证券代码：600031 证券简称：三一重工 公告编号：2025-098 三一重工股份有限公司 关于选举职工代表董事的公告 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 担个别及连带责任。 公司于 2025 年 12 月 30 日下午召开职工代表大会，经与会职工代表审议，选 举刘道君先生为公司董事会职工代表董事（简历详见附件），与公司第九届董事会 其他 7 名董事共同组成公司第九届董事会，任期自本次职工代表大会选举通过之 日且修订《公司章程》经股东会审议通过之日起至第九届董事会任期届满之日止。 - 2 - 三一重工股份有限公司董事会 2025 年 12 月 31 日 - 1 - 附件：刘道君先生简历 刘道君先生，1977 年出生，中国国籍，无境外永久居留权，研究生学历。现 任公司职工代表董事、审计监察总监。2001 年毕业于郑州航空工业管理学院，获 学士学位，2012 年取得香港中文大学高级财会人员专业会计硕士学位及上海国家 会计学院财务总监资格认证。2005 年加入公司，主要负责公司内部审计监察工作， 拥有 20 年的财务及内部审计监察 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-097 三一重工股份有限公司 2025年第五次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 3,272 | | --- | --- | | 其中：A 股股东人数 | 3,271 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,308,313,033 | | 其中：A 股股东持有股份总数 | 3,868,918,378 | | 境外上市外资股股东持有股份总数（H 股） | 439,394,655 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.5430 | - 1 - (一) 股东大会召开的时间：2025 年 12 月 30 日 (二) 股东大会召开的地点：湖南省长沙市长沙县三一产业园行政中心一号会 议室 (三) 出席会议的普通股股东和恢复表决权的 ...

湖南启元律师事务所 关于三一重工股份有限公司 2025 年第五次临时股东会的 法律意见书 2025 年 12 月 致：三一重工股份有限公司 湖南启元律师事务所（以下简称"本所"）接受三一重工股份有限公司（以下 简称"公司"）委托，指派律师出席公司 2025 年第五次临时股东会（以下简称"本 次股东会"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《三一重工股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，就公司本次股东会的召集、召开程序、出席会议的人员资格、召集 人资格、表决程序及表决结果等事宜出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东会，并核查和验证了公司提 供的与本次股东会有关的文件、资料，同时听取了公司就有关事实的陈述和说明。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资料均 已向本所披露；公司向本所提供的所有资料和信息均真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大 ...

Core Viewpoint - The Hong Kong IPO market has seen significant activity in 2025, with a total of 114 new listings and a fundraising amount of approximately 285.3 billion HKD, marking a more than twofold increase compared to 2024, making it the top global market for IPOs [1][3]. Group 1: IPO Performance - Six new stocks, including Yingxi Intelligent and Woan Robotics, debuted on the Hong Kong Stock Exchange on December 30, all closing higher on their first day [1]. - The top four IPOs globally in 2025 are from the Hong Kong Stock Exchange, including CATL, Zijin Mining International, Sany Heavy Industry, and Seres [4]. - CATL raised 41 billion HKD, ranking second globally, following Medline's recent listing on NASDAQ [5]. Group 2: Fundraising Dynamics - The surge in fundraising is primarily driven by large IPOs [3]. - The top ten IPOs in Hong Kong accounted for 1.555 billion HKD, representing half of the total fundraising for the year [5]. - A significant number of companies, including those in the consumer, healthcare, and information technology sectors, contributed to the IPO landscape, with 32, 26, and 25 new listings respectively [7]. Group 3: Market Trends - The first-day performance of newly listed companies showed that 77 out of 114 stocks rose, with a first-day failure rate of approximately 28% [7][9]. - The IPO market has seen a decline in the failure rate since peaking at 45.7% in 2021 [9]. - Notable first-day gains included Nobikang, which surged over 363%, and Jin Ye International Group, which rose over 330% [11]. Group 4: Subscription Activity - The subscription for IPOs has been exceptionally strong, with Jin Ye International Group's public offering being oversubscribed by 11,464 times, leading to a low allocation rate of 0.5% [11][12]. - Other companies also experienced high oversubscription rates, indicating a robust interest in new listings [12]. Group 5: Regulatory Environment - There has been a notable increase in A-share companies seeking dual listings in Hong Kong, with 19 companies successfully listing in 2025 [13]. - The first-day failure rate for A+H listings was approximately 36.8%, higher than the overall rate for Hong Kong IPOs [14]. - Regulatory concerns have been raised regarding the quality of new listing applications, with recent actions taken against non-compliant companies [15].

Core Viewpoint - Linglong Tire (601966) is enhancing its non-road tire segment through a "3+3" global strategy, focusing on improving product technology, specifications, sales channels, and regions to increase production and sales scale in this area [1] Group 1: Company Strategy - The company is implementing a "3+3" global plan in the non-road sector to boost its market presence and operational scale [1] - Linglong Tire aims to enhance product performance and expand its sales channels and regions to increase its business share in the non-road tire market [1] Group 2: Product Offering - The company provides non-road tire products suitable for various equipment and vehicles, including those used in engineering machinery, road transport, and internal operations [1] - Linglong Tire's products are recognized for their durability, load capacity, and adaptability to complex working conditions [1] Group 3: Client Base and Market Reach - The company is a long-term supplier to major clients such as SANY Heavy Industry (600031), China Power Construction (601669), China Railway Tunnel, Conch Cement (600585), and Jiuquan Steel Group [1] - Linglong Tire's products have been sold to multiple countries across Asia, Europe, Africa, North and South America, and Oceania [1] Group 4: Future Growth Potential - The ongoing expansion in the non-road sector and the continuous improvement in production and sales rates are expected to drive new profit growth for the company [1] - The company has developed technical reserves and research capabilities for aviation tires, although it has not yet entered the sales phase for this product line [1]

Core Insights - The capital markets in China are experiencing a vibrant end-of-year surge, with significant IPO activity in both A-shares and Hong Kong stocks, reflecting a positive outlook for 2025 [1][2] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, raising a total of 131.77 billion yuan, marking a 95.64% increase compared to the previous year [4][5] - The A-share IPO market is characterized by a focus on "hard technology," with notable companies like Moer Technology and Muxi leading the way [4][6] - The top IPOs included Huadian New Energy, which raised 18.17 billion yuan, followed by Moer Technology and Xian Yicai, with 8 billion yuan and 4.64 billion yuan respectively [5] Hong Kong Market - The Hong Kong IPO market thrived in 2025, with 117 new listings raising a total of 285.69 billion HKD, a 220% increase year-on-year, making it the top global fundraising venue [8][9] - Eight major IPOs contributed significantly to this total, including Ningde Times, which raised 41.01 billion HKD, accounting for nearly half of the total fundraising [9][10] - The market saw a low first-day loss rate of 27.35%, the lowest in five years, indicating strong investor confidence [10] Regulatory and Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust market environment, with a focus on technology and innovation [11][12] - The Chinese government has implemented various measures to enhance the appeal of the capital markets, including the establishment of a growth tier on the Sci-Tech Innovation Board [11][12] - The influx of international capital and the increasing participation of domestic investors are reshaping the investor landscape in Hong Kong [13][17] Future Outlook - Expectations for 2026 are optimistic, with projections of continued growth in both A-share and Hong Kong IPO markets, driven by a focus on quality and structural improvements rather than sheer volume [15][16] - The Hong Kong market is anticipated to see around 160 new IPOs, with significant contributions from technology and media sectors [15][16]

Group 1 - A-shares maintained a "zero破发" status in 2025, with an average first-day increase of approximately 256%, marking the best performance in three years [2][4] - A total of 114 new companies were listed on A-shares in 2025, a 14% increase from the previous year, raising a total of 130.64 billion yuan, which is a 94% increase year-on-year [2] - The top ten IPOs in A-shares included Huadian New Energy, which raised 18.17 billion yuan, and Moer Technology, which raised 8 billion yuan [2] Group 2 - Hong Kong's IPO market saw a significant increase in 2025, with 117 new listings raising a total of 285.69 billion HKD, reclaiming the title of the world's largest IPO market [4][5] - The average first-day increase for new stocks in Hong Kong was 38%, with a 28% rate of breaking [4] - Notably, six of the top ten IPOs in Hong Kong were companies that originated from A-shares, indicating a high "含A率" [4] Group 3 - The main industries driving IPOs in A-shares included electronics, power equipment, automotive, basic chemicals, and machinery, accounting for over 60% of new listings [3] - In Hong Kong, the healthcare, consumer discretionary, and information technology sectors had the highest number of new listings, collectively exceeding 60% [5] Group 4 - Looking ahead to 2026, there is optimism for continued IPO activity in both A-shares and Hong Kong, with expectations of 150-200 new listings in Hong Kong and a fundraising target exceeding 300 billion HKD [9][10] - The upcoming IPOs are expected to focus on sectors such as AI, new energy, high-end manufacturing, and biotechnology, aligning with national development priorities [10]

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 864.29%, Zhejiang Shibao (01057) at 460.57%, and Hongye Futures (03678) at 286.19% [1][2] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -12.08%, China Merchants Bank (03968) at -4.45%, and Heng Rui Medicine (01276) at 1.09% [1][2] - Zhejiang Shibao (01057), Goldwind Technology (02208), and Zhaoyan New Drug (06127) have the highest deviation values at 162.73%, 44.98%, and 18.82% respectively [1][2] Group 2 - The lowest deviation values are seen in GAC Group (02238) at -23.87%, Northeast Electric (00042) at -19.61%, and Chenming Paper (01812) at -15.51% [1][2] - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (01349) at 253.76% and Andeli Juice (02218) at 230.43% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at 9.59% and WuXi AppTec (02359) at 10.14% [2]

公 司 研 究 混改效果持续体现，收入和净利润维持增长 柳工(000528) 公司 2026 年年度财务预算议案点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵靖博(分析师) | 021-23185625 | zhaojingbo@gtht.com | S0880525040056 | 本报告导读： 目前挖机内销温和复苏，海外销售结构性改善，公司智能化、电动化、全球化布局 完善，混改效果突出，业绩有望持续释放。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 27,519 | 30,063 | 34,368 | 39,305 | 43,184 | | (+/-)% | 3.9% | 9.2 ...