Market Performance - The engineering machinery sector rose by 0.9% on September 11, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Hengli Hydraulic (601100) closed at 89.75, up 2.34% with a trading volume of 70,500 shares and a transaction value of 624 million [1] - Huadong Heavy Machine (002685) closed at 8.36, up 2.33% with a trading volume of 572,200 shares and a transaction value of 473 million [1] - Changling Hydraulic (605389) closed at 44.93, up 2.28% with a trading volume of 16,500 shares and a transaction value of 7.32 million [1] - Other notable performers include Shaoyang Hydraulic (301079) up 2.12% and Jinzhi Technology (301279) up 1.88% [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 341 million from institutional investors, while retail investors saw a net inflow of 313 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Huadong Heavy Machine saw a net inflow of 26.1 million from institutional investors but a net outflow of 16.9 million from retail investors [3] - Hengli Hydraulic had a net inflow of 6.1 million from institutional investors, with retail investors showing a net outflow of 7.3 million [3] - Zhejiang Dingli (603338) had a net inflow of 3.1 million from institutional investors, while retail investors contributed a net inflow of 789.86 thousand [3]

Core Insights - The 2025 Global Top 50 Construction Machinery Manufacturers list was released, with a total sales revenue of $222.53 billion, reflecting an 8.02% year-on-year decline [1][2] - Chinese companies dominate the list with 13 entries, including Sany Heavy Industry and Zoomlion Heavy Industry, ranked 5th and 10th respectively [1][3] - The average overseas sales ratio for the 13 Chinese companies is approximately 41.94%, with some companies exceeding 70% in overseas sales [2] Group 1: Rankings and Performance - Caterpillar Inc. leads the list with sales of $378.44 million, followed by Komatsu Ltd. at $241.32 million and Deere & Company at $129.56 million [3] - XCMG ranks 4th with $125.57 million, while Sany Heavy Industry and Zoomlion Heavy Industry rank 5th and 10th with $106.55 million and $62.30 million respectively [3][4] - The total operating profit for the top 50 companies is $30.30 billion, down 10.86% from the previous year, with an average operating profit margin of 13.62% [1][2] Group 2: Chinese Companies' Global Presence - Among the 13 Chinese companies, XCMG, Sany Heavy Industry, and Zoomlion Heavy Industry are in the top 10, while others like CRCHI Group and Hunan Sunward Intelligent Machinery rank 33rd and 42nd respectively [1][5] - The trend of "quality improvement" is noted as Chinese companies expand overseas, transitioning from quantity growth to quality enhancement [2]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

9月9日，山河智能盘中下跌2.04%，截至13:48，报13.91元/股，成交5.46亿元，换手率3.60%，总市值 149.48亿元。 资金流向方面，主力资金净流出540.18万元，特大单买入4005.52万元，占比7.34%，卖出4996.87万元， 占比9.15%；大单买入9106.34万元，占比16.68%，卖出8655.17万元，占比15.86%。 责任编辑：小浪快报 资料显示，山河智能装备股份有限公司位于湖南省长沙经济技术开发区凉塘东路1335号，成立日期1999 年7月29日，上市日期2006年12月22日，公司主营业务涉及桩工机械、小型工程机械、凿岩机械等三大 类具有自主知识产权的工程机械产品。主营业务收入构成为：挖掘机机械38.28%，特种装备及其他机 械19.39%，地下工程机械16.46%，航空业务14.88%，配件及维修服务7.21%，工程施工及其他3.79%。 山河智能所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：通用航空、军民融 合、PPP概念、工程机械、航天军工等。 截至8月20日，山河智能股东户数21.57万，较上期减少11.97%；人均流通股4973股， ...

Group 1 - The company, Shanhe Intelligent Equipment Co., Ltd., will participate in the "2025 Hunan Listed Companies Investor Online Collective Reception Day and Semi-Annual Performance Briefing" event [1] - The event will be held online on September 19, 2025, from 14:00 to 17:00, allowing investors to engage with the company's management [1] - Topics of discussion will include the company's performance from 2024 to 2025, corporate governance, development strategy, operational status, financing plans, and sustainable development [1] Group 2 - The company emphasizes the importance of accurate and complete information disclosure, ensuring no false records or misleading statements [1] - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1] - The event aims to enhance interaction and communication between the company and investors [1]

证券日报网讯 9月9日晚间，山河智能发布公告称，公司将参加"资本聚三湘楚光耀新程——2025年湖南 辖区上市公司投资者网上集体接待日暨半年度业绩说明会"活动。本次活动将于2025年9月19日举行。 （文章来源：证券日报） ...

董事会 二〇二五年九月十日 山河智能装备股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体接待日暨半年度 业绩说明会活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，山河智能装备股份有限公司（以下简称 "公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公 司联合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者 网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五） 14:00-17:00。届 时公司高管将在线就公司 2024 年至 2025 半年度业绩、公司治理、发展战略、经 营状况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告！ 山河智能装备股份有限公司 证券代码：0020 ...

长沙晚报掌上长沙9月8日讯（全媒体记者 匡小娟）9月8日，记者从山河智能获悉，其旗下公司与中国 能建葛洲坝集团绿色智能建造研究院联合研制的斜井开挖钻护一体化装备在长沙正式下线。该装备突破 了斜井隧道施工长期存在的技术瓶颈，标志着我国在斜井隧道机械化、智能化施工领域取得重大进展， 将为地下工程施工方式带来革命性变革。 葛洲坝集团作为大型基础设施建设的"国家队"，技术实力雄厚，施工经验丰富，在南水北调等国家级项 目中发挥了重要作用。山河智能作为装备制造头部企业，技术积淀深厚，创新动力强劲，自主研制400 多款高端装备产品，其旗下广州山河智能机器股份有限公司（简称"广州山河"）深耕地下空间装备领 域，研发实力雄厚，产品为粤港澳大湾区建设持续贡献力量。此次联合研制，正是双方合作走深走实的 体现。 山河智能党委书记、董事长、广州山河董事长付向东表示，公司将继续以创新为引领，深化与产业链伙 伴的合作，聚焦工程建设领域的痛点难点，研发出更多能够适应复杂施工场景的高端化、智能化、绿色 化装备，为我国水利水电、抽水蓄能等基础设施建设提供更强有力的支撑。 下线仪式期间，山河智能还集中展示了超深振冲钻机、双轮铣槽机、液压抓斗、电动 ...

经济观察网山河智能（002097）装备股份有限公司于9月6日发布预披露公告，公司持股5%以上股东及 部分高级管理人员计划减持公司股份。 副总经理朱建新(持股0.15%)拟减持不超过0.0377%的公司股份； 董事会秘书王剑(持股0.0223%)拟减持不超过0.0056%的公司股份。 减持计划主要内容如下： 长沙经济技术开发集团有限公司(持股5.06%)计划通过集中竞价或大宗交易方式减持不超过1.8%的公司 股份； 股东何清华(持股8.03%)计划通过集中竞价方式减持不超过1%的公司股份； 上述股东及高管合计拟减持股份不超过总股本的2.8433%，减持期间为2025年9月29日至12月28日，减 持原因为资金安排及个人需求，减持价格将按市场价格确定。公司表示，本次减持计划不会导致公司控 制权发生变更，不会对公司治理结构和持续经营造成重大影响。 ...

Core Viewpoint - The third Southeast Asia sub-exhibition of the Changsha International Engineering Machinery Exhibition concluded with significant contracts signed, highlighting the robust growth and international competitiveness of Changsha's engineering machinery industry [1] Group 1: Industry Growth and Performance - Changsha's engineering machinery exports surged from 16.37 billion to 29.06 billion, achieving a cumulative growth rate of 77.52% over the past three years [1] - Leading companies like SANY Heavy Industry and Zoomlion reported impressive international revenue, with SANY's overseas revenue reaching 3.69 billion USD, accounting for 60.26% of total revenue, and a year-on-year growth of 14.96% in revenue and 46% in net profit [3] - Zoomlion's overseas revenue also showed strong performance, with 13.81 billion CNY in revenue, a year-on-year increase of 14.66%, representing 55.58% of total revenue [3] Group 2: Market Expansion and Opportunities - Southeast Asia has emerged as a key market for Changsha's engineering machinery, with exports to ASEAN countries reaching 3.03 billion CNY, a year-on-year growth of 28.3% [4] - The establishment of a collaborative export model among companies, led by Hunan Construction Investment International Trade, has resulted in significant equipment orders and a more integrated approach to international markets [4] Group 3: Innovation and Product Development - The competitive edge of Changsha's engineering machinery lies in its focus on high-end, intelligent, and green technologies, with notable products showcased at the exhibition [5] - SANY launched over 30 new energy engineering machinery products, aligning with global low-carbon development trends, while Zoomlion developed the world's largest hybrid mining truck, filling a gap in the international market [5] - Iron Construction Heavy Industry's intelligent shield machine set a world record for monthly advancement, showcasing the technological prowess of Changsha's products in international infrastructure projects [5] Group 4: Policy Support and Future Outlook - Local policies and services have significantly supported the export growth of Changsha's engineering machinery, with measures to stabilize foreign trade and provide comprehensive support to key foreign trade enterprises [7] - The implementation of a remanufacturing system for engineering machinery has also contributed to export growth, with remanufactured equipment exports reaching 1.6 billion CNY, a year-on-year increase of 15% [7] - Future prospects indicate a synergistic growth between domestic recovery and international expansion, with ongoing support for enterprises to participate in international exhibitions and investment cooperation [7]