Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in new stock financing, with a total of HKD 134.5 billion raised in the first eight months of the year, marking a nearly sixfold year-on-year growth [1] - A+H listing mode has accounted for 70% of the total fundraising in the first half of the year, indicating strong connectivity between the mainland and Hong Kong markets [1] - There are currently over 51 A-share companies in the queue to list in Hong Kong, reflecting a growing trend of A-share companies seeking dual listings [2] Group 1: A+H Listing Trends - 11 A-share companies have successfully completed A+H listings this year, raising over HKD 90 billion, which constitutes about 70% of the total IPO fundraising in Hong Kong [2] - The top five IPOs in Hong Kong this year are all A+H companies, with four of them raising over HKD 10 billion each [2] - Notable companies preparing for Hong Kong listings include SANY Heavy Industry, Sungrow Power Supply, and others, indicating a robust pipeline of A-share companies looking to enter the Hong Kong market [2] Group 2: Innovative Listing Methods - New listing methods such as share swap mergers and privatization are emerging, providing companies with alternative financing channels and optimizing resource allocation [3] - Zhejiang Hu-Hang-Yong plans to achieve A+H listing through a share swap merger with Zhenyang Development, while New Hope Group intends to privatize New Hope Energy and list in Hong Kong through an introduction [3] - These innovative approaches are expected to enhance companies' capital strength and risk resilience [3] Group 3: Structural Improvements in the Hong Kong Market - The enthusiasm for A+H dual financing platforms is driven by multiple factors, including support from the mainland for quality companies to list in Hong Kong and ongoing optimization of the listing process by HKEX [4] - The trend reflects a growing number of high-quality companies in the A-share market aiming for global expansion and enhanced international competitiveness [4] Group 4: Market Dynamics and Pricing - The influx of quality companies into the Hong Kong market is expected to improve the structural imbalance in the market and attract more capital [5] - As of September 5, 161 A+H stocks were listed, with only 5 showing higher H-share prices than A-shares, indicating a significant price disparity [5] - The premium for A-shares over H-shares has decreased, with some companies experiencing substantial discounts, reflecting a shift in market sentiment and the impact of a low-interest-rate environment in the mainland [5][6]

市方式登陆港股，实现A+H两地上市。 以下文章来源于e公司 ，作者证券时报 钟恬 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 9月5日，在"2025香港交易所未来科技峰会"上，港交所行政总裁陈翊庭透露，今年前8个月，港交所新股融资总额达1345亿港元，同比增长接近6倍，其 中A+H上市模式占上半年总募资额的七成，体现了内地与香港市场的联动。 今年以来，一批A股公司纷纷赴港上市，除了已经上市的11家之外，已递表在排队的A股公司超过51家。值得一提的是，本轮A+H扩容潮中还出现了新模 式 ，比如港股公司浙江沪杭甬拟以换股吸并A股公司镇洋发展的方式，实现A+H上市；A股公司新奥股份拟通过全资子公司私有化港股新奥能源，以介绍上 A股公司踊跃赴港 今年以来，A股上市公司赴港上市热情高涨，A+H上市公司队伍不断壮大。 Wind数据显示，今年以来有11家A股公司实现A+H两地上市，合计募集资金超过900亿港元，占港股整体IPO募 ...

9月5日，在"2025香港交易所未来科技峰会"上，港交所行政总裁陈翊庭透露，今年前8个月，港交所新 股融资总额达1345亿港元，同比增长接近6倍，其中A+H上市模式占上半年总募资额的七成，体现了内 地与香港市场的联动。 今年以来，一批A股公司纷纷赴港上市，除了已经上市的11家之外，已递表在排队的A股公司超过51 家。值得一提的是，本轮A+H扩容潮中还出现了新模式，比如港股公司浙江沪杭甬拟以换股吸并A股公 司镇洋发展的方式，实现A+H上市；A股公司新奥股份拟通过全资子公司私有化港股新奥能源，以介绍 上市方式登陆港股，实现A+H两地上市。 A股公司踊跃赴港 今年以来，A股上市公司赴港上市热情高涨，A+H上市公司队伍不断壮大。 Wind数据显示，今年以来有11家A股公司实现A+H两地上市，合计募集资金超过900亿港元，占港股整 体IPO募资额的约七成。今年港股前五大IPO均为A+H公司，其中4家募资额超过百亿港元，分别为宁德 时代、恒瑞医药、三花智控和海天味业。 与此同时，还有大批A股公司正在积极筹备赴港上市事宜。目前已递表的A股公司超过51家，三一重 工、阳光电源、先导智能、首创证券、富瀚微、可孚医疗、珀莱雅等近 ...

在推动传统产业升级的同时，积极壮大新兴产业，这样的战略布局，在常州得到了凸显。 在距离江苏约2500公里的内蒙古伊敏河畔，百台巨型无人电动矿卡，正轰鸣着穿梭在辽阔的露天矿 坑之间。这些无人矿卡凭借传感器，通过5G—A的网络接受实时控制，井然有序地排列前行。 今年5月，由中国华能集团有限公司牵头、徐州工程机械集团有限公司等企业组成的创新联合体， 在内蒙古华能伊敏煤矿成功投运了全球首个百台无人电动矿卡集群。经过4年多的共同研发，该创新联 合体以无人驾驶、5G—A通信等技术为核心，研究了高寒环境下零碳排放智能换电无人驾驶运输系统关 键技术与应用。 这幅未来感十足的作业图景，生动诠释了传统采矿产业如何在技术创新加持下实现转型。徐工集团 董事长杨东升在接受采访时表示，徐工集团将聚焦"人工智能＋矿山机械"方向，加快培育具身智能机器 人，构建涵盖无人挖掘机、无人平地机、无人装载机等智能化装备产品矩阵。近年来，徐工集团牵头建 设高端工程机械智能制造全国重点实验室，立足工程机械领域开展自主创新，研发了全球首个4000吨履 带式起重机等多个首台（套）重大技术装备，取得重大技术突破。 目前，江苏已经获批牵头44家全国重点实验室，这 ...

老铁们，徐工机械这家工程机械巨头最近有点猛！股价悄悄涨，业绩稳稳升，海外市场更是杀出了一条血路。作为盯了20年财经的老炮儿，帮主今天就带大 家扒一扒徐工机械的里里外外，看看这波行情到底是昙花一现，还是中长线布局的黄金坑。 1. 出口持续强劲：公司预计下半年行业出口保持10%以上增长。国产品牌竞争力提升、海外渠道完善、服务后市场建设提速，以及国内企业加速全球化产能 布局，都是重要支撑。 2. 国内需求回暖：下半年政策红利、设备更新周期与新能源智能化趋势三重叠加，内销有望持续回暖。像雅下工程、新藏铁路等国家级大项目，都在持续释 放对工程机械的需求。 3. 新质生产力爆发：公司新能源产品收入增长9.43%，高端产品收入大幅增长41.44%。特别是在智能化方面，公司聚焦"AI+工程机械"，例如向华能伊敏煤 矿交付了100台纯电无人驾驶矿卡，实现了露天矿山装、运、卸全流程无人化作业。 三、估值：机构认为"低估"，安全边际较高 从估值来看，徐工机械具有一定的吸引力。截至2025年9月5日，其市盈率（TTM）约为17.56倍，市净率（LF）约为1.83倍。有3家机构认为其"低估"，例如 太平洋证券给出6个月目标价11.62 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in new stock financing, reaching HKD 134.5 billion in the first eight months of the year, a nearly sixfold year-on-year growth, with A+H listings accounting for 70% of the total fundraising in the first half of the year [1][2] - A total of 11 A-share companies have completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in the Hong Kong market [2] - More than 51 A-share companies are currently in the process of preparing for their listings in Hong Kong, including notable firms like SANY Heavy Industry and Sungrow Power Supply [2][3] Group 2 - Innovative listing methods are emerging in the current A+H expansion wave, such as share swap mergers and privatization, which provide companies with new financing channels and resource optimization opportunities [3] - Zhejiang Hu-Hang-Yong plans to achieve A+H listing through a share swap merger with Zhenyang Development, while New Hope Group intends to privatize New Hope Energy through its wholly-owned subsidiary and list on the Hong Kong Stock Exchange [3] Group 3 - The enthusiasm for A+H listings is driven by multiple factors, including support from mainland authorities for quality companies to list in Hong Kong and the ongoing optimization of the approval process by HKEX [4] - The trend of A+H listings is expected to improve the industry structure of the Hong Kong market, attracting more capital and updating the composition of A+H listed companies [5] Group 4 - As of September 5, 2023, among 161 A+H stocks, only 5 have H-share prices exceeding A-share prices, with CATL showing the largest discount at 17.43% [5][6] - The premium of A-shares over H-shares has significantly decreased, reflecting a shift in market sentiment and a revaluation of H-shares due to the low interest rate environment in mainland China [6]

Core Viewpoint - The announcement of the 2025 Excellent Intelligent Factory project by the Ministry of Industry and Information Technology signifies a further push for smart manufacturing in China, providing new momentum and direction for the digital transformation of the manufacturing sector [1] Group 1: Intelligent Factory Project Overview - A total of 274 companies have been proposed for the 2025 Excellent Intelligent Factory project, indicating a significant step towards enhancing smart manufacturing capabilities in China [1] - The project aims to cultivate intelligent factories across four levels: basic, advanced, excellent, and leading, with the "excellent" level focusing on deepening digital transformation and intelligent upgrades [1] Group 2: Companies from Changsha - Four companies from Changsha have been recognized in the list, representing diverse industries such as electronic manufacturing, power equipment, food processing, and engineering machinery [2] - The companies include: - Lens Technology Co., Ltd. with its "Lean Collaborative Intelligent Factory for Display Components" - Weisheng Information Technology Co., Ltd. with its "Smart Factory for Power Terminal Equipment" - Yanjinpuzi Food Co., Ltd. with its "Smart Factory for Chinese Snack Foods" - China Railway Construction Heavy Industry Co., Ltd. with its "Flexible Intelligent Factory for High-end Underground Engineering Equipment" [2] Group 3: Technological Innovations - The intelligent factories leverage numerous technological innovations, such as the use of six-axis robots in welding processes, which enhance precision and flexibility in manufacturing [3] - The development of a welding parameter collection system allows for real-time monitoring and intelligent diagnosis, shifting quality control from "experience-driven" to "data-driven" [3] Group 4: Integration of Advanced Technologies - Lens Technology integrates cloud computing, industrial big data, and artificial intelligence with advanced manufacturing techniques, creating 14 application scenarios to optimize the entire product lifecycle [4] - Weisheng Information's automated production lines have achieved a 96% coverage rate for single-phase automation and a 93% rate for three-phase automation, resulting in a 50% increase in production efficiency compared to pre-transformation levels [4] Group 5: Competitive Advantages - The intelligent factories not only enhance production efficiency but also serve as a core competitive advantage for companies, as seen with Yanjinpuzi's focus on quality control and supply chain integration [5] - Yanjinpuzi has established three provincial-level technology centers and maintains a robust R&D team, ensuring continuous product quality leadership [5] Group 6: Regional Impact - Changsha has made significant strides in industrial intelligence and digital transformation, with 124 intelligent manufacturing companies and 311 intelligent production lines established by 2024 [6] - The emergence of these excellent intelligent factories is expected to create a cluster effect in various fields, enhancing the core competitiveness of the regional manufacturing industry and contributing to high-quality development [6]

人民财讯9月6日电，徐工机械（000425）近日在业绩说明会上表示，受益于行业全球化布局、技术创新 及新兴市场拓展，预计下半年行业出口持续保持10%以上增长。下半年政策红利、更新周期与新能源智 能化三重叠加，预计内销持续回暖。公司表示，公司预计海外市场继续保持良好态势，出口收入依然能 保持较好的增长。首先，对国产品牌来说海外市场具有成长性特征，海外市场需求持续释放；其次，随 着国产产品品质的不断提升，国内企业在海外的渠道布局的日趋完善，服务后市场建设的提速，国产品 牌综合竞争力在提升，海外市场渗透率在提高；再次，从主要区域市场占比情况看，大部分产品仍有很 大的提升空间；最后，国内重点企业纷纷调整全球产能规划，落地本地化战略，加速全球化布局。总体 来说，今年国产品牌行业海外市场销量有望保持增长趋势。 ...

Core Viewpoint - The third Southeast Asia sub-exhibition of the Changsha International Engineering Machinery Exhibition concluded with significant contracts signed, highlighting the robust growth and international competitiveness of Changsha's engineering machinery industry [1] Group 1: Industry Growth and Performance - Changsha's engineering machinery exports surged from 16.37 billion to 29.06 billion, achieving a cumulative growth rate of 77.52% over the past three years [1] - Leading companies like SANY Heavy Industry and Zoomlion reported impressive international revenue, with SANY's overseas revenue reaching 3.69 billion USD, accounting for 60.26% of total revenue, and a year-on-year growth of 14.96% in revenue and 46% in net profit [3] - Zoomlion's overseas revenue also showed strong performance, with 13.81 billion CNY in revenue, a year-on-year increase of 14.66%, representing 55.58% of total revenue [3] Group 2: Market Expansion and Opportunities - Southeast Asia has emerged as a key market for Changsha's engineering machinery, with exports to ASEAN countries reaching 3.03 billion CNY, a year-on-year growth of 28.3% [4] - The establishment of a collaborative export model among companies, led by Hunan Construction Investment International Trade, has resulted in significant equipment orders and a more integrated approach to international markets [4] Group 3: Innovation and Product Development - The competitive edge of Changsha's engineering machinery lies in its focus on high-end, intelligent, and green technologies, with notable products showcased at the exhibition [5] - SANY launched over 30 new energy engineering machinery products, aligning with global low-carbon development trends, while Zoomlion developed the world's largest hybrid mining truck, filling a gap in the international market [5] - Iron Construction Heavy Industry's intelligent shield machine set a world record for monthly advancement, showcasing the technological prowess of Changsha's products in international infrastructure projects [5] Group 4: Policy Support and Future Outlook - Local policies and services have significantly supported the export growth of Changsha's engineering machinery, with measures to stabilize foreign trade and provide comprehensive support to key foreign trade enterprises [7] - The implementation of a remanufacturing system for engineering machinery has also contributed to export growth, with remanufactured equipment exports reaching 1.6 billion CNY, a year-on-year increase of 15% [7] - Future prospects indicate a synergistic growth between domestic recovery and international expansion, with ongoing support for enterprises to participate in international exhibitions and investment cooperation [7]

Core Viewpoint - Linyi Lingong Machinery Group Co., Ltd. has completed the acquisition of 70% equity in Shandong Lingong Engineering Machinery Co., Ltd. from Volvo Construction Equipment, gaining full ownership of Shandong Lingong [1] Cooperation History - Volvo signed an agreement in 2006 and officially acquired 70% of Shandong Lingong in 2007, marking 19 years of cooperation [3][4] Post-Transaction Landscape - Lingong Group will fully control Shandong Lingong, including ownership and management rights. The acquisition was approved by the State Administration for Market Regulation on July 17, 2025 [6] Transaction Reasons - Both parties view the transaction as a result of "friendly negotiations" and believe it will benefit their long-term development [9] Perspectives from Volvo - Strategic Focus: Volvo aims to refocus on new technology transformation and enhance customer interaction after the sale [12] - Financial Impact: The sold Shandong Lingong business accounts for about 2% of Volvo Group's revenue, having a minimal impact on overall income [13] - Global Adjustments: Volvo is also making strategic adjustments globally, including acquiring Swecon to enhance sales and service capabilities in Europe [13] Perspectives from Lingong Group - Internationalization and Autonomy: Lingong Group states that the acquisition is necessary for accelerating international development and enhancing global market layout [12] - Transformation of Cooperation Results: Lingong Group acknowledges the successful 19-year partnership with Volvo, indicating readiness for independent development [12] Future Development Plans - Lingong Group plans to accelerate product innovation and industrial upgrading, deepen global market layout, and enhance brand competitiveness and industry influence [15]