Group 1: Trade Performance - Jiangsu Province's total import and export value reached 4.38 trillion yuan in the first three quarters, marking a historical high for the same period, with a year-on-year growth of 6.4% [1] - The demand for high-end products, such as industrial machinery and consumer goods, is increasing in overseas markets, showcasing a shift in Jiangsu's foreign trade narrative [1] Group 2: High-End Products - The export of machine tools, known as "industrial mother machines," from Jiangsu reached 12.51 billion yuan in the first nine months, reflecting a year-on-year increase of 16.6% [2] - The company JiuLang KaiLong has seen its business volume triple over the past decade, with a new machine tool product improving processing efficiency by 40% [2] Group 3: Local Enterprises Expanding Overseas - Jiangsu Tianhong Machinery has developed new intelligent aluminum melting equipment, achieving a 12.88% year-on-year increase in export value, amounting to 62 million yuan in the first nine months [5] - The company Ingersoll Rand's manufacturing base in Wujiang has seen a nearly 10% increase in export value, exceeding 500 million yuan in the first nine months [6] Group 4: Consumer Goods - Jiangsu's home appliance exports reached 55.78 billion yuan in the first nine months, with washing machines and vacuum cleaners showing growth rates of 3.2% and 2.9%, respectively [6] - The company Makita (Kunshan) exported 647 smart wireless vacuum cleaners to Germany, achieving a 10.4% year-on-year increase in export value [7] Group 5: Niche Markets - Star Mai Innovation Technology has expanded its market for pool cleaning robots, exporting over 40 million yuan to the EU, a 3.6-fold increase year-on-year [8] - Jiangsu Jinquan Tourism Products has seen strong demand for camping gear, with over 90% of its products exported to more than 20 countries [9] Group 6: Cross-Border Logistics - The "China-Kyrgyzstan-Uzbekistan" multimodal transport service has streamlined logistics for local enterprises, reducing transportation costs by 10% compared to full rail and 33% compared to road transport [10] - New logistics channels, such as the air route from Shenzhen to Japan, have improved efficiency for small and fast-moving goods [10] Group 7: Fresh Flower Exports - A new logistics channel has been established for exporting fresh flowers from Yunnan to South Korea via Wuxi Airport, with plans for weekly shipments [11] - The use of cold chain transportation has significantly reduced logistics costs for flower exports, enhancing market access to East Asia [11]

Group 1 - The 2025 DMP Industrial Expo will be held from November 5 to 8 at the Shenzhen International Convention and Exhibition Center, continuing its legacy as one of the most influential industrial events in South China since its inception in 1999 [1] - The expo will showcase cutting-edge technologies, high-end equipment, and smart solutions, providing a platform for efficient supply-demand matching and innovative exchanges in the manufacturing industry [1] - The "National Trend Brand Machine Tool Exhibition Area" will highlight significant advancements in China's machine tool industry, emphasizing breakthroughs in core technologies and the autonomy of high-end equipment [1] Group 2 - The collaboration with the Equipment Home platform will enhance the exhibition experience for professional visitors, offering exclusive benefits such as a registration gift package and daily lottery draws for valuable prizes [2] - Equipment Home will provide a special "10,000 Yuan Purchase Cash Package" for purchasing companies during the expo, applicable to over 500 mainstream brand equipment, supporting cost-effective equipment upgrades [2] - A 400-square-meter "Equipment Boundaryless Ecological Co-Link" theme exhibition area will be set up to address core pain points in equipment supply and demand, inviting company representatives for discussions [3] Group 3 - The online exhibition hall will remain operational until the end of the year, allowing brands to achieve long-term exposure and value extension post-expo [3] - The partnership between DMP and Equipment Home aims to complement channel resources and professional exhibition advantages, actively promoting national industrial brands on the global stage [3]

本公司及董事会成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或者重大遗漏。 一、新增股份上市情况 根据中国证券监督管理委员会于2025年4月29日出具的《关于同意沈阳机床股份有限公司发行股份购买 资产并募集配套资金注册的批复》证监许可〔2025〕948号），公司向特定对象发行普通股（A股） 290,102,389股，每股面值人民币1元，每股发行价格为人民币5.86元，募集资金总额为1,699,999,999.54 元。本次发行的新增股份于2025年10月23日在深圳证券交易所上市。公司总股本由2,358,970,620股增加 至2,649,073,009股。 二、本次权益变动的基本情况 上述发行中，中国通用技术（集团）控股有限责任公司及其一致行动人通用技术集团沈阳机床有限责任 公司、通用技术集团机床有限公司不是本次向特定对象发行股票的认购对象，持股数量未发生变化，合 计持股比例从50.02%被动稀释至44.55%，触及1%及5%整数倍。 三、本次权益变动情况表 ■■ ■ 特别提示： 1.本次权益变动系本次公司配套募集资金向特定对象发行股票所致，新增股份将于2025年10月23日在深 圳证券交易所 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.65% at 26,027.55 points and a total turnover of HKD 2,646.57 million [1] - Short-term volatility is expected, but long-term growth is anticipated due to developments in the AI industry, improved US-China relations, and policy implementations [1] Blue-Chip Stocks Performance - China Life (02628) led blue-chip stocks, rising 6.04% to HKD 24.94, contributing 16.55 points to the Hang Seng Index [2] - The company projected a net profit of RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of 50% to 70% [2] - Other notable blue-chip performances included BYD Electronics (00285) up 3.77%, Techtronic Industries (00669) up 3.7%, while China Telecom (00728) and China Resources Mixc Lifestyle (01209) saw declines [2] Sector Highlights - Major technology stocks saw gains, with Alibaba and Kuaishou both rising nearly 2%, and Tencent up 0.48% [3] - The Apple concept stocks performed well, driven by strong demand for the iPhone 17 series, with several companies in the supply chain seeing significant increases in stock prices [4] - Insurance stocks generally rose, with China Life and New China Life both reporting substantial profit increases for the first three quarters of 2025 [5] Automotive Sector - The automotive sector continued its upward trend, with Xpeng Motors (09868) up 3.75% and Geely Automobile (00175) up 3.23% [5] - The China Association of Automobile Manufacturers reported record production and sales for new energy vehicles in September, with year-on-year growth of 23.7% and 24.6% respectively [6] Oil and Gas Sector - Some oil and gas stocks strengthened, notably Sinopec Oilfield Service (01033) which surged 12% [7] - The "Deep Earth Economy" is gaining attention as a strategic emerging industry, focusing on resource exploration and underground space utilization [7] Notable Stock Movements - Jushuitan (06687) debuted with a 23.86% increase, closing at HKD 37.9, focusing on e-commerce SaaS solutions [8] - Tsugami Machine Tool (01651) reached a new high with a 9.63% rise, forecasting a 48% increase in net profit for the first half of the 2026 fiscal year [9] - Bosideng (03998) rose 9.11% as colder weather is expected to boost winter clothing sales [10] - Bilibili-W (09626) gained 8.88% following successful game releases [11] - Aux Electric (02580) increased by 7.59% after announcing a dividend payout plan [12]

Core Viewpoint - The industrial mother machine ETF (159667) has seen a rise of over 2% in intraday trading, indicating positive market sentiment towards the machinery equipment sector, which is expected to experience revenue and net profit growth in the first half of 2025 [1] Industry Summary - The overall operating environment for the machinery equipment industry is projected to be favorable in the first half of 2025, with both revenue and net profit attributable to the parent company showing growth [1] - For the period of January to June 2025, the machinery equipment sector is expected to achieve a gross profit margin of 23.17% and a net profit margin of 8.08%, reflecting an increase of 0.06 and 0.86 percentage points respectively compared to the same period in 2024 [1] - The increase in net profit margin is greater than that of the gross profit margin, primarily driven by stringent cost control and improvements in operational efficiency, showcasing significant results in "cost reduction and efficiency enhancement" [1] - The development of strategic emerging industries such as new energy vehicles, photovoltaics, energy storage, and semiconductors has enhanced China's global competitiveness in machinery equipment, leading to an increase in overseas market share [1] Company Summary - The industrial mother machine ETF (159667) tracks the CSI Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing, CNC systems, and key components from the Shanghai and Shenzhen markets [1] - This index encompasses sectors such as machinery equipment, electronics, new energy, and robotics, aiming to reflect the overall performance of listed companies related to the machine tool industry chain [1]

Core Viewpoint -津上机床中国 (01651) has seen a significant stock price increase, rising over 10% and reaching a new high of 35.88 HKD, with a year-to-date increase of 200% [1] Financial Performance - For the first half of the fiscal year 2026 (April-September 2025), the company expects to achieve a net profit attributable to shareholders of 502 million RMB, representing a year-on-year increase of approximately 48% [1] - The board attributes the growth in performance to the continuous recovery of the domestic economy and the transformation and upgrading of China's manufacturing industry [1] Industry Trends - The rapid development in user sectors such as new energy vehicles and artificial intelligence has created new demand for the machine tool industry [1] - The company has been actively exploring and penetrating various segments of the manufacturing industry, leading to an increased demand for its CNC high-precision machine tools [1] Market Position - According to CICC, the company's forecasted profit growth of 48% significantly exceeds the average growth level in the industry, positioning it as a core leader in the recovery process of the machine tool industry [1] - The largest downstream sector for the company is automotive parts, benefiting from the capital expenditure boom [1] Growth Opportunities - The company is intensifying its layout in the liquid cooling sector, which is expected to open up a new growth curve [1] - The company has reached a cooperation intention with leading liquid cooling equipment enterprises, anticipating that this business will contribute to revenue in 2026, becoming the second growth curve after the automotive parts sector [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen its stock price increase by over 200% this year, reaching a new high of 35.88 HKD, driven by strong earnings expectations and growth in the machine tool industry [1] Financial Performance - For the first half of the fiscal year 2026 (April-September 2025), the company expects to achieve a net profit attributable to shareholders of 502 million RMB, representing a year-on-year increase of approximately 48% [1] - The board attributes this growth to the ongoing recovery of the domestic economy and the transformation of China's manufacturing sector [1] Industry Trends - The rapid development in user fields such as new energy vehicles and artificial intelligence has created new demand for the machine tool industry [1] - The company has been actively expanding and penetrating various segments of the manufacturing industry, leading to increased demand for its CNC high-precision machine tools [1] Market Position - According to CICC, the company's forecasted profit growth of 48% significantly exceeds the average growth level in the industry, positioning it as a core leader in the recovery of the machine tool sector [1] - The primary downstream market for the company is automotive parts, benefiting from the capital expenditure boom [1] Growth Opportunities - The company is intensifying its layout in the liquid cooling sector, which is expected to open up new growth avenues [1] - It has established cooperation intentions with leading liquid cooling equipment companies, anticipating revenue contributions from this business segment in 2026, marking it as the second growth curve after automotive parts [1]

Group 1 - The Hang Seng Index rose by 1.65%, gaining 427 points to close at 26,286 points, while the Hang Seng Tech Index increased by 2.6% [1] - Chinese brokerage stocks showed a collective rebound, with the first quarterly earnings report indicating a potential acceleration in profit growth [1] - Bilibili-W saw a rise of over 10% due to strong performance from new games, suggesting a gradual release of the company's commercial value [1] - Sinopec Oilfield Services surged over 14% as the company continues to advance its overseas strategy, with new contract signings increasing by over 70% in the first half of the year [1] - Chinese insurance stocks experienced a broad increase, benefiting from growth in equity investment returns, with several companies exceeding profit expectations [1] - Bosideng rose over 6% following the joining of Kim Jones to launch a high-end urban line [1] - Aneng Logistics increased by over 8% after a potential privatization proposal from Da Cheng Capital and Temasek [1] - Jushuitan, recognized as "China's largest e-commerce SaaS ERP provider," saw a 24% increase on its first trading day [1] - BYD Electronics rose by 4.5% as the company is set to become a supplier of power components for NVIDIA's new 800VDC AI server architecture [1] - Tsugami Machine Tool China experienced a rise of over 11%, with mid-term net profit expected to grow by 48%, significantly surpassing the industry average [1] Group 2 - China Power Energy fell over 14% after a significant increase of 55% the previous day, with ongoing discussions regarding potential investments [2] - Yancoal Australia dropped over 5%, with third-quarter coal production remaining flat compared to the previous quarter, and operational guidance for the year unchanged [2] - Rongda Technology declined over 4% as the amount of compensation claims increased to approximately 975 million yuan [2]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.70%, driven by gains in sectors such as energy equipment, heavy machinery, and electronic components, while coal and telecommunications sectors experienced declines [1] - The machine tool sector showed strong fluctuations, with the Machine Tool ETF (159663) rising by 1.35%, and notable increases in constituent stocks such as Sifangda (up 12.74%), Huaming Equipment (up 5.11%), Zhongtung High-tech (up 4.33%), Hengfeng Tools (up 3.60%), and Dazhu Laser (up 3.26%) [1] Group 2 - According to the German VDW, the global machine tool output for 2024 is projected to be €78.5 billion, with China's output reaching €26.6 billion, accounting for 34% of the global total; China's consumption is estimated at €24.1 billion, representing 30% of the global market [3] - The domestic high-end CNC machine tool localization rate in China is only about 6%, indicating significant potential for import substitution in the high-end machine tool market [3] - The competitive landscape of the machine tool industry is characterized by "high-end monopoly, mid-end catch-up, and low-end competition," with companies from Germany and Japan dominating the high-end market due to their technological advantages, while China remains the largest producer and consumer globally [3] - The Machine Tool ETF (159663) closely tracks the China Machine Tool Index, which encompasses key sectors in the high-end equipment manufacturing field, including laser equipment, machine tools, robots, and industrial control equipment, aligning with the new productivity concept emphasizing innovation and industrial upgrading [3]

Core Viewpoint -津上机床中国预计中期公司拥有人应占溢利5.02亿元，同比增长约48%，显著超出行业平均增长水平，成为机床行业复苏进程中的核心领跑者 [1] Company Performance -截至发稿，津上机床中国股价上涨6.8%，报33.94港元，成交额2306.79万港元 [1] -公司预计中期盈利同比增长48%，达到5.02亿元 [1] Industry Position -中金指出，津上机床中国在机床行业复苏中处于领先地位 [1] -公司第一大下游为汽车零部件，受益于资本开支红利期 [1] Future Growth Potential -公司已与行业头部液冷设备企业达成合作意向，预计2026年相关业务可实现营收贡献，成为继汽车零部件领域后的第二增长曲线 [1] -2025年9月，津上机床中国单月累计回购公司股份205.2万股，回购金额达6211万元，显示管理层对公司未来经营前景的信心 [1]