本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 除息日） 一、回购股份的基本情况 证券代码：000680 证券简称：山推股份 公告编号：2025-048 山推工程机械股份有限公司 关于 2024 年度权益分派实施后调整股份回购价格上限的公告 本次权益分派实施后，实际参与分配的总股本为 1,494,601,562 股，实际现金分红 总额=实际参与分配的总股本*分配比例，即 89,676,093.72 元=1,494,601,562 股*0.06 元/股，每股现金红利=实际现金分红总额/总股本（含回购股份），即 0.0597783 元/股 =89,676,093.72 元/1,500,142,612 股。在本次利润分配方案不变的前提下，本次利润 分配后的除权除息价格=股权登记日收盘价－0.0597783 元/股。 本次权益分派股权登记日为 2025 年 7 月 14 日，除权除息日为 2025 年 7 月 15 日。 具体分派方案详见公司于 2025 年 7 月 8 日披露的《公司 2024 年度权益分派实施公告》 （公告编号：2025-047） 四、 ...

Group 1 - The total sales of excavators in China reached 120,500 units in the first half of the year, representing a year-on-year increase of 16.8% [1] - The domestic demand for earthmoving equipment is expected to maintain steady positive growth in the second half of the year, driven by mining, water conservancy projects, and equipment renewal policies, with an annual growth rate likely to remain above double digits [1] - The overall overseas demand is expected to decline, but there are regional differences in demand trends [1] Group 2 - The recovery trend in the industry has begun to transmit from excavators to non-excavator segments, with domestic sales expected to enter a growth track under the macro background of strengthening domestic demand [1] - The mining segment's production capacity has tripled compared to the beginning of the year, and the company is optimistic about the growth potential in emerging industries such as agricultural machinery and mining machinery in overseas markets [1]

Group 1 - The State Council issued a notice to enhance employment support, including expanding loan support for job retention and increasing unemployment insurance refunds for small and medium enterprises from a maximum of 60% to 90% [2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.1% year-on-year in June, marking a shift from the previous month's decline, while the core CPI reached a 14-month high [3] - The National Development and Reform Commission stated that China's average economic growth rate over the past four years was 5.5%, despite challenges such as the pandemic and trade tensions [4] Group 2 - The Ministry of Industry and Information Technology launched a platform to address payment issues for small and medium enterprises, focusing on ensuring compliance with payment terms by major automotive companies [5] - The market regulatory authority held a meeting to promote fair competition and high-quality development of the private economy, emphasizing the need for anti-monopoly enforcement and investment review efficiency [4] - The Shanghai Municipal Economic and Information Commission released a three-year action plan to support high-growth enterprises, including measures to facilitate IPOs for unicorn companies [5] Group 3 - Multiple silicon wafer companies raised their prices by 8% to 11.7% on July 9, indicating a trend of price increases across the industry [5] - The U.S. stock market saw significant gains, with major tech stocks like Nvidia and Meta rising, reflecting positive market sentiment [6] - Companies such as Huayin Electric and Beifang Rare Earth reported substantial increases in net profits for the first half of the year, with growth rates of 2443.43% and 1882.54% respectively [8]

Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cut expectations to September. The 10-year US Treasury yield rose by 6.89 basis points to 4.346% during the week [1][15][17] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][15][17] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may lead to a "buy the rumor, sell the news" trading pattern [1][15][17] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4] Industry Analysis Robotics and Automation - The report highlights that the human-like robot sector is entering a year of mass production, with supply chain adjustments and component innovations being crucial. Tesla's Musk has set a production target of 5,000 to 10,000 units for the year [7][8] - The report emphasizes the importance of component innovations such as dexterous hands and lightweight materials in enhancing robot capabilities [7][8] Insurance Industry - The insurance sector is expected to see improvements on both the liability and asset sides, with low valuations and low holdings providing a balanced risk-reward profile. The estimated valuation for the insurance sector is between 0.61-0.96 times PEV and 0.98-2.21 times PB, indicating historical lows [9] REITs - The report discusses the potential of REITs in a low-interest-rate environment, highlighting the importance of policy support and structural optimization to enhance investment value. The diversification of asset types is expected to accelerate, with new assets like data centers and wind power emerging [10] Engineering Machinery - The domestic engineering machinery market is at the beginning of an upward cycle, with a projected demand growth of 0-3% for the year. The report notes that the export market remains strong, contributing to high industry sentiment [11] Unmanned Forklift Industry - The report suggests that the unmanned forklift sector is poised for rapid growth driven by AI technology and smart logistics. It recommends investing in leading companies in the smart forklift space [12] Consumer Services - The analysis of consumer spending in China indicates that the overall consumption rate is low, with both service and goods consumption needing improvement. The service consumption rate in China was 21.1% in 2019, compared to an average of 28.4% across 43 countries [20][21]

Market Overview - US stocks rose, led by major tech companies, with the Nasdaq up nearly 1% and the S&P 500 gaining 0.61% [2] - Nvidia's market capitalization briefly surpassed $4 trillion, closing up 1.8%, leading the tech giants [3] - US Treasury prices rebounded, with the 10-year Treasury yield dropping nearly 7 basis points [2][6] - Bitcoin surged to $112,000, marking a nearly 19% increase this year [2] - Oil prices remained stable despite a significant increase in crude oil inventories, the largest since January [2] Key Economic Indicators - China's June CPI rose 0.1% year-on-year, with core CPI reaching a 14-month high, while PPI's year-on-year decline expanded to 3.6% [3][10] - Trump's new tariffs target eight countries, with a 50% tariff on Brazilian imports, the highest to date [3][10] - The US Treasury Department reported a significant decrease in the risk of a "debt issuance wave" [12] Company News - Nvidia's market cap reached $4 trillion, with expectations for strong earnings in the upcoming earnings season [15] - OpenAI is set to launch an AI browser, challenging Google's Chrome dominance [15] - Amazon's extended Prime Day sales saw a significant drop in initial sales, raising concerns about consumer interest [15] - Hong Kong Jockey Club plans to sell $1 billion in private equity funds, including assets from Blackstone and Warburg Pincus [15][16] Industry Insights - The engineering machinery sector is experiencing a recovery, with excavator sales in June up 13% year-on-year [25] - The photovoltaic industry is undergoing a "de-involution" movement, with supply-side reforms expected to impact the silicon material segment [26] - The AI sector in China is seeing strong growth, with AI agents and multi-modal models becoming key growth drivers [20]

Core Insights - The June CPI turned positive year-on-year at 0.1%, indicating a recovery in consumer prices, while the PPI continued to face downward pressure at -3.6% year-on-year, reflecting ongoing challenges in the manufacturing sector [13][24]. - The report highlights a significant increase in sales of excavators and loaders, with year-on-year growth expanding, indicating a recovery in the engineering machinery sector [1][24]. - The semiconductor industry showed a positive trend with global semiconductor sales increasing year-on-year, despite a decline in smartphone shipments [3][32]. Industry Overview Consumer Demand - The CPI improvement was driven by rising prices in fresh fruits and vegetables, with fresh fruit prices increasing by 6.1% year-on-year, and fresh vegetable price declines narrowing significantly [15][24]. - Household appliances saw a positive CPI growth of 1.0%, supported by ongoing consumer promotion policies [16][24]. - The demand for gold jewelry remained strong, with prices for 925 silver and foot gold increasing by 18.0% and 37.8% year-on-year, respectively [16][24]. Resource Products - Coal prices have risen, with significant increases in the prices of Qinhuangdao mixed coal and Shanxi coking coal, indicating a tightening supply [25]. - The report noted a mixed performance in the steel sector, with construction steel transaction volumes increasing while prices for some steel products remained under pressure [25]. Information Technology - The Philadelphia Semiconductor Index rose by 2.43% week-on-week, while the Taiwan Semiconductor Index declined, indicating a divergence in regional semiconductor performance [26]. - Prices for DDR4 and DDR5 DRAM memory showed a downward trend, with 8GB DDR4 prices decreasing by 1.15% to $5.00 [29][31]. - The smartphone market faced challenges, with May shipments declining by 21.20% year-on-year, reflecting a broader trend of reduced consumer electronics demand [32]. Midstream Manufacturing - The report highlighted an increase in the sales of various types of excavators and loaders, with year-on-year growth expanding, suggesting a recovery in the construction and engineering machinery sectors [1][24]. - The report also noted a decline in prices for certain components in the photovoltaic industry, indicating ongoing price adjustments in the renewable energy sector [25]. Financial and Real Estate - The real estate market showed signs of weakness, with a decline in land transaction premium rates and a decrease in the area of commercial housing sold [25]. - The report indicated a net withdrawal in the money market, with a decrease in A-share turnover rates and daily transaction volumes [25].

Core Viewpoint - The sales of excavators in China are showing a significant recovery, indicating a gradual revival of the engineering machinery industry and a rebound in domestic demand [3][5]. Group 1: Sales Data - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3%, with a notable rise of 11.18% compared to the previous month [1]. - For the first half of 2025, 120,520 excavators were sold, marking a year-on-year growth of 16.8%, with domestic sales at 65,637 units (up 22.9%) and exports at 54,883 units (up 10.2%) [2]. Group 2: Infrastructure and Policy Support - The issuance of special bonds is crucial for supporting infrastructure development, with new special bond issuance reaching approximately 21,607 billion yuan in the first half of 2025, a 44.7% increase from 14,935 billion yuan in the same period of 2024 [4]. - The Ministry of Finance is implementing more proactive fiscal policies to enhance investment in areas that benefit people's livelihoods and stimulate consumption [4]. Group 3: Market Outlook - According to Guotai Junan Securities, domestic excavator sales are expected to continue rising due to counter-cyclical fiscal policies and an upward industry cycle [5]. - Everbright Securities estimates a compound growth of around 30% in replacement demand for construction machinery in 2025 and subsequent years, which will strongly support future excavator sales [6].

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The report suggests treating the situation with a strategy of testing short positions on rebounds [3] Group 3: Summary According to Related Catalogs Industry News - 33 construction companies jointly issued an "anti-involution" initiative to promote industry transformation and abandon "involutionary" competition [2] - Many provinces, including Hebei, Chongqing, Liaoning, Shanghai, Zhejiang, and Hubei, have a town old residential area renovation start rate of over 50% [2] - From June 30th to July 6th, the total transaction area of newly built commercial housing in 10 key cities was 1.9723 million square meters, a 36.6% week-on-week and 8.2% year-on-year decrease; the total transaction area of second-hand housing was 1.9685 million square meters, a 14.8% week-on-week and 4.4% year-on-year decrease [2] - In June, the sales of various excavators were 18,804 units, a 13.3% year-on-year increase, with domestic sales of 8,136 units (6.2% year-on-year increase) and exports of 10,668 units (19.3% year-on-year increase) [2] Market Situation of Steel Products - After the steel price increase last week, steel products have been consolidating in the first two trading days of this week [2] - Although information such as "anti-involution" and Tangshan production restrictions has pushed up prices, high daily average pig iron production, good steel mill profits, and weak downstream demand pose resistance to price increases [2] Investment Strategy - In the absence of effective improvement in demand, it is advisable to mainly test short positions on rebounds [2][3] Later Concerns - Macro policies and downstream demand conditions should be monitored [3]

Group 1 - Shandong Province has announced a new list of 35 characteristic industrial clusters, highlighting the economic strengths of its 16 cities [3][4] - Jinan has 10 valid provincial characteristic industrial clusters, focusing on sectors such as artificial intelligence, high-end software, and digital economy [3] - Qingdao leads the province with 14 provincial characteristic industrial clusters and 6 national-level small and medium-sized enterprise clusters [3][4] Group 2 - New industrial clusters in Tai'an and other cities have increased the total number of provincial characteristic industrial clusters to 14, making it the highest in the province [4] - The engineering machinery industry is a key sector in Qingzhou, with a complete industrial chain led by Caterpillar and several supporting enterprises [5][6] - Qingzhou's engineering machinery cluster produced over 125,000 units in 2024, with a total output value exceeding 10 billion [6][7] Group 3 - Caterpillar remains the top global construction machinery manufacturer with a sales revenue of $37.84 billion, accounting for 15.9% of the total market [6] - The Qingzhou factory has evolved into a significant part of the global engineering machinery supply chain, employing over 2,200 professionals [7] - The corn industry cluster in Weifang has been recognized in the 2025 national advantageous characteristic industrial cluster construction list [7]