Core Viewpoint - The engineering machinery industry in China is at a critical stage of transformation and upgrading, aiming for high-quality development as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" is being formulated [1][11]. Meeting Organization - The meeting is guided by the China Engineering Machinery Industry Association and hosted by its Earthmoving Machinery Branch and Engineering Machinery Components Branch [2][11]. - Scheduled for September 23, 2025, from 13:00 to 16:00, coinciding with the BICES 2025 exhibition [2][12]. - The venue is the China International Exhibition Center (New Hall), located at 88 Yuxiang Road, Shunyi District, Beijing [2][12]. Meeting Agenda - The agenda includes a preparatory meeting for the council elections of both branches from 11:00 to 12:00, followed by registration from 12:00 to 13:00, and the annual meeting from 13:00 to 16:00 [2][12]. - The meeting will feature industry leaders analyzing national policies and future development trends [5][14]. - Experts from well-known enterprises will discuss the current state and future direction of the industry [6][14]. - Elections for the 8th council members of the Earthmoving Machinery Branch and the 6th council members of the Engineering Machinery Components Branch will take place [7][8][14]. Participation - Representatives from manufacturers, suppliers, dealers, users, and media related to the earthmoving machinery and engineering machinery components industries are invited to attend [4][13]. Registration and Contact - The meeting is free to attend, and participants are requested to submit their registration forms via email by September 16, 2025 [9][15]. - Contact information for the secretariats of both branches is provided for further inquiries [10][16].

Core Insights - The "large six-seat" SUV market in China is becoming increasingly competitive, with multiple brands launching new models to capture market share [2][4] - Geely's Galaxy M9 has been launched with a price range of 173,800 to 238,800 yuan, featuring advanced storage capabilities and a new AI hybrid system [2][4] - The market for six-seat SUVs is projected to reach around one million units in sales this year, reflecting a shift in consumer demand towards larger family-oriented vehicles [4] Group 1: Market Dynamics - The launch of Geely's Galaxy M9 coincided with the introduction of the Denza N9, indicating a trend where major domestic brands are targeting the "large six-seat" SUV segment [2][3] - Tesla has also entered this market with the Model Y L, priced from 339,000 yuan, aiming to expand its audience by enhancing the practicality of its vehicles [3] - The demand for large SUVs and MPVs is increasing due to changing family structures, such as the relaxation of the two-child and three-child policies in China [4] Group 2: Product Features and Innovations - The Galaxy M9 offers a spacious interior with a maximum storage capacity of 2,171 liters and a comprehensive range of over 1,500 kilometers on a single charge [2][4] - The vehicle is equipped with advanced technology, including the Galaxy Flyme Auto 2 smart cockpit and a highly capable driver assistance system, showcasing a focus on intelligent and personalized features [5] - The competitive landscape is shifting towards technological advancements, with companies recognizing the need to enhance the value of their electric vehicles through innovation [5]

Core Viewpoint - The Shandong Heavy Industry Group is prioritizing the mining market as a strategic focus, showcasing its full range of mining equipment and integrated solutions at the 2025 Indonesia International Engineering Machinery and Mining Machinery Exhibition, emphasizing its commitment to green, efficient, intelligent, and economical brand values [1] Group 1: Exhibition Highlights - The exhibition area of Shandong Heavy Industry exceeds 4,000 square meters, making it the largest at the event, featuring six collaborative operation product areas [2] - The company utilizes advanced technologies such as digital twins, VR interaction, and real-time working condition simulation to provide an immersive experience of equipment performance under complex conditions [2] - Shandong Heavy Industry integrates its industrial advantages and resource-sharing channels to create a unique "golden power" assembly system, positioning itself as a competitive provider of comprehensive construction solutions [2] Group 2: Product Matrix - Shandong Heavy Industry Group's core components include a unique "golden core" power assembly made up of "Weichai engine + Linde hydraulic" for excavators and "Weichai engine + Fast transmission + Hand truck bridge" for mining trucks, offering fuel efficiency, high performance, and reliability [3] - The company has optimized its core products for the Indonesian and Southeast Asian markets, showcasing advanced products such as power assemblies, excavators, loaders, bulldozers, graders, rollers, dump trucks, and tractors [3] - The Weichai power assembly is highlighted for its faster response and stronger power, becoming the core power source for high-horsepower machinery, with the SE1500LCW and FR2000F excavators being key products in the high-horsepower mining area [3]

9月17日，第22届中国－东盟博览会暨中国－东盟商务与投资峰会在南宁拉开帷幕，东盟汽车市场正在成为全球汽车竞逐的热点。 国际能源署发布的《2025年全球电动汽车展望》显示，2024年亚非拉新兴市场电动汽车销量接近60万辆，同比增长60%，其中东南亚市场电动 汽车销量增长近50%。业内人士分析，东盟地区拥有庞大的人口基数、快速的城市化进程，随着东盟消费者对电动汽车的认知度和接受度不断提 高，该地区正在成为全球汽车特别是新能源汽车产业的重要增长极。 世界热点 持续升温 日前，国际策略咨询公司安永-博智隆发布的报告显示，印尼、马来西亚、泰国、新加坡等东南亚国家的电动汽车市场将迎来显著增长，预计到2035年 其电动汽车销售总额将从2021年的20亿美元增长到800亿至1000亿美元。 近年来，东盟汽车市场正在全球汽车产业的舞台上持续上升，其发展势头之强劲令人瞩目。尽管在2024年这个市场的汽车销量并不均衡，但总体上却已 呈现日益强大的活力。去年，印度尼西亚和泰国市场的汽车销量出现了不同程度的波动，但越南、菲律宾等新兴市场却在这一年的汽车销量逆势上扬。越南 市场的汽车销量同比增长9.2%，菲律宾同比增长7.7%。这些新 ...

编号：10 | 投资者关系活动 | 特定对象调研 | 分析师会议 | | --- | --- | --- | | | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | 参与单位名称及 | 长江证券-赵超 | | | | 国泰海通证券-李鹏飞 | 王宏玉 | | 人员姓名 | 中信建投证券-汪明宇 | | | | 光大证券-王秋琪 | | | | 中天证券-刘大海 | | | | 国投瑞银基金-周思捷 | 王鹏 | | | 华夏基金-翟宇航 | | | | 恒安人寿基金-傅之浩 | | | | 富国基金-薛阳 | | | | 光大银行-光明明 | 王志昊 | | | 开源证券-孙二春 | | | | 申万宏源证券-陈松涛 | 周豪 | | | 国金证券-王钦扬 | | | | 民生证券-范钧 | | | | 中国银河证券-赵良毕 | 周欣 佟毅 赵中兴 | | | 浙商证券-沈皓俊 | | | | 太平洋证券-安风楼 | | | | 华创证券-马野 | | | | 财通证券-郑惠文 | | | | 广发证券-高金戈 | 林倩 | | | ...

Core Viewpoint - The Hubei Provincial Government has released a work plan to restructure the Wuhan Rural Comprehensive Property Rights Exchange, aiming to promote the scale, standardization, and intelligence of rural property rights transactions, with targets of reaching 10 billion yuan in transaction volume by 2026 and 20 billion yuan by 2027 [1][2][4] Group 1: Unified Trading System - The plan emphasizes the need for a unified trading system to enhance the efficiency of resource allocation, addressing the limitations of the current trading system in terms of functionality, operational efficiency, and service capacity [2][3] - It proposes six measures for unification, including standardizing institutional subjects, trading platforms, rules, processes, trading varieties, and supervision management [4][5] Group 2: Multi-Dimensional Service System - The plan outlines six measures to create a multi-dimensional service system, including improving information dissemination, enhancing transaction matching, optimizing financial services, and expanding service functions [5][6] - It aims to integrate various rural resources and establish a comprehensive online and offline service platform, enhancing the market presence of Hubei agricultural products [5][6] Group 3: Risk Control System - The plan includes three measures to establish a risk control system, focusing on standardizing trading behaviors, improving internal control systems, and strengthening risk prevention [6] - It emphasizes the importance of inter-departmental coordination and policy support to enhance the overall quality and effectiveness of the work [6]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 705.0, indicating a potential upside of 6.6% from the current price of HKD 661.50 [3]. Core Insights - Tencent Cloud is focusing on two strategic directions: "intelligentization" and "globalization," with AI-enabled customer solutions and international business growth as key priorities [1][8]. - The company has accelerated the deployment of AI applications across both consumer (C-end) and business (B-end) sectors, showcasing significant growth in user engagement and application usage [7][10]. - Tencent Cloud's international business has seen high double-digit growth over the past year, with the number of overseas customers doubling, positioning it as a preferred choice for over 90% of internet companies and 95% of leading gaming companies going global [1][20]. Financial Summary - For FY23A, Tencent's revenue is reported at RMB 609,015 million, with an adjusted net profit of RMB 157,688 million. Projections for FY24A and FY25E show revenues of RMB 660,257 million and RMB 736,804 million, respectively, with adjusted net profits of RMB 222,703 million and RMB 252,172.5 million [2][27]. - The adjusted earnings per share (EPS) for FY24A is projected at RMB 23.96, increasing to RMB 27.17 in FY25E, reflecting a positive growth trajectory [2][27]. Strategic Developments - Tencent Cloud has launched a comprehensive AI application matrix, with over a hundred applications upgraded to include AI capabilities, enhancing user experience across platforms like WeChat and Tencent Meeting [8][10]. - The company has introduced the "Agent Runtime" solution to support intelligent agents, significantly improving deployment speed and operational efficiency [13][18]. - Tencent Cloud's mixed 3D model has improved modeling accuracy by three times compared to previous versions, facilitating faster production cycles for 3D assets [22][23].

Core Viewpoint - The Liangshan special vehicle industry is a key pillar of the local economy, showcasing its latest achievements at the 21st China (Liangshan) Special Vehicle Exhibition, which aims to drive industry upgrades and promote high-quality development in China's special vehicle sector [1][3]. Group 1: Industry Development - The Liangshan special vehicle exhibition has evolved from a regional event to the largest and most influential industry fair in China over 21 years, facilitating technology exchange and deepening economic cooperation [3]. - Liangshan's special vehicle industry has made significant breakthroughs in levels, quality, and management, establishing a comprehensive service system that includes used vehicle trading, innovation research, and product testing [5]. - Currently, there are 143 companies listed in the Liangshan special vehicle directory, accounting for 15% of the national total, with an annual production capacity of 350,000 units, and local parts supply rate reaching 70% [5]. Group 2: Exhibition Highlights - The exhibition covers an area of 100,000 square meters, featuring over 600 companies from various countries, with more than 300 vehicles on display, including over 30% new energy vehicles and 25% smart vehicles [7]. - The event also includes a supply chain development conference and a procurement meeting, attracting over 200 buyers from various industries, resulting in 26 cooperation intentions, with over 40% of orders for new energy vehicles [7][9]. Group 3: Future Trends - The special vehicle industry plays a crucial role in supporting national economic construction and enhancing public safety, with a focus on logistics, construction, and emergency rescue [10]. - The industry is expected to benefit from the deepening of energy-saving and environmental protection concepts, which will inject new momentum into its development [12]. - The transition to electrification and intelligence in special vehicles is seen as a natural fit due to their operational characteristics, with a strong emphasis on increasing R&D investment to enhance competitiveness [14].

板块龙头 规模与结构的双重博弈 来源：中国汽车报 随着2025年上半年财报陆续出炉，汽车零部件上市公司业绩表现成为市场关注的焦点。今年以来，汽车 产业变革持续演进，市场竞争更趋激烈，零部件上市公司业绩增长是主流，但不同企业也有各自的具体 情况。 2025年上半年，中国新能源汽车的渗透率达到44.3％，电动化与智能化业务成为众多零部件企业的增长 引擎。以旧换新政策的加力扩围、智能化技术的加速落地及海外市场的深耕细作，为汽车零部件企业带 来新的发展机遇。但同时，受原材料成本上涨、市场竞争加剧等多重因素影响，部分企业的利润空间受 到挤压，面临转型升级的增长压力。 在此背景下，汽车零部件企业纷纷行动起来，一是在一些新兴领域积极布局，寻找新的业务增长点，二 是在供应链管理、生产效率等方面做好提升，努力降低成本，应对原材料成本上涨带来的挑战。此外， 国际化发展战略也成为众多零部件企业的共同选择。总体而言，今年上半年，中国汽车零部件行业努力 在变革中寻找机遇，展现出强大的韧性和活力。 电池电机 2025年上半年，沪深两市汽车零部件板块市值排名靠前的企业总体呈现增长态势，在传统业务规模优势 的基础上，不断挖掘新动能。 今年前 ...

新车对交付量的拉动作用明显。最新数据显示，今年8月，岚图汽车单月交付达13505辆，同比增长 119%，再次创下历史新高；2025年前8个月，岚图汽车累计交付达81768辆，同比增长92%。 中证报中证网讯（龚梦泽 熊永红）日前，岚图汽车首席执行官卢放在2026款岚图梦想家上市发布会上 表示，在企业内部，岚图汽车把技术摆在第一位，坚持核心技术引领创新；在市场上，岚图汽车把用户 放在第一位，一切为了给用户更好的用车体验。 卢放表示，在燃油MPV时代，外资品牌推动了MPV品类的快速崛起，满足了商务用户的出行需求。但 随着电动化和智能化的发展，中国自主高端品牌迅速崛起，高端的价值已经被重新定义，要不断创造新 的用车场景，满足用户的体验需求，持续技术创新。他表示，MPV应该因时代的改变而重新定义，希 望MPV能够成为凝聚科技成果的最高杰作。 作为岚图汽车旗舰MPV，卢放介绍称岚图梦想家2022年上市至今，进行了三次产品进化，岚图梦想家 单车均价超39万元。据悉，2026款岚图梦想家共有五款车型，官方指导价格为32.99万元-43.99万元；新 车搭载800V、5C超快充、华为ADS 4、鸿蒙座舱5及智能后轮转向等配置 ...