading volume of 20,900 shares and a turnover of 140 million yuan [1] - Aidi Precision (603638) closed at 19.90, up 3.11% with a trading volume of 137,300 shares and a turnover of 274 million yuan [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 23.2778 million yuan from institutional investors and 12.6804 million yuan from speculative funds, while retail investors saw a net inflow of 35.9582 million yuan [2] - The top net inflows from institutional investors included Zhonglian Cheke (000157) with 38.2059 million yuan and Helen Zhe (300201) with 36.83 million yuan [3] - The largest net outflows from retail investors were seen in Zhonglian Cheke (000157) with -50.0579 million yuan and Helen Zhe (300201) with -25.7235 million yuan [3]