广西柳工机械股份有限公司 关于开展 2026 年度金融衍生品业务的可行性分析报告 广西柳工机械股份有限公司（以下简称"公司"）为有效控制公司生产经营过程中 使用外币结算产生的汇率波动风险，通过合理利用金融衍生品交易业务规避外汇市场风 险，降低汇率及利率波动对公司利润的影响，实现公司稳健经营，公司拟开展交易最高 总额不超过 5.3 亿美元（按 2026 年预算汇率 USD/CNY7.1，折合人民币约 37.63 亿元）， 额度可循环滚动使用的金融衍生品交易业务。现根据《深圳证券交易所上市公司规范运 作指引》的有关规定，开展金融衍生品交易业务可行性说明如下： 一、申请开展金融衍生品交易业务背景 随着公司国际业务的快速发展，公司海外经营与外汇业务规模日益扩大。结算货币 的多元化是支持公司国际业务向深度和广度快速推进的必要手段。近年来，受国际政治、 经济等因素影响，汇率和利率震荡幅度不断加大，对公司的经营业绩产生较大影响。 为 了降低汇率、利率等价格波动对公司利润的影响以及基于经营战略的需要，使公司长期 保持较为稳定的利润水平，并专注于生产经营，公司必须进行合理有效的风险管理。 二、拟开展的金融衍生品业务概述 公司拟 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-99 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 关于开展 2026 年度金融衍生品业务的公告 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。 重要内容提示： 1、广西柳工机械股份有限公司（以下简称"公司"）为了满足业务发展的需要， 以套期保值为目的开展金融衍生品业务，保持外汇风险管控原则不变。交易业务品种只 限于远期结售汇、差额交易、NDF（无本金交割远期外汇交易，下同）、期权、利率及 货币掉期。交易场所为经国家外汇管理总局和中国人民银行批准、具有衍生品交易业务 经营资格的金融机构。基于目前汇率走势，根据额度分析测算，申请金融衍生品业务交 易最高总额不超过 5.3 亿美元（按 2026 年预算汇率 USD/CNY7.1，折合人民币约 37.63 亿元），额度可循环滚动使用，有效期至下一年度董事会批准新额度为止。 2、公司于 2025 年 12 月 25~26 日召开的第十届董事会第八次会议审议通过了《关 于公司开展 2026 年度金融衍生品业务的议案》，该事项无需提交公司 ...

第十届董事会第八次会议决议公告 该议案已经公司董事会审计委员会审议通过。 证券代码：000528 证券简称：柳 工 公告编号：2025-98 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 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 2025 年 12 月 15 日以 电子邮件方式发出召开第十届董事会第八次会议的通知，会议于 2025 年 12 月 25~26 日 在公司总部会议室（现场方式）召开。会议应到会董事 12 人，实到会董事 12 人。会议 由董事长郑津先生主持。本次会议通知及召开符合有关法律、法规、规章及《公司章程》 的规定，合法有效。经会议审议，作出了如下决议： 表决情况为：12 票同意，0 票反对，0 票弃权。 一、审议通过《关于公司开展 2026 年度金融衍生品业务的议案》 该议案具体内容详见公司同时在《中国证券报》及巨潮资讯网（www.cninfo.com.c n）披露的《柳工关于开展 2026 年度金融衍生品业务的公告》（公告编号：2025-99）。 1．同意 ...

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific companies within the machinery sector, particularly in tractor exports and gas turbine orders [5][11]. Core Insights - The SW Machinery Equipment Index decreased by 1.56% in the last week, ranking 29th among 31 primary industry categories, while it has increased by 33.82% year-to-date, ranking 6th [13][16]. - The report highlights strong growth in tractor exports, particularly for medium and large tractors, with a year-on-year increase of 22.6% in November 2025, and anticipates continued growth in 2026 [5]. - Siemens Energy is establishing a gas turbine assembly base in Hainan, which is expected to enhance collaboration with domestic companies like Yingliu, particularly in turbine blade orders [5][24]. - The engineering machinery sector is experiencing an upward trend, with significant increases in sales and operating rates, indicating a positive outlook driven by infrastructure projects [5][33]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.56% over the last week but has risen by 33.82% since the beginning of 2025, outperforming the Shanghai Composite Index [13][16]. Key Data Tracking - General machinery remains under pressure, with a PMI of 49.2% in November, while engineering machinery shows accelerated growth with excavator sales up by 7.8% year-on-year [25][33]. - The railway equipment sector is stable, with fixed asset investments maintaining a growth rate of around 6% [38]. - The shipbuilding sector is experiencing a slowdown, with new ship price indices showing a decline [40]. Industry Dynamics - The gas turbine market is robust, with GEV reporting a 39% year-on-year increase in new orders for the first three quarters of 2025 [48]. - The oil service equipment sector is stabilizing, supported by high demand in the Middle East [43]. - Industrial gas demand is expected to rise as raw material prices decrease and downstream operating rates improve [46].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company's main business in construction machinery, including excavators and loaders, has seen significant growth, with excavator revenue increasing by 25.1% year-on-year and net profit rising over 90% in the first half of 2025 [3][4] - Emerging businesses, such as aerial work platforms and mining machinery, are also experiencing rapid growth, with aerial work platform sales and profits more than doubling [3][4] - The company's "14th Five-Year Plan" outlines a clear long-term development strategy, aiming for revenue of no less than 60 billion yuan by 2030, with international revenue accounting for at least 60% [5][8] Business Structure Optimization - The main business and emerging sectors are working in synergy, with the construction machinery sector leading the way [3] - The company has achieved a market share increase of 1.6 percentage points in excavators, with overseas sales growing by 22.1% [3][4] Globalization and Overseas Growth - The company is transitioning from a sales network layout to localized operations, with overseas revenue becoming a core support against domestic industry fluctuations [4] - Revenue from emerging markets has grown over 20% in the first three quarters of 2025, with a significant increase in overseas gross margins [4] Financial Forecast - Revenue projections for 2025-2027 are 348.63 billion yuan, 396.57 billion yuan, and 444.50 billion yuan, respectively, with corresponding EPS of 0.77, 1.06, and 1.34 yuan [8][10] - The current stock price corresponds to a PE ratio of 16.3, 11.9, and 9.4 for the years 2025, 2026, and 2027, indicating growth potential [8][10]

Core Viewpoint - LiuGong's stock price has shown a year-to-date increase of 7.60%, with recent fluctuations indicating a slight decline in the short term, while the company continues to demonstrate growth in revenue and profit [2]. Group 1: Stock Performance - On December 19, LiuGong's stock rose by 2.01%, reaching a price of 12.69 yuan per share, with a trading volume of 84.46 million yuan and a turnover rate of 0.33%, resulting in a total market capitalization of 25.819 billion yuan [1]. - Year-to-date, LiuGong's stock has increased by 7.60%, with a 1.17% decline over the last five trading days, a 16.64% increase over the last 20 days, and a 15.05% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, LiuGong achieved a revenue of 25.760 billion yuan, reflecting a year-on-year growth of 12.71%, and a net profit attributable to shareholders of 1.458 billion yuan, which is a 10.37% increase year-on-year [2]. - Since its A-share listing, LiuGong has distributed a total of 5.102 billion yuan in dividends, with 1.122 billion yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, LiuGong had 100,800 shareholders, an increase of 26.20% from the previous period, with an average of 20,140 circulating shares per shareholder, a decrease of 20.29% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 80.2894 million shares, an increase of 14.2355 million shares from the previous period [3].

证券日报网讯12月18日，柳工（000528）在互动平台回答投资者提问时表示，目前柳工产品已远销全球 超180多个国家和地区，形成了覆盖全球重点市场、辐射多区域、服务本地化的营销网络、服务体系与 配件供应等全产业链能力运作格局。 ...

Core Viewpoint - The company is progressing its annual production and operational activities in accordance with the budget goals set at the beginning of the year, with management performance evaluations closely linked to the completion of these budget targets [1] Group 1 - The entire workforce is fully committed to achieving the annual operational goals [1] - The company's operational performance is influenced by multiple complex factors, including macroeconomic environment, industry cycle fluctuations, market competition, and company operations [1] - Investors are advised to pay attention to the company's performance forecasts and periodic reports for specific operational results and financial data [1]