智通财经APP获悉，卡特彼勒公司(CAT.US)向投资者发出预警，预计今年关税对公司的影响最高将达18亿美元， 高于其8月初给出的指引区间。 卡特彼勒 在周四发布的监管文件中表示，"尽管公司已采取初步缓解措施以降低 关税影响，但贸易与关税谈判仍处于动态变化中。" 该公司指出，今年新增关税在第三季度带来的净影响预计为5亿至6亿美元，全年净影响则预计在15亿至18亿美元 之间。 卡特彼勒的业绩展望具有重要参考意义，因其是全球最大的采矿与建筑机械制造商之一。这家美国制造商第二季 度的业绩已体现出关税带来的压力——成本水平达到了4月披露的预估区间上限。 卡特彼勒同时表示，预计全年调整后营业利润率将接近其目标区间的下限。 此次公布的全年关税影响区间，高于该公司8月5日给出的13亿至15亿美元(其中第三季度最高5亿美元)的指引。 不过，卡特彼勒强调，此次调整预计不会影响其8月发布的销售额与营收展望。 在美股盘后交易中，卡特彼勒股价一度下跌3.6%，截至发稿，该股下跌2.75%。 ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. 内销连续下 ...

9月1日，徐工集团工程机械股份有限公司举办了2025年半年度业绩说明会，219位投资者线上参与。上 市公司接待人员包括副总裁王庆祝，副总裁、财务负责人于红雨，董事会秘书费广胜及相关职能部门负 责人 。以下为本次业绩说明会的详细情况： 投资者活动关系类别 业绩说明会 时间 2025年9月1日15:00 - 16:00 地点 线上互动 升市值和投资者回报。公司已发布全球投资者2025 - 2027年回报计划，明确未来三年每年度累计现金分 红总额（含股份回购注销）不低于当年实现可供分配利润的40%。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 参与单位名称 线上参与2025年半年度业绩说明会的219位投资者 ...

徐工机械于2025年9月5日迎来淡马锡的调研，双方就国内外市场需求、挖机业务、矿机产品规划及海外 市场拓展等关键问题进行了深入交流。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 本次投资者活动关系类别为特定对象调研，时间为2025年9月5日09:00 - 10:30，地点在公司518会议室。 参与单位为淡马锡，代表人员是刘映天，上市公司接待人员为李栋、刘敏芳。 责任编辑：小浪快报 在交流中，徐工机械对行业发展趋势给出了清晰展望。关于国内外需求，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。同时，政策红利、更新周期与新能 源智能化三重叠加，内销有望持续回暖。 挖机需求方面，内销因 ...

- 1 - | | 得增长机会。二是全球多个区域加大基建持续投入，增加绿色能源项目投入， | | --- | --- | | | 加速矿业布局等不断激发市场需求增加。综上所述，公司认为挖机行业出口销 | | | 量还将稳步增长。 | | | （三）目前矿机产品结构，对矿山机械如何规划？ | | | 答：宽体车业务注入到徐工机械后，将与公司的两桥矿车、矿挖、电铲、 | | | 铰卡产品协同发展，形成行业内产品系列最齐全、竞争力最强的露天矿山机械 | | | 挖、装、运成套化解决方案，为全球矿山客户提供一站式服务。公司矿业机械 | | | 属于新兴产业，目前国内第一、世界前五。公司将继续整合产业板块，完善型 | | | 谱，强力提升后市场、国际化、新能源贡献，成为全球露天矿山装备主流竞争 | | | 者。 | | | 公司对矿山机械业务的未来充满信心，在新能源矿产需求增量驱动下，全 | | | 球矿产资源开发总产量呈稳定增长态势，同时，随着矿山开采工艺的深部化发 | | | 展，矿山设备升级换代需求将持续增长，矿山机械还将迎来矿山设备更新高峰 | | | 期。 | | | （四）目前海外市场拓展情况？ | | | ...

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2025-13 | 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） | | 活动参与人员 | 线上参与 2025 年半年度业绩说明会的 219 位投资者 | | 时间 | 2025 年 9 月 1 日 15:00-16:00 | | 地点 | 线上互动 | | 上市公司接待人 | 副总裁王庆祝，副总裁、财务负责人于红雨，董事会秘书费广胜及相关职能部 | | 员姓名 | 门负责人 一、副总裁王庆祝先生介绍公司目前情况 | | | 2025 年上半年，公司实现营业收入 548 亿元；实现净利润 44.17 亿元， 同比增 16.39%；归母净利润 43.6 亿元、同比增长 16.6%；扣非归母净利润 44.67 | | | 亿元，同比增 35.57%。经营性净现金流 37.3 亿元、同比增长 108%；毛利率 22%、 | | | ...

Core Viewpoint - Caterpillar's share price could potentially quintuple by 2030, but achieving a 38% compound annual growth rate (CAGR) is highly ambitious given its current market conditions and historical performance [3][6]. Group 1: Financial Performance - To quintuple its share price, Caterpillar would need to achieve a CAGR of approximately 38% per year, which is significantly higher than its past five-year CAGR of about 24% [3]. - Over the last five years, Caterpillar's share prices have increased by nearly 180% [3]. - The company is currently facing a projected loss of $1.5 billion to $1.8 billion due to tariff-related expenses this year [4]. Group 2: Market Conditions - Caterpillar's business is cyclical, meaning its earnings are closely tied to overall economic growth [4]. - For the company to achieve the necessary growth, it would require a combination of factors such as a commodity supercycle, a global construction boom, and significant price inflation [3]. - The company is trading at a forward price-to-earnings ratio of 22.5, which is considered a premium for an industrial stock that typically ranges between 15 and 18 [6]. Group 3: Future Prospects - The potential for Caterpillar's share price to quintuple exists if the right set of tailwinds occurs, including advancements in technology like autonomous construction robots and a sustained demand for power generation equipment [3][6]. - Despite the potential for modest growth, expectations for explosive growth should be tempered [6].

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 [1] - The A+H listing model has contributed to 70% of the fundraising amount in the first half of the year, highlighting the synergy between mainland and Hong Kong capital markets [1] - Eleven A-share companies have successfully completed A+H dual listings this year, raising over HKD 90 billion, which accounts for 70% of the overall IPO scale in Hong Kong [1] Group 2 - Major companies such as CATL, Hansoh Pharmaceutical, Sanhua Intelligent Controls, and Haitian Flavoring & Food have raised over HKD 10 billion each, marking the largest IPO cases in Hong Kong this year [1] - There are currently over 51 A-share companies in the queue for listing, including industry leaders like SANY Heavy Industry, Sungrow Power Supply, and Kefu Medical [1] Group 3 - Companies are exploring innovative ways to establish A+H structures, which not only help broaden financing channels but also enhance resource integration and cross-market collaboration [4] - The influx of A-share leaders into the Hong Kong market is expected to gradually improve the industry structure of the Hong Kong stock market, increasing market diversity [5] Group 4 - Unique approaches to A+H listings are emerging, such as Fantasia Holdings' merger with Zhenyang Development and Founder Holdings' privatization of New Hope Energy followed by a listing on HKEX [6] - The acceleration of quality enterprises moving south is anticipated to bring about positive changes, including a significant decrease in the AH premium index and instances of H-shares trading at higher valuations than A-shares [8] Group 5 - The market is expected to see an increase in the weight of "hard technology" sectors such as new energy, pharmaceuticals, and equipment manufacturing, improving the overall market ecology [9] - The influx of long-term capital is likely to attract more investments, driving the overall valuation recovery of A+H companies [9]

Group 1 - The 2025 World Manufacturing Conference will be held from September 20 to 23 in Hefei, Anhui Province, with Henan Province as the guest province and Slovakia as the guest country [1] - The conference is co-hosted by multiple organizations, including the Anhui Provincial Government and the National Manufacturing Power Construction Strategy Advisory Committee, and will feature over 40 countries and regions with more than 50% of attendees being foreign guests [1][3] - The theme of the conference is "Smart Manufacturing, Creating a Better Future," and it will include various activities such as keynote speeches, major project matchmaking, and the release of authoritative reports on China's manufacturing industry [3] Group 2 - The exhibition segment of the conference will showcase the latest achievements in China's manufacturing industry across 10 comprehensive exhibition areas [2] - Henan Province will present three highlights at its exhibition: participation of 30 leading enterprises showcasing over 1,000 competitive products, inclusion of 16 companies with annual revenues exceeding 10 billion yuan, and high-quality exhibits such as the world's top-selling products in various sectors [2] - Notable participating companies include Pingmei Shenma, Yutong Group, and Zhongyuan Special Equipment, which are recognized as leaders in their respective fields [2]

Core Viewpoint - The A-share companies are increasingly enthusiastic about listing in Hong Kong, with a significant rise in A+H listings and innovative listing methods being adopted to enhance financing channels and optimize resource allocation [4][5][7][8]. Group 1: A+H Listing Trends - In the first eight months of this year, the total amount of new stock financing on the Hong Kong Stock Exchange reached HKD 134.5 billion, a year-on-year increase of nearly six times, with A+H listings accounting for 70% of the total fundraising in the first half of the year [4]. - 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 Hong Kong [5]. - More than 51 A-share companies are currently in the process of preparing for listings in Hong Kong, indicating a strong interest in the A+H model [5]. Group 2: Innovative Listing Methods - New listing methods such as share swap mergers and privatization are emerging in the current A+H expansion wave, providing companies with new avenues for financing [7]. - Zhejiang Hu-Hang-Zhou announced a share swap merger with Zhenyang Development, aiming to achieve A+H listing through this innovative approach [7]. - New Hope Group plans to privatize its Hong Kong subsidiary, New Hope Energy, and list it in Hong Kong through an introduction listing, marking a unique method of achieving A+H status [7]. Group 3: Market Structure Improvement - The enthusiasm for A+H listings is driven by multiple factors, including support from the mainland for quality companies to list in Hong Kong and the optimization of the approval process by the Hong Kong Stock Exchange [8]. - The influx of quality companies from the A-share market is expected to improve the industry structure of the Hong Kong stock market, which has been characterized by a lack of diversity [8]. - As of September 5, among 161 A+H stocks, five had H-share prices exceeding A-share prices, with the largest discount being 17.43% for Ningde Times [8].

2025年1至6月份，山河智能的营业收入构成为：工程机械占比81.34%，航空业务占比14.88%，基建行 业占比3.79%。 截至发稿，山河智能市值为156亿元。 每经头条（nbdtoutiao）——烤肉店里洗头、西湖边开面包店、进军高端酒店……海底捞"不务正业"背 后：子品牌存活率不足50% （记者 王晓波） 每经AI快讯，山河智能（SZ 002097，收盘价：14.49元）9月5日晚间发布公告称，持有山河智能装备股 份有限公司约5436万股（占公司总股本比例为5.0586%）的股东长沙经济技术开发集团有限公司计划自 本公告披露之日起15个交易日后的3个月内拟通过集中竞价或大宗交易方式减持山河智能股份合计不超 过约1934万股，即不超过山河智能总股本的1.8%。其中以集中竞价方式减持的，在任意连续90个自然 日内减持股份的总数不超过约1075万股，即不超过山河智能总股本的1%；以大宗交易方式减持的，在 任意连90个自然日内减持股份的总数不超过约860万股，即不超过山河智能总股本的0.8%，且受让方6 个月内不得转让其受让的股份。 持有山河智能约8626万股（占公司总股本比例为8.027%）的股东何清华先生 ...