Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [8][38]. Core Views - The demand for construction machinery is expected to continue growing due to favorable factors such as ongoing hydropower projects and urban renewal initiatives. The global tariff disturbances are gradually diminishing, enhancing the cost-performance advantage of domestic construction machinery [8][38]. - Tesla's announcement regarding the mass production of the Optimus robot indicates a clear production roadmap, with plans to showcase a prototype in Q1 2026 and establish a production line for 1 million units. This development suggests significant future production potential, with estimates reaching up to 100 million units in the long term [8][38]. - The report maintains "Buy" ratings for specific companies: Zoomlion Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [8][38]. Industry News - The rental index for aerial work platforms in September was recorded at 686 points, showing a slight month-on-month decrease of 1.9% but a year-on-year increase of 9.4% [16]. - Longsheng Bearing achieved a revenue of 935 million yuan in the first three quarters of 2025, marking an 11.97% year-on-year growth [24]. Industry Data - As of October 24, 2025, the steel composite price index (CSPI) was 91.22, indicating a slight decline [17]. - International crude oil prices have rebounded, with WTI and Brent crude prices at 61.31 USD/barrel and 65.62 USD/barrel, respectively, as of October 28, 2025 [18]. Market Review - From October 22 to October 28, 2025, the CSI 300 index rose by 1.83%, while the Shenwan Machinery Equipment Industry increased by 1.76%, underperforming the CSI 300 by 0.06 percentage points [27][28]. - The price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment Industry was 32.37 times, with a valuation premium of 134.86% relative to the CSI 300 as of October 28, 2025 [28].

Group 1 - The core point of the news is that on October 28, Haomai Technology disclosed an increase in shareholding, while six A-share listed companies announced share reductions [1][3] Group 2 - Haomai Technology's controlling shareholder, Zhang Gongyun, increased his shareholding by 330,000 shares [3] - Chuangyao Technology's director, Wang Wanli, plans to reduce his holdings by no more than 0.0017% [3] - Xinzhi Group's largest shareholder intends to reduce his holdings by no more than 3% [3] - Shuangjie Electric's shareholder, Yuan Xue'en, plans to reduce his holdings by no more than 3.11% [3] - Lankai Technology's shareholder, China Electric Power Investment Corporation, and its concerted parties have reduced their combined shareholding to below 5% [3] - Jiaze New Energy's shareholder, Ningxia Bitai, plans to reduce his holdings by no more than 3% [3] - Jingda Co., Ltd.'s shareholders, Li Guangrong and Tehua Investment, plan to reduce their combined holdings by no more than 3% [3]

Group 1 - The core point of the article highlights the stock trading activities of several companies, specifically focusing on the increase in holdings by Haomai Technology and the reduction in holdings by six other A-share listed companies [1][2] Group 2 - Haomai Technology's controlling shareholder, Zhang Gongyun, increased his stake by 330,000 shares [2] - Chuangyao Technology's director Wang Wanli plans to reduce his holdings by no more than 0.0017% [2] - The largest shareholder of Xinzhi Group intends to reduce his stake by no more than 3% [2] - Shareholder Yi Xue'en of Shuangjie Electric plans to reduce his holdings by up to 3.11% [2] - Shareholder China Electric Power Investment and its concerted parties have reduced their combined shareholding to below 5% in Lankai Technology [2] - Shareholder Ningxia Bitai of Jiazhe New Energy intends to reduce his stake by no more than 3% [2] - Shareholders Li Guangrong and Tehua Investment of Jingda Co. plan to reduce their combined holdings by no more than 3% [2]

证券代码：002595 证券简称：豪迈科技 公告编号：2025-040 山东豪迈机械科技股份有限公司 关于公司控股股东、实际控制人增持公司股份的公告 公司控股股东、实际控制人张恭运先生保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | 股东名称 | 本次增持前 | | 本次增持后 | | | --- | --- | --- | --- | --- | | | 持股数量（股） | 占总股本比例（%） | 持股数量（股） | 占总股本比例（%） | | 张恭运 | 241,686,678 | 30.21% | 242,017,788 | 30.25% | 二、律师法律意见书 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 山东豪迈机械科技股份有限公司（以下简称"公司"）接到公司控股股东、实际控制人张恭 运先生的通知，张恭运先生以自有资金于 2025 年 10 月 27 日至 2025 年 10 月 28 日通过深圳证 券交易所交易系统以集中竞价交易方式增持公司股份共计 331,110 股，占公司股份总额的 0.0414%。现将有关情况公告如下： 一、 本次增 ...

北京德和衡律师事务所 关于 山东豪迈机械科技股份有限公司 控股股东、实际控制人张恭运 免于发出要约的 法律意见书 德和衡证律意见（2025）第614号 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 12 层 Tel：010-85407666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于 山东豪迈机械科技股份有限公司 控股股东、实际控制人张恭运 免于发出要约的 法律意见书 本所在出具本法律意见书之前已得到公司的保证，即公司提供给本所律师的所有 文件及相关资料均是真实的、完整的、有效的，无任何隐瞒、遗漏和虚假之处，文件 资料为副本、复印件的内容均与正本或原件相符，提交给本所的各项文件的签署人均 具有完全的民事行为能力，并且其签署行为已获得恰当、有效的授权。 本所及经办律师依据《律师事务所从事证券法律业务管理办法》等规定及本法律 意见书出具日以前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并承担相应法律 ...

人民财讯10月28日电，豪迈科技（002595）10月28日公告，公司控股股东、实际控制人张恭运以自有资 金于10月27日至10月28日通过深圳证券交易所交易系统以集中竞价交易方式增持公司股份共计33.11万 股，占公司股份总额的0.0414%。 ...

Company Summary - Haomai Technology (SZ 002595) announced that its controlling shareholder, Zhang Gongyun, increased his stake by approximately 330,000 shares, representing 0.0414% of the total share capital, on October 27-28, 2025 [1] - After this increase, Zhang Gongyun holds approximately 242 million shares, accounting for 30.25% of the total share capital [1] - As of the report, Haomai Technology has a market capitalization of 54.4 billion yuan [1] Revenue Composition - For the first half of 2025, Haomai Technology's revenue composition is as follows: - Tire production equipment manufacturing: 51.99% - Large gas turbine component processing: 36.98% - CNC machine tools: 9.62% - Other businesses: 1.41% [1]

Macro and Strategy Research - In the first nine months of 2025, profits of industrial enterprises above designated size increased by 3.2% year-on-year, with a notable recovery in profitability [2][3] - The profit growth rate improved by 2.3 percentage points compared to the previous period, with September showing a significant 21.6% increase [3] - The industrial added value maintained a year-on-year growth of 6.2%, supported by export and seasonal effects, while the PPI decline narrowed due to capacity management and market competition optimization [3][4] - Among 41 industrial categories, 21 showed positive profit growth, with high growth in sectors like mining and high-tech manufacturing [4] Company Research - The company reported a revenue of 8.076 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 26.88%, and a net profit of 1.788 billion yuan, up 26.21% [6][7] - The company improved its expense control, with a decrease in the expense ratio to 8.18%, down 1.44 percentage points from the previous year [7][8] - An employee stock ownership plan was announced to enhance governance and motivate employees, allowing up to 2,100 employees to participate [8] - Revenue forecasts for 2025-2027 are projected at 11.054 billion, 13.429 billion, and 15.808 billion yuan, with corresponding EPS of 3.08, 3.75, and 4.40 yuan [8] Industry Research - The light industry manufacturing sector underperformed compared to the CSI 300 index, with a 0.63 percentage point lag [10] - A new initiative to strengthen self-discipline in the metal packaging industry aims to shift focus from price competition to value competition, indicating a trend towards high-quality development [10][14] - Recent price increases in packaging paper and cardboard are expected to support downstream demand, particularly with the upcoming "Double Eleven" shopping festival [14] - The report maintains a neutral rating for the light industry and textile sectors, with specific companies recommended for an "overweight" rating [14] Metal Industry Research - The steel market is expected to face pressure as the off-season approaches, but positive sentiment from the "14th Five-Year Plan" may provide short-term support [15][16] - Copper supply is tightening due to accidents at major mines, which is expected to support copper prices [15][17] - The aluminum sector is seeing improved profits due to new project capacity releases, while the "anti-involution" policy is anticipated to enhance the supply structure [16][17] - The lithium market is experiencing a phase of tight supply driven by strong demand in the energy storage sector, which is expected to support prices [15][18]

Market Overview - On October 27, the Shanghai Composite Index rose by 1.18%, with the total margin financing balance reaching 24,820.12 billion yuan, an increase of 248.22 billion yuan compared to the previous trading day [1] - The margin financing balance in the Shanghai market was 12,586.00 billion yuan, up by 117.06 billion yuan; in the Shenzhen market, it was 12,157.92 billion yuan, increasing by 130.17 billion yuan; and in the Beijing Stock Exchange, it was 76.20 billion yuan, up by 0.99 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 23 sectors saw an increase in financing balance, with the electronics sector leading, increasing by 95.64 billion yuan; followed by the communication and power equipment sectors, which increased by 33.81 billion yuan and 21.99 billion yuan, respectively [1] Individual Stock Performance - A total of 2,131 stocks experienced an increase in financing balance, accounting for 57.04% of the market, with 413 stocks seeing an increase of over 5% [1] - The stock with the largest increase in financing balance was Huatai Medical, with a latest financing balance of 22.55 million yuan, up by 90.44%, although its stock price fell by 13.44% on the same day [1] - Other notable stocks with significant increases in financing balance included Changjiang Nengke and Anyang Steel, with increases of 85.13% and 79.16%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average increase was 1.29%, with notable gainers including Dingtai High-Tech, Xinbang Intelligent, and Shengyi Technology, which rose by 14.70%, 12.94%, and 10.00%, respectively [2] - Conversely, the largest declines were seen in Huatai Medical, Haibo Sichuang, and Xugong Machinery, with declines of 13.44%, 11.67%, and 6.24%, respectively [2] Margin Financing Decrease - In contrast, 1,605 stocks saw a decrease in financing balance, with 189 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease was Guanzhong Ecology, with a financing balance of 73.50 million yuan, down by 39.22% [5] - Other stocks with significant declines included Haomai Technology and JuJiao Co., with decreases of 35.72% and 29.87%, respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 8.076 billion yuan for the third quarter of 2025, representing a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% year-on-year [7] - The company's business resilience is strong, with the profit growth rate exceeding revenue growth, indicating effective cost control and order structure optimization [7] - The three main business drivers are tire molds, large components, and machine tools, which complement each other and are expected to continue driving growth [7] - The company is projected to achieve revenues of 11.113 billion yuan, 12.688 billion yuan, and 14.407 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.465 billion yuan, 2.836 billion yuan, and 3.266 billion yuan for the same years [7] Financial Performance Summary - For 2023, the company achieved a revenue of 7.166 billion yuan, with a growth rate of 7.9%. The net profit was 1.612 billion yuan, reflecting a growth rate of 34.3% [6] - The projected earnings per share (EPS) for 2025 is 3.08 yuan, with a price-to-earnings (PE) ratio of 18.8 [6] - The return on equity (ROE) is expected to be 21.3% in 2025, indicating strong profitability [6] Business Segment Insights - The tire mold business benefits from the increasing global vehicle ownership and the demand for regular tire replacements [7] - The large components segment is driven by the demand from gas turbines and wind power, benefiting from the company's expertise in casting and machining [7] - The CNC machine tool segment has significant growth potential, with products achieving domestic leading performance [7]