证券代码：000425 证券简称：徐工机械 公告编号：2025-97 徐工集团工程机械股份有限公司 关于控股股东增持公司股份及后续增持计划的公告 徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）于 2025 年 12 月 26 日收到公司控股股东徐州工程机 械集团有限公司（以下简称"徐工集团"）发来的《关于增持徐 工机械股份及后续增持计划的告知函》。为履行《全球投资者未 来三年（2025-2027）回报计划》中关于增持公司股份的相关承 诺，同时基于对公司未来发展前景的坚定信心和对公司长期价值 的高度认可，徐工集团拟自 2025 年 12 月 26 日起六个月内，通 过深圳证券交易所交易系统允许的方式（包括但不限于集中竞价、 大宗交易、协议转让等）增持公司股份，本次拟增持股份金额不 低于人民币 8,000 万元且不超过人民币 16,000 万元（含 2025 年 12 月 26 日增持金额）。 一、增持主体的基本情况 （一）增持主体 徐州工程机械集团有限公司 （二）增持主体持股情况 本次增持前，徐工集团持有公司股份情况如下： - 1 - | 股东名称 | 股份数量（股） | 占总股本比例 | | ...

格隆汇12月26日｜徐工机械公告称，控股股东徐工集团于2025年12月26日首次增持177.95万股，占比 0.015%，金额996.92万元，持股升至20.95%。为履行相关承诺及基于对公司信心，徐工集团拟自当日起 6个月内，增持不低于8000万元、不超过1.6亿元股份，未设定价格区间，增持期间及法定期限内不减 持，增持计划存在无法达预期风险。 ...

Core Viewpoint - The establishment of the Xiang-Qiong Advanced Manufacturing Industrial Park marks a significant step in cross-regional collaboration between Hunan and Hainan, focusing on the remanufacturing and modification of heavy engineering machinery to promote resource recycling [1][5]. Group 1: Industrial Development - The Xiang-Qiong Industrial Park officially commenced operations on December 23, with a focus on remanufacturing and modifying heavy engineering machinery [1]. - The park aims to leverage the industrial advantages of both provinces and provide continuous support for companies expanding into overseas markets [5]. Group 2: Tax Incentives and Orders - SANY Group is benefiting from Hainan's free trade port tax incentives, including a 15% corporate income tax reduction, which has already resulted in receiving an order worth 100 million from Southeast Asia and Africa on the first day of operation [3]. Group 3: Industry Trends - The engineering machinery industry is showing signs of recovery, with expectations of improved performance as it transitions into the "National IV" era starting December 1 [6]. - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70%, indicating a potential turning point for the excavator industry [7].

Company Overview - Tao Jiajin, born in May 1973, is currently the Deputy Secretary of the Party Committee, Vice Chairman, and General Manager of Taiyuan Heavy Industry Group (THIG), and is proposed for further use [1] - Tao has held various positions in state-owned enterprises in Shanxi, including roles in Taiyuan Iron and Steel Group and Shanxi Cloud Era Technology Co., Ltd. [1] - THIG, established in 1950, is recognized as the first heavy machinery manufacturing enterprise designed and built independently by New China, contributing significantly to the national economy [2] Corporate Leadership Changes - Han Zhentang, the current Party Secretary and Chairman of THIG, is 60 years old and has reached retirement age [2] - In May of this year, Tao Jiajin succeeded Han Zhentang as the Chairman of Taiyuan Heavy Industry Co., Ltd., the only publicly listed company under THIG [1][4] Industry Insights - The engineering machinery industry is showing signs of recovery, with improved operating rates expected in February [5][11] - Domestic demand is anticipated to strengthen, with a notable increase in exports exceeding 70% this year, despite a 13-month decline in domestic sales [6][11] - The industry is transitioning to the "National IV" emission standards starting December 1 [6] Market Dynamics - The engineering machinery sector is expected to experience a "warming" trend, with credit conditions improving in January [11] - Experts are discussing the industry's development and the push for new energy solutions in construction machinery and commercial vehicles [11]

12月25日上午，长江经济带零碳港口物流项目暨江津示范项目在重庆珞璜港正式启动，同步成立的还有 中际新能源与徐工集团共建的人才培养赋能中心。 据了解，该项目由重庆中际新能源科技有限公司牵头建设，是我市新能源重卡"车、站、电、后市场"全 产业链闭环标杆项目。项目计划总投资约6.35亿元，主要由三大场景构成：新能源重卡运输、光伏和储 能、充换电服务以及汽车维保、配件销售等汽车后市场服务。一期项目配置100台新能源重卡，主要适 用于中短途运输，通过智能化平台调度实现3至5分钟快速更换电池，投产后可实现年营业额超1亿元。 重庆中际新能源科技有限公司董事长王东然介绍，作为重庆新能源重卡网络的"首发试验田"，永川区构 建了"车、站、电、后市场"全产业链闭环的核心框架，为绿色货运转型提供了可复制的"永川方案"。 2024年1月3日，位于永川区双石镇的一体化运营项目正式投用，这个占地60亩的"能源驿站"不仅是西南 地区规模最大的同类项目，更开创了全国首个新能源重卡全产业链闭环运营模式。从永川到江津的突 破，让我们有底气向全国推广这一模式。 当前，重庆正加快建设"便捷超充之城"，加速构建新能源汽车高质量充电基础设施网络体系，重 ...

Group 1: Market Performance - The engineering machinery sector increased by 1.82% on December 26, with XCMG leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Group 2: Individual Stock Performance - XCMG (000425) closed at 11.24, up 5.14% with a trading volume of 895,800 shares [1] - Shaoyang Hydraulic (301079) closed at 31.87, up 4.59% with a trading volume of 299,500 shares [1] - Shantui (000680) closed at 11.53, up 3.87% with a trading volume of 446,300 shares [1] - Changling Hydraulic (605389) closed at 76.10, up 2.84% with a trading volume of 19,200 shares [1] - Yizhong Heavy Industry (600031) closed at 21.17, up 2.42% with a trading volume of 715,800 shares [1] - Hailun Zhe (300201) closed at 6.58, up 2.02% with a trading volume of 863,400 shares [1] - Fushite (301446) closed at 32.21, up 1.90% with a trading volume of 16,100 shares [1] - Liugong (000528) closed at 12.61, up 1.69% with a trading volume of 227,100 shares [1] - Zoomlion (000157) closed at 8.57, up 1.66% with a trading volume of 479,800 shares [1] - Hengli Hydraulic (601100) closed at 108.61, up 1.30% with a trading volume of 89,000 shares [1] Group 3: Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 96.43 million yuan from institutional investors, while retail investors saw a net inflow of 81.26 million yuan [2] - Major stocks like Hengli Hydraulic and Yizhong Heavy Industry had varying net inflows and outflows from different investor types [3] - Hengli Hydraulic had a net inflow of 1.30 million yuan from institutional investors, while Yizhong Heavy Industry saw a net inflow of 67.84 million yuan [3]

Core Viewpoint - The article discusses a lawsuit against Guotou Ruijin Fund and fund manager Shi Cheng, initiated by an investor over a financial trust management contract dispute, with details of the case yet to be disclosed [1]. Company Overview - Guotou Ruijin Fund was established in 2002, originally named Zhongrong Fund Management Co., Ltd. It was acquired by Guotou Trust Investment Co., Ltd. and UBS Group in 2005, holding 51% and 49% of the shares respectively [2]. - As of September 30, 2025, Guotou Ruijin Fund has a management scale of 240.53 billion yuan and employs 32 fund managers [2]. Fund Manager Profile - Shi Cheng has a background as a researcher at China Jianyin Investment Securities Co., Ltd., and has held positions at various investment management firms before joining Guotou Ruijin Fund in March 2017. He has been a fund manager since March 29, 2019 [3]. - Under Shi Cheng's management, he oversees 12 funds, with a total scale of approximately 10.736 billion yuan. Six of these funds have underperformed compared to their peers [3]. Fund Performance - The two funds managed by Shi Cheng, Guotou Ruijin Industrial Transformation One-Year Holding Mixed A and C, have reported significant losses of 24.62% and 26.16% respectively as of December 25, 2025 [3]. - The top ten holdings of the fund include major companies such as Tencent Holdings, Alibaba, and Geely Automobile, indicating a diversified investment strategy across various sectors [4].

Core Insights - The high-end equipment industry in China is experiencing a structural transformation characterized by a "dual-driven" model, with strong domestic demand and robust international expansion [1][2] Group 1: Technology Empowerment - The rise of AI technology is initiating a global technological revolution, with major countries focusing on strengthening their technological capabilities [1] - Emerging technology sectors such as gas turbines, industrial mother machines, humanoid robots, controllable nuclear fusion, and quantum computing are expected to attract significant market attention [1] - The domestic capital expenditure is accelerating in the "14th Five-Year Plan" period, particularly in high-temperature superconducting materials that support nuclear fusion advancements [1] Group 2: International Expansion - China's high-end equipment manufacturing is strongly expanding internationally, driven by the recovery of demand in Europe and the U.S. and the explosive growth of emerging markets [2] - Key sectors to watch include engineering machinery and forklifts, which are expected to see increased global market shares, as well as agricultural machinery and oil and gas equipment with significant export potential [2] - The global demand cycle for engineering machinery is on the rise, with domestic manufacturers increasing their market share [2] Group 3: Investment Recommendations - Companies with international competitiveness and those embracing emerging industries are recommended for investment, including Yingliu Co., Hengli Hydraulic, Huazhong CNC, Yituo Co., Jereh Group, Zhongtai Co., XCMG, Anhui Heli, and Guodun Quantum [3]

Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

Core Insights - The article discusses the increasing importance of globalization for Chinese enterprises, particularly in the industrial sector, with overseas revenue for some leading companies reaching 30%-40% and showing steady growth [1][3] - JD Industrial aims to build a reliable global service system for outbound industrial enterprises, emphasizing the stability and reliability of supply chains over mere expansion speed [1][3] Group 1: Challenges in Global Expansion - Chinese enterprises face significant challenges when expanding overseas, including complex product standardization, tax system differences, and precise supply-demand matching [3] - Cross-border supply chains encounter notable pain points, such as high logistics costs, compliance standard discrepancies, and weak local supply chain infrastructure in emerging markets [3][5] - Common issues for outbound enterprises include difficulties in finding products, high prices, and delays in fulfillment, particularly concerning non-production materials [3][5] Group 2: JD Industrial's Global Strategy - JD Industrial has made progress in its globalization strategy, establishing partnerships in key overseas markets like Brazil and Indonesia, focusing on resource integration and local fulfillment networks [5] - The company has set up service bases in Vietnam, Thailand, and Hungary, providing services to over 100 enterprises across various sectors, including automotive manufacturing and electronics [5] - JD Industrial has identified three core phases of enterprise globalization and developed four supply chain solutions tailored to each phase, addressing specific needs such as project progression, cost control, and operational efficiency [5][6] Group 3: Technological Advancements - The application of smart technology is a core advantage for JD Industrial in serving outbound enterprises, with significant data accumulation through AI in the past year [6] - The use of the industrial large model JoyIndustrial has drastically reduced material matching time from one week to minutes, enhancing operational efficiency [6] - Supply chain resilience is identified as a key support for global expansion, characterized by visibility, selectivity, and controllability, which are essential for effective overseas operations [6][7]