Core Viewpoint - The Jining High-tech Bonded Logistics Center (Type B) has shown significant results within three months of operation, facilitating the import and export activities of 25 foreign trade enterprises, including Shantui Construction Machinery Co., Ltd., with a total cargo value of 52.85 million yuan [1][5][6]. Group 1: Policy Benefits - The center offers three major benefits for foreign trade enterprises: deferred payment of import duties, immediate export tax refund upon entry, and simplified application processes for import/export permits [6][8]. - Shantui's experience illustrates the financial advantages of the center, with a 40% increase in capital turnover efficiency due to immediate tax refunds upon entry [5][6]. Group 2: Economic Impact - The center is becoming a new economic hub for the southwestern Shandong region, enhancing the quality of foreign trade development in Jining [1][9]. - The center's operations are expected to contribute to the construction of a new open platform in Shandong, supporting the national "dual circulation" strategy [9].

Core Viewpoint - Shantui Construction Machinery Co., Ltd. has announced its AI strategic transformation roadmap, becoming the first in the Chinese construction machinery industry to fully implement an AI strategy [1][3]. Company Overview - Established in 1952 and headquartered in Jining, Shandong Province, Shantui has developed a complete product chain including bulldozers, excavators, road machinery, and loaders, with a market share of over 60% in the domestic bulldozer market [1]. AI Strategic Transformation - The company plans to complete the full application of AI in bulldozer core functions within three years, aiming to create a collaborative ecosystem of "AI intelligent assistants + construction machinery groups" [1][7]. - Shantui has launched the first AI bulldozer in the Chinese construction machinery industry, leveraging its unique full industry chain advantage and collaboration with eight global R&D centers [3][4]. Industry Challenges - The construction machinery industry faces three major challenges: labor shortages, efficiency bottlenecks, and environmental pressures, necessitating a technological breakthrough for transformation [2]. - The domestic market is nearing saturation, prompting companies like Shantui to seek broader survival space overseas, with foreign business revenue reaching 7.411 billion yuan in 2024, a year-on-year increase of 26.08% [2]. AI Development and Standards - Shantui has developed a five-level standard for AI technology in construction machinery, with current products achieving L3 level and preparing for L4 level, which allows for remote operation and independent task execution [6][7]. - The next generation of AI products is expected to be launched in 2026, with projected improvements in safety, efficiency, and vehicle health index [7]. Future Vision - The ultimate goal (L5 level) is to achieve fully automated construction processes, where AI can independently execute tasks based on initial project goals set by human operators [7]. - The company emphasizes that AI is a tool for enhancing human capabilities rather than a replacement, advocating for proactive engagement with AI technology [8].

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].