股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 三一重裝國際控股有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00631 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,461,067,880 | HKD | | 0.1 | HKD | | 446,106,788 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 4,461,067,880 | HKD | | 0.1 | HKD | | 446,106,788 | | 2. ...

Group 1 - The core viewpoint of the report is that the Chinese industrial sector is experiencing three key driving forces due to the ongoing anti-involution policies, including rising demand for mining equipment, maturity of humanoid robot supply chains, and consolidation in the express delivery industry [1] - The report anticipates that the equipment replacement cycle will continue, along with record investments in power grids and renewable energy, which will drive excavator sales growth by approximately 10% [1] - The first-tier suppliers' overseas factories are ready to commence mass production of humanoid robots in the second half of the year; additionally, strong performance and price increases in the lithium-related sector are expected to lead to a year-on-year recovery in automation demand of about 5% [1] Group 2 - The company prefers firms with stable core businesses or those in recovery that can benefit from emerging driving forces; top stock picks include Hengli Hydraulic (601100), Sany Heavy Industry (600031), Sany International (00631), and Jitu Express-W (01519) [1] - Among these, Hengli Hydraulic is rated as "highly confident to outperform the market," while the other stocks are rated as "outperform the market" [1]

该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压 (601100.SH)、三一重工(600031.SH)、三一国际(00631)及极兔速递-W(01519)，当中恒立液压获"高度确 信跑赢大市"评级，其余股份获"跑赢大市"评级。 就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资创新高，将推动挖掘机销 售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机械人量产;而受锂相关领域 强劲及价格上升带动，自动化需求预计同比复苏约5%。 智通财经APP获悉，里昂发布研报称，在反内卷政策持续推进等背景下，中国工业板块正出现三大关键 推动力，包括矿业设备需求上升、人形机械人供应链成熟，以及快递行业整合。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the mining equipment and process automation industries, highlighting trends in capital expenditure and technological advancements in artificial intelligence (AI) [1][2]. Key Insights and Arguments - **Mining Equipment Industry**: - Global mining capital expenditure is on the rise, driven by increasing metal prices, which benefits the mining equipment sector [1]. - Chinese mining companies expanding overseas present investment opportunities in equipment, with both short-term and long-term value [1][15]. - **Process Automation and AI**: - Rapid development of generative AI in process industries is benefiting companies like Zhongkong Technology, which aims for 200 million RMB in revenue from AI-related initiatives by 2026 [1][7]. - Major automation firms like Emerson, Siemens, and Honeywell are making significant strategic adjustments and innovations in AI, with Emerson's software-related revenue reaching 1.2 billion USD in 2025 [5]. - **Metal Prices**: - Metal prices are driven by multiple factors, including AI demand, energy transition, and supply constraints. Notably, copper prices are influenced by AI and new energy demands, while tungsten prices are rising due to supply tightening in China [1][14]. - The overall trend for metal prices is upward, supported by inflation and declining resource reserves [13]. Additional Important Content - **Market Dynamics**: - The rigid mining truck market is dominated by Caterpillar and Komatsu, which hold 80% market share, benefiting from substantial aftermarket revenues [1][11]. - The electric vehicle adoption rate for wide-body trucks is expected to exceed 50% by 2026, with Chinese companies expanding into overseas markets [12]. - **Company Performance**: - Nepe Mining Machinery has seen significant growth in new orders, particularly overseas, with a 60% increase in international orders [1][20]. - Oke Yi is benefiting from rising tungsten prices and supply-side constraints, with a projected 150% increase in tungsten powder prices from 2025 to 2026 [4][20]. - **Investment Recommendations**: - Investors are advised to focus on companies with strong exposure to rising metal prices, high overseas market shares, and those in the consumables sector, which show greater elasticity compared to equipment manufacturers [19]. - **Market Characteristics**: - A-share listed companies in the mining equipment sector typically have a high revenue share from coal mining, around 70%-80% [17]. - The export of mining machinery from China significantly exceeds imports, indicating a strong domestic manufacturing capability [18]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the mining equipment and process automation industries, along with investment opportunities and market dynamics.

该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压、三一重 工、三一国际及极兔速递，当中恒立液压获"高度确信跑赢大市"评级，其余股份获"跑赢大市"评级。 里昂发表研报指，中国工业板块正出现三大关键推动力，包括矿业设备需求上升、人形机器人供应链成 熟，以及快递行业整合。就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资 创新高，将推动挖掘机销售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机器 人量产；而受锂相关领域强劲及价格上升带动，自动化需求预计按年复苏约5%。 ...

Macro Strategy - The core viewpoint of the January FOMC meeting was to maintain the interest rate unchanged with a 10-2 vote, and Powell avoided political questions, which weakened market perceptions of the Fed's independence [1][15] - The market had already priced in a 30% probability of cumulative rate cuts by April, so the decision and guidance did not significantly impact the market [1][15] - Future focus includes the potential departure of Miran, government shutdown issues, and upcoming non-farm payroll and CPI data, which could influence commodity price movements [1][15] Fixed Income - The report discusses the "tug-of-war" between the numerator and denominator in stock and bond pricing, indicating that the relationship between stocks and bonds is not stable and varies with economic conditions [2][16] - When the economy performs well, stock prices may rise due to improved corporate earnings, but rising interest rate expectations can suppress bond prices and increase stock discount rates, leading to uncertain stock index directions [2][16] - Different sectors respond differently to economic drivers, with dividend stocks being more sensitive to discount rates, while growth stocks depend on future earnings expectations [2][16] Industry Analysis - The machinery equipment industry is experiencing significant growth driven by rising metal prices, with the global mining machinery market expected to reach approximately $135 billion by 2024 [3][17] - The report highlights that the mining machinery market has a high gross profit margin in the aftermarket, which accounts for about 50% of revenue, and emphasizes the importance of capital expenditure driven by rising metal prices and declining ore grades [3][17] - Investment recommendations include companies such as SANY Heavy Industry, XCMG, and others, indicating a positive outlook for the sector [3][17] Company-Specific Insights - Mingyang Smart Energy (601615) expects a net profit of 800-1,000 million yuan for 2025, representing a year-on-year growth of 131-189%, with Q4 showing a turnaround in profitability [18][19] - Daikin Heavy Industries (002487) anticipates a net profit of 1,050-1,200 million yuan for 2025, with a year-on-year increase of 122-153%, and is transitioning towards a full-service solution provider [20] - Chow Tai Fook (01929.HK) is projected to achieve revenue of 94.27 billion HKD for FY26, with a net profit of 8.87 billion HKD, reflecting a growth of 50% over three years, supported by strategic store adjustments and product upgrades [21][22] - Xianhui Technology (688155) forecasts a net profit of 350 million yuan for 2025, driven by overseas expansion and solid-state battery equipment layout, with a significant increase in profitability expected [23] - Ding Sheng New Materials (603876) anticipates a net profit of 520-550 million yuan for 2025, with a notable increase in profitability driven by rising aluminum prices and improved production efficiency [24]

Group 1 - The global mining machinery market is projected to reach a size of approximately $135 billion in 2024, with a high-margin aftermarket segment accounting for nearly 50% of the market [1] - The market distribution includes surface mining (40%), underground mining (25%), crushing (15%), drilling (10%), and processing (5%), with key products being excavators, mining trucks, loaders, bulldozers, drilling machines, and grinders [1] - The aftermarket revenue for companies like Caterpillar and Komatsu in the mining machinery sector can reach as high as 60%-70% [1] Group 2 - Rising metal prices are driving an increase in capital expenditure, with a lag of about 1-2 years from price changes to mining investment, and a further 3-5 years for capacity release [2] - Historical data shows that gold grades have significantly declined from an average of 5g/ton in the 1980s to 0.9g/ton in 2024, leading to increased capital intensity in mining operations [2] - The combination of high metal prices and declining ore grades is expected to create a strong upward pull on mining capital expenditure [2] Group 3 - Chinese manufacturers are gradually increasing their participation in the global mining market, driven by the lack of domestic resources and slow technological advancements in large-tonnage products [3] - Major foreign companies like Caterpillar and Komatsu currently dominate the market, holding over 50% market share in mining and transportation segments [3] - Chinese brands are leveraging advantages in cost-effectiveness and new technologies, particularly in electrification and automation, to gain a competitive edge in both mid-low and high-end markets [3] - Investment recommendations include companies such as SANY Heavy Industry, XCMG Machinery, SANY International, Naipu Mining Machinery, Tongli Co., and Northern Heavy Industries [3]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Insights - The mining machinery market has significant potential, with a high-margin aftermarket accounting for 50% of the market. The global mining machinery market size is expected to reach approximately $135 billion in 2024, comparable to the traditional construction machinery market. Key categories include excavators, mining trucks, loaders, bulldozers, rock drills, and grinders, with their respective market shares being approximately 40%, 25%, 15%, 10%, and 5% [1] - Rising metal prices are driving capital expenditures upward, with a lag of about 1-2 years from metal prices to mining investments. By 2026, prices for gold, silver, and copper are expected to reach historical highs, leading to a significant increase in mining capital expenditures. Additionally, declining ore grades are increasing the intensity of capital expenditures, creating a synergistic effect with rising metal prices [2] - Chinese manufacturers are gradually increasing their participation in the global mining market, driven by domestic mining companies expanding overseas. While foreign companies like Caterpillar and Komatsu dominate the market, Chinese brands are making significant advancements in large-tonnage products and are leading in electrification and automation technologies. This positions them favorably in the mid-to-low-end market and allows them to accelerate their presence in the high-end market [3] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, SANY International, Naipu Mining Machinery, Tongli Co., and Northern Heavy Industries [4]

智通财经APP讯，三一国际(00631)发布公告，于2026年1月5日-1月28日，根据股份计划发行合计1481.4 万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 三一重裝國際控股有限公司 呈交日期： 2026年1月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00631 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已 ...