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]

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]