Core Viewpoint - LiuGong (000528.SZ) announced the resignation of non-independent director and senior vice president Huang Haibo due to work changes, effective February 10, 2026 [1] Group 1: Resignation Details - Huang Haibo submitted a written resignation report, resigning from his positions as non-independent director, vice chairman, senior vice president, and member of the strategic committee [1] - His original term was set from May 20, 2025, to May 19, 2028, coinciding with the end of the tenth board term [1] - After resigning, Huang Haibo will not hold any other positions within the company [1] Group 2: Shareholding and Compliance - As of the announcement date, Huang Haibo holds 251,100 shares in the company [1] - There are no unfulfilled commitments that he is required to perform [1] - Huang Haibo will continue to comply with the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange regarding changes in shareholding by directors and senior executives of listed companies [1]

证券代码：000528 证券简称：柳 工 公告编号：2026-04 债券代码：127084 债券简称：柳工转2 公司对黄海波先生在任职期间为公司所做贡献致以衷心的感谢！ 特此公告。 广西柳工机械股份有限公司 关于非独立董事、高级副总裁辞职的公告 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 2 月 10 日收到 非独立董事（副董事长）、高级副总裁黄海波先生提交的书面辞职报告，因工作变动原 因，黄海波先生提出辞去公司第十届董事会非独立董事（副董事长）、高级副总裁、战 略委员会委员等职务。辞去以上职务后，黄海波先生在公司不再担任其他职务。 黄海波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，黄海波先生持有公司股份 251,100 股，不存 在应当履行而未履行的承诺事项。黄海波先生将继续遵守中国证监会、深圳证券交易所 关于上市公司董事和高管人员持股变动管理的相关规定。 根据《公司法》和《公司章程》等有关规定 ...

Group 1 - The core viewpoint of the report is that the domestic demand for construction machinery is recovering, driven by major water conservancy projects and the establishment of overseas production capacity by domestic companies, leading to an acceleration in globalization and increased market penetration [1][2][3] Group 2 - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and export sales at 9,985 units (up 40.5%) [1][2] - The demand for excavators is expected to continue its recovery due to upcoming projects in various sectors, including mining and infrastructure, as well as government policies promoting the replacement of old equipment [2] Group 3 - Loader sales in January 2026 totaled 11,759 units, reflecting a year-on-year growth of 48.5%, with domestic sales at 5,293 units (up 42.8%) and export sales at 6,466 units (up 53.4%) [1][3] - The electric loader segment saw sales of 2,990 units, achieving a penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [3][3] Group 4 - LiuGong's projected net profit for 2025 is between 1.526 billion and 1.659 billion yuan, representing a year-on-year growth of 15-25%, driven by stable demand in the domestic market and a recovering international market [4] - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]

Core Viewpoint - The sales of excavators and loaders in January 2026 show significant growth, indicating a strong recovery in the domestic and international construction machinery market driven by major infrastructure projects and increasing demand for equipment upgrades [2][3][4]. Excavator Sales - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales reaching 8,723 units (up 61.4%) and exports totaling 9,985 units (up 40.5%) [2][3]. - The strong growth in domestic sales is attributed to a low base from the previous year due to the early Spring Festival, and upcoming projects in various sectors are expected to further boost demand [3]. - The export value of excavators in December 2025 was $1.277 billion, a month-on-month increase of 39.28%, and a year-on-year increase of 75.17% compared to December 2024 [3]. Loader Sales - In January 2026, a total of 11,759 loaders were sold, marking a year-on-year increase of 48.5%, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [2][4]. - The growth in domestic loader sales is driven by the commencement of major projects, such as the Yaxia Hydropower Station and the New Tibet Railway, which have increased demand for earth-moving equipment [4]. - The sales of electric loaders reached 2,990 units, with an electric penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [4]. Company Performance - Liugong (000528) is projected to achieve a net profit of 1.526 billion to 1.659 billion yuan for 2025, reflecting a year-on-year growth of 15-25%, driven by stable demand in the domestic construction machinery sector [4]. - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]. Investment Recommendations - The report suggests focusing on companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as SANY Heavy Industry (600031), Zoomlion (000157), Liugong, Shantui (000680), and Hengli Hydraulic (601100) [5].

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 global construction machinery cycle is on an upward trend, with domestic and export sales of excavators exceeding expectations. In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales were 8,723 units (+61.4%), and exports were 9,985 units (+40.5%) [4][30]. - The report highlights the increasing frequency of global rocket launches, emphasizing the importance of the commercial space rocket supply chain, including engines and 3D printing technologies [4]. - Tesla's upcoming third-generation robot is anticipated to boost the sector's performance in the spring, with key companies expected to benefit from this development [4]. - The report categorizes the industry performance indicators as follows: General Machinery (continuing pressure), Engineering Machinery (accelerating upward), Shipbuilding (downward trend slowing), Oilfield Equipment (bottoming out), Railway Equipment (steady upward), and Gas Turbines (steady upward) [4]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.38% during the week of February 2-6, 2026, ranking 11th among 31 primary industry categories. Year-to-date, the index has increased by 6.72%, ranking 9th, while the CSI 300 Index rose by 0.29% [12][14]. Key Data Tracking - General Machinery: The PMI for January was 49.3%, indicating a contraction. Forklift sales in December 2025 were 111,363 units, with domestic sales down by 5.17% [21]. - Engineering Machinery: The sector is experiencing accelerated growth, with January excavator sales significantly exceeding expectations [30]. - Railway Equipment: The sector shows steady growth, with fixed asset investment maintaining around 6% since 2025 [39]. - Shipbuilding: The new ship price index as of January 2026 was 184.29, reflecting a year-on-year decrease of 2.7% [41]. - Oilfield Equipment: The sector is stabilizing, with high activity in natural gas development in the Middle East [42]. - Industrial Gases: Demand is expected to rise as raw material prices decline and downstream operating rates improve [44]. - Gas Turbines: The global market for gas turbines is showing robust growth, with new orders increasing by 47.5% year-on-year [46].

Summary of Conference Call Notes Industry Overview - The global construction machinery industry is entering an upward demand cycle, supported by various factors, with a notable shift from earthmoving to both earthmoving and non-earthmoving equipment in 2023 [1][2] - Monthly data indicates that exports of excavators from China and Japan to regions such as North America, Latin America, Africa, the Middle East, and South Asia have shown high growth in December [1] Key Financial Insights - Leading companies in the sector reported significant revenue growth in Q4 2025: - North America: +23% - EAME (Europe, Africa, and the Middle East): +18% - Asia-Pacific: -7% - Latin America: +6% [1] - Caterpillar's construction machinery revenue growth in Q3 2025 was as follows: - North America: +8% - EAME: +6% - Asia-Pacific: +3% - Latin America: -1% - The construction machinery sector in North America and EAME is accelerating, while Latin America has shown signs of recovery [1] Regional Demand Drivers - Southeast Asia's demand is driven by mining and urbanization, while Latin America's demand is supported by real estate and mining sectors. The Middle East and North Africa are focusing on infrastructure and mining [2] - Domestic demand in China is expected to benefit from the renewal cycle, second-hand equipment exports, and large infrastructure projects, with earthmoving demand leading the way [2] Future Projections - The domestic construction machinery market is projected to grow by over 10% in 2026, with export growth expected to exceed 15% [2] - The domestic market is anticipated to be a stable growth driver, while exports will contribute significantly to profit elasticity [2] Investment Recommendations - Long-term sector allocation is advised, with specific recommendations for companies such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, and LiuGong [3]

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. has appointed Huatai United Securities as the sponsor for its 2023 convertible bond issuance to unspecified objects, with ongoing supervision responsibilities until December 31, 2024 [1]. Group 1 - Huatai United Securities has replaced the sponsor representative Yang Ming with Gao Bo due to personal work changes, ensuring the continuity of supervision for the convertible bond project [1][2]. - The current sponsor representatives for the project are Gao Bo and Yang Bai Ling, with the supervision period lasting until the obligations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange are fulfilled [2]. - The company expresses gratitude for Yang Ming's efforts during his tenure as the sponsor representative [3]. Group 2 - Gao Bo, the new sponsor representative, is the Executive General Manager of the Investment Banking Division at Huatai United Securities and has extensive experience in investment banking, having participated in various A-share IPO projects and refinancing projects [4].

Group 1 - The company LiuGong announced a change in the representative for the continuous supervision of its convertible bonds from Yang Ming to Gao Bo [2] - Huatai United Securities will continue to fulfill its supervisory responsibilities until the end of regulatory requirements [2]

Group 1 - The engineering machinery sector experienced a significant increase of 6.35% on February 3, with construction machinery leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the engineering machinery sector showed notable price increases, with Construction Machinery rising by 9.95% to a closing price of 4.53 [1] Group 2 - The main capital inflow in the engineering machinery sector was 1.283 billion yuan, while retail investors saw a net outflow of 817 million yuan [2] - Major stocks such as Sany Heavy Industry and Zoomlion received significant net inflows from institutional investors, with Sany Heavy Industry attracting 675 million yuan [3] - The overall trading volume for the engineering machinery sector was substantial, with individual stocks like Zoomlion and Sany Heavy Industry contributing significantly to the total turnover [1][2]

证券代码：000528 证券简称：柳 工 公告编号：2026-03 债券代码：127084 债券简称：柳工转2 特此公告。 广西柳工机械股份有限公司董事会 2026 年 2 月 4 日 第 1页，共 2页 广西柳工机械股份有限公司 关于变更持续督导保荐代表人的公告 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"）聘请华泰联合证券有限责任公司 （以下简称"华泰联合证券"）担任公司 2023 年向不特定对象发行可转换公司债券的 保荐机构，原委派杨柏龄女士、杨铭先生担任保荐代表人。该项目的法定持续督导期至 2024年12月31日止。因公司本次向不特定对象发行可转换公司债券尚未完全转股完毕， 且本次募集资金尚未使用完毕，华泰联合证券将对可转换公司债券转股以及募集资金存 放和使用事宜继续履行持续督导责任。 公司于近日收到华泰联合证券《关于更换广西柳工机械股份有限公司向不特定对象 发行可转换公司债券持续督导保荐代表人的函》，华泰联合证券委派的本项目保荐代表 人杨铭先生因个人工作变动原因，不再担任本项目持续督导的保荐代表人。根据相 ...