（记者 王晓波） 每经AI快讯，山河智能9月18日晚间发布公告称，公司第九届2025年第二次董事会临时会议于2025年9 月18日在公司总部大楼405会议室以现场结合通讯会议方式召开。会议审议了《关于选举第九届董事会 专门委员会委员的议案》等文件。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Core Viewpoint - The recent interest rate cut by the Federal Reserve did not lead to the expected positive market reaction in the A-shares, resulting in a significant decline in major indices, indicating that good news can sometimes lead to negative market performance due to profit-taking and market adjustments [1][2]. Market Performance - On September 18, the Shanghai Composite Index fell by 1.15% to 3831.66 points, the Shenzhen Component Index dropped by 1.06% to 13075.66 points, and the ChiNext Index decreased by 1.64% to 3095.85 points. The total market turnover reached 3.17 trillion yuan, an increase of 763.8 billion yuan compared to the previous day [1][2]. Sector Analysis - The sectors that saw net inflows included communication equipment, tourism, and engineering machinery, while sectors experiencing net outflows included non-ferrous metals, electrical equipment, and securities [1]. - The tourism, chip industry chain, and CPO sectors showed the highest gains, whereas non-ferrous metals, brokerage firms, insurance, banks, and liquor sectors faced the largest declines [1]. Market Dynamics - The market's initial positive reaction to the Fed's rate cut was followed by a sharp decline due to profit-taking as the rate cut was in line with expectations, leading to a sell-off after reaching near 3900 points [2][3]. - The significant trading volume of over 3 trillion yuan indicates a high level of trading activity, with profit-taking and accumulation of shares occurring simultaneously, reflecting a healthy market despite the decline [3]. Fund Behavior - Reports suggest that many thematic funds previously invested in innovative pharmaceuticals have recently experienced volatility, prompting some funds to switch strategies, which contributed to the market's sharp decline as they sought to adjust to reasonable price levels [3]. Future Outlook - With the upcoming National Day holiday, there may be some capital outflow, and the market's performance in the following days will be crucial to determine if a recovery is possible or if a defensive strategy will be necessary until after the holiday [3].

Core Viewpoint - Anhui Heli announced the acquisition of all equity held by Chassis Group in Jianghuai Heavy Industry to optimize corporate governance and eliminate competition within the industry, enhancing the company's core competitive advantages [1] Group 1: Acquisition Details - The acquisition will make Jianghuai Heavy Industry a subsidiary of Anhui Heli, with the transaction price based on an asset evaluation report dated August 31, 2025 [1] - The valuation of Jianghuai Heavy Industry's total equity is estimated at 537 million yuan, reflecting an increase of approximately 265 million yuan, with a growth rate of 97.67% compared to the consolidated equity [1] - The transaction price for the 51% equity stake is approximately 274 million yuan, funded by the company's own or self-raised funds [1] Group 2: Future Steps - The parties involved will sign a share transfer agreement to clarify payment responsibilities and obligations related to the equity transfer [1]

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].

Group 1 - The core viewpoint of the article highlights that LiuGong (000528.SZ) is experiencing significant growth in its overseas electric product revenue, with an expected year-on-year increase of over 380% in 2024 [1] - In the first half of 2025, global sales of electric loaders are projected to rise by 193% year-on-year, indicating strong market demand and performance [1] - LiuGong has established a competitive advantage in regions such as Europe and Southeast Asia, maintaining a trend of high growth, high gross margins, and high brand value [1] Group 2 - The company is recognized as one of the earliest brands to develop fully electric equipment and solutions for various scenarios in the construction machinery sector [1] - LiuGong has participated in the formulation of multiple national and global electric technology standards, showcasing its leadership in the industry [1] - The company has developed 13 product lines with over 110 electric products and achieved sales in more than 40 countries and regions, positioning itself as a leader in the electrification and intelligent development of construction machinery [1]

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]

Group 1 - The company has 25 manufacturing bases globally, with three overseas bases located in India, Brazil, and Indonesia [1] - The Indian factory has been operating well since 2008, and the company plans to invest 187.7 million yuan for upgrades by August 2024 [1] - A new high-standard manufacturing plant is set to be established in Indonesia with an investment of 500 million yuan by August 2025 [1] Group 2 - The company has entered a phase of global strategy implementation after over 20 years of overseas expansion [1] - The focus is on local operations, developing local supply chains, and achieving localized production to enhance competitiveness and risk resilience in multiple regional markets [1] - This strategy aims to ensure the steady and sustainable development of the company's international business [1]

Market Overview - On September 18, the engineering machinery sector declined by 1.28%, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Fushite (301446) with a closing price of 33.98, up 19.99% [1] - Zhongji United (605305) at 41.79, up 9.20% [1] - Changling Hydraulic (605389) at 57.02, up 6.84% [1] - Significant losers included: - Wantong Hydraulic (830839) at 43.42, down 5.42% [2] - Hangcha Group (603298) at 27.80, down 3.64% [2] - Anhui Heli (600761) at 21.59, down 3.18% [2] Capital Flow - The engineering machinery sector experienced a net outflow of 325 million yuan from main funds, while retail investors saw a net inflow of 393 million yuan [2][3] - Main fund inflows were led by Zhongji United (605305) with 84.05 million yuan, while Wantong Hydraulic (830839) saw a net outflow of 81.98 million yuan [3]

Group 1 - Dagan Holdings' shareholder plans to reduce holdings by up to 3% of the company's shares, totaling approximately 9.52 million shares [1] - China Resources Sanjiu intends to invest up to 10 billion yuan of its own funds in bank wealth management products, with a rolling investment strategy [1] - Xinyu Guoke's shareholder plans to reduce holdings by up to 1% of the company's shares, totaling approximately 276.76 thousand shares [3] Group 2 - Tianpu Co. has completed the stock trading suspension review and will resume trading after a period of abnormal price fluctuations [5] - Xinhang New Materials' controlling shareholder plans to reduce holdings by up to 2% of the company's shares, totaling approximately 174.88 thousand shares [6] - Yinbang Co.'s shareholder plans to reduce holdings by up to 3% of the company's shares, totaling approximately 24.66 million shares [7] Group 3 - Yuanfei Pet's shareholders plan to collectively reduce holdings by up to 3.48% of the company's shares, totaling approximately 565.14 thousand shares [7] - Changchun High-tech's subsidiary will gain exclusive agency rights for three products in mainland China [9] - Hanyi Co.'s controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling approximately 294 thousand shares [10] Group 4 - Zhongcai Energy's subsidiary signed a total contract worth 347 million yuan for a project in Hubei Province [11] - Ruifeng Bank's shareholder reduced holdings by 408.83 thousand shares, decreasing their ownership from 6.10% to 5.89% [12] - Shanghai Construction's gold business revenue is low, accounting for less than 0.5% of total revenue [13] Group 5 - Guanggang Gas's shareholder plans to reduce holdings by up to 2.63 million shares, approximately 1.9994% of the company's total shares [14] - Kairun Co.'s controlling shareholder has decided to terminate the share reduction plan early [15] - Boyun New Materials' shareholder plans to reduce holdings by up to 1% of the company's shares, totaling approximately 573 thousand shares [16] Group 6 - Yuanda Environmental's acquisition of assets and fundraising has been approved by the Shanghai Stock Exchange [17] - ST Ningke's stock will be subject to delisting risk warning due to the company's restructuring [18] - Anke Biotech's investee company has received approval for a key II phase clinical trial for a new injection [19] Group 7 - Shuanglu Pharmaceutical's director plans to reduce holdings by up to 37.52 thousand shares, approximately 0.0365% of the company's total shares [20] - Zhongji Xuchuang's specific shareholder's holding ratio changed by more than 1% [21] - ST Nanzhi plans to sell real estate development and leasing business assets for 1 yuan to focus on urban operation [22]

Company Overview - Shanhe Intelligent Equipment Co., Ltd. is located in Changsha Economic and Technological Development Zone, Hunan Province, and was established on July 29, 1999. The company was listed on December 22, 2006. [1] - The main business involves three categories of construction machinery products with independent intellectual property rights: pile machinery, small engineering machinery, and rock drilling machinery. [1] Revenue Composition - The revenue composition of the company is as follows: excavators account for 38.28%, special equipment and other machinery 19.39%, underground engineering machinery 16.46%, aviation business 14.88%, parts and maintenance services 7.21%, and engineering construction and others 3.79%. [1] Stock Performance - On September 18, Shanhe Intelligent's stock rose by 5.04%, reaching a price of 15.00 yuan per share, with a trading volume of 1.235 billion yuan and a turnover rate of 7.82%. The total market capitalization is 16.119 billion yuan. [1] Major Shareholders - Among the top ten circulating shareholders of Shanhe Intelligent, a fund under Southern Fund holds a significant position. The Southern CSI 1000 ETF (512100) increased its holdings by 1.3273 million shares in the second quarter, bringing its total to 6.9503 million shares, which represents 0.65% of the circulating shares. [2] - The estimated floating profit from this investment is approximately 5.0042 million yuan. [2] Fund Performance - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, and has a current scale of 64.953 billion yuan. Year-to-date, it has achieved a return of 28.17%, ranking 1822 out of 4222 in its category. Over the past year, the return is 72.87%, ranking 1263 out of 3804. Since inception, the return is 13.43%. [2]