登录新浪财经APP 搜索【信披】查看更多考评等级 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。 山推工程机械股份有限公司（以下简称"公司"）于2025年4月22日，召开第十一届董事会第十五次会 议，审议通过了《关于山推股份回购公司部分股份的议案》。公司拟使用自有资金或自筹资金（含股票 回购专项贷款资金），以集中竞价交易方式回购公司发行的人民币普通股（A股）股份。本次回购的股 份，在未来适宜时机将全部用于股权激励计划或实施员工持股计划。本次回购股份金额不低于人民币 1.5亿元（含本数），不超过人民币3亿元（含本数），回购价格不高于人民币13.88元/股。本次回购股 份的实施期限为自董事会审议通过回购股份方案之日起12个月内。具体情况详见公司于2025年4月29日 披露于巨潮资讯网的《关于山推股份回购公司部分股份的报告书》（2025-033号公告）。 根据公司《关于山推股份回购公司部分股份的报告书》的约定，在回购期内，如公司实施派息、送股、 资本公积金转增股本、配股及其他除权除息事项，自股价除权除息之日起，按照中国证监会及深圳证券 交易所的相关规定相应调整回购价 ...

Core Insights - China's foreign direct investment (FDI) reached 1,033.23 billion RMB from January to October this year, marking a 7% year-on-year increase [5] - Chinese investors have made non-financial direct investments in 9,553 overseas enterprises across 152 countries and regions, totaling 872.6 billion RMB, which is a 6% growth [5] - The trend of Chinese enterprises is shifting from merely "going out" to "going in," indicating a focus on both product export and service export alongside foreign investment [6] Investment Trends - As of the end of 2024, Chinese investors have established 52,000 overseas enterprises in 190 countries, with 19,000 in Belt and Road Initiative countries [7] - Nearly 80% of China's FDI flows to Asia, with significant growth in investments in South America, Europe, and Oceania [7] - Investment in wholesale and retail, leasing and business services, manufacturing, finance, and mining has exceeded 10 billion USD each, with construction and IT services seeing growth rates of 80.5% and 205.5% respectively [7] Corporate Strategies - Companies like SANY Group are establishing manufacturing hubs abroad, such as a 28,000 square meter industrial park in South Africa, which is expected to produce 1,000 excavators annually [6] - Haier's new air conditioning production base in Thailand has achieved a production capacity of 6 million units per year, incorporating advanced technologies for efficiency and sustainability [9][10] - SF Express is enhancing logistics for Chinese automotive brands in the Philippines, establishing a smart delivery network to meet the unique geographical challenges of the region [11] Local Engagement and Sustainability - Chinese enterprises are increasingly focusing on local development and environmental sustainability, as demonstrated by the successful implementation of the Hafei Natural Gas Processing Plant project, which significantly reduces emissions and creates local jobs [12] - China Nonferrous Metal Mining Group operates multiple overseas mining and smelting facilities, emphasizing safety, efficiency, and environmental protection in their operations [13] Future Directions - Experts suggest that to enhance the effectiveness of overseas investments, there should be improvements in management systems and encouragement of diversified investment models [13] - The emphasis is on increasing the quality and safety of investments while ensuring sustainable development and local community engagement [13]

Core Viewpoint - Shantui Construction Machinery Co., Ltd. has announced the progress of its share repurchase plan initiated in April 2025, with a repurchase amount ranging from 150 million to 300 million yuan and a current price ceiling of 13.79 yuan per share, valid until April 2026 [1][2]. Group 1: Repurchase Plan Details - The repurchase plan was approved by the board on April 22, 2025, and aims to use self-owned or self-raised funds, including special loans for stock repurchase, to buy back A-shares through centralized bidding [2]. - The total repurchase amount is set between 150 million yuan and 300 million yuan, with a repurchase period of 12 months from the board's approval date, ending on April 21, 2026 [2]. Group 2: Price Adjustments - The repurchase price ceiling has been adjusted twice due to equity distribution, first from 13.88 yuan to 13.82 yuan on July 15, 2025, and then to 13.79 yuan on September 26, 2025, reflecting cash dividends distributed per share [3]. - The cumulative adjustment of the price ceiling is 0.09 yuan per share, adhering to the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [3]. Group 3: Compliance and Future Plans - The company confirmed that the timing, quantity, price, and trading methods of the repurchase comply with the Shenzhen Stock Exchange's regulations, ensuring no repurchase during sensitive periods [4]. - Moving forward, the company will continue the repurchase plan based on market conditions and will fulfill information disclosure obligations as required by law [5].

证券日报网讯 12月1日晚间，徐工机械发布公告称，公司拟以自有资金通过二级市场回购公司股份，本 次回购的股份将用于减少公司注册资本，并自回购完成之日起十日内注销。截至2025年11月30日，公司 通过股份回购专用证券账户以集中竞价方式累计回购公司股份36，419，003股，占公司目前总股本的 0.31%。 （文章来源：证券日报） ...

证券日报网讯 12月1日晚间，徐工机械发布公告称，截至2025年11月30日，公司通过股份回购专用证券 账户以集中竞价方式累计回购公司股份314，577，416股，占公司目前总股本的2.68%，成交总额为2， 749，792，819.22元（不含交易费用）。本次回购符合相关法律法规及公司既定回购股份方案的要求。 （编辑 袁冠琳） ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Core Points - Sany Heavy Industry's stock price closed at HKD 20.64, down 2.457%, marking a new low since its listing [1] - The company was listed on the Hong Kong Stock Exchange on October 28, 2025, with an initial offering price of HKD 21.30 [1] - The total number of shares issued was 631,598,800, with net proceeds amounting to HKD 13,307.3 million after deducting estimated listing expenses [1] Group 1 - Sany Heavy Industry's stock hit a record low of HKD 20.50 during trading [1] - The company had a total offering of 631,598,800 shares, including 58,042,600 shares for public offering [1] - The exclusive sponsor and global coordinator for the listing was CITIC Securities, with other major underwriters including CICC and China International Capital Corporation [1] Group 2 - Key cornerstone investors include Temasek, UBS AM Singapore, and BlackRock among others [2] - The involvement of various asset management firms indicates strong institutional interest in Sany Heavy Industry [2]

相关研究 证券分析师 2025 年 12 月 01 日 扬帆出海，2026 关注哪些方向？ 2026 年出海展望 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 王立平 A0230511040052 wanglp@swsresearch.com 周文远 ...

每经AI快讯，山推股份（SZ 000680，收盘价：10.46元）12月1日晚间发布公告称，截至2025年11月30 日，公司通过股份回购专用证券账户以集中竞价方式回购公司股份约1191万股，占公司目前总股本的 0.79%，最高成交价10.2元/股，最低成交价8.64元/股，成交总金额约1.12亿元。 （记者 王晓波） 2025年1至6月份，山推股份的营业收入构成为：工业产品销售占比89.78%，其他业务占比7.31%，商业 产品销售占比2.91%。 截至发稿，山推股份市值为157亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ ...

格隆汇12月1日丨山推股份(000680.SZ)公布，截至2025年11月30日，公司通过股份回购专用证券账户以 集中竞价方式回购公司股份11,910,472股，占公司目前总股本的0.79%，最高成交价10.20元/股，最低成 交价8.64元/股，成交总金额111,591,612.24元（不含交易费用）。本次回购实施符合相关法律法规的要 求以及公司既定的回购方案。 ...