Core Viewpoint - The article highlights the significant presence of LiuGong at the BICES 2025 exhibition, showcasing its commitment to high-quality development and innovation in the construction machinery industry through the launch of its large-scale intelligent green mining solutions [1][3][29]. Group 1: Exhibition Highlights - LiuGong is the largest exhibitor at BICES 2025, occupying nearly 5000 square meters and presenting over 40 machines under the theme "Wisdom · Green · Extending Human Power" [1][29]. - The launch of LiuGong's large-scale intelligent green mining solutions was marked by a ceremony attended by key industry leaders and government officials [4][5][7]. - The solutions focus on large-scale, electrification, and intelligence, addressing the dual carbon goals and providing replicable solutions for global mining [11][29]. Group 2: Technological Innovations - LiuGong's electric excavator, the 9135FE, features industry-first high-speed rail motor control technology and a 640kW permanent magnet synchronous motor [15]. - The DW120AE electric mining truck can achieve rapid recharging in 1.5 hours and has a downhill energy recovery efficiency that leads the industry by 9% [15]. - LiuGong's intelligent mining management system enables unmanned operations, integrating energy management effectively [15][23]. Group 3: Comprehensive Solutions - LiuGong emphasizes a "scene-based demand" approach, showcasing customized solutions across various operational scenarios, including energy storage, port logistics, and municipal maintenance [18][20]. - The company aims to provide full lifecycle services to customers, covering parts sales, technical support, remanufacturing, service training, leasing, and digital solutions [20][29]. Group 4: Industry Recognition - Industry leaders, including Xu Niansha and Su Zimeng, acknowledged LiuGong's achievements in technological innovation, industrial chain upgrades, and global expansion [10][29]. - LiuGong's commitment to high-quality development and its strategic focus on comprehensive solutions were reiterated by the company's leadership during the exhibition [8][29].

Core Viewpoint - The A-share market is entering a period of fluctuation as the third quarter concludes, with brokerages maintaining a relatively positive outlook for the fourth quarter, suggesting that the market trend is not yet over [1][2]. Market Performance - The A-share market has shown a daily trading volume exceeding 2 trillion yuan, with major indices experiencing divergence; the Shanghai Composite Index remains in a high-level fluctuation while the Shenzhen Component and ChiNext indices continue to rise [2]. - A structural recovery in A-share earnings is anticipated, driven by policy expectations, macro and micro liquidity improvements, and a resilient export growth forecast [2]. Policy Impact - The recent Federal Reserve interest rate cuts are expected to boost the RMB exchange rate, attracting global capital inflows into China, with a shift in market focus towards 2026 economic and policy expectations [3]. - Domestic liquidity is expected to remain loose, with increased allocation towards equity assets by residents, contributing to market growth [3]. Market Style - The market is expected to exhibit a more balanced style in the fourth quarter, with both growth and value styles having opportunities [4]. - Historical data suggests that value styles have a slightly higher probability of outperforming growth styles in the fourth quarter since 2013 [4]. Investment Focus - The primary investment focus for the fourth quarter includes technology growth sectors, particularly AI, alongside cyclical products and sectors with improving economic conditions [5][6]. - Specific sectors identified for potential growth include rare earth permanent magnets, precious metals, military, financial IT, and various consumer goods [6]. Sector Recommendations - Companies are advised to focus on sectors such as non-ferrous metals, AI hardware and applications, and consumer services, with particular attention to emerging trends in pet economy, IP toys, and beauty products [6].

Core Viewpoint - The meeting between China Railway Construction Corporation (CRCC) and SANY Group aims to deepen cooperation and promote high-quality development in the construction and engineering machinery sectors [1][3]. Group 1: Cooperation and Strategic Alignment - CRCC's Chairman Dai Hegen expressed gratitude for SANY Group's long-term support and highlighted SANY's leadership in the engineering machinery industry, noting its high management standards and effective execution [3]. - Both companies have established a strong relationship based on mutual trust and support, with a focus on enhancing cooperation in areas such as high-end intelligent equipment, lighthouse factories, supply chain collaboration, management mechanisms, and research [3]. - SANY Group's Chairman Xiang Wenbo acknowledged the strong foundation for cooperation and emphasized the complementary nature of both companies' industries, aiming to leverage their strengths in infrastructure, new equipment, new energy, overseas business, and technological innovation [3]. Group 2: Future Development and Goals - The collaboration aims to create a model of cooperation between state-owned and private enterprises, focusing on achieving mutual benefits and higher quality development [3]. - Both companies are committed to exploring overseas markets together and providing customized solutions to meet CRCC's needs [3].

9月23日，第十七届中国（北京）国际工程机械、建材机械及矿山机械展览与技术交流会（BICES 2025）在北京开幕。会上，潍柴举行"潍柴动力 国之重器——全系列矿山动力产品解决方案发布会"， 中国工程机械工业协会会长苏子孟受邀出席发布会并讲话。 中国工程机械工业协会会长苏子孟出席发布会并对潍柴给予高度评价 会上，凝聚潍柴领先技术成果的柴油、甲醇、天然气等多元燃料，直驱、纯电、混动等多种路线的矿山 动力集中亮相。潍柴还现场发布了全新推出的12M25矿山动力产品。作为M系列家族的新成员，潍柴 12M25可适配90-100吨机械传动矿卡、165吨挖掘机等，在可靠性、动力性、经济性等方面实现了全方 位突破。 随着12M25的面世，在M33、M55平台的基础上，潍柴M系列大缸径矿用产品序列得到进一步完善，也 标志着国产矿山动力将进一步满足客户高效运营、行业自主可控的需求。苏子孟表示，多年来，潍柴以 自主创新为核心驱动力，积累了深厚的技术沉淀，成功从"自主可控"向"超越引领"迈进，既为矿山装备 自主可控提供了关键支撑，也为本次BICES展会增添了亮眼的"自主创新亮点"。 在潍柴展区，苏子孟详细了解了潍柴非道路纯电用动力电 ...

Core Viewpoint - LiuGong (000528.SZ) has received a notification from its controlling shareholder, Guangxi LiuGong Group Co., Ltd., regarding the increase in shareholding, which has reached a significant threshold of 1% [1] Summary by Relevant Categories Shareholding Changes - As of September 23, 2025, LiuGong Group has cumulatively increased its shareholding by 22,749,700 shares, representing approximately 1.12% of the company's current total share capital [1] - The total amount invested in this share increase is 248.6231 million yuan, excluding transaction fees [1] - Following this increase, LiuGong Group holds a total of 528,503,232 shares, which accounts for about 26.02% of the company's current total share capital [1]

Core Viewpoint - LiuGong (000528.SZ) has received a notification from its controlling shareholder, Guangxi LiuGong Group Co., Ltd., regarding the increase in shareholding, which has now reached a significant threshold of 1% [1] Summary by Relevant Sections - **Shareholding Increase** LiuGong Group has cumulatively increased its shareholding by 22,749,700 shares, representing approximately 1.12% of the company's total share capital as of September 23, 2025 [1] - **Investment Amount** The total amount invested in this share increase is 248.6231 million yuan, excluding transaction fees [1] - **Total Shareholding Post-Increase** After this increase, LiuGong Group holds a total of 528,503,232 shares, which accounts for about 26.02% of the company's current total share capital [1]

Market Performance - The engineering machinery sector increased by 1.46% on September 24, with Zhongli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Zhongli Co., Ltd. (603194) closed at 46.10, up 4.80% with a trading volume of 106,100 shares and a turnover of 482 million yuan [1] - Shantui Co., Ltd. (000680) closed at 10.31, up 4.78% with a trading volume of 697,400 shares and a turnover of 713 million yuan [1] - Hangcha Group (603298) closed at 29.61, up 4.08% with a trading volume of 159,900 shares and a turnover of 472 million yuan [1] - Anhui Heli (600761) closed at 22.64, up 2.91% with a trading volume of 168,500 shares and a turnover of 377 million yuan [1] - Yizhong Heavy Industry (600031) closed at 22.25, up 2.87% with a trading volume of 967,400 shares and a turnover of 2.133 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 10.48 million yuan from institutional investors, while retail investors contributed a net inflow of 82.71 million yuan [2] - The sector experienced a net outflow of 93.19 million yuan from speculative funds [2] Stock-Specific Capital Flow - Yizhong Heavy Industry (600031) had a net inflow of 36.5 million yuan from institutional investors, but a net outflow of 10 million yuan from speculative funds [3] - Zhongli Co., Ltd. (603194) saw a net inflow of 55.55 million yuan from institutional investors, while retail investors had a net outflow of 57.80 million yuan [3] - Hangcha Group (603298) experienced a net inflow of 32.24 million yuan from institutional investors, with a net outflow of 7.20 million yuan from retail investors [3]

Core Viewpoint - The 17th China (Beijing) International Engineering Machinery, Building Materials Machinery and Mining Machinery Exhibition and Technical Exchange Conference (BICES2025) showcased Weichai Power's advancements in multi-fuel mining power solutions, including the debut of the new 12M25 mining power product [1][2]. Group 1: Product Launch and Features - Weichai Power introduced the 12M25 diesel engine, featuring a maximum power of 1224Ps and a maximum torque of 5116N.m, suitable for 90-100 ton mechanical transmission mining trucks and 165-ton excavators [2]. - The M series product line now covers a power range from 522kW to 2800kW, catering to various large mining equipment needs [2]. - The launch of the 12M25 signifies a step towards meeting customer demands for efficient operations and enhancing the performance of domestic mining power solutions [2]. Group 2: Innovation and Industry Impact - Weichai has transitioned from "self-controllable" to "leading beyond," contributing significantly to the independence of mining equipment and enhancing national industrial security [3]. - The company has established itself as a benchmark for Chinese innovation in the global power sector, supporting industry transformation and upgrades [3]. Group 3: Low-Carbon Solutions - Weichai showcased a range of low-carbon mining power products, including non-road pure electric power batteries and methanol and gas engines [4]. - The CTB battery, designed for pure electric mining trucks, offers battery capacities ranging from 300kWh to 1200kWh, simplifying assembly and reducing design costs [4]. Group 4: Electric Mining Trends - The global mining industry is accelerating its transition to electrification, and Weichai is capitalizing on this trend by developing a comprehensive range of mining power batteries [5]. - Weichai's electric mining trucks have accumulated over 1 million operating hours, achieving a 66% reduction in operational costs for customers [5]. - The company aims to continue advancing in high-end, green, intelligent, and autonomous directions to contribute to national energy security and the high-quality development of the mining industry [5].

格隆汇9月24日丨达刚控股(300103.SZ)在互动平台表示，公司高端路面装备研制板块涵盖了从沥青加 热、存储、运输与深加工设备到道路施工与养护专用车辆、专用设备及沥青拌和站等沥青路面筑养护系 列产品的研制、生产、销售、租赁及技术服务。《农村公路条例》的制定与颁布，对推动农村公路高质 量发展具有积极的促进作用。公司的筑养路机械产品既可用于高速公路的修建与养护，也可用于一般等 级道路的修建与养护，公司高度关注该条例的实施对公路基础建设市场的影响和商机。 ...

针对矿场工作面多变、道路多变的情况，徐工在能源补给方式上采取纯电动换电机制，探索形成了快速 换电方案，换电成功率已从60%提升到了95%以上。此外，徐工纯电动无人驾驶矿用自卸车已达到L4级 自动化驾驶水平，综合运行效率是人工驾驶的1.2倍，经专家进行技术成果鉴定，已达到国际领先水 平。 "目前，徐工矿机已经将ESG作为我们的必答题，将环境、社会和公司治理三大核心指标作为可持续发 展的重要标准；同时聚焦'双碳'服务国家能源安全战略，坚守以人为本，坚守长期主义，持续打造可持 续发展的内生力和影响力。" 9月23日，由《中国经营报》主办的"绿色引领重塑未来——2025中国企业可持续发展行动大会"在北京 市举行。徐工矿业机械研究院副院长胡德平在《矿山未来零碳先行》主题演讲中分享了徐工集团及旗下 徐工矿机践行绿色低碳发展战略、实现可持续发展的经验做法。 "目前，智能化、绿色化已经成为徐工集团的重要发展战略。在这样的战略引领下，徐工已经做了多方 面的前瞻布局。"胡德平表示，徐工百台纯电动无人驾驶矿用自卸车已在内蒙古伊敏露天矿实现规模化 运行，交出了一份"零碳矿山"的徐工答卷。 在胡德平看来，节能降耗一直是矿山企业非常关注 ...