点击上图▲立即报名 6月19日至6月20日，"生而全球·共融共建"第二届出海全球峰会在新加坡举行。与 会的1300名企业家与20多位来自学界、企业界、海外的嘉宾一起，探讨中国企业出 海的新方向和新路径。 黄兆华老师在论坛上进行了《全球化发展与本地化融合》专题演讲，本文整理了黄兆 华老师演讲的精华部分，分享给大家。 演讲 / 黄兆华 整理 / 巴九灵（微信公众号： 吴晓波频道） 我曾在柳工担任了10年的海外业务负责人，从海外事业部的副总到总经理到上市公司的高管，一直负责海外业务，在一线干了接近10年，而后创 办了北京出海领航。 回看柳工出海的20年历程，从宏观层面，有三点启示：首先，海外市场的机会比我们想象中要大得多。 2006年，我作为一名咨询顾问，带领一个团队，为柳工提供海外业务咨询服务，当时柳工的海外业务收入只有2亿人民币，2024年，这一数字达到 了137亿，接近柳工全部收入的50%，这个数字超远远超出了20年前所有人的想象。 其次，海外之路并不平坦。回望20年的出海之路，没有哪一天是风平浪静的。当你成为一家像柳工一样的全球性经营企业，在100多个国家开展业 务的时候，地球上发生的每个风险事件好像和你都 ...

Group 1 - The Central Financial Committee emphasized the need to promote high-quality development of the marine economy, strengthen top-level design, and increase policy support to encourage social capital participation [1] - As of July 2, the marine economy sector showed active performance, with over 10 companies, including Zhanjiang Guolian Aquatic Products Development Co., Ltd. and Deepwater Haina Water Group Co., Ltd., hitting the daily price limit [1] Group 2 - The 2024 National Marine Economic Statistical Bulletin indicates that the national marine production value will exceed 10 trillion yuan for the first time, accounting for 7.8% of the GDP [2] - The marine economy has become a significant engine for economic growth in China, with marine technological innovation as the core driving force, particularly in deep-sea technology [2][3] - The 2025 Government Work Report highlighted "deep-sea technology" for the first time, promoting the safe and healthy development of emerging industries [2] Group 3 - The deep-sea technology sector is expected to experience rapid growth, particularly in core technology areas such as deep-sea equipment and exploration [3] - By 2025, the marine production value is projected to exceed 13 trillion yuan, with deep-sea technology-related industries accounting for over 25% [3] Group 4 - The deep-sea technology industry has formed a complete industrial chain covering deep-sea detection, resource development, equipment manufacturing, and ecological protection [4] - Companies are accelerating actions to capture market opportunities, focusing on technology innovation and commercial application across the entire industrial chain [4] Group 5 - Companies like AVIC Optoelectronics have developed a series of products for marine oil and gas exploration, deep-sea submersibles, and marine ranching [5] - Deep-sea technology industry players are encouraged to increase investment in core technologies and collaborate with research institutions to overcome technical bottlenecks [5]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the economic governance and policy changes in various industries, particularly focusing on the steel, non-ferrous metals, coal, and engineering machinery sectors [1][5][6][13]. Key Insights and Arguments Economic Governance and Policy Changes - The Central Financial Committee emphasizes the need to regulate low-price disorderly competition and promote the orderly exit of backward production capacity, which is crucial for building a unified national market [1][3][4]. - Current economic policies have shifted from controlling high prices to managing low prices, reflecting a focus on high-quality development rather than mere scale expansion [5][6]. - The governance approach has transitioned from anti-monopoly to addressing disorderly competition, indicating a response to insufficient total demand and low-price competition [5][6]. Steel Industry - The steel industry is experiencing a demand downturn due to real estate sector weaknesses, with manufacturing demand now accounting for over 50% of total demand [1][16]. - The average net profit of listed companies in the steel sector has turned negative for three consecutive years, indicating a supply-side contraction [1][17]. - The steel demand cycle is gradually bottoming out, with exports performing better than expected [1][16]. - Future steel prices are expected to rebound as demand stabilizes and supply contracts, with a projected upturn in the industry over the next two to three years [19]. Non-Ferrous Metals - The non-ferrous metals market is characterized by resource scarcity and the interplay of U.S.-China liquidity cycles, with a focus on tin and copper due to their technological applications [21][22]. - Tin demand is expected to rise due to its applications in technology, despite a temporary increase in supply from the resumption of production in certain regions [21][22]. - Copper prices are anticipated to reach historical highs driven by U.S. debt relief and seasonal demand [22]. Coal Market - The coal market is showing signs of price stabilization, with overall coal prices slowly rising after a challenging first half of 2025 [23][24]. - The relationship between electricity consumption and GDP is expected to remain stable, with new policies reducing the expected returns on renewable energy installations [23][24]. - Future coal supply is likely to decrease, particularly in Xinjiang, impacting China's overall coal production landscape [25][26]. Engineering Machinery - The engineering machinery sector is facing severe internal competition, but leading companies are beginning to raise product prices, which may improve profit margins [29][30]. - Domestic sales are projected to grow by 15%-20% this year, with exports performing better than initially expected [31][32]. - The cyclical growth in the machinery industry is expected to continue for the next three to five years, benefiting major manufacturers [34][35]. Other Important but Overlooked Content - The governance of low-price competition and the orderly exit of backward production capacity are seen as critical to addressing the internal competition and ensuring sustainable economic growth [3][4][6]. - The focus on high-quality development and the regulation of local government behaviors are essential for stabilizing the market and fostering investment opportunities in various sectors [5][6][12]. - The anticipated structural investment opportunities arising from the exit of underperforming companies in the manufacturing sector could lead to a healthier market environment [12][13].

根据《上市公司股份回购规则》《深圳证券交易所自律监管指引第 9 号—回购股份》 等相关规定，上市公司应在每个月的前三个交易日内披露截至上月末的回购进展情况， 现将公司截至 2025 年六月末的回购进展情况公告如下： 一、回购股份的进展情况 证券代码：000528 证券简称：柳 工 公告编号：2025-51 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于股份回购（第二期）进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届 董事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期）的议 案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部分公 司已发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。本 次回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元 （含），回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购 决议前三 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-52 广西柳工机械股份有限公司 关于 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 债券代码：127084 债券简称：柳工转2 （二）可转债上市情况 重要内容提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》《深圳证券交易所可转换公司债券业务实施细则》的有关规 定，广西柳工机械股份有限公司（以下简称"公司"）现将 2025 年第二季度可转换公司 债券（以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准广西柳工机械股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2023〕128 号）核准，广西柳工机械股份有限公司（以下 第 1 页，共 3 页 1. 债券简称：柳工转2 2. 债券代码：127084 3. 转股期限：2023年10月9日至2029年3月26日 4. 当前转股价格：人民币7.30元/股 简称" ...

7月1日，《柳州日报》头版发表署名"柳仲言"的评论文章，题目是《用好"全区之力"奋起"挑大梁"》，全文约5300字。 全文转载如下： 用好"全区之力"奋起"挑大梁" □ 柳仲言 孤石孑立，难撑大厦之重负；众石合璧，乃筑雄城之磅礴。 在柳州全市上下为统筹化债与发展夙兴夜寐、殚精竭虑，于困局之中奋力求索、全力突围显露亮色之时，迎来了自治 区"举全区之力"的强力支持举措，如春风化雨，光照前路。 6月25日，自治区党委书记陈刚在柳州主持召开自治区党委常委会扩大会议，专题研究我市债务化解和经济社会发展工 作，并审议通过了自治区支持柳州市本级一揽子化债方案、柳州市本级防范化解债务风险实施方案。自治区党委全面系统深入 部署举全区之力支持柳州化债的系列工作，对柳州高质量发展作出指导、提出要求，掀开了柳州发展新的一页，让我们备受鼓 舞、倍感振奋，这必定载入柳州市发展史册。6月27日，市委常委会召开扩大会议，专题学习贯彻这次自治区党委常委会扩大会 议精神，逐项贯彻落实相关工作安排。 我们要坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻落实习近平总书记关于广西工作论述的重要要求， 把自治区党委的关心支持转化为推动工作的强大 ...

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]

Investment Rating - The report maintains a "Buy" rating for the machinery industry [3] Core Views - Industrial revenue growth in China has slowed, with a year-on-year increase of 2.7% for industrial enterprises from January to May 2025, down 0.5 percentage points from the previous value. Total profits for industrial enterprises decreased by 1.1% year-on-year, with a significant drop of 9.1% in May alone [5] - The engineering machinery market is experiencing weaker expectations and operating rates as it enters the off-season, with a notable decline in the proportion of agents expecting increased excavator sales [6] - The manufacturing PMI rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing sentiment due to policy effects and easing trade tensions [7] Summary by Sections Market Performance - Over the past month, the machinery industry has seen a relative return of -1.0% and an absolute return of 1.2%. In the last three months, the relative return is -3.8%, while the absolute return is -3.6%. However, over the past year, the industry has outperformed with a relative return of 17.1% and an absolute return of 30.4% [4][9] Key Company Earnings Forecasts and Ratings - Major companies in the machinery sector are projected to maintain strong earnings growth, with companies like Sany Heavy Industry and XCMG Machinery receiving "Buy" ratings based on their expected revenue and profit growth [20] Basic Data - The report highlights that the cumulative issuance of special bonds by local governments has been increasing, which may support infrastructure investment and, consequently, machinery demand [22]

Core Viewpoint - The article highlights the innovative efforts and achievements of Guangxi Liugong Machinery Co., Ltd. under the leadership of Chief Engineer Lin Mingzhi, emphasizing the importance of customer needs and technological advancements in the engineering machinery industry [1][2]. Group 1: Innovation and Development - Lin Mingzhi has dedicated over 30 years to the development of engineering machinery products and technologies, leading his team to overcome multiple technical challenges [1]. - The development of a new side-discharging loader was initiated by Lin Mingzhi in 1989, addressing operational difficulties in tunnel construction and enhancing efficiency [1]. - The company has made significant strides in innovation, including the development of a high-altitude electric loader suitable for environments above 4000 meters, completed in just seven months [2]. Group 2: Customer-Centric Approach - Lin Mingzhi emphasizes the importance of understanding customer needs as a driving force for innovation, leading to improvements such as adding air conditioning to loaders for enhanced driver comfort [2]. - The company has focused on optimizing design and processes to improve dust-proof features, ensuring the health of operators [2]. Group 3: Commitment to Continuous Improvement - Lin Mingzhi advocates for a path of independent innovation, aiming to enhance the company's global competitiveness through product strength [2]. - The research and development team has achieved breakthroughs in various technological fields, including materials, electronic control, remote control, and unmanned driving [2].

Summary of Key Points from Conference Call Records Industry Overview - The mechanical sector's investment strategy focuses on four dimensions: exports, technology, turnaround situations, and high dividends [1][12] - The North American consumer chain shows strong performance, with companies like Jiangbin Home and Chuncheng Power seeing stock price increases of 50% to 70% [3][4] - The "Belt and Road" export chain, particularly in oil and gas equipment, is highlighted as a potential area for investment [1][4] Key Investment Opportunities Technology Growth - The technology growth direction emphasizes humanoid robots and lithography-related machinery [1][5] - Key companies to watch include Tesla's supply chain and Zhaowei Electric, which plans to issue H shares [1][5][31] - Recommended company in the lithography machine sector is Huichuan Technology, with high order fulfillment expectations [1][5] Turnaround Situations - The turnaround focus includes lithium battery equipment and military industry [1][7] - Military testing companies are expected to see performance improvements in the second half of the year due to increased order volumes and seasonal demand [8][26] - The lithium battery equipment sector is projected to benefit from a reversal in main business and solid-state battery concepts, with companies like Lianying Laser expected to see close to 70% growth in 2025 [9][36] High Dividend Companies - High dividend companies in the mechanical sector generally have dividend yields above 5%, with some like Guangri Co. reaching up to 10% [11][25] - Companies such as Sany International and First Tractor Co. are noted for their growth potential alongside high dividends [11] Company-Specific Insights Zhaowei Electric - Zhaowei Electric holds a significant market share in the humanoid robot sector, particularly in the hollow cup motor segment [2][31] - The company plans to list on the H-share market by the end of 2025 and has recently ended a share reduction, alleviating short-term pressure [31] Military Testing Sector - Companies like Guangdian Measurement and Su Testing are highlighted for their investment value, with expectations of profit elasticity exceeding forecasts [8][28] - The military testing sector is characterized by high downstream demand and strong performance delivery capabilities [26][27] Engineering Machinery - The engineering machinery sector is currently undervalued, with companies like Sany and Liugong recommended based on their operational quality and low valuations [1][17][18] - The domestic engineering machinery market is expected to see a decline in June 2025 but may still achieve positive growth for the year due to replacement cycles [14] Domestic Process Industry - Domestic process industry companies are accelerating their overseas expansion, with Huaron Co. expected to see significant growth in overseas market share [23][24] - Huaron's current valuation is around 14 times earnings, with a dividend yield of approximately 5% [24][25] Conclusion - The mechanical sector presents various investment opportunities across technology growth, turnaround situations, and high dividend stocks, with specific companies showing strong potential for growth and performance in the coming years [1][12][11]