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 excavator sales in July 2025 showed strong performance, with total sales (including exports) reaching 17,138 units, a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2% [3][11]. - The report highlights the ongoing demand for machinery driven by the replacement cycle, estimating a compound growth of around 30% in replacement demand for the coming years [3]. - Government policies from the Two Sessions are expected to support sustained recovery in machinery demand, with significant investments planned in infrastructure projects [4]. - The launch of the Yarlung Tsangpo River hydropower project is anticipated to further boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [7]. - The report notes a significant increase in electric loader sales, with July 2025 sales reaching 2,391 units, a year-on-year growth of 81.5%, indicating a shift towards electrification in the industry [6]. Summary by Sections Sales Performance - In July 2025, excavator sales reached 17,138 units, with domestic sales at 7,306 units, reflecting a year-on-year growth of 25.2% and 17.2% respectively [3][11]. - The first seven months of 2025 saw total excavator sales of 137,658 units, up 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [3][11]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds, increasing infrastructure investment and supporting machinery demand [4]. - The focus on new urbanization and infrastructure development is expected to sustain machinery demand, particularly in underground and municipal construction [4]. Export Trends - Excavator exports in July 2025 reached 9,832 units, a year-on-year increase of 31.9%, with total exports for the first seven months at 64,715 units, up 13.0% [5][11]. - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [5]. Electrification and Innovation - The electric loader sales in July 2025 reached 2,391 units, marking an 81.5% increase, with an electrification rate of 26.6%, up 10.8 percentage points year-on-year [6]. - The report emphasizes that the shift towards green and electric machinery is a key development direction for the industry [6]. Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component manufacturers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [8].

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].

Group 1 - The stock price of Shantui Holdings closed at 10.07 yuan on August 8, 2025, down 0.40% from the previous trading day, with a trading volume of 447 million yuan and a turnover rate of 3.37% [1] - Shantui Holdings specializes in the research, production, and sales of construction machinery, including bulldozers, road rollers, and loaders, which are widely used in infrastructure construction and mining [1] - The company has established a special task force to address project demands for major western hydropower projects, focusing on developing customized equipment and completing deployment preparations [1] Group 2 - Industry data indicates that excavator sales increased by 25.2% year-on-year in July, reflecting a recovery trend in the construction machinery sector [1] - On August 8, the net inflow of main funds into Shantui Holdings was 3.21 million yuan, while the net outflow over the past five days was 5.23 million yuan [1]

山推工程机械股份有限公司 境外发行证券及上市相关保密和档案管理工作制度 第八条 公司经履行相应程序后，向有关证券公司、证券服务机构等提供 涉及国家秘密、国家机关工作秘密或者其他泄露后会对国家安全或者公共利益造 成不利影响的文件、资料的，双方应当依照《中华人民共和国保守国家秘密法》 等有关法律、法规、规范性文件的规定和要求，签订保密协议，对各证券服务机 构承担的保密义务和责任等事项依法作出明确的约定。 公司与有关证券公司、证券服务机构等已签订的服务协议中关于适用法律以 及有关证券公司、证券服务机构等承担保密义务的约定条款与中国有关法律、法 规、规范性文件的规定不符的，公司应当及时协商、修改服务协议中的相关约定。 第一条 为保障国家经济安全，保护社会公共利益山推工程机械股份有限公 司（以下简称"公司"）的利益，维护公司在境外发行证券及上市过程中的信息 安全，规范公司及各证券服务机构在公司境外发行证券及上市过程中的档案管理， 根据《中华人民共和国证券法》《中华人民共和国保守国家秘密法》《中华人民共 和国档案法》《中华人民共和国国家安全法》和《境内企业境外发行证券和上市 管理试行办法》《关于加强境内企业境外发行证券和 ...

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。 根据山推工程机械股份有限公司（以下简称"公司"）第十一届董事会第十七次会 议决议，公司董事会授权董事长决定 2025 年第三次临时股东大会的召开时间。公司董 事长决定于 2025 年 8 月 22 日（星期五）召开 2025 年第三次临时股东大会，现将会议 情况通知如下： 证券代码：000680 证券简称：山推股份 公告编号：2025—061 一、 召开会议基本情况 山推工程机械股份有限公司 （一）股东大会届次：本次股东大会是公司 2025 年第三次临时股东大会。 关于召开 2025 年第三次临时股东大会的通知 （二）股东大会的召集人：公司第十一届董事会。 （三）会议召开的合法、合规性：本届董事会认为本次股东大会的召开程序符合有 关法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 （四）会议召开日期和时间： 现场会议时间：2025 年 8 月 22 日（星期五）下午 14:00。 网络投票时间：2025 年 8 月 22 日（星期五），其中： 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： ...

Group 1 - The global mining industry is experiencing an upward trend in capital expenditure, leading to an increase in the mining machinery sector's prosperity, with overseas mining machinery companies maintaining high revenue and order levels [1][2] - Major mineral prices, such as copper and aluminum, are stable or rising, which is expected to support mining demand and capital expenditure in the medium to long term [2] - The mining machinery market is vast, with a global market size exceeding $120 billion, where the aftermarket accounts for 60%-70% of the total market [2] Group 2 - Chinese mining machinery companies are accelerating their efforts to capture overseas markets by enhancing product competitiveness and establishing benchmark projects [1][2] - The investment recommendation includes companies like XCMG, Shantui, SANY International, and Tongli, which are positioned well in the market due to their scale and innovation [3]

Market Performance - The engineering machinery sector rose by 0.55% on August 4, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers - Weiman Sealing (301161) closed at 31.19, up 12.36% with a trading volume of 242,000 shares and a transaction value of 731 million [1] - Shanhai Intelligent (002097) closed at 15.61, up 10.01% with a trading volume of 1,532,800 shares and a transaction value of 2.36 billion [1] - Huadong Heavy Machine (002685) closed at 8.11, up 4.92% with a trading volume of 1,181,100 shares [1] Top Losers - Tietuo Machinery (873706) closed at 25.39, down 4.58% with a trading volume of 69,400 shares [2] - Heng7 Drill Tools (836942) closed at 56.90, down 4.42% with a trading volume of 117,800 shares [2] - Wuxin Suizhuang (835174) closed at 63.13, down 3.88% with a trading volume of 66,900 shares [2] Capital Flow - The engineering machinery sector saw a net inflow of 477 million from main funds, while retail funds experienced a net outflow of 32.95 million [2][3] - Major stocks like Shanhai Intelligent and Weiman Sealing had significant net inflows from main funds, indicating strong institutional interest [3] Individual Stock Analysis - Shanhai Intelligent had a main fund net inflow of 46 million, representing 19.49% of its trading volume, while retail funds saw a net outflow of 22.6 million [3] - Weiman Sealing experienced a main fund net inflow of 55.83 million, accounting for 7.64% of its trading volume, with retail funds also seeing a net outflow [3]

Core Viewpoint - The company has approved a share buyback plan, intending to repurchase shares using its own or raised funds, with a total amount between RMB 150 million and RMB 300 million, and a maximum buyback price of RMB 13.88 per share [1] Summary by Sections Share Buyback Plan - The company plans to repurchase shares through centralized bidding, with the intention to use the repurchased shares for employee stock ownership plans or equity incentive plans [1] - The buyback period is set for 12 months from the board's approval date [1] Adjustments to Buyback Price - The maximum buyback price will be adjusted to RMB 13.82 per share starting from July 15, 2025, due to the company's 2024 annual equity distribution [2] - The company will disclose the progress of the buyback every month within the first three trading days of the following month [2] Buyback Progress - As of July 31, 2025, the company has repurchased 5,541,050 shares, accounting for 0.37% of the total share capital, with a total transaction amount of approximately RMB 49.99 million [2] - The highest and lowest transaction prices during the buyback were RMB 9.24 and RMB 8.64 per share, respectively [2] Compliance with Regulations - The company's buyback activities comply with the relevant regulations set by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3][4] - The company has not repurchased shares during periods that could significantly impact the stock price or during other restricted periods [3]

Group 1 - The company announced a share buyback program, intending to repurchase a total of 5,541,050 shares [2] - The repurchased shares represent 0.37% of the company's current total share capital [2] - The buyback will be conducted through a centralized bidding method [2]

Group 1 - The company Shantui Construction Machinery Co., Ltd. (stock code: 000680.SZ) announced a share buyback program [1] - As of July 31, 2025, the company repurchased a total of 5,541,050 shares, representing 0.37% of its total share capital [1] - The highest transaction price during the buyback was 9.24 CNY per share, while the lowest was 8.64 CNY per share, with a total transaction amount of approximately 49.99 million CNY (excluding transaction fees) [1]