Group 1: Excavator Market Overview - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4%. Domestic sales accounted for 9,249 units, up 21.5%, while exports reached 10,609 units, up 29% [1][2] - From January to September 2025, a total of 174,039 excavators were sold, marking an 18.1% increase year-on-year. Domestic sales were 89,877 units, up 21.5%, and exports were 84,162 units, up 14.6% [2] Group 2: Loader Market Overview - In September 2025, 10,530 loaders were sold, reflecting a 30.5% year-on-year growth. Domestic sales were 5,051 units, up 25.6%, and exports were 5,479 units, up 35.3% [5][6] - For the period from January to September 2025, a total of 93,739 loaders were sold, which is a 14.6% increase year-on-year. Domestic sales reached 49,996 units, up 20.7%, while exports were 43,743 units, up 8.31% [6] Group 3: Electric Excavator Sales - In September 2025, 31 electric excavators were sold, with 5 units under 6 tons, 17 units between 18.5 to 28.5 tons, 1 unit between 28.5 to 40 tons, and 8 units over 40 tons [3] Group 4: Grader Market Overview - In September 2025, 634 graders were sold, showing a year-on-year increase of 21.9%. Domestic sales were 99 units, up 6.45%, and exports were 535 units, up 25.3% [8] - From January to September 2025, a total of 6,284 graders were sold, which is a 6.73% increase year-on-year. Domestic sales were 1,122 units, up 30.6%, while exports were 5,162 units, up 2.64% [8] Group 5: Crane Market Overview - In September 2025, 1,561 truck cranes were sold, reflecting a year-on-year increase of 21.9%. Domestic sales were 764 units, up 40.7%, and exports were 797 units, up 7.99% [9] - For the period from January to September 2025, a total of 15,105 truck cranes were sold, which is a 4.17% decrease year-on-year. Domestic sales were 8,255 units, down 5.47%, and exports were 6,850 units, down 2.55% [9] Group 6: Forklift Market Overview - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%. Domestic sales were 81,119 units, up 29.3%, and exports were 49,261 units, up 13.9% [15] - From January to September 2025, a total of 1,106,406 forklifts were sold, marking a 14% increase year-on-year. Domestic sales were 697,375 units, up 13.1%, while exports were 409,031 units, up 15.5% [15] Group 7: Roller Market Overview - In September 2025, 1,392 rollers were sold, showing a year-on-year increase of 32.2%. Domestic sales were 551 units, up 45.4%, and exports were 841 units, up 24.8% [16] - From January to September 2025, a total of 13,564 rollers were sold, which is a 21.8% increase year-on-year. Domestic sales were 5,176 units, up 18%, while exports were 8,388 units, up 24.3% [16] Group 8: Paver Market Overview - In September 2025, 132 pavers were sold, reflecting a year-on-year increase of 22.2%. Domestic sales were 82 units, up 32.3%, and exports were 50 units, up 8.7% [17] - From January to September 2025, a total of 1,249 pavers were sold, which is a 32.2% increase year-on-year. Domestic sales were 898 units, up 42.8%, while exports were 351 units, up 11.1% [17] Group 9: Aerial Work Platform Market Overview - In September 2025, 12,416 aerial work platforms were sold, showing a year-on-year decrease of 23.8%. Domestic sales were 5,334 units, down 32.7%, and exports were 7,082 units, down 15.3% [19] - From January to September 2025, a total of 131,901 aerial work platforms were sold, which is a 30% decrease year-on-year. Domestic sales were 51,168 units, down 46%, while exports were 80,733 units, down 13.7% [19] Group 10: High-altitude Work Vehicle Market Overview - In September 2025, 484 high-altitude work vehicles were sold, reflecting a year-on-year increase of 48%. Domestic sales were 456 units, up 42.9%, and exports were 28 units, up 250% [20] - From January to September 2025, a total of 3,818 high-altitude work vehicles were sold, marking a 41.4% increase year-on-year. Domestic sales were 3,645 units, up 39.8%, while exports were 173 units, up 88% [20]

Core Viewpoint - SANY Heavy Industry is set to launch an IPO from October 20 to October 23, 2025, offering 580 million H-shares, with 10% allocated for Hong Kong and 90% for international sales [2] Group 1: IPO Details - The price range for the shares is set between HKD 20.3 and HKD 21.3 per share, with the expected listing date on the Hong Kong Stock Exchange being October 28 [2] - The net proceeds from the offering are estimated to be approximately HKD 11.926 billion [2] Group 2: Company Overview - SANY Heavy Industry is a leading global player in the engineering machinery sector, focusing on products such as excavators, concrete machinery, and cranes [2] - The company ranks as the third largest globally and the largest in China within the engineering machinery industry [2] Group 3: Use of Proceeds - 45% of the proceeds will be used to expand the global sales and service network [2] - 25% will enhance research and development capabilities [2] - 20% will be allocated to expand overseas manufacturing capacity [2] - 10% will be used for working capital [2] Group 4: Investment Support - The company has secured cornerstone investments totaling approximately USD 758 million from several well-known institutions, including Temasek and BlackRock [2]

Core Viewpoint - Current internal growth expectations are relatively subdued, leading investors to focus more on fundamental movements during the earnings season, seeking structural highlights through the third-quarter reports [1] Summary by Categories Earnings Highlights - Key areas to focus on in the third-quarter reports include sectors such as gold, TMT (Technology, Media, and Telecommunications) benefiting from high AI demand, and non-bank financials [1] High-Growth Opportunities - High-growth opportunities that are less correlated with economic cycles and external risks include the AI industry chain, as well as white goods, construction machinery, and power grid equipment that are well-positioned for trade with non-US economies and have sufficient overseas production capacity [1] Supply-Side Improvements - Industries that have achieved supply-side clearing in a moderately recovering environment include industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, rail transit equipment, and railway and highway sectors [1]

Core Insights - The article emphasizes three investment themes to focus on during the third quarter earnings reports, highlighting the relatively subdued internal growth expectations and increased external uncertainties due to the escalation of US-China tariffs [1] Group 1: Earnings Highlights - Key areas to watch in the third quarter earnings include sectors such as gold, TMT (Technology, Media, and Telecommunications) benefiting from high AI demand, and non-bank financials [1] - Investors are encouraged to identify structural highlights through the earnings reports, particularly in sectors with low correlation to economic cycles and external risks [1] Group 2: High-Growth Opportunities - High-growth opportunities include the AI industry chain and sectors with significant overseas capacity layout that cater to non-US economic trade, such as white goods, construction machinery, and power grid equipment [1] - The article suggests focusing on industries that have achieved supply-side clearing in a moderately recovering environment, including industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail and road equipment [1]

成立于1994年，集团是创新驱动的全球工程机械行业领军企业。集团专注于挖掘机械、混凝土机械、起 重机械、桩工机械及路面机械等全系列工程机械产品的研发、制造、销售及服务。按2020年至2024年核 心工程机械产品的累计收入计算，集团是全球第三大及中国最大的工程机械企业。于往绩记录期间，集 团的产品已销往全球150余个国家和地区，截至2025年4月30日止四个月，集团来自海外市场的收入占集 团总收入的57.4%。集团的产品备受全球客户信赖，凭藉先进的技术实力与性能，广泛参与多项全球标 志性项目的施工建设，如港珠澳大桥、伦敦奥运场馆、迪拜塔、北京奥运场馆等。 格隆汇10月20日丨三一重工(06031.HK)发布公告，公司拟全球发售约5.80亿股H股(视乎发售量调整权以 及超额配股权行使与否而定)，中国香港发售股份5804.26万股，国际发售股份约5.22亿股；2025年10月 20日至10月23日招股，预期定价日为10月24日；发售价将为每股发售股份20.30-21.30港元，每手买卖单 位为200股，中信证券为独家保荐人；预期股份将于2025年10月28日开始在联交所买卖。 假设每股发售股份的发售价为20.80港 ...

Group 1 - The company SANY Heavy Industry (06031) plans to conduct an initial public offering (IPO) from October 20 to October 23, 2025, with a global offering of 580 million H-shares [1] - Approximately 10% of the shares will be offered in Hong Kong, while 90% will be available for international investors [1] - The proposed price range for the shares is between 20.3 and 21.3 Hong Kong dollars, with a minimum lot size of 200 shares [1] Group 2 - Established in 1994, the company is a leading player in the global engineering machinery industry driven by innovation [1] - The company focuses on the research, development, manufacturing, sales, and service of a full range of engineering machinery products, including excavators, concrete machinery, cranes, pile machinery, and road machinery [1]

Group 1: Excavator Sales - In September, a total of 19,858 excavators were sold, representing a year-on-year increase of 25%, with domestic sales of 9,249 units (+22%) and export sales of 10,609 units (+29%), significantly exceeding market expectations [1][3][4] - The domestic excavator market has shown a clear upward trend from June to September, supported by factors such as labor substitution and water conservancy funding, despite weak fundamentals in real estate and infrastructure [1][3] - The structure of excavators in China is expected to shift towards a higher proportion of small excavators, which will continue to provide a stabilizing effect on the domestic market [1][3] Group 2: Oilfield Equipment - On October 10, international oil prices fell by approximately 2%, with Brent crude priced at $64 per barrel, primarily due to renewed tariffs announced by Trump and concerns over international trade [2][4] - The decline in oil prices is not expected to significantly impact the demand for oilfield equipment in the medium term, as the cost of oil production in the Middle East remains low and above the breakeven point [2][4] - The demand for LNG as a transitional energy source is expected to sustain, with continued capital expenditure growth in the Middle East, driving up equipment demand [2][4] Group 3: Investment Recommendations - Companies recommended for investment in the excavator sector include SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [1][3] - In the oilfield equipment sector, companies such as Jereh and Neway are highlighted as strong players due to high barriers to entry and increasing domestic market share [2][4]

Financial Insights - The bond market is under review, with the Ministry of Finance continuing to advance the 2026 local government debt limit [5][18] - The Ministry of Finance announced a 50% VAT refund policy for electricity products generated from offshore wind power starting November 1, 2025 [22][23] - The U.S. has imposed a 25% tariff on imported medium and heavy trucks, effective November 1, 2025 [24][25] - The securities transaction stamp duty in September increased by 342% year-on-year, reaching 261 billion [26][27] Industry Dynamics - In Q3 2025, the shipment of energy storage batteries reached 165 GWh, a year-on-year increase of 65%, with an expected total shipment of 580 GWh for the year [28][29] - The average operating rate of construction machinery nationwide in Q3 2025 was 44%, with hoisting equipment leading among various types [32][33] - The railway sector showed positive growth in the first three quarters of 2025, with passenger volume reaching 3.537 billion, a 6% increase year-on-year [36][37] Company Tracking - Yingxi Network (688475.SH) reported a net profit of 4.22 billion for the first three quarters of 2025, up 12.68% year-on-year [38][39] - Oriental Cable (603606.SH) recently won contracts totaling 2.374 billion for marine and land cable products and installation projects [40][41] - Zai Jing Pharmaceutical (688266.SH) presented clinical data for its drugs ZG006 and ZG005 at the ESMO annual meeting, showcasing promising results [43][45] - Haida Group (002311.SZ) reported a net profit increase of 14% year-on-year for the first three quarters of 2025 [47][48] - Spring Wind Power (603129.SH) achieved a net profit of 4.13 billion in Q3 2025, reflecting an 11% year-on-year growth [49][50] - Zhongtian Technology (600522.SH) secured contracts worth approximately 1.788 billion for various marine projects [51][52]

Core Viewpoint - SANY Heavy Industry (600031) is launching an IPO for 580 million H-shares, with a price range of HKD 20.3 to 21.3, aiming to raise approximately HKD 11.926 billion for global expansion and R&D enhancement [1][3]. Group 1: Company Overview - Founded in 1994, SANY Heavy Industry is a leading global player in the engineering machinery sector, focusing on the R&D, manufacturing, sales, and service of a full range of machinery products [1]. - The company ranks as the third largest globally and the largest in China based on cumulative revenue from core engineering machinery products from 2020 to 2024 [1]. - SANY's products are sold in over 150 countries, with 57.4% of total revenue coming from international markets as of April 30, 2025 [1]. Group 2: Financial Performance - The company has demonstrated strong financial resilience, with revenues of RMB 80.839 billion, RMB 74.019 billion, RMB 78.383 billion, and RMB 29.426 billion for the years 2022, 2023, 2024, and the first four months of 2025, respectively [4]. - Gross margin improved from 22.6% in 2022 to 26.4% in 2023, reaching 27.1% in the first four months of 2025 [4]. - Net margin increased from 5.5% in 2022 to 6.2% in 2023, further rising to 11.8% in the first four months of 2025 [4]. Group 3: Use of Proceeds - Approximately 45% of the net proceeds from the IPO will be allocated to expanding the global sales and service network [3]. - About 25% will enhance R&D capabilities, focusing on smart and low-carbon technologies [3]. - 20% will be used to expand overseas manufacturing capacity and optimize production efficiency, while 10% will support working capital and general corporate purposes [3].

格隆汇10月20日丨三一重工(06031.HK)发布公告，公司拟全球发售约5.80亿股H股(视乎发售量调整权以 及超额配股权行使与否而定)，中国香港发售股份5804.26万股，国际发售股份约5.22亿股；2025年10月 20日至10月23日招股，预期定价日为10月24日；发售价将为每股发售股份20.30-21.30港元，每手买卖单 位为200股，中信证券为独家保荐人；预期股份将于2025年10月28日开始在联交所买卖。 成立于1994年，集团是创新驱动的全球工程机械行业领军企业。集团专注于挖掘机械、混凝土机械、起 重机械、桩工机械及路面机械等全系列工程机械产品的研发、制造、销售及服务。按2020年至2024年核 心工程机械产品的累计收入计算，集团是全球第三大及中国最大的工程机械企业。于往绩记录期间，集 团的产品已销往全球150余个国家和地区，截至2025年4月30日止四个月，集团来自海外市场的收入占集 团总收入的57.4%。集团的产品备受全球客户信赖，凭藉先进的技术实力与性能，广泛参与多项全球标 志性项目的施工建设，如港珠澳大桥、伦敦奥运场馆、迪拜塔、北京奥运场馆等。 集团已订立基石投资协议，据此，基石投资 ...