上市企业：一拖股份（601038） 相关报告：智研咨询发布的《2026-2032年中国拖拉机行业市场需求分析及投资战略咨询报告》 根据国家统计局数据显示：2025年9月中国小型拖拉机产量为1万台，同比下降9.1%；2025年1-9月中国 小型拖拉机累计产量为9.3万台，累计下降13.1%。 2020-2025年1-9月中国小型拖拉机产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

记者了解到，此次农机业务技能大赛的举办，为全市农机手提供了展示技能、切磋技艺、交流经验 的平台，大赛中涌现出的优秀技能人才，将成为推动我市农业机械化向更高质量、更高水平发展的重要 力量。 本次大赛内容涵盖农机操作规范等领域，包含模拟田间作业、精准操作等高度贴合实际生产场景的 项目。大赛现场农机轰鸣、秩序井然，参赛选手精神抖擞、神情专注，驾驶各类农机装备精准完成耕 地、播种、植保等项目。 11月27日，西安市2025年农机业务技能大赛在鄠邑区拉开帷幕。本次大赛聚焦农机操作人员的专业 能力与综合素养，旨在通过技能比拼与交流，锻造一支技术精湛、素质过硬的农机高技能人才队伍。 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）11月26日，以"治善致远 绿动未来"为主题的2025年金牛企业可持续发展论坛暨第三届国新杯·ESG金牛奖颁奖典礼在江苏苏州举 行。本次大会由中国证券报、中国国新控股有限责任公司主办，国新证券承办，苏州工业园区城市发展研究院全面战略支持。备受瞩目的ESG金牛奖榜单揭 晓，一拖股份凭借在ESG领域的创新实践及优异成绩荣获"ESG卓越央企金牛奖"。 ES HINA SECURITIES 一拖股份荣获"ESG卓越央企金牛奖"（图片来源：中国证券报） ESG金牛奖是中国证券报针对企业ESG表现开展的评价评奖品牌。第三届国新杯·ESG金牛奖延续了金牛奖系列评选"公开、公平、公正"的核心原则，以更严 谨、更科学的评价体系，筛选资本市场ESG实践的"领跑者"，激励更多企业投身可持续发展浪潮。本届ESG金牛奖共设置"ESG金牛奖百强""ESG卓越央企金 牛奖""ESG碳中和金牛奖""ESG科技引领金牛奖""ESG治理金牛奖""ESG乡村振兴金牛奖"及"ESG新锐金牛奖"七大奖项。 在行业遴选和奖项设置方面，评审委员会充分借鉴中国国新ESG评价方法论与国资委研究中心课题成果，从财 ...

截至9月30日，威马农机股东户数9087.00，较上期减少4.25%；人均流通股3129股，较上期增加4.43%。 2025年1月-9月，威马农机实现营业收入5.83亿元，同比减少17.43%；归母净利润3618.84万元，同比减 少39.64%。 分红方面，威马农机A股上市后累计派现7811.13万元。 责任编辑：小浪快报 11月26日，威马农机跌1.04%，成交额6933.69万元。两融数据显示，当日威马农机获融资买入额551.15 万元，融资偿还564.37万元，融资净买入-13.22万元。截至11月26日，威马农机融资融券余额合计1.14 亿元。 融资方面，威马农机当日融资买入551.15万元。当前融资余额1.14亿元，占流通市值的10.37%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，威马农机11月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，威马农机股份有限公司位于重庆市江津区珞璜工业园B区渝祥路3号，成立日期2009年5月12 日，上市日期2023年8月 ...

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We're back on Morning Trade Live. Deer is moving lower this morning after beating earnings estimates on the top and bottom lines. The issue investors are having is with the guidance here.Deer is projecting weakness across multiple divisions next year as agriculture weakness continues. So, we are seeing shares getting hit right now. We're at 47 471 and change.Let's go inside out on this name deer after earnings. Joining us now is Jonathan Sraa, VP of equity research at CFR research. Thank you so much for joi ...

Financial Data and Key Metrics Changes - In fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8][12] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8][12] - For the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, and net sales for equipment operations rose by 14% to $10.6 billion [8][12] - Net income for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8][12] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating margin of 12.7% [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating margin of 10.3% [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small ag and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins [11][46] - South America is expected to see flat industry sales, with Brazilian demand tempered by high interest rates and strong global crop yields [11][12] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its smart industrial journey, emphasizing technology and innovation across all production systems [19][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering North American large ag with lean production [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and supportive government payments as potential upside factors [10][41] - Management acknowledged the resilience of the organization amidst a challenging market backdrop, with a focus on long-term customer value [19][67] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in Q4 due to market uncertainty [67] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure through price-cost positive expectations and will continue to execute activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates lower than normal seasonal production to start the year, with flexibility to adjust to demand in subsequent quarters [51][44]

Core Insights - Deere reported increased sales in its fiscal fourth quarter, indicating a positive trend in the agricultural sector [1] - Despite the sales growth, the company provided a pessimistic outlook for the current fiscal year [1] Summary by Category Sales Performance - The company experienced higher sales in its fiscal fourth quarter, reflecting improvements in agricultural trends [1] Forecast - Deere issued a downbeat forecast for the upcoming year, suggesting potential challenges ahead despite recent sales growth [1]

行业"晴雨表"。 | 作者 | | 火花 | | --- | --- | --- | | 编辑 | | 小白 | 国之重器 摇篮 ，业绩有韧性 古人云：民以食为天。新中国成立以来，我国粮食产量翻了超6倍，这背后是农业从人力畜力到机械 化的飞跃。 一拖股份（601038.SH；0038.HK）正是这一进程的见证者和推动者，公司出产了中国第一台拖拉 机"东方红"。 公司主营业务为农业机械（拖拉机及零部件）和动力机械（非道路柴油机等）。 1997年公司于香港上市，2012年在上交所挂牌，是国内唯一一家"A+H"农机企业。 2012年至今，公司的营收呈V字形。2014年起，农机行业结束高速增长，进入深度调整期，中低端产 能过剩，市场趋近饱和。 一拖股份在2012至2018年间，营收呈下降趋势。行业可比公司弘宇股份、星光农机、吉峰科技等，同 期营收增长也基本为负。到2018年，一拖股份业绩大幅下滑，扣非净利润亏损13.9亿元，行业大中拖 销量同比下降20.8%。 面对凛冬，公司开始治理亏损业务并处置低效资产。2018年，公司大刀阔斧进行人员分流，共计2254 人。2019年，降本增效初见成果，公司扭亏为盈。 2020年 ...

证券日报网讯威马农机（301533）11月26日在互动平台回答投资者提问时表示，公司目标客户包括俄罗 斯、乌克兰等在内的全球100多个国家和地区。公司未来将根据市场变化及时调整营销策略，加快市场 推广。 ...