Core Viewpoint - Shantui Construction Machinery Co., Ltd. (000680.SZ) has repurchased a total of 5,541,050 shares, representing 0.37% of the company's total share capital, as part of its share buyback plan [1] Summary by Relevant Sections - **Share Buyback Details** - The company repurchased shares at a maximum price of 9.24 CNY per share and a minimum price of 8.64 CNY per share [1] - The total amount spent on the buyback is approximately 49,989,106.50 CNY, excluding transaction fees [1] - **Compliance and Strategy** - The buyback is in accordance with relevant laws and regulations, as well as the company's established buyback plan [1]

根据公司《关于山推股份回购公司部分股份的报告书》的约定，在回购期内，如公 司实施派息、送股、资本公积金转增股本、配股及其他除权除息事项，自股价除权除息 之日起，按照中国证监会及深圳证券交易所的相关规定相应调整回购价格上限。自 2025 年 7 月 15 日起，因公司实施 2024 年度权益分派，本次回购价格将由不超过 13.88 元/ 股调整为不超过 13.82 元/股。具体情况详见公司于 2025 年 7 月 11 日披露于巨潮资讯网 的《关于 2024 年度权益分派实施后调整股份回购价格上限的公告》（2025-048 号公告） 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定， 回购期间公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。现将公 司截至上月末的回购进展情况公告如下： 一、截至上月末回购股份的进展情况 截至 2025 年 7 月 31 日，公司通过股份回购专用证券账户以集中竞价方式回购公司 股份 5,541,050 股，占公司目前总股本的 0.37%，最高成交价 9.24 元/股，最低成交价 8.64 元/股，成交总金额 49,989,106.50 元（不 ...

山推股份（000680）公告，截至2025年7月31日，公司通过股份回购专用证券账户以集中竞价方式回购 公司股份554.11万股，占公司目前总股本的0.37%，最高成交价9.24元/股，最低成交价8.64元/股，成交 总金额4998.91万元(不含交易费用)。本次回购实施符合相关法律法规的要求以及公司既定的回购方案。 ...

工程机械板块短线走低，铁拓机械跌超11%，恒立钻具、山推股份（000680）、铁建重工、唯万密封 （301161）等跟跌。 ...

Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]

Group 1 - A total of 12 stocks received buy ratings from institutions today, with Baolingbao, Puluo Pharmaceutical, and Xinyuanwei being newly covered by institutions [1] - Among the stocks rated, the average increase was 1.14%, outperforming the Shanghai Composite Index, with notable gainers including Xinyuanwei, Shantui, and Hanyi, which rose by 5.56%, 4.41%, and 4.09% respectively [1] - The stocks with the largest declines included Jinbo Biological, Baofeng Energy, and Miao Exhibition, which fell by 2.14%, 1.70%, and 1.60% respectively [1] Group 2 - The newly rated stocks include Puluo Pharmaceutical with a strong buy rating from Huachuang Securities, and Baolingbao with an increase rating from Guotai Haitong [2] - The target price for Puluo Pharmaceutical is set at 22.00 yuan, while Baolingbao has a target price of 16.30 yuan [2] - Other stocks receiving buy ratings include Miaokelan Duo, Tielong Logistics, and Gole Technology, with target prices of 33.00 yuan, 7.09 yuan, and unspecified respectively [2]

Group 1 - The engineering machinery sector is experiencing a significant upward trend, with Southern Road Machinery (603280) reaching a new high [1] - Shanhe Intelligent (002097) has achieved four consecutive trading limit increases, while Tuoshan Heavy Industry (001226) has seen two consecutive limit increases [1] - Hengli Drilling Tools has risen over 15%, also reaching a new high, with other companies like Tietuo Machinery, Liugong (000528), Changling Hydraulic (605389), Shantui (000680), and Fushite (301446) following suit with price increases [1] Group 2 - Dark pool funds are flowing into these stocks, indicating increased investor interest [2]

Group 1 - Shandong Heavy Industry Group reported a total revenue of 289.8 billion yuan, a year-on-year increase of 6%, and a total profit of 14.97 billion yuan, up 6.9%, leading the industry and ranking first among provincial enterprises [1] - The company sold 212,000 heavy trucks in the first half of the year, achieving a market share of 40.9%, maintaining its position as the global leader in heavy truck sales [1] - China National Heavy Duty Truck Group, a subsidiary, secured the top position in the domestic heavy truck industry, achieving the highest sales in various segments such as express delivery, cold chain transportation, and containers [1] Group 2 - The sales of new energy heavy trucks surged by 242% year-on-year, positioning the company as the industry leader, with comprehensive coverage of new energy technology and six application scenarios [2] - The proportion of high-end products continued to rise, with the data center power generation business of Weichai growing by 664% year-on-year, and significant export orders for electric buses to regions including Europe, the Middle East, and the Americas [2] - The company emphasizes focusing on its core business and deepening innovation to establish a solid foundation for global leadership in the competitive equipment manufacturing industry [2]

智通财经7月23日电，有投资者问，公司近年来在'一带一路'沿线及西南地区市场布局频繁。雅鲁藏布 江水电站作为国家清洁能源战略重点项目，山推股份是否已将其纳入未来业务拓展计划？山推股份在互 动平台表示，自该项目开工仪式起，公司就高度重视，成立项目组，并从项目当前及未来需求，进行了 产品技术升级、施工建设及相关保障工作等全方位布局，现已从商务、技术等方面进行接洽，实施开发 专项定制版设备并完成部署准备工作，以满足雅鲁藏布江水电项目的施工需求。 山推股份：已为雅鲁藏布江水电站项目成立项目组并进行全方位布局 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant investment opportunity presented by the Yarlung Zangbo River hydropower project, which is the largest single investment in clean energy in recent years, with a total investment of approximately 1.2 trillion yuan, expected to generate three times the power output of the Three Gorges Project [5][6] - The establishment of the China Yarlung Group is seen as a key development to ensure the smooth construction and operation of the Yarlung hydropower project, indicating a rapid advancement phase for large strategic projects [5][6] - The report emphasizes the expected increase in demand for construction machinery and equipment due to the scale and complexity of the Yarlung hydropower project, particularly for companies that can provide advanced equipment suitable for harsh high-altitude conditions [6][7] Summary by Sections Industry Overview - The mechanical equipment industry is poised for growth driven by large-scale infrastructure projects like the Yarlung hydropower project, which has a planned installed capacity of approximately 70 million kilowatts and an annual power generation of about 300 billion kilowatt-hours [5][6] Investment Opportunities - Recommended companies for investment include: 1. Tunneling equipment manufacturers: China Railway Construction Heavy Industry, China Railway Industry, and Wuxin Tunneling Equipment 2. Excavators, loaders, cranes, and road machinery: XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and Shantui 3. Cranes: Farlantek [7]