齐鲁晚报·齐鲁壹点 吴海云 9月17日，2025印尼国际工程机械矿业机械展在雅加达国际会展中心盛大启幕。作为中国工程机械行业"走出去"的标杆企业，山东重工集团将矿业市场定位 为战略优先市场，旗下山推、雷沃重工、潍柴、中国重汽、陕重汽等五家主要矿山设备制造企业携全系列矿山设备及一体化解决方案亮相展会，通过沉浸式 展陈、新品发布、全球伙伴对话等多元形式，向印尼及东南亚市场传递"绿色、高效、智能、经济"的品牌价值，为全球矿业升级注入中国力量。 创新展陈模式：从"产品陈列"到"场景共生" 展区总面积超4000平方米，为本届展会之最。土方剥离、大马力采装、运输排土、道路修复、港口转运、电力保障等六大协同作业产品展区，通过数字孪 生、VR交互、实时工况模拟等智能技术，让观众"沉浸式"感受设备在复杂工况下的性能表现。 SHANTUL ISOU =5 ADIATUI 12 1 the s SHANTUL Allowosts SHELOTUL ga SDH! 男 Artilicial ...... o l SHOTEL 10 作为同时拥有核心动力系统和整车整机完整产业链的高端装备跨国集团，山东重工整合集团产业协同优势与资源共享 ...

Industry Research - In August, forklift sales reached 118,100 units, a year-on-year increase of 19.4% [2] - A significant increase in sales of aerial work vehicles was noted, with 490 units sold in August, representing a year-on-year growth of 88.5% [2] - The machinery equipment sector outperformed the Shanghai and Shenzhen 300 Index by 2.45 percentage points, with a 4.41% increase from September 10 to September 16, 2025 [2] - The current demand for engineering machinery is driven by ongoing projects in hydropower and urban renewal, alongside a reduction in tariff disturbances globally, enhancing the competitiveness of domestic machinery [2][3] - The industry maintains a "positive" outlook, with specific recommendations for companies such as Zoomlion (000157) and Haulotte Technology (002595) [3] Company Research: Heng Rui Pharmaceutical (600276) - Heng Rui Pharmaceutical is a leading pharmaceutical company in China, focusing on technological innovation and international expansion, with over 110 commercialized drugs, including 23 innovative new molecular entities [4][6] - The company is expected to receive approvals for approximately 47 innovative drugs and indications from 2025 to 2027, covering various fields such as oncology and metabolic diseases [6] - The company has made significant progress in international collaborations, enhancing its product strength and global recognition, with over 20 overseas clinical trials initiated [6] - The forecasted net profit for Heng Rui Pharmaceutical from 2025 to 2027 is projected to be 8.05 billion, 9.88 billion, and 11.71 billion yuan respectively, with an EPS of 1.21, 1.49, and 1.76 yuan per share [7]

Group 1 - The article highlights the concept of "excellence-level smart factories" as the pinnacle of intelligent manufacturing in China, showcasing their advanced automation and smart manufacturing standards [1][21] - These factories utilize a large number of industrial robots, with nearly 1,000 robots operating across 60 highly flexible production lines, handling all six core processes of excavator production [7][21] - The integration of a "smart brain" developed by the factory enables seamless coordination among robots, likened to a giant symphony orchestra, enhancing operational efficiency [7][21] Group 2 - The introduction of humanoid robots as "apprentices" in the factory signifies the evolution of workforce capabilities, with these robots undergoing training to perform various tasks [8][10] - The training platform for humanoid robots includes nearly 100 workstations for data collection and skill training, ensuring they can adapt to different work environments [13] - The collaboration between industrial and humanoid robots aims to transition from mass production to personalized manufacturing, creating a new model of intelligent factories [13] Group 3 - The article emphasizes the importance of data-driven decision-making in enhancing manufacturing quality and efficiency, particularly in high-precision sectors like high-speed rail [14][20] - A specific example is provided where a smart manufacturing workshop produces train wheels, achieving a production efficiency increase of 20% and a reduction in labor input by 30% [20][23] - The overall impact of these smart factories includes a significant reduction in product development cycles by 28.4%, an increase in production efficiency by 22.3%, and a decrease in defect rates by 50.2% [23][25] Group 4 - The current density of robots in China's manufacturing sector stands at 470 units per 10,000 people, surpassing the global average, indicating a significant advancement in automation [25] - The article notes that over 230 excellence-level smart factories have been established across 31 provinces, covering more than 80% of major manufacturing sectors in China [21][23] - The integration of artificial intelligence throughout the entire production process is highlighted as a key factor in enhancing competitiveness and setting a benchmark for industry transformation [21][23]

Core Insights - The 2025 Indonesia International Engineering Machinery and Mining Machinery Exhibition was inaugurated in Jakarta, showcasing Shandong Heavy Industry Group as a leading enterprise in the Chinese engineering machinery sector, emphasizing its strategic focus on the mining market [1][3] - The company aims to deepen cooperation with Indonesian mining partners, focusing on green technology, high-end equipment, and smart mining to explore new models for efficient, intelligent, clean, and safe mining development [3] Group 1 - The exhibition area exceeded 4,000 square meters, featuring six major collaborative operation product zones, utilizing smart technologies like digital twins and VR interactions to provide an immersive experience of equipment performance under complex conditions [6] - Shandong Heavy Industry integrates its industrial advantages and resource-sharing channels to create a unique global "golden power" system, offering world-class products across multiple fields and becoming a competitive provider of integrated construction solutions [8] - The showcased core products were optimized for the specific needs of the Indonesian and Southeast Asian markets, including powertrains, excavators, loaders, bulldozers, graders, rollers, dump trucks, and tractors, with significant praise from partners for their performance [12] Group 2 - The company’s star product matrix features a "dual evolution" of efficiency and reliability, with unique advantages in fuel savings, high efficiency, and reliability, enabling customers to maximize profits [10] - The exhibition highlighted the collaboration between Shandong Heavy Industry and local markets, with a focus on technological innovation and localized services, reflecting the company's commitment to expanding its international presence [14]

Group 1: Core Insights - The 2025 World Manufacturing Conference will feature a major exhibition showcasing the manufacturing capabilities of key Chinese state-owned enterprises, including China National Machinery Industry Corporation, China CNR Corporation, and China Railway Construction Corporation, highlighting China's advancements in high-end, intelligent, and green manufacturing [1] - The SH504M hillside tractor and LW2404 continuously variable transmission tractor represent a comprehensive product system that addresses the diverse agricultural landscape and modernization needs in China, enhancing the mechanization rate and modernization level of Chinese agriculture [1] Group 2: Technological Innovations - The "Jinghua" shield machine, developed by China Railway Construction Corporation, is the largest diameter shield machine in China, featuring innovative technologies that enhance safety, efficiency, and environmental sustainability during tunnel excavation [2] - The CR450AF train set, developed by CRRC Qingdao Sifang, is the fastest high-speed train in the world, with a design operational speed of 400 km/h and a test speed of 450 km/h, showcasing international leadership in speed, energy efficiency, and passenger comfort [2] - The CETROVO1.0 carbon fiber metro train is the world's first commercially operated metro train made from carbon fiber composite materials, offering significant advantages over traditional metal vehicles, including reduced weight, lower energy consumption, and decreased carbon emissions [3]

Core Insights - The total import and export value of China's engineering machinery products from January to July reached $35.16 billion, with a year-on-year growth of 10.6% [3][4] - Exports accounted for $33.52 billion, increasing by 10.8%, while imports totaled $1.64 billion, up by 5.4% [4] - The trade balance showed a surplus of $31.4 billion, indicating a strong export performance in the engineering machinery sector [4] Engineering Machinery Overview - The total import and export value for engineering machinery and parts was $35.16 billion, with exports at $33.52 billion and imports at $1.64 billion [4] - The main export markets included Asia, Europe, and North America, with significant growth in parts exports [4][6] - The overall trade balance remained positive, reflecting a robust demand for Chinese engineering machinery abroad [4] Excavator Market - The total import and export value of excavators reached $5.95 billion, with exports at $5.84 billion, marking a 24.2% increase year-on-year [6] - Imports decreased by 19.8%, indicating a shift in market dynamics [6] - The trade balance for excavators showed a surplus of $5.73 billion, highlighting strong export performance [6] Earthmoving Machinery - The total import and export value for earthmoving machinery was $4.29 billion, with exports at $4.14 billion, reflecting a 0.8% increase [7] - Imports saw a significant rise of 76.2%, indicating increased demand for foreign machinery [7] - The trade balance was $4 billion, suggesting a stable export market [7] Lifting Machinery - The total import and export value for lifting machinery reached $3.31 billion, with exports at $3.22 billion, up by 16.5% [8] - Imports increased by 7.5%, showing a growing domestic demand for lifting equipment [8] - The trade surplus was $3.14 billion, indicating a healthy export market [8] Industrial Vehicles - The total import and export value for industrial vehicles was $5.21 billion, with exports at $5.11 billion, a 0.4% increase [10] - Imports rose by 14.3%, reflecting a trend towards electrification in the industrial vehicle sector [10] - The trade balance showed a deficit of $5.01 billion, indicating a reliance on foreign imports [10] Road Construction Machinery - The total import and export value for road construction machinery was $1.02 billion, with exports at $1.01 billion, a 10.9% increase [11] - Imports decreased significantly by 33.2%, suggesting a shift towards domestic production [11] - The trade surplus was $1 billion, indicating a stable export market [11] Concrete Mixing Machinery - The total import and export value for concrete mixing machinery reached $1.44 billion, with exports growing by 25.6% [12] - Imports increased by 11.9%, reflecting a strong demand for advanced mixing technologies [12] - The trade balance showed a surplus of $1.42 billion, highlighting the competitiveness of Chinese products [12] Rock Drilling and Piling Tools - The total import and export value for rock drilling and piling tools was $790.6 million, with exports declining by 4.2% [13] - Imports decreased by 6.2%, indicating a contraction in this segment [13] - The trade balance was $670 million, reflecting challenges in maintaining export levels [13] Elevators and Escalators - The total import and export value for elevators and escalators was $1.46 billion, with exports increasing by 10.2% [14] - Imports rose by 10.8%, indicating a growing domestic market for these products [14] - The trade surplus was $1.41 billion, showcasing the strength of Chinese manufacturing in this sector [14]

Core Viewpoint - The latest data from the "CCTV Finance Excavator Index" indicates a steady progress in road construction and strong performance in port equipment, reflecting the resilience and vitality of foreign trade in August [1][10]. Group 1: National Construction Activity - In August, the average operating rate of construction machinery in the country was 43.42%, with ten provinces ranking in the top for operating rates, including Zhejiang, Hainan, and Jiangxi [3]. - Ten provinces experienced a month-on-month increase in workload, with half of these located in the western region, indicating sustained growth in infrastructure construction [6]. Group 2: Road Equipment Performance - The workload of road equipment in August increased by 4.06% year-on-year and 5.81% month-on-month, with specific increases in paver and roller machinery [8]. - Paver machinery saw a year-on-year increase of 1.41% and a month-on-month increase of 9.74%, while roller machinery's workload increased by 5.89% year-on-year and 3.34% month-on-month [8]. Group 3: Foreign Trade and Port Equipment - August marked the third consecutive month of growth in both exports and imports, with port equipment workload increasing by 18.33% year-on-year and 1.48% month-on-month [11]. - Specific equipment such as the reach stacker and container handler showed significant increases in workload, with the reach stacker up by 9.97% year-on-year and 2.21% month-on-month [11]. Group 4: Regional Insights - The central region's comprehensive operating rate was 48.12% in August, with excavator and pile driver equipment leading in operating rates nationally [14]. - The western region demonstrated a strong economic performance, with a comprehensive operating rate of 47.69% and leading rates in various equipment categories [17]. - The northeastern region's comprehensive operating rate was 46.40%, with road equipment operating rates reaching 61.55%, the highest among all regions [20].

Core Insights - The 2025 Internet Yuelu Conference in Changsha highlighted Hunan's ambition to accelerate the implementation of the "Artificial Intelligence +" initiative, aiming to establish Hunan as a new hub for AI development [1][3]. Group 1: AI Development Path - Hunan is constructing a differentiated AI development path, focusing on its unique strengths in autonomous secure computing systems, with a notable supercomputing capacity of 223 PF, ranking third nationally [3][4]. - The province's AI talent pool includes 10 academicians and over 1,000 high-level technology talents, contributing to a robust workforce in AI-related fields [4][5]. - Hunan's approach emphasizes deep integration of AI into manufacturing processes rather than consumer applications, exemplified by specific use cases in companies like SANY Heavy Industry [5][7]. Group 2: Achievements and Innovations - The conference showcased various AI models across sectors such as smart manufacturing, healthcare, and public services, indicating Hunan's strong capabilities in AI technology and application [7][8]. - The establishment of the HarmonyOS (Changsha) Innovation Center aims to attract 100 HarmonyOS ecosystem companies, enhancing the local AI industry chain [8][10]. - Hunan's AI industry cluster in Xiangjiang New Area is projected to host 532 companies by the end of 2024, with plans for over 600 smart application scenarios [8][10]. Group 3: Strategic Focus and Future Goals - Hunan's strategy involves focusing on practical applications of AI in various sectors, including technology, industry development, and public welfare, to drive high-quality growth [10][11]. - The province has set ambitious targets in its three-year action plan for AI development, aiming for a computing power of 3600 PFLOPS and an industry scale exceeding 100 billion yuan by 2026 [10][11]. - The local government is supporting AI development through a dedicated annual fund of 500 million yuan, creating a comprehensive policy support system [10].

Group 1: Overview of Cooperation Opportunities - The Emirate of Ras Al Khaimah is seeking cooperation opportunities with Shandong, indicating a deepening economic collaboration between China and Middle Eastern countries [1][2] - The Ras Al Khaimah Free Trade Zone offers tax incentives for businesses engaged in transshipment trade, including exemption from import/export duties [3] Group 2: Economic and Infrastructure Development - Ras Al Khaimah is developing its Saqr Port, which will enhance its oil refining capabilities and increase liquid bulk handling capacity to 100 million tons annually [4] - The region is witnessing significant infrastructure projects, with Chinese companies actively participating in local developments, including the establishment of a large concrete pipe factory [4][6] Group 3: Investment and Market Opportunities - The UAE has a favorable business environment, ranking 7th globally for competitiveness, with zero personal income tax and low corporate tax rates [3] - The Middle East is becoming a key market for Chinese companies, with opportunities in various sectors including renewable energy, transportation, and smart city solutions [10][11] Group 4: Strategic Partnerships and Projects - Shandong Electric Power Construction Third Engineering Company is a leading player in the Middle East, being the largest EPC contractor for seawater desalination globally [8] - Saudi Arabia's Vision 2030 presents numerous investment opportunities in renewable energy, infrastructure, and mining, aligning with Shandong's strengths [13] Group 5: Challenges and Recommendations - Chinese EPC contractors face competition from international firms and must adapt to local standards and requirements to succeed in the Middle East [11][14] - Companies are advised to have a solid foundation and experience before entering the Middle Eastern market to mitigate risks [14]

Market Performance - The engineering machinery sector increased by 2.81% on September 17, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Wantong Hydraulic (code: 830839) closed at 45.91, up 12.41% with a trading volume of 50,300 shares and a turnover of 221 million yuan [1] - Changling Hydraulic (code: 605389) closed at 53.37, up 10.00% with a trading volume of 27,100 shares [1] - Hangcha Group (code: 603298) closed at 28.85, up 8.09% with a trading volume of 180,100 shares and a turnover of 506 million yuan [1] - Zhonglian Heavy Industry (code: 000157) closed at 7.71, up 4.76% with a trading volume of 2,696,700 shares and a turnover of 2.043 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 197 million yuan from institutional investors, while retail investors experienced a net outflow of 75.92 million yuan [2] - The main stocks with significant net inflows included Zhonglian Heavy Industry with 202 million yuan and Zhejiang Dingli with 89.57 million yuan [3] Summary of Stock Movements - The overall performance of the engineering machinery sector indicates a positive trend, with several key players showing substantial gains in both stock price and trading volume [1][2] - The capital flow data suggests a strong interest from institutional investors, contrasting with the outflows from retail investors, indicating a potential shift in market sentiment [2][3]