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" [3] - The conference aims to gather global leaders in the engineering and agricultural machinery industries to discuss policies, innovative technologies, market demands, and development trends related to new energy and digitalization [1][3] Group 2: Conference Content - Key topics include the current status and trends of green intelligent products in engineering and agricultural machinery, energy transition directions, typical application scenarios of green intelligent machinery, and the adaptation of core components to electric development [3] - Discussions will also cover the transformation paths for traditional component suppliers and solutions for electrifying existing equipment [3] Group 3: Organizers and Participants - The conference is organized by Tianjin Engineering Machinery Research Institute Co., Ltd., and hosted by Yantai Aidi Precision Machinery Co., Ltd. [5] - Notable participating companies include Shandong Port Group, SANY, XCMG, and others, with a focus on sharing insights and experiences [4][5] Group 4: Registration and Fees - Registration for the conference must be completed by May 30, 2025, with a fee of 1900 RMB per person if paid before the deadline [6] - Discounts are available for multiple attendees from the same organization, with on-site registration costing 2200 RMB per person [6][8] Group 5: Additional Information - Attendees are responsible for their own accommodation arrangements, with hotel rates specified for the conference venue [8] - The conference will feature a series of events, including a welcome dinner and networking opportunities [5]

Core Viewpoint - The article discusses the implementation of measures by the government of Loudi City, Hunan Province, aimed at enhancing the quantity and quality of invention patents through policy collaboration, financial incentives, and optimized services [1][2] Group 1: Measures for Patent Enhancement - Loudi City has established a special working group to provide a "policy package," "funding package," "tool package," and "service package" to support innovation entities in increasing invention patents [1] - The measures include integrating invention patent creation and transfer into the municipal science and technology innovation funding support, making patent output a key assessment indicator for corporate R&D projects [1] - Specific service policies will be introduced for different types of enterprises, with a goal to eliminate the zero-authorization status of invention patents among certain industrial enterprises [1] Group 2: Goals for Patent Creation - By 2025, the city aims for specialized and innovative enterprises to have an average of at least 5 invention patents per entity, while innovative enterprises should have at least 2 [1] - High-tech enterprises are targeted to achieve a total of over 300 newly authorized invention patents [1] Group 3: Support for Strategic Emerging Industries - The measures emphasize the cultivation of high-value invention patents and enhancing their alignment with strategic emerging industries [2] - The city plans to provide innovation training and targeted support to help enterprises convert innovative ideas into intellectual property, aiming for full coverage of high-value invention patents by 2027 [2] Group 4: Industry Cluster Support - The measures will implement a "one enterprise, one policy" strategy for key enterprises in industry clusters such as steel new materials and engineering machinery, aiming for each key enterprise to authorize over 10 invention patents annually and file at least 1 PCT international patent application [2] - Support will also be provided for patent applications and maintenance, utilizing various funding sources to expedite the patent examination process and increase the likelihood of patent authorization [2]

本周分红派息仍在进行中，中证红利指数中恒源煤电、山东出版、建发股份、同力股份将陆续进行股权登记，合计分红21.72亿。 资料显示，中证红利ETF（515080）跟踪中证红利指数，主要选取两市现金股息率高、分红连续性在三年及以上、同时具有一定规模及流动性 的100只股票为成份股，采用股息率加权，反映A股市场高红利股票的整体表现。根据公告，中证红利ETF上市以来已经连续12次分红。过去五 年，中证红利ETF年度分红比例分别为4.53%、4.14%、4.19%、4.78%、4.66%。 | 近3年 | 近1年 | | 近10年 | | --- | --- | --- | --- | | 上证指数 | 7.93% | 9.18% | -24.78% | | 中证红利 | -2.93% -- | 8.51% | 10.26% | | 中证红利全收益 3.12% 27.81% 68.61% | | | | 中证红利全收益指数近十年走势 100.00% - 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% 19-05 20-05 21-05 22-05 24 ...

Summary of Conference Call Records Industry Overview - The records primarily discuss the **China-US trade relations** and its implications on the **Chinese economy** and **capital markets**. The focus is on the ongoing trade negotiations, tariffs, and macroeconomic conditions in China. Key Points and Arguments Trade Negotiations and Tariffs - Initial results from the **China-US trade negotiations** in Geneva indicate a desire from both sides to reach an agreement to avoid shortages in the US and fluctuations in Chinese exports. Currently, China imposes a **10% tariff** on US goods, while the US imposes a **30% tariff** on Chinese goods, highlighting the existing tariff imbalance [1][2][3] - The negotiations are ongoing, with both parties aiming to address tariff inequalities and potentially lower tariffs on Chinese goods in the future [4][5] - The trade war has created economic pressures for both countries, with the US facing inflationary pressures and China experiencing supply chain challenges [6][8] Economic Conditions in China - China's macroeconomic situation remains unstable, with a declining real estate market and sluggish consumer demand. The first quarter saw a **4.6% growth** in consumption, which is below GDP growth rates, indicating weak domestic demand [9][10] - The government has implemented measures to stimulate domestic demand, such as increasing the **old-for-new** subsidy for durable goods from **1,500 yuan** to **3,000 yuan**, but the impact has been limited [14][15] - The government is focusing on infrastructure projects to boost economic growth, including major projects like the **Western Land-Sea New Corridor** and the **Tibet Railway** [16] Export Performance - China's export situation has improved recently, with companies actively shipping goods, particularly daily necessities and Christmas items, taking advantage of a **90-day grace period**. Exports in April and May exceeded expectations [11] - Despite the positive export performance, domestic demand has not shown significant recovery, and employment pressures remain high [11][12] Financial Market Stability - The Chinese government has taken proactive measures to stabilize the stock and financial markets amid the trade war, demonstrating a structured approach to policy-making [7] - The stock market has shown resilience, with a **10% increase** since early April, while the real estate market remains under pressure [20] Future Outlook - The outlook for the Chinese economy in the second half of the year is cautiously optimistic, with expectations of maintaining a **5% GDP growth target**. However, significant challenges remain, including employment and income issues that need to be addressed to stimulate domestic consumption [17][19] - The capital market is expected to experience structural investment opportunities, particularly in technology and high-end manufacturing sectors [25] Global Economic Context - The records also touch on the broader implications of the trade war on global markets, with the US economy facing potential downturns and the need for strategic adjustments in fiscal and monetary policies [26][27] Additional Important Content - The records highlight the importance of addressing income and employment issues in major cities like Beijing and Shanghai, where consumption patterns are influenced by financial sector employment and government policies [12][13] - The potential for future trade negotiations to include non-tariff barriers and sanctions is noted, indicating that the trade relationship remains complex and evolving [5][6] This summary encapsulates the key discussions and insights from the conference call records, providing a comprehensive overview of the current state of the China-US trade relations and its impact on the Chinese economy and capital markets.

Macro Strategy - The report indicates a cautious outlook on the "loan off-season" and emphasizes the observation of the effects of monetary easing, with May to June being a critical period for assessing the impact of incremental policies [1][6][7] - Financial data from April shows an increase in social financing scale, with new social financing of 16.34 trillion yuan, a year-on-year increase of 3.61 trillion yuan, and a recovery in the growth rate of social financing stock to 8.7% [6][7] - The report highlights that the weighted average interest rate for new loans in April was approximately 3.2%, which is about 50 basis points lower than the same period last year, indicating a continued low-interest environment [6][7] Fixed Income - The report discusses the current state of China's sci-tech bond market, noting that it is in its early development stage compared to overseas markets, characterized by a smaller market size, shorter issuance periods, and higher ratings [2][8] - It forecasts that as the sci-tech bond market matures, there will be rapid growth in market size and a diversification of issuance entities, particularly from high-tech industries, which will better match the long R&D cycles of innovative enterprises [2][11] Industry Analysis - The engineering machinery industry is experiencing a significant upturn, with excavator sales in April increasing by 18% year-on-year, indicating a strong growth trend [3][12] - The report notes that domestic excavator sales reached 49,109 units in the first four months of 2025, a 32% increase year-on-year, driven by factors such as the replacement of aging equipment and improved funding conditions [12][13] - It recommends several companies in the engineering machinery sector, including Sany Heavy Industry, Zoomlion, and LiuGong, as they are expected to benefit from the ongoing upcycle in the industry [3][12] Company Recommendations - The report highlights Beike-W (02423.HK) as a leading player in the domestic real estate brokerage industry, with Q1 2025 revenue of 23.3 billion yuan, a 42.4% year-on-year increase, and adjusted net profit slightly exceeding expectations [4][14] - The company is projected to see continued growth in its second-hand housing business, driven by an increase in transaction volume and market coverage [4][15] - The report maintains profit forecasts for Beike-W for 2025-2027, with adjusted net profits of 9.7 billion, 11.62 billion, and 13.62 billion yuan, respectively, indicating a positive outlook for the company's performance [4][15]

会 议 名 称 2025新能源工程机械大会 2025 New Energy Construction Machinery Conference（NECMC 2025） 时 间 地 点 会议时间：2025年6月17-19日 会议地点：山东·烟台 烟台金沙滩喜来登酒店 会 议 组 织 主办：天津工程机械研究院有限公司 承办：烟台艾迪精密机械股份有限公司 组织：《工程机械》杂志 会 议 背 景 当今全球正处于向低碳转型的重要历史时期，工程机械迎来了百年未有之大变革，呈现出绿色转型和 智能升级新趋势。 随着 " 双碳 " 目标的持续推进以及人工智能、大模型等新技术广泛应用，传统工程机械正向动力源 变革、智能化升级、数字化转型、网络化联接的方向发展。新能源工程机械将促进产业转型升级、重塑 市场格局、推动可持续发展。 2025" 新能源工程机械大会 " 以 "绿色转型 智能升级" 为主题， 将于 2025 年 6 月 17—19 日 在 烟台 召开。本届会议将汇聚全球工程机械产业领导者，探讨新能源、数智化的产业政策和创新技术， 解析市场需求与发展趋势，协同产供链，推动新能源工程机械产业高质量发展。 会 议 内 容 国家有 ...

Excavator Market - In April 2025, a total of 22,142 excavators were sold, representing a year-on-year increase of 17.6%. Domestic sales accounted for 12,547 units, up 16.4%, while exports reached 9,595 units, up 19.3% [2] - From January to April 2025, a total of 83,514 excavators were sold, marking a year-on-year growth of 21.4%. Domestic sales were 49,109 units, up 31.9%, and exports were 34,405 units, up 9.02% [2] Loader Market - In April 2025, 11,653 loaders were sold, with a year-on-year increase of 19.2%. Domestic sales were 7,191 units, up 35.4%, while exports were 4,462 units, showing a slight decline of 0.18% [3][4] - From January to April 2025, a total of 42,220 loaders were sold, reflecting a year-on-year growth of 16%. Domestic sales were 23,570 units, up 27.8%, and exports were 18,650 units, up 3.87% [3][4] Grader Market - In April 2025, 756 graders were sold, representing a year-on-year increase of 21.5%. Domestic sales were 140 units, up 42.9%, and exports were 616 units, up 17.6% [5] Crane Market - In April 2025, 2,082 truck cranes were sold, showing a year-on-year decline of 3.48%. Domestic sales were 1,250 units, down 3.4%, and exports were 832 units, down 3.59% [6] - For crawler cranes, 280 units were sold in April 2025, marking a year-on-year increase of 2.94%. Domestic sales were 99 units, down 6.6%, while exports were 181 units, up 9.04% [8] - In April 2025, 2,142 truck-mounted cranes were sold, down 14.5% year-on-year. Domestic sales were 1,732 units, down 17.6%, and exports were 410 units, up 2.24% [10] - For tower cranes, 482 units were sold in April 2025, down 42.1% year-on-year. Domestic sales were 266 units, down 61.3%, while exports were 216 units, up 49% [12] Industrial Vehicle Market - In April 2025, 130,109 forklifts were sold, reflecting a year-on-year increase of 5.03%. Domestic sales were 84,317 units, down 0.89%, and exports were 45,792 units, up 18% [13] - A total of 1,713 rollers were sold in April 2025, marking a year-on-year increase of 36.2%. Domestic sales were 641 units, up 1.1%, and exports were 1,072 units, up 71.8% [14] - In April 2025, 200 pavers were sold, representing a year-on-year increase of 51.5%. Domestic sales were 150 units, up 54.6%, and exports were 50 units, up 42.9% [15] Aerial Work Platform Market - In April 2025, 14,635 aerial work platforms were sold, down 49.7% year-on-year. Domestic sales were 6,169 units, down 62.2%, and exports were 8,466 units, down 33.6% [17] - For high-altitude work vehicles, 343 units were sold in April 2025, marking a year-on-year increase of 49.1%. Domestic sales were 297 units, up 39.4%, and exports were 46 units, up 171% [18]

Group 1: Grader Sales - In April 2025, a total of 756 graders were sold, representing a year-on-year increase of 21.5%, with domestic sales of 140 units (up 42.9%) and exports of 616 units (up 17.6%) [1] Group 2: Truck Crane Sales - In April 2025, 2,082 truck cranes were sold, showing a year-on-year decline of 3.48%, with domestic sales of 1,250 units (down 3.4%) and exports of 832 units (down 3.59%) [2] Group 3: Crawler Crane Sales - In April 2025, 280 crawler cranes were sold, marking a year-on-year increase of 2.94%, with domestic sales of 99 units (down 6.6%) and exports of 181 units (up 9.04%) [3] Group 4: Truck-Mounted Crane Sales - In April 2025, 2,142 truck-mounted cranes were sold, reflecting a year-on-year decrease of 14.5%, with domestic sales of 1,732 units (down 17.6%) and exports of 410 units (up 2.24%) [4] Group 5: Tower Crane Sales - In April 2025, 482 tower cranes were sold, indicating a significant year-on-year decline of 42.1%, with domestic sales of 266 units (down 61.3%) and exports of 216 units (up 49%) [5] Group 6: Industrial Vehicle Sales - In April 2025, 130,109 forklifts were sold, showing a year-on-year increase of 5.03%, with domestic sales of 84,317 units (down 0.89%) and exports of 45,792 units (up 18%) [6] Group 7: Roller Sales - In April 2025, 1,713 rollers were sold, representing a year-on-year increase of 36.2%, with domestic sales of 641 units (up 1.1%) and exports of 1,072 units (up 71.8%) [7] Group 8: Paver Sales - In April 2025, 200 pavers were sold, reflecting a year-on-year increase of 51.5%, with domestic sales of 150 units (up 54.6%) and exports of 50 units (up 42.9%) [8] Group 9: Aerial Work Platform Sales - In April 2025, 14,635 aerial work platforms were sold, showing a significant year-on-year decline of 49.7%, with domestic sales of 6,169 units (down 62.2%) and exports of 8,466 units (down 33.6%) [9] Group 10: High-altitude Work Vehicle Sales - In April 2025, 343 high-altitude work vehicles were sold, indicating a year-on-year increase of 49.1%, with domestic sales of 297 units (up 39.4%) and exports of 46 units (up 171%) [10]

Core Insights - The fourth Changsha International Construction Machinery Exhibition showcased 1,806 companies, including 35 of the world's top 50 construction machinery firms, highlighting the industry's focus on technological advancements and green transformation [1][5]. Industry Trends - The exhibition emphasized the shift towards intelligent and green manufacturing, with 75% of heavy machinery showcased being environmentally friendly and 80% of the exhibition space designed sustainably [2][3]. - Major companies like Zoomlion and SANY presented innovative products, including the world's largest 4,000-ton all-terrain crane and hydrogen-powered pump trucks, demonstrating the industry's technological leadership [2][6]. International Participation - The event attracted over 5,000 international buyers from more than 50 countries, indicating a strong global interest in Chinese construction machinery [5][6]. - The exhibition served as a platform for international cooperation, with representatives from countries involved in the Belt and Road Initiative and RCEP seeking procurement opportunities [5][6]. Economic Impact - The construction machinery industry in Hunan province, particularly in Changsha, has maintained its position as a national leader in key performance indicators for 15 consecutive years, with a reported revenue of 34.16 billion yuan in the first quarter of this year [6][7]. - The local industry cluster has surpassed 200 billion yuan in total output value, exporting products to 180 countries and regions [7][8]. Collaborative Development - The exhibition facilitated collaboration among local manufacturers, with agreements totaling over 13 billion yuan focused on key areas like hydraulic systems and intelligent control [7][8]. - New standards for the export of used construction machinery were introduced, enhancing the alignment of local practices with international standards [7][8]. Future Outlook - Experts predict that 2025 will be a pivotal year for the high-quality development of China's construction machinery industry, driven by electrification and intelligent transformation [4][6]. - The industry is expected to maintain an annual export growth rate of over 10%, further globalizing the supply chain [8].

每经记者｜郑步春 每经编辑｜肖芮冬 周一A股上午偏弱震荡，下午走势略转好，收盘各大股指以微涨为主。截至收盘，上证综指微涨0.12点 至3367.58点，其余主要股指涨幅细微，仅北证50显著上涨2.37%。全A总成交额11189亿元，较上周五的 11241亿元略有缩小。 由盘面看，航运港口、化纤、造纸、房地产、环保等板块表现稍强，白酒、矿物制品、工程机械、保 险、银行等板块表现稍弱。 周二央行将公布贷款市场报价利率（LPR），因关税战降温及近期经济数据相对较稳，多数市场人士预 计5月LPR将维持不变，稍后几个月才有望下调。 A股中短期内走势将很大程度上取决于中美后续谈判，投资者目前操作上多半会倾向于保守与观望。预 计在上述重大事项明朗前，A股大概率延续震荡格局，投资者可继续持股观望。 白酒类个股开盘即下跌。据新华社报道，近日印发修订后的《党政机关厉行节约反对浪费条例》，有与 酒相关的文字，具体是：工作餐不得提供高档菜肴，不得提供香烟，不上酒。 其他市场方面，上周五美股三大股指均小涨；周一港股小跌，恒指微跌0.05%，恒生科技指数跌 0.50%。本周二，宁德时代H股将于港交所主板挂牌上市，市场预期较好，近期宁德时 ...