Core Viewpoint - Sany Heavy Industry announced a global offering of H-shares totaling 631,598,800 shares, with a net estimated amount of approximately HKD 13.307 billion after deducting underwriting commissions and other estimated expenses [1] Group 1: Offering Details - The total number of H-shares for global offering is 631,598,800 shares [1] - The Hong Kong public offering consists of 58,042,600 shares, accounting for approximately 9.19% of the total global offering [1] - The international offering includes 573,556,200 shares, representing about 90.81% of the total global offering [1] Group 2: Financial Projections - The estimated net proceeds from the global offering, assuming the over-allotment option is not exercised, is approximately HKD 13.307 billion based on an H-share price of HKD 21.30 per share [1]

Core Viewpoint - The "Double Ten" fund managers indicate that the positive interaction between fundamentals and liquidity has just begun, which will drive a reversal in the long-term market trend. The A-share market is expected to form a "value stocks on stage, growth stocks performing" pattern, with different styles rotating and driving the market upward [1] Group 1: Fund Manager Insights - Zhou Weiwen, with nearly 19 years of investment experience, has increased allocations in non-ferrous metals, engineering machinery, and chemical sectors, focusing on the artificial intelligence (AI) industry chain [2][6] - The performance of the China Europe New Blue Chip fund managed by Zhou has achieved a return of 870.53% since its inception in 2008, ranking first among peers [2] - The fund's top three holdings include Xinyi Technology, Zhongji Xuchuang, and Wanhua Chemical, with significant increases in positions for Sany Heavy Industry and Wanhua Chemical by 38.91% and 27.87% respectively [4] Group 2: Market Trends and Sector Focus - Fu Pengbo, with nearly 16 years of experience, believes that the A-share market's rise will shift from being driven by abundant liquidity to being driven by earnings and fundamentals [7][10] - The Ruifeng Growth Value fund has a stock position of 89.93% and focuses on sectors such as internet technology, optical modules, PCB, chips, and innovative drugs [7] - Liu Yuanhai emphasizes that the core theme of the A-share market will likely remain AI, with a focus on smart driving, AI hardware, and AI humanoid robots [12] Group 3: Performance Metrics - The China Europe New Blue Chip fund reported a profit of 3.743 billion yuan in Q3, with a stock position of 77.55% [3] - The Ruifeng Growth Value fund reported a profit of 8.929 billion yuan in Q3, maintaining a high stock position of 89.93% [7] - The Xingsheng Global fund reported a profit of 7.208 billion yuan in Q3, with a stock position of 90.28% [13]

【导读】"双十"基金经理三季度调仓动作和后市观点 中国基金报记者 曹雯璟 伴随基金三季报密集披露，一批长期业绩出众的"双十"（投资年限超过10年且任职基金经理 以来年化收益超10%）投资老将调仓动作和后市观点，受到投资者关注。 多位"双十"基金经理表示，基本面和流动性的良性互动刚刚开始，将驱动市场长期趋势发生 反转。展望后市，A股市场有望形成"价值股搭台、成长股唱戏"格局，不同风格轮动表现，驱 动市场走出向上行情；关注AI、机器人、创新药、芯片、有色、化工等板块。 周蔚文： 增配有色金属、工程机械、化工板块 人工智能产业链是重点布局方向 Wind数据显示，中欧基金基金经理周蔚文拥有近19年投资经验，截至10月27日，其任职基 金经理以来年化回报近15%。由他管理的中欧新蓝筹自2008年成立以来业绩高达 870.53%，同类排名第一，近一年、近三年业绩分别排在前7%和前10%分位。 根据三季报，中欧新蓝筹三季度利润为37.43亿元，股票仓位为77.55%，主要布局有色金 属、工程机械、化工板块、人工智能产业链等方向。 中欧新蓝筹的前三大重仓股为新易盛、中际旭创、万华化学，工业富联、兴业银锡、天孚通 信、新泉股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's net profit attributable to shareholders increased by 31% year-on-year in Q3 2025, indicating a significant acceleration in performance growth [2] - The company's revenue for Q3 2025 reached 2.62 billion yuan, up 24.5% year-on-year, with net profit attributable to shareholders at 660 million yuan, reflecting a 30.6% increase [2] - The excavator segment is expected to see substantial revenue growth, with small, medium, and large excavator cylinder revenues increasing by 60%, 5%, and 25% respectively, driven by market share gains [2] - The company's profitability has improved significantly, with a net profit margin of 25.2% in Q3, up 1.2 percentage points year-on-year [3] - The establishment of a hydraulic component production base in Mexico is expected to enhance the company's access to high-end customers in North America [4] Financial Summary - The company's total revenue is projected to grow from 8.985 billion yuan in 2023 to 15.011 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.78% [1] - Net profit attributable to shareholders is forecasted to increase from 2.499 billion yuan in 2023 to 4.141 billion yuan in 2027, reflecting a CAGR of 21.30% [1] - The latest diluted earnings per share (EPS) is expected to rise from 1.86 yuan in 2023 to 3.09 yuan in 2027 [1]

Core Viewpoint - The performance of SANY Heavy Industry (06031.HK) during its IPO was disappointing compared to other newly listed stocks, which saw significant gains, indicating a lack of market interest in SANY's shares [1][2]. Group 1: IPO Performance - SANY Heavy Industry's stock price barely increased after its IPO, only rising a few percentage points in the morning, contrasting sharply with other new listings like Dipo Technology (01384.HK), which doubled in price [1]. - The high IPO price of SANY at HKD 21.3 left little room for appreciation in the secondary market, with a discount of only about 10% compared to its A-share price [2]. - In comparison, Cambridge Technology (06166.HK) had a much lower H-share issuance price, leading to a 40% increase on its first day of trading [2]. Group 2: Market Dynamics - The low participation of retail investors in SANY's IPO, with a subscription rate of 52.93 times but only 10% of shares allocated to the public, limited the potential for post-IPO price increases [2]. - Institutional investors accounted for a significant portion of the shares, which may stabilize the stock price but also indicates a lack of retail interest [2]. - The simultaneous listing of four new stocks highlighted the varying levels of market enthusiasm for different sectors, with technology and consumer stocks performing well, while SANY's traditional engineering machinery sector lagged [2][3]. Group 3: Industry Context - SANY Heavy Industry operates in a traditional and cyclical engineering machinery sector, which is heavily influenced by macroeconomic conditions, limiting its growth potential [3]. - For investors interested in the engineering machinery sector, it may be more beneficial to consider established companies in the Hong Kong market, such as Zoomlion Heavy Industry and China National Heavy Duty Truck Group, which have shown better long-term performance [3].

Core Viewpoint - Sany Heavy Industry officially listed on the Hong Kong Stock Exchange on October 28, marking a significant step in its capital layout and globalization strategy, successfully establishing an "A+H" dual-platform listing structure [1][4]. Group 1: Listing Details - The company issued approximately 632 million H-shares at an offering price of HKD 21.30 per share, with a 15% over-allotment option [5]. - A total of 21 cornerstone investors participated in the IPO, collectively subscribing to USD 759 million worth of shares [5]. Group 2: Strategic Initiatives - Sany Heavy Industry is advancing its three core strategies: globalization, digitalization, and low-carbon initiatives [7][8]. - The company is recognized as the largest engineering machinery enterprise in China and the third largest globally, with products sold in over 150 countries and regions [7]. - From 2022 to 2024, the company's overseas revenue is expected to grow at a compound annual growth rate of 15.2% [7]. Group 3: Product and Market Performance - Sany Heavy Industry has achieved the highest cumulative sales of excavators and the highest cumulative revenue from concrete machinery globally from 2020 to 2024 [7]. - The company plans to launch over 40 new energy products in 2024, with revenue from these products projected to be approximately CNY 4.025 billion, significantly exceeding the global industry average [8]. - Sany's electric excavators, electric concrete mixers, and electric dump trucks rank first in sales in China [8].

Core Viewpoint - Sany Heavy Industry Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking a significant step in its capital layout and globalization strategy, establishing an A+H dual-platform listing structure [1][4]. Group 1: Listing Details - The company launched approximately 632 million H-shares at an issue price of HKD 21.30 per share, with an additional 15% over-allotment option [4]. - A total of 21 cornerstone investors subscribed for shares worth USD 759 million, indicating strong confidence and recognition from the international capital market [4]. Group 2: Leadership Statements - The Chairman of Sany Group, Xiang Wenbo, stated that the listing is both a fulfillment of aspirations and a historic opportunity to access broader international financing channels [4]. - The company aims to leverage this listing to advance its globalization, digitalization, and low-carbon strategies, focusing on continuous innovation and robust performance to reward investor trust [4]. Group 3: Company Evolution - Since its establishment, Sany Heavy Industry has transformed from a single-category, single-country operation to a diversified product and global operation leader in the engineering machinery industry through internal development, strategic acquisitions, and joint ventures [5].

Core Viewpoint - SANY Heavy Industry successfully listed on the Hong Kong Stock Exchange, enhancing its global resource allocation capabilities through the "A+H" dual-platform strategy [1] Group 1: Company Developments - SANY Heavy Industry's sole global strategic partner, Rongli Construction, publicly celebrated the listing, highlighting its essential role in SANY's strategic framework [1] - The collaboration between SANY and Rongli is expected to deepen, leveraging Rongli's local operational experience and SANY's technological capabilities for enhanced global cooperation [1] Group 2: Market Expectations - The market anticipates further resource integration and market expansion following SANY's listing on the Hong Kong Stock Exchange [1] - The partnership is expected to create complementary synergies, increasing the potential for industry leadership and value creation on a global scale [1]

Market Performance - The Shanghai Composite Index officially broke through the 4000-point mark, marking the third time in history and the first time in the last 10 years [1] - As of the midday close, the Shanghai Composite Index was at 4005.44 points, with a gain of 0.21% and a trading volume of approximately 588.4 billion yuan [2] - The Shenzhen Component Index rose by 0.52% to 13559.57 points, while the ChiNext Index increased by 1.35% to 3277.97 points [2] Sector Performance - The top-performing sectors included the Fujian Free Trade Zone and superconducting concepts, with significant gains in Hainan, communication equipment, family doctor services, software services, military trade concepts, and organic silicon concepts [1] - Conversely, sectors such as coal, paper, and wind power experienced notable declines [1] Company Insights - The technology sector's leading stocks, including Zhongji Xuchuang, Xinyisheng, Sanhua Intelligent Control, Industrial Fulian, and Zhaoyi Innovation, reached new historical intraday highs [1] - The upcoming quarterly reports are expected to influence short-term stock volatility, particularly for individual stocks [1] Institutional Perspectives - According to China Merchants Securities, the focus for November will be on the quarterly report performance and the "14th Five-Year Plan" guidance, with expectations of marginal improvement in A-share earnings growth [3] - Guojin Securities highlighted strong demand for ASICs driven by downstream demand, with several AI-PCB companies experiencing robust orders and production [3] Trade Agreements - China and ASEAN signed the upgraded version of the China-ASEAN Free Trade Area 3.0 agreement, which includes nine major areas of cooperation, such as digital economy and green economy [4] New Listings - The first batch of newly registered companies in the Sci-Tech Innovation Board's growth layer was listed, marking a significant step in capital market support for technological innovation [5] Technological Breakthroughs - A breakthrough in the domestic production of metal substrates for second-generation high-temperature superconducting tapes was reported, indicating progress in key material production [7]

Core Points - Sany Heavy Industry successfully listed on the Hong Kong Stock Exchange on October 28, 2025, raising approximately HKD 134.53 billion through the issuance of 631.5988 million H-shares at a price of HKD 21.30 per share [4] - The IPO was highly oversubscribed, with a public offering subscription rate of 52.93 times and an international offering subscription rate of 13.96 times [4] - The company attracted 23 cornerstone investors who collectively subscribed for USD 758 million (approximately HKD 58.99 billion) of the offering shares [4] Shareholding Structure - After the IPO, the shareholding structure of Sany Heavy Industry includes Liang Wengen holding 2.59% directly and 29.42% through Sany Group, which has a total holding of approximately 31.40% [5][6] - Other A-share shareholders hold 61.67%, while H-share shareholders hold 6.94% [5][6] Company Overview - Founded in 1989, Sany Heavy Industry is a leading global player in the engineering machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [6] - According to Frost & Sullivan, Sany Heavy Industry is the third-largest engineering machinery company globally and the largest in China based on cumulative revenue from core engineering machinery from 2020 to 2024 [6] Stock Performance - As of midday trading, Sany Heavy Industry's stock price was HKD 21.84, reflecting a 2.54% increase, with a total market capitalization of approximately HKD 197.757 billion [7] - The stock opened at HKD 21.30, with a trading volume of 104 million shares and a turnover rate of 17.93% [8] IPO Underwriting Team - The main underwriting team for Sany Heavy Industry's IPO includes CITIC Securities as the sole sponsor and overall coordinator, along with several other financial institutions such as CICC, BOC International, and others [8]