Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8]. Core Insights - The report highlights that in May 2025, domestic sales of excavators slightly declined by 1.48% year-on-year, while exports increased by 5.42%. The overall sales of excavators from January to May 2025 showed a year-on-year growth of 17.4% [7]. - The report notes that the domestic sales of loaders increased by 16.7% year-on-year in May 2025, with a total of 10,535 units sold. The electric loader sales reached 2,765 units, marking a penetration rate of 26.25% [5][7]. - Major companies in the construction machinery sector are planning to list on the Hong Kong Stock Exchange to raise funds for overseas expansion and enhance their global brand influence [7]. Summary by Sections Excavator Sales - In May 2025, a total of 18,202 excavators were sold, reflecting a year-on-year increase of 2.12%. Domestic sales accounted for 8,392 units, down 1.48%, while exports reached 9,810 units, up 5.42% [7]. - The report attributes the slight decline in domestic sales to the traditional construction off-season and the pre-emptive demand from the previous months' high growth [7]. Loader Sales - Loader sales in May 2025 totaled 10,535 units, with domestic sales of 6,037 units, up 16.7% year-on-year. Exports were 4,498 units, down 3.31% [5][7]. - The report emphasizes the trend towards electric loaders, with sales of 2,765 units in May 2025, indicating a growing acceptance and market recognition of electric machinery [7]. Market Outlook - The report suggests that the construction machinery industry is on a recovery trajectory, supported by government policies aimed at infrastructure investment and the replacement of old equipment [7]. - It recommends focusing on leading companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, XCMG, and Zoomlion [7].

Core Viewpoint - The company, Shantui Construction Machinery Co., Ltd., has completed the repurchase and cancellation of 184,800 restricted shares, which represents 0.01% of the total shares outstanding, at a price of 1.81 yuan per share, involving three incentive targets [2][11]. Summary by Sections 1. Repurchase and Cancellation Details - The repurchase involved 132,000 shares from one incentive target who left the company and 52,800 shares from two others who did not meet performance criteria for the third unlocking period [2][7]. - The total repurchase amount was 334,488 yuan, funded by the company's own resources [2][10]. 2. Background of the Incentive Plan - The 2020 Restricted Stock Incentive Plan was approved, and the independent directors confirmed the legality and validity of the incentive targets [3][4]. - The plan allows for the repurchase of shares if incentive targets leave the company or fail to meet performance benchmarks [7][8]. 3. Impact on Share Capital Structure - Following the cancellation, the total share capital will decrease from 1,500,327,412 shares to 1,500,142,612 shares, with a corresponding reduction in registered capital [10]. - The structure of limited and unrestricted shares will be adjusted accordingly, with limited shares decreasing by 184,800 shares [10]. 4. Financial and Operational Impact - The repurchase and cancellation of shares is not expected to significantly impact the company's financial status or operational results, nor will it affect the management team's motivation and stability [11].

证券代码：000680 证券简称：山推股份 公告编号：2025-044 山推工程机械股份有限公司 关于回购注销部分限制性股票完成的公告 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、山推工程机械股份有限公司（以下简称"公司"、"本公司"或"山推股份"）本次 回购注销的限制性股票数量为 184,800 股，占公司股份总数的 0.01%，回购价格为 1.81 元/股，涉及激励对象 3 人。 2、公司于 2025 年 4 月 14 日召开 2025 年第二次临时股东大会，审议通过了《关于 回购注销部分 2020 年限制性股票的议案》。根据《上市公司股权激励管理办法》（以下简 称《管理办法》）、《公司 2020 年限制性股票激励计划》（以下简称《激励计划》）、《公司 2020 年限制性股票激励计划实施考核管理办法》等的有关规定，鉴于 1 名激励对象因个 人原因离职，不再符合公司股权激励条件，公司回购注销其所持的已获授但尚未解除限 售的限制性股票 132,000 股；因 2 名激励对象个人业绩考核结果不符合第三个解锁期的 全部解锁要求，按照激励计划的相 ...

由于公司现已完成上述限制性股票回购注销工作，公司总股本由 1,500,327,412 股 变更为 1,500,142,612 股，注册资本由 1,500,327,412.00 元变更为 1,500,142,612.00 元。公司将尽快就上述事宜办理工商变更登记手续，上述变更最终以工商登记机关核准 的内容为准。 特此公告。 山推工程机械股份有限公司董事会 二〇二五年六月十四日 1 证券代码：000680 证券简称：山推股份 公告编号：2025-045 山推工程机械股份有限公司 关于调整注册资本及股本的公告 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。 山推工程机械股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第十一 届董事会第十四次会议，审议通过了《关于回购注销部分 2020 年限制性股票的议案》， 同意对 3 名不再满足条件的激励对象已获授但尚未解除限售的 184,800 股限制性股票进 行回购注销，回购注销完成后公司总股本由 1,500,327,412 股变更为 1,500,142,612 股， 同时审议通过了《关于变更注册资本并修 ...

Core Viewpoint - Jining City is implementing a comprehensive strategy for industrial economic development, focusing on the transformation and upgrading of traditional industries, the cultivation of emerging industries, and the forward-looking layout of future industries, effectively fostering new quality productive forces and achieving significant results in high-quality development [1][9][13]. Group 1: New Quality Productive Forces - New quality productive forces are defined as advanced productive forces characterized by high technology, high efficiency, and high quality, driven by innovation and aligned with new development concepts [2]. - Jining's strategy includes a "232" industrial cluster framework, forming a gradient industrial system with two trillion-level industries (new energy, high-end equipment), three hundred billion-level industries (high-end chemicals, new materials, food), and two hundred billion-level industries (new generation information technology, pharmaceuticals) [1][13]. Group 2: Economic Performance - Jining's GDP is projected to reach 586.75 billion yuan in 2024, with a year-on-year growth of 5.8%, showcasing robust economic resilience and vitality [3]. - The tertiary industry added value reached 305.54 billion yuan, growing by 6.8%, becoming the main engine for economic growth, while the secondary industry added value was 217.6 billion yuan, growing by 5.1% [3]. Group 3: Industrial Development - The industrial economy in Jining is expected to achieve high-quality development, with industrial added value reaching 185.55 billion yuan in 2024, a year-on-year increase of 6.2% [5]. - Significant projects in traditional industries include over 1,100 industrial technological transformation projects, with 249 projects included in the provincial technological transformation directory [5]. Group 4: Innovation and Market Dynamics - Jining has seen a market entity scale exceeding one million, reaching 1.016 million households, with 1,700 new "Four Up" enterprises added [7]. - The city has strengthened its innovation capabilities, with a 13% year-on-year increase in R&D expenditure and the number of high-tech enterprises reaching 1,800 [7]. Group 5: Policy Framework - Jining has introduced several policies to support the development of new quality productive forces, including plans for large-scale equipment updates and the development of the medical and health industry [9][10]. - The government emphasizes the importance of creating a modern industrial system and has set six key tasks to achieve this goal, including promoting the integration of technology and industry [10][11]. Group 6: Future Industry Layout - Jining is focusing on future industries such as aerospace, life sciences, and intelligent robotics, with plans for hydrogen energy preparation and low-altitude economy projects [19][24]. - The city aims to establish a complete innovation chain in the new energy sector, from lithium battery materials to energy storage systems, with ongoing investments in R&D [25][26].

证券代码：000680 证券简称：山推股份 公告编号：2025-043 山推工程机械股份有限公司 关于以集中竞价方式首次回购公司股份的公告 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。 山推工程机械股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日，召开第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》。公 司拟使用自有资金或自筹资金（含股票回购专项贷款资金），以集中竞价交易方式回购 公司发行的人民币普通股（A 股）股份。本次回购的股份，在未来适宜时机将全部用于 股权激励计划或实施员工持股计划。本次回购股份金额不低于人民币1.5亿元（含本数）， 不超过人民币 3 亿元（含本数），本次回购价格不超过人民币 13.88 元/股。按照回购 股份价格上限人民币 13.88 元/股测算，预计回购股份数量为 1,080.69 万股至 2,161.38 万股，占公司当前总股本的比例为 0.72%-1.44%，具体以公司公告回购方案实施完毕之 日的实际回购股份数量为准。本次回购股份的实施期限为自董事会审议通过回购股份方 案之日起 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-042 二、其他说明 公司已完成回购专用证券账户开户办理事宜，后续将根据市场情况在回购期限内择 机实施本次回购股份方案，并根据相关规定及时履行信息披露义务，请投资者注意投资 风险。 特此公告。 山推工程机械股份有限公司董事会 山推工程机械股份有限公司 关于回购股份方案实施进展的公告 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。 山推工程机械股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日，召开第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》。公 司拟使用自有资金或自筹资金（含股票回购专项贷款资金），以集中竞价交易方式回购 公司发行的人民币普通股（A 股）股份。本次回购的股份，在未来适宜时机将全部用于 股权激励计划或实施员工持股计划。本次回购股份金额不低于人民币1.5亿元（含本数）， 不超过人民币 3 亿元（含本数）。回购价格按照上限不高于公司董事会审议通过回购股 份方案决议前 30 个交易日公司股票交易均价的 150%，即不高于人民币 13.88 ...

Core Viewpoint - Leading engineering machinery companies are targeting the Hong Kong stock market for H-share listings to enhance international brand influence and attract global capital for overseas expansion [2][4][5]. Group 1: Company Actions - Shantui Construction Machinery Co., Ltd. announced plans for H-share issuance and listing on the Hong Kong Stock Exchange [4]. - Sany Heavy Industry Co., Ltd. submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [5]. - Both companies aim to strengthen their global strategies and improve competitiveness through these listings [4][5]. Group 2: Market Context - The engineering machinery sector is facing challenges due to declining domestic infrastructure demand and geopolitical factors affecting markets like Russia [2][9]. - The global engineering machinery market is expected to grow steadily, with Chinese companies increasing their overseas revenue share significantly from 9.6% in 2020 to 55.8% in 2024 [6][8]. Group 3: Financial Projections - Sany Heavy Industry's overseas revenue is projected to grow from 36.789 billion yuan in 2022 to 48.86 billion yuan in 2024, with a compound annual growth rate of 15.2% [7]. - Shantui's overseas revenue as a percentage of total revenue increased from 24.94% in 2021 to 55.77% in 2023, with a target of 90 billion yuan in overseas revenue by 2025 [7][9]. Group 4: Strategic Recommendations - Industry experts suggest that Chinese manufacturing companies should enhance technological innovation and establish "Chinese standards" to gain market control [2][9]. - Companies are encouraged to collaborate across the supply chain to create synergies and strengthen market positions [9].

Core Viewpoint - Shantui Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and connect with overseas capital markets [2][3] Group 1: Company Overview - Shantui is a leading enterprise in the Chinese machinery industry, particularly known for its bulldozers, maintaining over 60% market share in China [7] - The company has achieved steady growth in revenue and net profit for five consecutive years, with a revenue of 142.19 billion yuan in 2024, up 25.12% year-on-year, and a net profit of 11.02 billion yuan, up 40.72% year-on-year [7][8] Group 2: International Expansion - In 2024, Shantui's overseas business generated 74.11 billion yuan in revenue, a 26.08% increase, accounting for 52.12% of total revenue [4] - The company has seen significant growth in overseas markets, with main products generating 66.7 billion yuan in revenue, a 30% increase [5] - Despite challenges in the Russian market, Shantui has experienced growth in other regions such as Europe, Africa, and Southeast Asia, with expectations of a 30% revenue increase in Africa for the year [5] Group 3: Future Goals and Strategies - Shantui aims to achieve a revenue target of 157 billion yuan in 2025, with 90 billion yuan expected from overseas [6] - The company is focusing on technological innovation, with R&D expenses totaling 12.04 billion yuan from 2023 to Q1 2025, representing 4.91% to 3.15% of revenue [9] - A recent acquisition of 100% of Shandong Heavy Industry's excavator business for 18.41 billion yuan is expected to enhance profitability and asset scale [9][10]

5月28日盘后，山推工程机械股份有限公司发布公告称，为深入推进公司全球化战略，进一步提升公司综 合竞争力，公司目前正在筹划发行H股并在香港联合交易所有限公司（以下简称"香港联交所"）上市事项（以 下简称"本次H股上市"），公司正在与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未 确定，本次H股上市不会导致公司控股股东和实际控制人发生变化。 根据相关法律法规要求，待具体方案确定后，本次H股上市工作尚需提交公司董事会和股东大会审议，并 经中国证券监督管理委员会备案和香港联交所等监管机构审核。能否通过审议、备案和审核程序并最终实施具 有较大不确定性，公司方面提示投资者注意投资风险。 公开资料显示，山推股份主要从事建筑工程机械、矿山机械、农田基本建设机械、收获机械及配件的研 究、开发、制造、销售、租赁、维修及技术咨询服务，公司是国内推土机行业的领军企业，系最早一批国内上 市的工程机械领域知名企业。 值得注意的是，近年来， 公司的海外业务发展增速亮眼 。山推股份2024年年报显示，公司2024年海外出 口收入达到主营业务收入的57.41%。在重构公司的"9+2"海外营销网络的过程中，公司海外营销、技术、 ...