山推股份(000680)在互动平台表示，作为国内近年来少有的大型基建项目，自雅鲁藏布江下游水电工程 开工仪式起，公司高度重视，成立项目组，从项目当前需求及未来对应等多层面融入公司战略，现已从 商务、技术等多方面进行接洽，开发专项定制版设备并完成部署准备工作。公司前期已经参与该项目的 基础建设的设备供应，后期公司将密切跟踪雅鲁藏布江工程相关信息，积极参与项目。 ...

Core Viewpoint - Shandong Shantui Construction Machinery Co., Ltd. has received approval from its controlling shareholder, Shandong Heavy Industry Group Co., Ltd., to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 1: H-Share Issuance - The total share capital of Shandong Shantui after the H-share issuance will be 1.765 billion shares, with a base issuance scale of 15% of the total share capital post-issuance [1] - Shandong Heavy Industry will hold 364 million shares, accounting for 20.65% of the total shares, while Weichai Power will hold 237 million shares, representing 13.41% [1] Group 2: Approval Process - The issuance of H-shares requires approval from the company's shareholders' meeting, as well as registration and approval from relevant government and regulatory bodies before implementation [1] Group 3: Financial Performance - In the first quarter of 2025, Shandong Shantui achieved revenue of 3.301 billion yuan and a net profit attributable to shareholders of 273 million yuan [1]

关于发行 H 股股票并在香港联交所主板上市项目 获得山东重工集团有限公司批复的公告 证券代码：000680 证券简称：山推股份 公告编号：2025-062 山推工程机械股份有限公司 2025 年 8 月 14 日，山推工程机械股份有限公司（以下简称"公司"或"山推股 份"）收到控股股东山东重工集团有限公司（以下简称"山东重工"）下发的《关于山推 工程机械股份有限公司发行 H 股股票并在香港联交所主板上市项目的批复》（山东重工 投资字〔2025〕34 号）。根据《上市公司国有股权监督管理办法》（国务院国资委 财政 部 中国证监会令第 36 号）等有关规定，经山东重工研究，批复如下： 一、原则同意你公司发行 H 股股票并在香港联交所主板上市的方案。 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。 二、按照基础发行规模为发行后总股本的 15%测算，山推股份发行 H 股后总股本为 1,764,873,712 股，其中，山东重工集团有限公司(SS)持有 364,399,684 股，占比 20.65%； 潍柴动力股份有限公司(CS)持有 236,705,601 股，占比 ...

证券日报网讯山推股份（000680）8月13日在互动平台回答投资者提问时表示，新藏铁路施工需满足高 海拔、高寒等相关工况，公司目前的搅拌站产品具备满足对应工况的能力，公司将持续关注市场需求变 化情况，做好区域渠道布局、产品布局、服务布局。 ...

证券日报网讯山推股份8月13日在互动平台回答投资者提问时表示，公司在2024年12月13日已发布公 告，完成对山重建机有限公司股权的收购，山重建机为公司全资子公司，其相关财务报表已合并至公 司。 （文章来源：证券日报） ...

Core Viewpoint - The company, Shantui (山推股份), has confirmed that its mixing station products are capable of meeting the requirements for high-altitude and cold-weather conditions necessary for the construction of the New Tibet Railway [1] Group 1: Company Capabilities - Shantui's mixing station products are designed to operate effectively under high-altitude and cold-weather conditions [1] - The company is committed to continuously monitoring market demand changes [1] Group 2: Strategic Focus - Shantui plans to enhance its regional channel layout, product layout, and service layout in response to market needs [1] - The company advises investors to make cautious decisions and be aware of investment risks [1]

Core Insights - The introduction of the world's first AI bulldozer by Shantui has garnered significant industry attention, marking a pivotal moment in the integration of AI with the construction machinery sector [1][2] - The rapid development of AI large models has accelerated the strategic deployment of AI in the construction machinery industry, leading to a trend of product innovation and application across various construction scenarios [1][5] Company Developments - Shantui launched its AI bulldozer, which includes an intelligent whole machine and an AI assistant, featuring nine intelligent systems focused on core areas such as power optimization and construction safety [2] - The AI bulldozer has undergone over 25,000 field tests, resulting in the development of a proprietary "AI decision model" that transitions the company from "smart equipment" to "AI entities" [2][3] - Shantui's AI technology is categorized into five levels, with its current products reaching L3 level and preparing for L4, where operators will transition from "operators" to "commanders" [3] Industry Trends - The construction machinery industry is entering a new phase of "digital intelligence integration," leveraging AI to address complex construction challenges and enhance efficiency across the supply chain [4][6] - Major players in the A-share construction machinery sector, such as SANY and XCMG, are optimistic about AI's potential to transform the industry, with ongoing investments in AI technologies and products [6][7] - The integration of AI with construction machinery is expected to drive significant improvements in operational efficiency, safety, and cost control, marking a new wave of digital technology revolution in the industry [7][10] Market Expansion - Chinese construction machinery companies are increasingly focusing on international markets, with AI advancements expected to solidify their competitive advantages abroad [8] - For instance, Zoomlion reported a 30.58% year-on-year increase in overseas revenue, highlighting the importance of AI in enhancing their global market presence [8] - The application of AI in construction machinery is not only improving operational efficiency but also enhancing customer service through smart support systems, thereby increasing customer satisfaction and loyalty [10]

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]