Market Overview - On April 21, the Shanghai Composite Index rose by 0.45%, the CSI 300 increased by 0.33%, the STAR 50 climbed by 1.07%, the CSI 1000 grew by 2.07%, and the ChiNext Index went up by 1.59% [4] - The best-performing sectors on April 21 were non-ferrous metals (+3.79%), computers (+2.72%), beauty and personal care (+2.11%), machinery equipment (+2.03%), and media (+2.03%). The worst-performing sectors were banking (-1.23%), food and beverage (-0.59%), real estate (-0.46%), coal (-0.32%), and transportation (-0.16%) [4][3] - The total trading volume for the A-share market on April 21 was 1,073.6 billion yuan, with a net inflow of 2.309 billion Hong Kong dollars from southbound funds [4][3] Company Analysis: SANY Heavy Industry - The report highlights that SANY Heavy Industry (600031) released its 2024 annual report, which exceeded expectations [5] - The company's net profit attributable to shareholders increased by 32% year-on-year, indicating improved profitability [5] - Investment opportunities are identified in the construction machinery industry, which is on an upward trend, with SANY's excavator revenue being a significant contributor to its performance [5] - Catalysts for growth include stabilization in domestic real estate and infrastructure investments, better-than-expected domestic excavator sales, accelerated international business, enhanced operational vitality, and rapid penetration of electric products [5]

徐工机械(000425) 报告日期：2025 年 04 月 08 日 3 月前四周，国内流通领域市场监测挖机开工小时数同比提高 15%，环比提高 66%，煤 炭、有色、公共设施等领域的投资增速有所改善。 3 月工程机械主要产品月平均工作时长为 90 小时，同比增长 7%，环比增长 94%。 证券研究报告 | 公司点评 | 工程机械 拟 18-36 亿元回购股份彰显信心，新徐工迈向全球工程机械龙头 ——徐工机械点评报告 投资要点 ❑ 事件：4 月 8 日，公司发布股份回购公告，彰显发展信心和对自身价值的认可 本次回购价格不超过人民币 13 元/股，总金额为 18-36 亿人民币，预计回购股份 1.38-2.77 亿股（约占总股本 1.17%-2.34%），回购的股份拟用于实施股权激励或员工持股计划。 ❑ 工程机械行业筑底向上，龙头公司有望受益 1）挖机内销强劲：3月挖机内销19517台，同比增长29%；出口10073台，同比增长3%。 1-3 月挖机内销 36562 台，同比增长 38%；出口 24810 台，同比增长 5%。3 月 CMI 指数为 128.56，同比增长 18%，环比增长 21%，逼近扩张值， ...