山推股份 20260129 摘要 山推股份受益于全球化和大型化趋势，推土机业务稳健增长，国内市场 占有率已达 70%，并积极拓展挖掘机和矿卡业务，实现产业协同发展， 预计 2026 年矿卡业务收入达 5 亿元，增长 100%。 公司 2024 年营收达 142 亿元，归母净利润 11.02 亿元，同比增长 15.67%，毛利率稳步提升至 25.3%，净资产收益率达 21%，海外收入 占比超 50%，依托山东重工海外网络推进全球化。 通过收购山重建机，山推股份补齐挖掘机技术短板，实现全系列产品覆 盖，共享销售渠道，受益于国内固定资产投资和新兴国家需求，挖掘机 市场迎来新一轮增长周期，预计 2025 年山重建机贡献 2.5 亿至 3 亿元 净利润。 山东重工集团承诺将山推打造成唯一工程机械板块，计划将整个挖掘机 构并入，减少同业竞争，并通过潍柴动力与林德液压系统赋能，提升产 品竞争力。 推土机是公司核心业务，国内市场份额 65%，出口持续增长，大马力推 土机占比不断扩大，公司首创 AI 纯电无人驾驶推土机，引领行业标准， 预计 2026 年收入 35 至 40 亿元。 Q&A 山推股份在全球推土机市场的地位如何？ ...

智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 这台爬行自如的机器人来自山东尚核电力科技有限公司。作为一家专业为核电站"护肤"的企业，尚 核电力不断将数字化、智能化引入生产和施工场景，实现了质量、效率双提升。目前，公司在海洋防腐 工程、各类管道制造和安装等领域均已达到国内领先水平，服务范围覆盖全国100多台核电机组。 数字化转型的深度，决定着制造业的高度。尚核电力的质效优势，背后是济宁数字产业化"十大工 程"和产业数字化"八大行动"的强力支撑：当地构建"项目—企业—产业"数字经济发展体系，规上企业 数字化转型率达92.7%。12家国家级5 ...

智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 科技创新的"智慧内核"，是济宁"智造"叩开"大国重器"大门的密钥。汶上海纬机车配件有限公司的 智能化车间里，生产热潮驱散了冬日的寒冷，超1600℃高温淬炼的特殊材料历经20多道工序，蜕变为一 片片锃亮的高铁制动盘。 "高铁运行不是光看能不能跑起来，还要看能不能停得住、停得稳、停得准。"公司副总李社星介 绍，我国新一代高速列车复兴号CR450动车组列车运行时速将提升到400公里，而制动距离却要求与 CR400时速350公里时的6500米标准持平。公司研发团队历时半年攻关，通过创新铸造配方与热处 ...

供给紧缺下，金属大宗价格持续走高，叠加美联储降息预期影响，海外龙头矿企有望提振资本开支意愿，我们看 好全球矿山机械迎来新一轮景气周期，重点推荐以下矿机出口链标的： 【徐工机械】成套化的露天矿机龙头，对标卡特、小松，25年矿机收入预期130亿（含备件），同比+50%；30年 矿机收入目标400亿，cagr25-30%。 【三一国际】矿机业务占总营收40%，海外 矿山机械重点标的推荐 矿山机械重点标的推荐 【三一国际】矿机业务占总营收40%，海外+矿卡预计贡献26年主要增长弹性，海外矿机占矿机业务比重预计超过 50%（60亿），渠道模式调整有望带动盈利能力回升；28年海外矿机业务目标130亿，3年翻倍以上增长。 【山推股份】矿用推土机龙头，打造完整露天挖运解决方案，25年矿用设备销售占比预计10%以上。 【耐普矿机】选矿耐磨备件龙头，对标美伊电钢，25年矿机收入预期10亿，海外占比超50%；26年凭借锻造新品 放量+海外新建产能+金矿投资收益，有望进入新一轮业绩上行期，28年中期收入目标20亿、业绩目标4亿。 【新锐股份】主营硬质合金及凿岩工具，对标山特维克，25年矿机收入预期18亿，海外占比40%；是具备出海能 ...

投资者关系活动 类别 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √）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 （请文字说明其他活动内容） 参与单位名称及 人员姓名 淡水泉投资：原茵、刘耀阳 时间 2026 年 1 月 23 日 地点 山推股份办公楼 201 会议室 上市公司接待 人员姓名 袁青、李蓓、肖尧 投资者关系活动 主要内容介绍 一、互动交流 1、公司销售管理模式： 为高效管理公司全球销售网络，公司建立了"两横九纵"的创 新型销售管理模式，以国内、国外两个大区为"两横"，以推土机、 挖掘机等九大产品线为"九纵"，从而形成对销售团队的横纵矩阵 化管理，高效打通市场反馈并实现资源高效匹配，确保产品高效触 达全球市场。 2、公司制造能力提升方向： 公司近年来聚焦智慧化、绿色化、集约化发展，构建智能制造 体系，于 2025 年成功入选工信部首批卓越级智能工厂。2025 年， 1 | | 公司建成新产品试制中心，集成 AGV 柔性装配生产线、数字孪生等 | | --- | --- | | | 智能技术，支撑矿山装备 ...

证券代码：000680 证券简称：山推股份 公告编号：2026-009 山推工程机械股份有限公司 2026 年第一次临时股东会决议公告 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。 特别提示 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)会议召开情况 1、召开时间： (1)现场会议时间：2026 年 1 月 23 日（星期五）下午 14:00。 (2)网络投票时间：2026 年 1 月 23 日（星期五），其中： 1 出席本次股东会现场会议和网络投票表决的股东及股东代理人共 435 人，代表股 份 241,602,933 股，占公司有表决权股份总数的 16.2342%。 ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年1月23日上午 9:15-9:25，9:30-11:30，下午13:00-15:00； ②通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2026年1月23 日上午9:15至下午15:00的任意时间。 2、召开地点：山东省济宁市高新区 327 国道 ...

北京市环球律师事务所上海分所 关于 山推工程机械股份有限公司 2026 年第一次临时股东会的 法律意见书 北京市环球律师事务所上海分所 关于山推工程机械股份有限公司 2026 年第一次临时股东会的 法律意见书 GLO2026SH（法）字第 0113 号 致：山推工程机械股份有限公司 根据山推工程机械股份有限公司（"山推股份"或"公司"）的委托，北京市 环球律师事务所上海分所（"本所"）就公司2026年第一次临时股东会（"本次股 东会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、表决程 序及表决结果等相关问题发表法律意见。本法律意见书系依据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》（"《股东会规 则》"）、《上市公司独立董事管理办法》等相关法律、法规、规章及规范性文 件及《山推工程机械股份有限公司章程》（"《公司章程》"）的相关规定出具。 为出具本法律意见书之目的，本所经办律师（"本所律师"）依照现行有效 的中国法律、法规以及中国证券监督管理委员会（"中国证监会"）相关规章、 规范性文件的要求和规定，对山推股份提供的与题述事宜有关的法律文件及其 他文件、资料进行了审查 ...

Investment Rating - The report suggests a positive outlook for the mining machinery industry, indicating a potential upward trend in demand due to expectations of a global mining machinery demand turning point in 2026 [1][23]. Core Insights - The global mining machinery market is projected to be valued between 100 to 150 billion USD, with a balanced structure across various segments including drilling, crushing, mineral processing, open-pit, and underground equipment [5][8]. - The report highlights a shift in the business model of equipment companies from "manufacturing" to "operational services and resource development," driven by increased competition in the domestic market [20][23]. - The anticipated decline in interest rates by the Federal Reserve is expected to boost capital expenditures in the mining sector, leading to increased sales of mining machinery [18][20]. Market Overview - The mining machinery industry consists of 477 listed companies with a total market capitalization of 552.5 billion CNY, representing 4.9% of the market [2]. - The report notes that the mining machinery sector is a significant high-end segment within the broader engineering machinery market, with a steady growth trajectory expected as the industry enters a new replacement cycle [8][20]. Demand Outlook - Global capital expenditures by leading mining companies are projected to stabilize, with a potential recovery in demand for mining machinery as commodity prices strengthen [5][20]. - The report cites that in the first half of 2025, global leading mining companies' capital expenditures are expected to be 13.8 billion USD, reflecting a year-on-year decrease of 5.48% [20]. Industry Trends - The report identifies a trend where mining machinery companies are increasingly extending their business models to include operational and investment services, as evidenced by recent partnerships and equity acquisitions in mining projects [20][23]. - The report emphasizes the importance of high-end, automated products in the competitive landscape of the mining machinery sector, as companies adapt to changing market demands [20]. Investment Recommendations - The report recommends focusing on companies leading in open-pit mining machinery and those making significant progress in international markets, such as XCMG, SANY International, and others [23]. - It also suggests monitoring companies that are evolving their business models towards operational services and resource development, including Nape Mining Machinery and Zhejiang Mining [23].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

1. Reported Industry Investment Rating - No information provided 2. Core Views of the Report - The company firmly promotes the mining strategy, concentrating superior resources and systematically deploying high - end equipment for the entire mining construction scenario. It has formed a mining product matrix and has developed systematic competitiveness in the high - tech and high - value - added mining field [22] - The heavy industry group provides the company with synergy advantages in product R & D, through "integrated collaboration" R & D between vehicle and engine enterprises [22] - The company actively responds to the "Belt and Road" initiative, with products covering over 95% of countries and regions along the route. It has continuously improved the global regional operation framework this year, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets such as Southeast Asia and Africa [22] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Shantui Construction Machinery Co., Ltd., belonging to the construction machinery industry. The reception time was January 21, 2026, and the listed company's reception staff were Yuan Qing, Xiao Yao, and Dong Jianjun [17] 3.2 Detailed Research Institutions - The reception object is a fund management company, specifically, the relevant personnel from Harvest Fund is Zhai Fang [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - The company has formed a mining product matrix centered on large - horsepower mining bulldozers and high - drive bulldozers, covering large mining excavators, mining graders, and TEH series rigid mining trucks, and has launched relevant products into the market [22] - The heavy industry group supports the "integrated collaboration" R & D between vehicle and engine enterprises, jointly creating a product portfolio with differential competitive advantages [22] - The company's products cover over 95% of countries and regions along the "Belt and Road" route. This year, it has improved the global regional operation framework, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets and effectively resolving single - market risks [22]