Summary of the Engineering Machinery Industry Conference Call Industry Overview - The engineering machinery industry experienced accelerated growth in Q3 2025, with both main engine manufacturers and component suppliers showing increases in revenue and profit, indicating a turning point in industry performance [1][2] - Non-excavator machinery has returned to positive growth, outpacing excavators, primarily due to a low base from the previous year and the spillover effect from medium and large excavators [1][2] Key Company Performances - SANY Heavy Industry reported steady revenue growth of approximately 10% in Q3 2025, while XCMG and Zoomlion achieved growth rates of over 20% and around 15%, respectively, driven by non-excavator product contributions [4] - SANY demonstrated the fastest profit growth in the industry, with significant improvements in expense control, accounts receivable, and inventory turnover rates [4] - XCMG's net cash flow from operating activities doubled in the first three quarters, while Zoomlion's increased by more than 100% [4] Overseas Market Growth - All major companies maintained strong growth in overseas markets in Q3 2025, with SANY's overseas business growing by about 10%, XCMG close to 20%, and Zoomlion reaching 30% [5] - The high-end markets in Europe and North America showed significant recovery, with SANY's growth in Africa exceeding 50% and over 30% in South America [5] Globalization Strategies - Main engine manufacturers are actively pursuing globalization, with SANY raising over 12 billion RMB through Hong Kong stock offerings for overseas production base construction and channel development [6] - XCMG and Zoomlion are also focusing on international expansion, with overseas revenue proportions reaching approximately 60% for SANY and Zoomlion, and around 50% for XCMG, with these regions generally offering higher profitability than domestic markets [7] Domestic Market Trends - The domestic excavator market has shown early signs of recovery, with significant increases in sales of non-excavator machinery such as truck cranes and concrete machinery, with truck crane sales in September up over 40% year-on-year [9] - The industry is entering a phase of resonance between domestic demand and supply, driven by large infrastructure projects and special local government bonds, which are expected to boost engineering machinery demand [12][13] Future Outlook - The engineering machinery industry is anticipated to experience a dual resonance phase, with domestic and international markets expected to grow, particularly with ongoing large-scale infrastructure projects and a projected 15%-20% compound growth rate in overseas exports [12][13] - The sector is currently at a relatively low valuation compared to other machinery sectors, suggesting potential for rapid growth and valuation recovery in the coming years [15] Product Structure Differences - SANY focuses on excavators, concrete equipment, and cranes, with excavators being the largest segment; XCMG specializes in cranes, holding over 30% market share, while Zoomlion emphasizes lifting machinery and concrete equipment [11] - These structural differences impact revenue performance, but all leading companies exhibit strong competitive capabilities [11] Recommendations for Investors - Investors are advised to focus on the opportunities presented by different stages of the market cycle, as companies may experience varying degrees of performance and stock price increases [19]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -12% -6% 0% 5% 11% 17% 23% 29% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,960.19 | | -0.41 | | 深证成指 | | 13,175.22 | | -1.71 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,618.70 | | -0.75 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,455.30 | | -0.90 | | 中证 | 500 | 7,2 ...

市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3960.19 | (0.41) | | 深证成指 | 13175.22 | (1.71) | | 沪深 300 | 4618.70 | (0.75) | | 中小 100 | 8090.70 | (1.67) | | 创业板指 | 3134.09 | (1.96) | ■重点关注 【固定收益】债市收益率展望*张鹏 肖成哲。在 A 股转入"慢牛"、房价未 显著回升的情景下，长期收益率可能维持震荡格局。 【机械设备】山推股份*陶波 曹鸿生。公司公布 2025 年三季报，2025 年前 三季度公司实现营收 104.88 亿元，同比增长 2.36%，实现归母净利润 8.38 亿元，同比增长 15.67%；单季度来看，2025 年三季度公司实现营收 34.84 亿元，同比增长 1.04%，实现归母净利润 2.70 亿元，同比增长 33.44%。公 司作为国内推土机龙头制造商，随着公司挖掘机和矿山机械业务的持续开 拓，以及海外市场的持续放量，有望进一步打开成长空间。 证券研究报告——晨会聚焦 2025 年 11 ...

Group 1: AI Investment Competition - The AI investment competition "Alpha Arena" concluded on November 4, with Alibaba's Qwen winning the championship with a return exceeding 20% [1] - The competition featured six major AI models, each starting with $10,000 in real market trading without human intervention, lasting 17 days [1] - Qwen and DeepSeek were the only two profitable models, while four leading US models incurred losses, with GPT-5 losing over 60% [1] Group 2: Corporate Leadership - Lin Xiaoqing, born in June 1996, was re-elected as the chairman of Chengdu Road and Bridge, with a pre-tax salary of 925,700 yuan for 2024 [3] Group 3: Monetary Policy - On November 5, the People's Bank of China announced a 700 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months [4] Group 4: Travel Industry - The announcement of a 9-day Spring Festival holiday in 2026 led to a significant increase in ticket searches, with a 63% rise in flight bookings compared to the same period in 2025 [6] Group 5: Gold Market - Following the implementation of new tax policies, gold jewelry prices have increased, with retail prices rising by 7% to 8%, and some reaching up to 13% [7] Group 6: Agricultural Exports - In the first eight months of 2025, US soybean exports to China were only 5.93 million tons, a significant drop from 26.8 million tons in the same period of 2024 [8] Group 7: Pharmaceutical Industry - The negotiation for the 2025 National Basic Medical Insurance Drug List concluded, with 120 companies participating, and the new list is expected to be released in December [9] Group 8: Automotive Industry - In October, the wholesale sales of new energy passenger vehicles in China reached 1.61 million units, marking a 16% year-on-year increase [10] Group 9: Company Developments - Jinkuan Electric is focusing on expanding its market in county-level and new energy heavy-duty vehicle charging, developing charging stations and smart charging platforms [11] - Zoomlion plans to start mass production of robots in 2026, with several models having reached industry benchmark performance [13] - Fuyao Glass has changed its legal representative from Cao Dewang to his son, Cao Hui [16] - Vision China is planning to issue shares overseas and list on the Hong Kong Stock Exchange to enhance its international presence [16] - ST Lingnan is facing legal issues for alleged collusion in bidding, with a court date set for October 31, 2025 [16] - Redik plans to acquire a 20.41% stake in Aoyi Technology for approximately 160 million yuan, a leading high-tech company in robotics and brain-machine interfaces [17][19]

Group 1: Company Highlights - Aihuilong has completed the prototype of its second-generation sequencing project, achieving full self-research and production of core reagents, auxiliary reagents, and auxiliary enzyme reagents, with various patented technologies [1] - Aibo Medical has developed the Puno Tong AI digital fitting system independently [1] - Xinmai Medical reported a revenue of 300 million yuan and a net profit of 114 million yuan for Q3 2025, with a 60% year-on-year increase in net profit after excluding government subsidies [2] - Zhonglian Heavy Industry possesses a national A-level and international T3+ level supercomputing center, with a GPU computing power of 59P, supporting 1,000 cabinets and 10,000 servers [3] Group 2: Financial Performance - Xinmai Medical's domestic sales growth rate remains above 20% for the first three quarters, with overseas revenue increasing by over 65%, accounting for 18% of total revenue [2] - Xinmai Medical expects its annual gross margin to recover to over 70% due to improved production efficiency and cost optimization [2] - Guangfa Fund has an asset management scale of 1,540.246 billion yuan, ranking 3rd among 211 [3] Group 3: Market Activities - Guangfa Fund participated in various company performance briefings and site visits, indicating active engagement in the market [1][2][3] - The latest public fund product launched by Guangfa Fund is the Guangfa CSI 300 Index Quantitative Enhancement A, with a subscription period from November 3 to November 21, 2025 [3]

投资者活动基本信息 本次投资者关系活动类别为特定对象调研及现场参观。活动时间为2025年11月4日，地点位于山推股份 股份大楼202会议室。参与机构为华源证券，上市公司接待人员为董建军。 11月4日，山推工程机械股份有限公司（以下简称"山推股份"）在公司股份大楼202会议室接待了华源证 券的特定对象调研及现场参观活动。华源证券分析师王彬鹏、郭玉明参与调研，公司董建军代表上市公 司接待并就三季度运营情况、股票回购进展、H股发行上市项目推进等核心问题进行了交流。 登录新浪财经APP 搜索【信披】查看更多考评等级 - 8月14日，公司收到控股股东山东重工集团有限公司的相关批复； - 8月28日，向香港联交所递交首次公开发行H股股票并上市的申请材料，并于同日在港交所网站刊登申 请材料； - 8月30日，向中国证监会报送备案申请材料，9月12日获证监会接收； - 9月30日收到证监会对本次发行境外上市股份备案的补充材料要求，公司已于10月16日反馈补充材 料； - 9月18日收到香港联交所问询材料，截至本报告披露日，公司正在筹备相关回复材料。 三季度业绩：营收微增稳健 净利润增速显著 调研中，山推股份首先介绍了2025 ...

Core Viewpoint - The company expects a sustained growth of over 10% in exports for the second half of the year, driven by global industry layout, technological innovation, and expansion into emerging markets [1] Group 1: Industry Outlook - The industry is anticipated to benefit from a combination of policy dividends, a renewal cycle, and advancements in new energy and intelligent technology, leading to a continuous recovery in domestic sales [1] Group 2: Company Goals - The company's overall target for 2025 is to achieve a revenue growth of over 10% [1]

Core Viewpoint - XCMG Machinery has a robust global presence and strong international expansion capabilities, with a marketing network covering over 190 countries and regions, indicating a positive outlook for export revenue growth [2] Company Overview - The company provides comprehensive product marketing services, full value chain services, and overall solutions to global customers [2] - Major export regions include Southeast Asia, Central Asia, Africa, South America, Europe, North America, the Middle East and North Africa, Central America, and Oceania [2] Market Outlook - The overseas market is expected to maintain a favorable trend, with export revenue continuing to grow [2] - The overseas market for domestic brands shows growth potential, with sustained demand release [2] - Continuous improvement in the quality of domestic products enhances the comprehensive competitiveness of domestic brands in overseas markets [2] - There is significant room for growth in market share across major regional markets [2] - Domestic key enterprises are adjusting global capacity planning and accelerating localization strategies to enhance global layout [2] - Overall, the sales volume of domestic brands in the overseas market is projected to maintain an upward trend this year [2]

Core Viewpoint - XCMG Machinery announced on November 4 that its current measures focus on stability and cost reduction, with expectations for annual growth in gross margin through 2025 [2] Group 1: Company Measures - The company is implementing measures primarily aimed at stabilizing prices while reducing costs through procurement, research and development, and production [2] - Adjustments are being made in four areas: product structure, industrial structure, market structure, and customer structure [2] Group 2: Future Expectations - The company anticipates that its gross margin will maintain a growth trend annually over the next few years, specifically through 2025 [2]

Group 1: Institutional Trading Insights - A total of 36 stocks were listed on the institutional trading leaderboard, with 19 stocks experiencing net buying and 17 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Haixia Innovation (224 million), Asia-Pacific Pharmaceutical (88.31 million), and Shenzhou Information (63.68 million) [1] Group 2: Company Profiles - Haixia Innovation, a local company in Fujian, specializes in intelligent solutions for building and public safety management, focusing on smart construction and public safety management [2] - The company is backed by four institutions with a net buying amount of 224 million [2] - Xiamen State-owned Assets Supervision and Administration Commission holds a controlling stake in Xiamen Construction Machinery, which primarily manufactures loaders, excavators, and shield machines [4] Group 3: Industry Developments - The 27th Harbin Ice and Snow World is currently under preparation, with the park area expanding to 1.2 million square meters and a total ice and snow usage of 400,000 cubic meters, marking a record high [5]