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 ...

3、【查询-002】高管您好，请问贵公司未来盈利增长的主 要驱动因素有哪些？谢谢。 尊敬的投资者，您好！公司未来盈利增长的主要驱动因素主 要有两个方面：1、市场需求增长：随着"中国制造 2025"和"十 四五工业绿色发展规划"的持续推进，"碳中和"等国家战略的 实施，公司产品的市场需求不断增加，公司正积极开拓新兴市场， 提升产品销售和出口业务的持续增长。2、成本优化与效率提升： 以技术创新提升产品竞争力，以及通过精细化成本管控措施，提 升效率、降低人均成本，提高营运资金周转率；加强项目全流程 控制管理，应对市场价格波动的不利影响；结合降本增效要求， 整合内部资源，增强业务的盈利能力。感谢您的关注！ 4、【查询-001】高管您好。请问贵公司本期财务报告中， 盈利表现如何？谢谢。 证券代码：001226 证券简称：拓山重工 安徽拓山重工股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 91.66 billion, with a net profit attributable to shareholders of CNY 5.976 billion, representing a year-on-year growth of 12.2% [2] - In Q1 2025, the company reported operating revenue of CNY 26.815 billion, a year-on-year increase of 10.92%, and a net profit of CNY 2.022 billion, up 26.37% [4] - The operating cash flow net amount for 2024 was CNY 5.72 billion, showing a year-on-year growth of 60.18% [2] Profitability Metrics - Gross margin for 2024 was 22.55%, an increase of 1.75 percentage points, while the net profit margin was 6.53%, up 0.89 percentage points [2] - The company expects gross margin to maintain an upward trend in 2025 and beyond [6] International Business and Market Strategy - International revenue accounted for 46% of total revenue in 2024, with a well-established marketing network covering over 190 countries [4] - The company anticipates continued growth in export markets, driven by increasing demand for domestic brands and improved product quality [5] Capital Expenditure and Innovation - Future capital expenditures will focus on digital transformation and enhancing global production capacity [4] - The company aims to strengthen its position in high-end markets and improve technological collaboration and localization services [4] Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.80 per 10 shares for the 2024 fiscal year, with a total cash dividend of approximately CNY 21.27 million [10] - The company has committed to a share buyback plan of no less than CNY 300 million, aimed at enhancing shareholder value [7] Market Outlook - The company expects the domestic market to gradually enter an upward cycle, driven by infrastructure investments and the demand for new energy equipment [6] - For 2025, the company projects a revenue growth of over 10%, supported by favorable industry policies and ongoing global manufacturing recovery [8] Competitive Position - The company holds leading positions in various machinery segments, including first in global mobile cranes and concrete machinery, and second in domestic excavators [9] - The company is recognized for its balanced industrial structure, strong innovation capabilities, and comprehensive global layout [9]

证券研究报告·行业点评报告·工程机械 工程机械行业点评报告 4 月销量点评：4 月挖机销量同比+18%，工 程机械行业有望迎来国内外共振【勘误版】 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 4 月挖机内销同比+18%，继续保持高景气增长 2025 年 4 月挖掘机销量 22142 台，同比+18%；装载机销量 11653 台，同 比+19%。其中国内 4 月销售挖掘机 12547 台，同比+16%，装载机内销 7191 台，同比增长 35%，继续保持高景气增长。2025 年 1-4 月挖掘机累计内销 达 49109 台，同比+32%，我们判断国内挖机销量持续超预期主要系：①存 量需求更新替换：上一轮挖机上行周期为 2015-2023 年，按照挖机平均 8- 10 年计算，近两年为存量需求集中更换新机节点；②资金端好转：国内下 游资金端从 2024Q4 开始好转，对存量及新增项目均有支撑作用；③农村 需求持续高景气：机器替人+政策支持，小挖需求持续高增。展望后续，我 们预计后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需 向上。 ◼ 出口温和复苏，中美贸易关系 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue of 916.60 billion yuan in 2024, a decrease of 1.28% year-on-year, while the net profit attributable to shareholders increased by 12.20% to 59.76 billion yuan [3][4]. - In Q1 2025, the company achieved a revenue of 268.15 billion yuan, representing a year-on-year increase of 10.92%, and a net profit of 20.22 billion yuan, up 26.37% [3][4]. - The company has seen growth in various machinery segments, with notable increases in pile machinery (45.21% growth) and mining machinery (8.55% growth) [4]. - The gross profit margin improved to 22.55%, an increase of 1.75 percentage points year-on-year, with domestic and international margins also showing positive trends [4][5]. - Emerging industries are rapidly developing, with significant revenue growth in sectors such as fire-fighting machinery (over 30% growth) and agricultural machinery (over 170% growth) [5]. Financial Performance Summary - The company forecasts revenues of 1008.63 billion yuan, 1120.99 billion yuan, and 1239.32 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.04%, 11.14%, and 10.56% [6][9]. - The net profit attributable to shareholders is expected to reach 77.77 billion yuan, 98.31 billion yuan, and 120.68 billion yuan for the same years, with growth rates of 30.13%, 26.41%, and 22.76% [6][9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 16.79 in 2024 to 8.24 by 2027, indicating a potentially attractive valuation [6][9].