卡特彼勒百年全球巡展将在世界各地工厂举行并贯穿 2025 年全年，旨在庆祝卡特彼勒员工为当地带 来的积极影响，并共同畅想未来百年。 百年全球巡展为员工和参观者提供的沉浸式体验，展示了卡特彼勒砥砺奋进所取得的成就，以及对未 来的展望。 正在中国各地举办的庆祝活动将涉及员工、客户和代理商。这些活动包括： 卡特彼勒全球高级副总裁杨程建表示："今年也是卡特彼勒在华发展50周年。这些活动彰显 了我们帮助客户在中国发展和成功的长期承诺。" 卡特彼勒正在全球各地举办精彩的庆祝活动，纪念公司聚焦客户创新、引领行业变革的传奇百年。在 中国，庆祝活动从近期来华的卡特彼勒百年全球巡展开始，并包含一系列由本土团队发起的活动。 卡特彼勒全球高级副总裁杨程建表示："我们正在庆祝一百年来卡特彼勒为行业提供先进解决方案 的传奇历程。这些方案帮助客户在社区中产生持久影响，并激发对未来百年发展的创想。我们始终 致力于提供高质量的产品和服务，帮助客户建设一个更加美好、更可持续的世界。" 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 5. 卡特彼勒正接近周期性转折点 下调评级至"中 ...

工程机械行业持续回暖，一季度三大龙头业绩均实现双增。 徐工机械营收最高，其实现营收268.15亿元，同比增长10.92%，净利润20.22亿元，同比增长26.37%。该公司预计，2025年全年营收将增超10%，而净利润、 现金流增速将超过营收增速。 中联重科净利润增速较快，其净利润同比增长53.98%至14.1亿元，营收为121.17亿元，同比增长2.92%。 从行业整体来看， 今年一季度工程机械行业景气度持续走高，挖掘机国内销量同比增近四成，出口量稳居高位。 据中国工程机械工业协会统计，2025年一 季度，挖掘机主要制造企业共销售挖掘机61372台，同比增长22.8%；其中国内销量36562台，同比增长38.3%；出口24810台，同比增长5.49%。 另外，据央视财经与三一重工、树根互联联合打造的"挖掘机指数"，今年一季度，全国工程机械平均开工率为44.67%，较去年同期增幅为1.62%，12个省份 平均开工率超过50%。 三一重工预计，2025年，国内工程机械市场持续向好，基建投资、新城镇化、矿山、水利工程等需求将进一步复苏，叠加超长期特别国债等政策的持续落 地，市场有望加速回暖。此外，新能源产品渗透率 ...

日前，徐工机械（000425.SZ）披露了2024年年报。其中，公司归母净利润同比增长12.2%至59.76亿元，毛利率、 净利率连续提升，经营性现金大幅增长，境外收入占比持续跃升，研发投入强度超过6%。 有观点认为，2024财年是徐工机械加快推进智改数转网联董事长"一号工程"施工图落地、支撑业绩增 长、能力提升的突破之年，也是平稳跨越新一轮周期、积聚高质量发展动能、势能之年。 01 归母净利润两位数增长 徐工机械年报数据显示，公司归母净利润59.76亿元、同比增长12.2%，扣非归母净利润57.62亿元、 同比增长28.14%，经营性现金流57.20亿元、同比增长60.18%，收入和归母净利润继续保持国内行业领先 地位。 毛利率方面，继2023年公司整体毛利率提升后，2024年公司的毛利率整体提升1.75个百分点至 22.55%，这是公司归母净利润增长的基石。毛利率连续提升的同时，公司销售净利率也连续提高，2024 年同比提高0.89个百分点至6.53%。 不仅如此，继去年取得良好业绩后，今年第一季度，徐工机械继续保持增长态势。相关数据显示，第 一季度公司实现营业收入268.15亿元、同比增长10.92%， ...

Core Viewpoint - The global engineering machinery industry is undergoing a significant transformation towards low-carbon and intelligent upgrades, driven by the "dual carbon" goals and the application of new technologies such as artificial intelligence and large models [1]. Group 1: Conference Overview - The 2025 New Energy Construction Machinery Conference will be held from June 17 to 19, 2025, in Yantai, focusing on "Green Transformation and Intelligent Upgrade" [1]. - The conference aims to gather global leaders in the engineering machinery industry to discuss policies, innovative technologies, market demands, and development trends related to new energy and digitalization [1]. Group 2: Conference Content - Key topics include the current status and trends of green intelligent products in engineering machinery, energy transition directions, typical application scenarios of green intelligent machinery, and the adaptation of core components to electric development [2]. - Discussions will also cover the transformation paths for traditional component suppliers and solutions for electrifying existing equipment [2]. Group 3: Conference Organization - The conference is organized by Tianjin Engineering Machinery Research Institute Co., Ltd., and hosted by Yantai Aidi Precision Machinery Co., Ltd., with support from the "Engineering Machinery" magazine [2]. Group 4: Conference Schedule - The schedule includes registration on June 17, the main conference on June 18, and a visit and exchange session on June 19 [2]. Group 5: Registration and Fees - Participants must register by May 30, 2025, and pay the conference fee to attend [3][4]. - Accommodation is self-arranged, with special rates available at the conference hotel [5].

Core Viewpoint - The domestic market for Shantui Co., Ltd. is expected to see significant growth in 2024, with excavator sales projected to increase by approximately 30%, bulldozer sales by about 20%, loader sales by around 20%, and road machinery sales by 15%-20% [1] Industry Trends - The engineering machinery industry is anticipated to grow by 15% in 2025, indicating a recovery in the sector [1] - The industry has experienced a continuous decline in domestic sales for 13 months, but exports have surged by over 70% this year, suggesting a potential rebound in the excavator sector [2] - Improvement in construction rates in February has led to optimistic expectations for the engineering machinery industry [4] Market Data - Sales data for excavators and loaders is being closely monitored for 2023 and 2024, with specific monthly breakdowns available for analysis [2][3] Downstream Demand - The operating hours of Komatsu machinery and the CCTV excavator index are being tracked to gauge market demand and activity levels [4] Expert Insights - Industry leaders are discussing the current development trends and the push for new energy solutions in engineering machinery and commercial vehicles [5]

Company Overview - Boreton Technology Co., Ltd. (referred to as "Boreton") was listed on the Hong Kong Stock Exchange on May 7, 2025, with a first-day increase of 49.17%, closing at HKD 26.85 per share [2] - On the opening day, Boreton's stock rose by 63.89%, reaching HKD 29.5 per share, with a total market capitalization of approximately HKD 160.76 billion [3] IPO Details - Boreton's IPO involved the issuance of 13 million shares, with the Hong Kong public offering being oversubscribed by 198.72 times [3] - The company secured cornerstone investors, including Xinwangda and Changfeng Fund, which collectively subscribed approximately HKD 63.5 million [3] Fund Utilization - The funds raised from the IPO will be allocated for technology advancement, new product and service development, establishing manufacturing facilities, enhancing manufacturing capabilities, expanding sales and service networks, increasing brand awareness, and general corporate purposes [3] Business Strategy - Boreton's chairman, Chen Fangming, emphasized the company's commitment to advancing new productivity through the "unmanned smart mining" solution, integrating autonomous driving technology with energy management systems to achieve zero-carbon and automated operations in mining [3] - The company aims to explore emerging markets in Southeast Asia, the Middle East, and Africa, leveraging differentiated competitiveness for global expansion [3] Market Position - In 2024, Boreton held a market share of 18.3% in the Chinese new energy wide-body dump truck sector and 3.8% in the new energy loader sector, ranking third and seventh respectively [3] - Boreton is the only pure new energy construction machinery manufacturer among the top five manufacturers in these categories, focusing exclusively on the research and production of pure new energy construction machinery [3] Financial Performance - Boreton's revenue for the years 2022 to 2024 was RMB 360 million, RMB 464 million, and RMB 635 million, respectively, with annual losses of RMB 178 million, RMB 229 million, and RMB 275 million [4] - The adjusted net losses (non-IFRS measures) for the same period were RMB 143 million, RMB 190 million, and RMB 218 million [4] - Despite current losses, the company anticipates potential profitability in the future due to the expanding market for zero-carbon mining robots and ongoing technological advancements [4]

Core Viewpoint - The article discusses the resilience and adaptability of the Chinese economy amidst a global trade storm, emphasizing that globalization is not ending but rather going through cycles of expansion and contraction [1][3]. Group 1: Global Trade Dynamics - The global trade as a percentage of GDP is projected to remain at 30% in 2024, with China's trade surplus reaching a record high of $992 billion, indicating that globalization is still intact [3][5]. - Historical context shows that globalization has survived past crises, suggesting that the current trade turmoil is just another phase of contraction [3]. Group 2: China's Manufacturing Strength - China's manufacturing capacity accounts for 31% of global production, significantly surpassing that of the U.S., which is crucial for maintaining its position in the global supply chain [5]. - The quality standards in Chinese manufacturing have evolved, with companies like CATL achieving a defect rate of one in a billion, setting a global benchmark [5]. Group 3: U.S. Trade Policies and Consequences - U.S. high tariff policies have led to increased debt interest costs and a decline in the stock market, negatively impacting consumers due to rising prices of electronics heavily sourced from China [5]. - The attempt to bring manufacturing back to the U.S. is deemed nearly impossible due to the lack of necessary industrial clusters and skilled labor [5][6]. Group 4: Globalization and Localization Strategies - Chinese companies are adopting a "going global 2.0" strategy, focusing on localization to integrate into foreign markets, as exemplified by Haier and Sany Heavy Industry [8]. - The deep integration of Chinese supply chains into the global market creates an invisible barrier against trade barriers imposed by other countries [10]. Group 5: Future Outlook - The future of China's role in the global economy is characterized by resilience and confidence, with a focus on creating a fair multi-polar trade system rather than undermining competitors [10]. - Key themes for the future include uncertainty, resilience, and confidence, highlighting China's strategic positioning in the face of global challenges [10].

Group 1 - XCMG Machinery has repurchased 223 million shares, accounting for 1.89% of the total share capital, with a total transaction amount of 1.946 billion yuan [1][2] - The repurchase plan aims to enhance investor confidence and improve the company's image in the capital market, with shares to be canceled within ten days after completion [2] - The company has a history of share repurchases, having previously announced a plan to repurchase shares at a price not exceeding 8.5 yuan per share [2] Group 2 - In 2024, XCMG Machinery reported a revenue of 91.66 billion yuan, a year-on-year decrease of 1.28%, while net profit increased by 12.2% to 5.976 billion yuan [3] - The company has maintained a strong competitive position in the engineering machinery industry, with several product categories ranking first in China and globally [3] - In Q1 2025, XCMG Machinery achieved a revenue of 26.815 billion yuan, a year-on-year increase of 10.92%, with net profit growing by 26.37% [4]

Investment Rating - The report maintains a "Buy" rating for the company, both for A-shares and H-shares [5][6]. Core Insights - The company achieved significant growth in net profit, with a 54.0% year-on-year increase, reaching 1.41 billion CNY in Q1 2025. Operating cash flow also saw a substantial rise of 141.0% [1]. - The traditional business segments showed better-than-expected recovery, particularly in concrete machinery and engineering hoisting machinery, with domestic sales turning positive and export targets being exceeded [2]. - Emerging business segments are accelerating, with notable advancements in earthmoving, mining, and agricultural machinery, contributing to a second growth curve for the company [3]. - The overseas market continues to expand, with foreign revenue increasing by 15.2% year-on-year, accounting for 54.2% of total revenue [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 12.12 billion CNY, a 2.9% increase year-on-year, and a gross margin of 28.7%, up by 0.2 percentage points [1]. - The net profit margin improved to 11.6%, reflecting a 3.9 percentage point increase year-on-year [1]. Traditional Business Recovery - The concrete machinery and engineering hoisting machinery segments showed strong recovery, with the company maintaining the largest market share in several categories, including concrete mixing stations and pump trucks [2]. Emerging Business Growth - The company is expanding its product range in earthmoving, mining, and agricultural machinery, with significant growth in the domestic and international markets [3]. International Expansion - The company has established over 30 new operational sites and 12 service parts warehouses in various countries, enhancing its international presence and capacity [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.64 CNY for A-shares and 5.82 HKD for H-shares [5][6]. Core Insights - The company achieved significant growth in net profit, with a 54.0% year-on-year increase, reaching 1.41 billion CNY in Q1 2025. Operating cash flow also saw a substantial rise of 141.0% [1]. - The traditional business segments showed better-than-expected recovery, particularly in concrete machinery and engineering hoisting machinery, with domestic sales turning positive and export targets being exceeded [2]. - Emerging business segments are accelerating, with notable advancements in earthmoving, mining, and agricultural machinery, contributing to a second growth curve for the company [3]. - The overseas market continues to expand, with foreign revenue increasing by 15.2% year-on-year, accounting for 54.2% of total revenue, supported by new operational sites and factories in Europe [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 12.12 billion CNY, a 2.9% increase year-on-year, with a gross margin of 28.7% and a net margin of 11.6% [1]. - The forecast for net profit from 2025 to 2027 is 5.0 billion CNY, 6.2 billion CNY, and 7.4 billion CNY, respectively, indicating a strong growth trajectory [5]. Business Segments - The traditional advantage sectors, including concrete machinery and construction hoisting machinery, have shown robust growth, with the company maintaining the largest market share in several categories [2]. - The emerging sectors, particularly in high-altitude machinery and agricultural equipment, are rapidly expanding, with significant increases in market share and product offerings [3]. International Expansion - The company has established over 30 new operational sites and 12 service parts warehouses in various countries, enhancing its international footprint and competitive advantage [4].