转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院煤矿机械研究小组发布的《中国煤矿机械行业市场前瞻与投资战 略规划分析报告》。 行业主要上市公司：天地科技(600582);中创智领(601717);三一国际(00631.HK);林州重机(002535)等 本文核心数据：中国煤矿机械行业融资整体情况;中国煤矿机械行业投融资单笔融资情况 1、上市企业融资主要用于收购企业股权和补充流动资金等 根据代表性上市企业公告的梳理，煤矿机械行业的上市公司融资手段主要通过定向增发方式进行。从整 体来看，我国煤矿机械上市企业融资目的主要是用于收购企业股权和补充流动资金等。截至2025年中国 煤矿机械行业代表性上市企业主要的融资事件如下： 2、代表性企业对外投资情况主要为技术研发型投资 从中国煤矿机械代表性企业的对外投资来看，煤矿机械企业对外投资的企业数量较多，多以技术研发型 投资为主。 资料来源:前瞻产业研究院 @前瞻经济学人APP 图表4:中国煤矿机械代表性企业对外投资情况(三)(单位:万元,%) | 投资主体 | 投资标的 | 投资金额 | 投资比例 | 投资标的业务 | | --- | --- | --- | --- ...

今年前三季度，中创智领（601717）实现营业收入307.45亿元，同比增长10.44%；归母净利润为36.45 亿元，同比增长19.17%。其中，传统煤机业务稳健增长，而汽车零部件板块净利润同比大幅增长 133.76%，成为强劲的新引擎。这份稳健上扬的业绩单，恰逢公司完成一次重要的身份蜕变——股票简 称正式由"郑煤机"变更为"中创智领"。更名背后，是公司历时十年的业务重构与战略升维。 日前，中创智领总经理贾浩在接受中国证券报记者专访时表示，"郑煤机这个名字，已经不能表达我们 现在的内涵。"中创智领正从"技术跟随"走向"技术引领"，推动"中国创造"与"智能化引领"，是此次更名 的核心要义，标志着公司战略的全面升维。 ● 本报记者杨梓岩 更名背后的战略升维 贾浩表示，在过去公众的认知里，"郑煤机"等同于煤矿机械。然而，公司的业务早已实现跨界融合。根 据公司战略与业绩报告，其业务支柱已明确为"煤矿机械+汽车零部件+工业智能"。更名，首先是业务 实质远超传统称谓后的必然选择。 这一重构非一日之功，而是一场历时十年的前瞻布局与战略并购的结果。 "我们习惯以十年甚至二十年为周期思考未来，这种超前的布局节奏，使得公司在行 ...

● 本报记者 杨梓岩 今年前三季度，中创智领实现营业收入307.45亿元，同比增长10.44%；归母净利润为36.45亿元，同比 增长19.17%。其中，传统煤机业务稳健增长，而汽车零部件板块净利润同比大幅增长133.76%，成为强 劲的新引擎。这份稳健上扬的业绩单，恰逢公司完成一次重要的身份蜕变——股票简称正式由"郑煤 机"变更为"中创智领"。更名背后，是公司历时十年的业务重构与战略升维。 日前，中创智领总经理贾浩在接受中国证券报记者专访时表示，"郑煤机这个名字，已经不能表达我们 现在的内涵。"中创智领正从"技术跟随"走向"技术引领"，推动"中国创造"与"智能化引领"，是此次更名 的核心要义，标志着公司战略的全面升维。 更名背后的战略升维 贾浩表示，在过去公众的认知里，"郑煤机"等同于煤矿机械。然而，公司的业务早已实现跨界融合。根 据公司战略与业绩报告，其业务支柱已明确为"煤矿机械+汽车零部件+工业智能"。更名，首先是业务 实质远超传统称谓后的必然选择。 这一重构非一日之功，而是一场历时十年的前瞻布局与战略并购的结果。 在煤矿机械这一传统优势领域，公司已非简单的设备制造商。贾浩介绍，公司正全力推动煤矿从自动 ...

行业主要上市公司：吉峰科技(300022)、星光农机(603789)、一拖股份(601038)、林海股份(600099)、中 联重科(000157)、悦达投资(600805)、利欧股份(002131)等 本文核心数据：煤矿机械总动力;农机市场主营业务收入;煤矿机械竞争格局 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院煤矿机械研究小组发布的《中国煤矿机械行业市场前瞻与投资战 略规划分析报告》。 行业概况 1、定义 煤矿机械是指用于煤矿的采掘、支护、运输、洗选等生产过程的矿山机械。煤矿通常分为露天开采和井 下开采，其设备分为露天煤矿机械和井下煤矿机械。与普通矿山机械相比，煤矿机械通常具有防爆特 性，尤其是井下煤矿机械。 广义上的煤矿机械分为勘探设备、综掘设备、综采设备、辅助设备、洗选设备，还包括煤炭安全设备、 电气设备以及露天矿设备等。 狭义上的煤矿机械指煤炭综合采掘设备，其核心设备主要有掘进机、采煤机、刮板输送机及液压支架， 合称"三机一架"。通过掘进机、液压支架、刮板输送机和采煤机配合使用，可实现工作面巷道掘进、截 煤、装煤、运煤、支护的全部机械化作业，具有较高的营运效率和安全性。 | 设备名称 ...

Core Viewpoint - The coal mining machinery industry in China is experiencing significant growth driven by the ongoing national energy security strategy, with a projected market size of 4.63 billion yuan in 2024, reflecting an 11.03% year-on-year increase [1][7]. Overview - Coal mining machines are essential for underground mining operations, performing tasks such as rock breaking, loading, and transporting coal, thus providing efficient construction methods for mine development [1]. - The main types of coal mining machines include cantilever, vertical, and horizontal mining machines, with cantilever machines being the most widely used [1]. Development History - In the 1980s, China increased investment in the coal industry, leading to the development of various types of mining machines through domestic R&D rather than mere imitation [2]. - The 21st century saw rapid economic growth and increased coal demand, resulting in significant technological advancements in the industry, including the development of high-power mining machines suitable for complex geological conditions [2]. Market Policies - The Chinese government has implemented numerous policies to support the development of the coal mining machinery industry, creating a favorable environment for growth [5]. Industry Chain - The upstream of the coal mining machinery industry includes suppliers of raw materials and core components, while the midstream focuses on R&D, production, and manufacturing [6]. - The downstream market primarily consists of coal mining operations, with increasing demand for customized mining machines in various sectors, including shale gas extraction and emergency rescue [6]. Current Development - The demand for efficient and reliable mining machines is stable due to ongoing capacity construction and technological upgrades in large coal mines [7]. Competitive Landscape - The market concentration in the coal mining machinery sector is high, with leading companies like SANY Heavy Industry and XCMG dominating the market, accounting for a significant share of production [8][9]. Industry Representative Companies - SANY Heavy Industry reported a revenue of 12.24 billion yuan in the first half of 2025, with a gross profit of 2.899 billion yuan and a gross margin of 23.69% [9]. - XCMG Group achieved a revenue of 54.81 billion yuan in the same period, with a gross profit of 12.07 billion yuan and a gross margin of 22.03% [11]. Future Development Trends - Future advancements in mining machines will integrate technologies such as 5G and AI, moving towards fully automated operations and enhancing efficiency [12]. - The industry is also focusing on reducing energy consumption and pollution, aligning with national carbon reduction goals through the adoption of new energy sources and materials [12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company's coal machinery business shows steady growth, while the automotive parts segment is transforming and opening new opportunities [1][5]. - The company has demonstrated robust revenue growth from 2020 to 2024, with revenue increasing from 26.52 billion to 37.05 billion, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [4][22]. - The net profit attributable to shareholders is projected to reach 4.32 billion in 2025, corresponding to a price-to-earnings (P/E) ratio of 10 times based on the market value as of October 24, 2025, which is lower than comparable companies in the coal machinery and automotive parts sectors [5][6]. Company Overview - The company is a significant global supplier of coal mining technology and equipment, as well as an influential manufacturer of automotive parts, with operations in 17 countries and 28 production, research, and sales bases [4][12]. - Established in 1958, the company has evolved into a multinational enterprise with a dual focus on coal machinery and automotive components [12][17]. Financial Analysis - The company's revenue has shown consistent growth since 2018, with a notable increase in profitability, as evidenced by a net profit of 3.93 billion in 2024, more than doubling since 2020 [22][25]. - The coal machinery segment has maintained a significant contribution to the company's overall revenue, with 2024 figures showing coal machinery products accounting for 51.3% of total revenue [25][27]. - The automotive parts segment is also growing, with a focus on new energy and international markets, contributing to the company's long-term growth potential [5][25]. Industry Analysis - The coal machinery industry is experiencing an upward trend, driven by fixed asset investments in coal mining and the demand for intelligent mining solutions [39][46]. - The report highlights the increasing demand for hydraulic supports, which are crucial for safe and efficient mining operations, as they account for 45% of the investment in comprehensive mining equipment [43][46]. - The coal machinery market is expected to continue its growth trajectory, supported by government policies promoting intelligent mining and technological advancements [39][46].

Core Insights - The article highlights the evolution of China's manufacturing industry, particularly focusing on companies like CITIC Heavy Industries and Luoyang Bearing Group, showcasing their journey from state-owned enterprises to competitive global players [2][4][9][10]. Group 1: Historical Context - CITIC Heavy Industries, originally known as Luoyang Mining Machinery Plant, has a rich history dating back to 1956, contributing significantly to China's mining equipment manufacturing [2][3]. - The transformation of these companies reflects China's broader industrialization journey, moving from a planned economy to a market-oriented approach [3][10]. Group 2: Company Transformations - CITIC Heavy Industries underwent significant changes after merging with CITIC Group in 1993, leading to technological upgrades and a shift towards a more competitive business model [4]. - Luoyang Bearing Group faced severe financial difficulties in 2004 but successfully reformed its management structure in 2016, revitalizing the company [5][6]. - Zhengzhou Coal Mining Machinery Group also transformed through a series of reforms and strategic acquisitions, significantly increasing its revenue and market presence [7][8]. Group 3: Financial Support and Innovation - Financial innovations have played a crucial role in supporting these companies' international expansion, with various banks providing tailored financial products [12][16]. - The companies have leveraged capital markets for funding, enabling them to invest in technology and expand their operations [13][14]. Group 4: Challenges and Future Outlook - Despite significant progress, challenges remain in high-end manufacturing, with ongoing reliance on foreign technology and talent competition [15]. - Companies are actively pursuing new strategies, including establishing research centers and enhancing their product offerings to maintain competitiveness in the global market [15][16].

Macro Insights - The US August CPI exceeded expectations, indicating manageable tariff transmission effects, with a month-on-month increase of 0.18 percentage points to 0.38%, driven mainly by food and energy prices [2] - Core CPI remained stable, with a month-on-month increase of 0.35% and a year-on-year rise of 0.1 percentage points to 3.1%, aligning with expectations [2] - The job market shows signs of slowing, leading to increased market expectations for interest rate cuts, with a 5 basis point rise in rate cut expectations to 73 basis points [2] Technology Sector - Apple held its fall product launch event, introducing the iPhone 17 series, AirPods Pro 3, and three new Apple Watch models, with the iPhone Air being the highlight at a thickness of only 5.6 mm [3] - The iPhone 17 series features a standard price of $799, unchanged from last year, but with storage increased from 128GB to 256GB, effectively lowering the price [3] - The report anticipates that Apple will maintain a critical role in the AI industry value chain, with related companies such as Luxshare, Lens Technology, and GoerTek benefiting [3] Machinery Industry - The report highlights the increasing automation in coal mining, driven by policy support, technological advancements, and capital investment, predicting that by 2026, the proportion of intelligent coal mines will reach 30% [6] - The penetration rate of unmanned mining trucks is expected to exceed 30%, with significant market potential projected at nearly $60 billion globally by 2030 [6] - Recommended companies in this sector include LiuGong, XCMG, SANY International, and Zoomlion, among others [6] Key Company Insights - Zhihu Group reported Q2 2025 revenue of 2.62 billion yuan, slightly above expectations, with a year-on-year decline of 2.6% [7] - The company is cautiously optimistic about H2 guidance, expecting overseas business to gradually offset domestic declines, with a projected revenue turning point in 2026 [7] - The current market valuation is below net cash, indicating a high value proposition, maintaining a "Buy" rating [7]

Group 1 - Linzhou Heavy Machinery (SZ 002535) held its 24th meeting of the 6th board of directors on August 27, 2025, discussing the revision of the "Board Meeting Rules" [1] - For the year 2024, Linzhou Heavy Machinery's revenue composition is as follows: coal mining machinery and comprehensive services account for 97.63%, other businesses account for 2.07%, and military products account for 0.3% [1] - As of the report date, Linzhou Heavy Machinery has a market capitalization of 3.2 billion yuan [1]

Key Points - Zhengzhou Coal Mining Machinery Group Co., Ltd. will hold its second extraordinary general meeting of shareholders in 2025 on June 17, 2025, at 14:00 [1][4] - The meeting will take place at the company's conference room located at No. 167, Ninth Avenue, Zhengzhou Free Trade Zone, Henan [1][4] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [2][5] - The meeting will discuss several proposals, including the ratification of daily related party transactions from 2022 to 2024 and changes to the company's name and articles of association [3][4] - The company will provide a reminder service for shareholders to ensure participation in the voting process [5][6] - Shareholders must register to attend the meeting, with specific documentation required for both individual and corporate shareholders [7][8]