国外 1. 法巴银行：在美联储降息后平仓10年期美债空头 法巴银行在其分析师报告中表示，在美联储如期降息后，已在一项做空10年期美债的交易中获利了结， 该交易押注美债收益率上升。该行在收益率为4.09%时建仓，并在4.15%时平仓。分析师称："我们认 为，美联储失衡的政策反应机制将在下一份非农就业数据公布前对利率市场构成压力。"尽管美联储此 次决议投票出现分歧，但决策者正强调美国劳动力市场的疲软态势。 2. 惠誉：预计2026年美国杠杆贷款违约率将回落 惠誉评级分析师在报告中表示，随着美联储继续降息，美国杠杆融资领域的违约率预计将在2026年下 降。分析师指出，"更为宽松的货币政策"将为高负债发行人缓解因高额利息支出带来的压力。他们预 计，2026年底美国杠杆贷款违约率将介于4.5%至5.0%之间，而美国高收益债违约率将在2.5%至3.0%之 间。 3. 丰业银行：美元熊市才刚刚开始 丰业银行团队表示，今年以来，美元对多数货币走低，但这发生在多年上涨之后。美元多头不应掉以轻 心，最严峻的考验尚未到来。在该行《2026年展望焦点》报告中，分析师肖恩·奥斯本和埃里克·泰奥雷 坚持原有观点：美元将普遍走弱，这一趋势 ...

Core Viewpoint - Sany Heavy Industry (600031) acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions, industry cycles, market sentiment, and funding preferences [1] Financial Performance - According to the Q3 2025 report, the company's total profit and net profit attributable to shareholders have shown growth, indicating a continuous improvement in operational performance [1]

【解剖大盘】 在美联储助力之下，美股标普500和道指周四创下收盘纪录新高，在指数这一块，美股确实控制得非常 好，每次下跌之后总有办法能让它上来，而在过热的时候总会适时出利空降温。所以，除非发生危机， 不要轻言美股会走弱，都是波段性的。这其中的逻辑比较复杂，但大差不差。港股昨日已经先调了，重 磅会议也开完了，今天上涨也是必然，收盘涨1.75%。 社融数据出来了，央行：今年前11个月社会融资规模增量为33.39万亿元，人民币贷款增加15.36万亿。 11月末，广义货币(M2)余额336.99万亿元，同比增长8%。狭义货币(M1)余额112.89万亿元，同比增长 4.9%。整体看保持稳定，政府债券市核心拉动力量，不过居民信贷还是偏弱。M1和M2剪刀差低于M2 增速，短期资金活跃度有待提升。 2025年12月15日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元买断式逆回 购操作，期限为6个月(182天)。到年底，给市场注入流动性。接下来到年底，大方向偏向乐观，资金会 提前布局，保险和证券出现异动，如中国太保（601601）(02601)、中国人寿（601628）(02628)及光大 证券(06 ...

Market Overview - The S&P 500 and Dow Jones reached record closing highs, indicating strong control over the U.S. stock market, with rebounds following declines and timely negative news to cool off overheating [1] - The Hong Kong stock market also saw a rise of 1.75% after a prior adjustment and the conclusion of significant meetings [1] Social Financing and Monetary Policy - In the first 11 months of the year, China's social financing increased by 33.39 trillion yuan, with RMB loans rising by 15.36 trillion yuan [1] - As of the end of November, the broad money supply (M2) was 336.99 trillion yuan, growing by 8% year-on-year, while the narrow money supply (M1) was 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] Economic Policy and Market Reactions - The People's Bank of China plans to conduct a 600 billion yuan reverse repurchase operation to inject liquidity into the market by the end of the year [2] - The central economic work conference did not present significant highlights, but the focus is on establishing a "national unified market" to break local protectionism, benefiting the express delivery industry [2] Industry Trends - The domestic agricultural machinery market is seeing a significant increase in recognition, with tractor exports rising by 35% year-on-year in the first three quarters of 2025 [3] - The AI sector is experiencing a surge, with major companies like MiniMax and Zhiyuan planning IPOs, which will increase demand for computing power [5] Stock Performance - Companies in the agricultural machinery sector, such as First Tractor Company, saw stock prices rise over 11% due to increased export growth [3] - In the AI-related sector, stocks like Cambridge Technology and Changfei Optical Fiber Cable rose nearly 8% and over 4%, respectively, driven by the anticipated demand from upcoming IPOs [5] Equipment and Technology Developments - GE Vernova expects to sign contracts for 80 gigawatts of combined cycle gas turbine capacity by the end of the year, indicating strong demand for gas turbines [4] - The global nuclear fusion market is projected to approach 500 billion USD by 2030, with several companies planning to establish commercial fusion power plants by 2040 [4] Excavator Sales Data - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales growing by 9.11% [8] - The total sales of excavators from January to November 2025 were 212,162 units, reflecting a year-on-year growth of 16.7% [8] Company-Specific Developments - Tiangong International is expanding its titanium alloy business and has engaged in discussions with research institutes to innovate in high-end materials [9] - The company is also focusing on high-nitrogen steel for humanoid robot applications, having overcome technical barriers in production [10]

证券日报网讯12月12日，三一重工（600031）在互动平台回答投资者提问时表示，公司一直高度重视投 资者关系工作，并通过多种渠道与投资者保持沟通交流。公司积极通过业绩说明会、投资者交流会、投 资者开放日活动、接待现场调研、投资者热线电话等方式加强与投资者的沟通。 ...

证券日报网讯12月12日，三一重工（600031）在互动平台回答投资者提问时表示，三一重工的出海业务 主要包括挖掘机械、混凝土机械、起重机械、桩工机械、路面机械等。目前公司在全球有240个直销网 点，419家经销商，覆盖全球超过150个国家和地区。 ...

证券日报网讯12月12日，三一重工（600031）在互动平台回答投资者提问时表示，公司已建立覆盖400 多家海外子公司、合资公司及优秀经销商的海外市场渠道体系。公司产品包括混凝土机械、挖掘机械、 起重机械、桩工机械、路面机械，广泛应用于城市化建设、矿山施工、市政工程等多个领域。公司的营 销渠道广泛、产品序列完整，资金充沛，有能力抓住全球市场的各类重大机会。 ...

Core Viewpoint - Sany Heavy Industry currently does not engage in the production and sales of new energy heavy trucks, focusing instead on the development of low-carbon technologies across various machinery products [1] Group 1: Company Strategy - Since 2021, the company has established a New Energy Technology Committee to manage the development planning, patent layout, forward-looking technology research, and incubation of new technologies [1] - Each product division has formed teams dedicated to electrification operations and research [1] Group 2: Product Development - The company is advancing low-carbon initiatives across engineering vehicles, loading machinery, excavators, and cranes, concentrating on three main technology routes: pure electric, hybrid, and hydrogen fuel [1] - By the first half of 2025, the company aims to enhance the coverage of its new energy products, with a total of over 30 new energy products expected to be launched [1]

Core Viewpoint - Sany Heavy Industry (600031) has made significant progress in its share repurchase program, having repurchased a total of 72.6792 million shares, which represents 0.86% of the company's total share capital as of November 30, 2025 [1] Summary by Category - **Share Repurchase Progress** - The company has repurchased 72.6792 million shares [1] - This repurchase accounts for 0.86% of the total share capital [1] - The progress of the repurchase aligns with relevant laws and regulations as well as the company's share repurchase plan [1]

长沙晚报掌上长沙12月12日讯（全媒体记者 匡小娟）12月10日，外交部新闻司司长、发言人毛宁在海外社交媒体 平台向全球推荐了一款能应对最恶劣地形的中国新型装备——水陆两栖挖掘机，粉丝留言"That's pretty cool"。这 款备受瞩目的"救援利器"，正是出自本土企业山河智能。 据了解，该水陆两栖挖掘机是山河智能为抗洪抢险与水上工程救援研发的智能化水陆两栖装备。它兼具船舶的漂 浮自航与工程机械的强悍作业能力，浮力超过60吨，航速可达每小时7公里。其配置了智能化系统与近程、远程遥 控系统；采用伸缩式浮箱底盘，使设备能直接开上半挂车快速转场，大幅提升应急调度效率。通过更换铲斗、抓 斗、破碎锤乃至清淤泵、打桩机等多种作业工具头，它能迅速切换不同的作业功能，实现"一机多用"。 值得一提的是，副浮箱搭载的锚杆与螺旋桨推进机构，使该水陆两栖挖掘机能在深水区域自主航行与固定施工， 在水库、航道作业时无需依赖驳船，显著增强了复杂环境下的救援能力。 目前，该型装备已批量列装专业救援队伍，历经多次实战考验。它先后参与了"应急使命·2025"极端灾害事故场景 新质救援能力检验性演习、2025内蒙古自治区土默特右旗双龙镇堤坝 ...