香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SANY HEAVY INDUSTRY CO., LTD. 三一重工股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6031） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列三一重工股份有限公司於上海證券交易所網站( www.sse.com.cn )刊登的公 告如下，僅供參閱。 承董事會命 三一重工股份有限公司 執行董事兼董事長 向文波 中國香港，2026年1月16日 於本公告日期，董事會包括(i)執行董事向文波先生及俞宏福先生；(ii)非執行董事 梁穩根先生、梁在中先生及劉道君先生及(iii)獨立非執行董事伍中信先生、席卿 女士及藍玉權先生。 证券代码：600031 证券简称：三一重工 公告编号：2026-002 三一重工股份有限公司 关于 2021 年员工持股计划股票出售完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [32]. Core Insights - The demand for excavators remains high both domestically and internationally, with a notable year-on-year increase in sales [5]. - In December 2025, excavator sales reached 23,095 units, representing a year-on-year growth of 19.24% and a month-on-month growth of 15.32% [3]. - The domestic sales of excavators were 10,331 units, up 10.94% year-on-year, while exports totaled 12,764 units, marking a 26.92% year-on-year increase [3]. - The total excavator sales for 2025 amounted to 235,257 units, reflecting a year-on-year growth of 16.97% [3]. - Loader sales in December 2025 were 12,236 units, showing a year-on-year increase of 30.03% [4]. - The report highlights a structural recovery opportunity in the industry, despite a relatively low demand in the real estate sector [5]. - The Central Bank's announcement of a structural interest rate cut is expected to further boost domestic sales of engineering machinery [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations and technological advancements [6]. Summary by Sections Excavator Sales Data - December 2025 excavator sales were 23,095 units, with domestic sales at 10,331 units and exports at 12,764 units [3]. - The cumulative sales for 2025 reached 235,257 units, with domestic and export sales growing by 17.88% and 16.06% respectively [3]. Loader Sales Data - December 2025 loader sales were 12,236 units, with domestic sales at 5,291 units and exports at 6,945 units [4]. - The cumulative sales for 2025 were 128,067 units, with domestic sales increasing by 22.10% [4]. Market Trends and Outlook - The engineering machinery industry is experiencing a clear upward trend in demand, supported by infrastructure investments and the issuance of special bonds [5]. - The report notes that the electric machinery market has significant growth potential, with increasing penetration rates [6][7].

Market Overview - The market experienced a pullback after a strong rally, with mixed performance across the three major indices. The Shanghai Composite Index fell by 0.45%, while the Shenzhen Component rose by 1.14%, and the ChiNext Index increased by 1.00% [1][2][8] - In the first half of the week, trading volume exceeded 3 trillion yuan, and margin trading balances rose significantly, with the Shanghai index reaching a ten-year high. However, market sentiment cooled in the latter half due to regulatory adjustments [1][2][8] Economic Indicators - Exports showed resilience at the end of 2025, with December exports in USD terms growing by 6.6% year-on-year, surpassing 350 billion USD, marking a historical high. Integrated circuits and automobiles contributed over 60% of this growth [9][10] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, the highest since March 2023, indicating an improving price environment. The Producer Price Index (PPI) saw a narrowing decline of 1.9% year-on-year [9][10] Federal Reserve Outlook - The U.S. labor market data was mixed, with non-farm payrolls adding 50,000 jobs in December, below expectations. However, the unemployment rate fell to 4.4%, leading to increased expectations that the Federal Reserve will pause interest rate cuts in January [10][11] - Inflation remained stable, with the December CPI at 2.7% year-on-year, supporting the Fed's accommodative policy stance. Market participants expect cumulative rate cuts of about 50 basis points in 2026 [10][11] Regulatory Adjustments - The adjustment of margin trading requirements by the Shanghai and Shenzhen stock exchanges aims to cool overheated market sentiment rather than suppress it. The minimum margin requirement for new financing contracts has been raised from 80% to 100% [11][12] - The People's Bank of China has implemented structural interest rate cuts to support economic transformation, with a 0.25 percentage point reduction in various monetary policy tools [12][13] Sector Recommendations - Investment focus is recommended on sectors such as non-ferrous metals, TMT (Technology, Media, and Telecommunications), machinery, power equipment, and basic chemicals [14]

重要内容提示： | 本次员工持股计划草案披露时间及公 | 时间：2021 年 5 | 月 | 29 | 日 | | --- | --- | --- | --- | --- | | | 公告名称：《三一重工股份有限公司 | | | | | 告名称 | | | | | | | 2021 年员工持股计划（草案）》 | | | | 证券代码：600031 证券简称：三一重工 公告编号：2026-002 三一重工股份有限公司 关于 2021 年员工持股计划股票出售完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、本期员工持股计划股票的出售情况 截至本公告日，本期员工持股计划所持有的公司股票 7,408,100 股已全部通 过大宗交易方式出售完毕，出售股票数量占设立时公司总股本的 0.0873%。 公司在实施本期员工持股计划期间，严格遵守市场交易规则，严格遵守中国 证监会、上海证券交易所关于信息敏感期不得买卖股票的规定，不存在利用内幕 信息进行交易的情形。 三、本期员工持股计划后续安排 后续公司将根据本期员工持股计划的有关规 ...

Summary of Key Points Core Viewpoint - Sany Heavy Industry's stock experienced a slight decline of 0.63% on January 16, closing at 22.11 yuan, with a notable block trade occurring that day [1]. Trading Activity - A total of 1 block trade was recorded, with a transaction volume of 1.4817 million shares and a total transaction value of 32.4344 million yuan [1]. - The first transaction price was 21.89 yuan for 1.4817 million shares, resulting in a transaction amount of 32.4344 million yuan, with a premium rate of -1.00% [1]. - The buyer was an institutional proprietary trading department, while the seller was Guosen Securities Co., Ltd. Hunan Branch [1]. Recent Performance - Over the past three months, Sany Heavy Industry has seen a total of 10 block trades, with a cumulative transaction value of 497 million yuan [1]. - In the last five trading days, the stock has experienced a cumulative decline of 0.76%, while the main capital has seen a net inflow of 165 million yuan [1].

Core Viewpoint - Sany Heavy Industry (600031.SH) has completed the sale of all shares held under its employee stock ownership plan, totaling 7,408,100 shares, which represents 0.0873% of the company's total share capital at the time of establishment [1] Group 1 - The employee stock ownership plan shares were sold through block trading [1] - The company will proceed with asset settlement and distribution in accordance with the relevant regulations of the employee stock ownership plan [1]

Group 1 - On January 16, SANY Heavy Industry executed a block trade of 1.4817 million shares, with a transaction amount of 32.4344 million yuan, accounting for 2.09% of the total transaction volume for the day [1] - The transaction price was 21.89 yuan, which represents a 1% discount compared to the market closing price of 22.11 yuan [1][2] - The buying party was an institutional special account, while the selling party was identified as Sider Wall Plastic Trading Limited [2]

Core Viewpoint - Sany Heavy Industry announced that its employee stock ownership plan for 2021 has a total establishment scale of 265 million yuan, funded by a reward fund, with 4,037 participants [1] Group 1 - As of June 30, 2021, 7.4081 million shares were transferred from the repurchase special account to the employee stock ownership plan account, accounting for 0.0873% of the total share capital at the time of establishment [1] - As of the announcement date, all 7.4081 million shares have been sold through block trading [1] - The company will complete the relevant asset liquidation and distribution work as per regulations in the future [1]

Core Viewpoint - The Hong Kong stock market in 2025 is characterized by a "dual-driven" capital active state of "IPO + refinancing," with both sectors experiencing significant recovery, where IPO fundraising reached 285.6 billion HKD and refinancing (including convertible bonds) totaled 273.5 billion HKD, indicating equal importance in the competition for equity financing market underwriting [1][7]. Group 1: Market Overview - The total IPO fundraising in the Hong Kong market for 2025 was 285.6 billion HKD as of January 16, 2026, while refinancing reached 273.5 billion HKD, showing a balanced financing scale [1][7]. - Major players like CITIC, CICC, Morgan Stanley, and Goldman Sachs have adopted different competitive strategies, with domestic institutions focusing on the IPO sector and foreign institutions concentrating on refinancing [1][7]. Group 2: CITIC Securities Performance - CITIC Securities maintained a leading position in the Hong Kong market, with an IPO underwriting scale of 57.8 billion HKD, ranking second overall, supported by major projects like Zijin Mining International (28.7 billion HKD) and Sany Heavy Industry (15.3 billion HKD) [3][9]. - In the refinancing sector, CITIC ranked first among domestic brokers with an underwriting scale of 32.3 billion HKD, primarily driven by BYD's 43.5 billion HKD large-scale issuance, the largest equity financing project in the Hong Kong market [3][9]. Group 3: CICC Performance - CICC led the IPO market with an underwriting scale of 61.5 billion HKD, participating in seven of the top ten IPO projects, including major companies like CATL and Chery Automobile [5][11]. - In refinancing, CICC's scale was 25.5 billion HKD, ranking second among domestic brokers, but it faced challenges in maintaining competitiveness, as it did not participate in significant projects like BYD's large issuance [5][11]. Group 4: Top Projects - The top IPO projects for CITIC Securities included Zijin Mining International (28.7 billion HKD) and Sany Heavy Industry (15.3 billion HKD) [4][10]. - CICC's top IPO projects featured CATL (41.0 billion HKD) and Seres (14.3 billion HKD) [6][12].

Group 1 - The engineering machinery sector increased by 1.68% on January 16, with Tietuo Machinery leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Tietuo Machinery rising by 10.16% to a closing price of 29.16 [1] Group 2 - The engineering machinery sector saw a net inflow of 460 million yuan from main funds, while retail investors experienced a net outflow of 554 million yuan [2] - Major stocks like Sany Heavy Industry and Aidi Precision had varying performances in terms of fund flows, with Sany Heavy Industry seeing a net inflow of 225 million yuan from main funds [3] - Aidi Precision had a net inflow of approximately 75.6 million yuan from main funds but faced a net outflow of 44.8 million yuan from retail investors [3]