上证报中国证券网讯 三一重工20日在港交所早间公告，公司在港上市拟全球发行约5.8亿股H股（视乎 发售量调整权以及超额配股权行使与否而定），发行价将不会超过每股发售股份21.30港元，并预期不 会低于每股发售股份20.30港元。 来源：上海证券报·中国证券网 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 上周五港股市场风险偏好骤然承压，港股三大指 数集体下挫。收盘恒生指数跌 2.48%，报 25247.10 点，恒生科技指数跌 4.05%，国企指数 跌 2.67%。盘面上，科网股全线下跌，百度、阿 里巴巴、美团、快手跌超 4%，网易、小米、联想 跌超 3%；芯片股大跌，中兴通讯跌超 12%；苹果 概念跌幅居前，鸿腾精密跌超 10%；电力设备股 走弱，哈尔滨电气跌超 9%。 美股市场 1. 投资者消化美国对中贸易谈判的语气转趋缓和， 特朗普确认两周内将与习近平会面，美股上周五 三大指数齐扬。道琼斯工业平均指数、标普 500 指数及纳 ...

Group 1 - The core viewpoint of the article highlights the significant recovery trend in the engineering machinery industry by 2025, with exports becoming a crucial growth engine, as evidenced by two companies achieving over 30% export growth in the third quarter [1] - New growth drivers in the engineering machinery sector include nuclear fusion, deep-sea technology, and humanoid robots, with several companies already securing contracts or initiating new business ventures in these areas [1] - Sany Heavy Industry has established a significant first-mover advantage in the lighthouse factory sector, with its intelligent warehousing system achieving over 40% penetration in Sany's lighthouse factories [1]

Core Viewpoint - The article provides information on the upcoming IPOs of several companies in Hong Kong, including their share prices, subscription dates, and financial details. Group 1: Company Information - Dipo Technology (01384.HK) plans to globally offer 26.632 million H-shares with a price of HKD 26.66 per share, expecting to start trading on October 28, 2025 [2] - Sany Heavy Industry (06031.HK) intends to globally offer 580 million H-shares at a price range of HKD 20.30-21.30, with trading expected to commence on October 28, 2025 [6][10] - Eight Horses Tea (06980.HK) aims to globally offer 9 million H-shares priced at HKD 45-50, with trading also set to begin on October 28, 2025 [12] - Cambridge Technology (06166.HK) plans to globally offer 67.0105 million H-shares with a maximum price of HKD 68.88, expecting to start trading on October 28, 2025 [16][20] Group 2: Financial Performance - Dipo Technology reported revenues of RMB 100.47 million, RMB 129.04 million, RMB 242.93 million for 2022, 2023, and 2024 respectively, with a loss of RMB 655.23 million in 2022 [6] - Sany Heavy Industry's total revenues were RMB 80,838.53 million, RMB 74,018.94 million, and RMB 78,383.38 million for 2022, 2023, and 2024 respectively, with profits of RMB 4,432.82 million in 2022 [11] - Eight Horses Tea's revenues were RMB 1,817.54 million, RMB 2,122.31 million, and RMB 2,143.26 million for 2022, 2023, and 2024 respectively, with net profits of RMB 165.85 million in 2022 [15] - Cambridge Technology's revenues were RMB 3,783.74 million, RMB 3,085.36 million, and RMB 3,649.89 million for 2022, 2023, and 2024 respectively, with net profits of RMB 171.11 million in 2022 [21]

Core Viewpoint - The Hong Kong IPO market is experiencing a surge with multiple companies, including SANY Heavy Industry, launching global offerings, indicating increased market activity and investor interest [2][3]. Group 1: SANY Heavy Industry IPO Details - SANY Heavy Industry plans to issue approximately 580 million shares globally, with 522 million shares for international offering and 58.04 million shares for public offering in Hong Kong [2]. - The offering price is set between HKD 20.3 and HKD 21.3, with an expected net fundraising of approximately HKD 11.926 billion, making it the third-largest IPO in Hong Kong this year [2]. - The funds raised will be allocated as follows: 45% for global sales and service network development, 25% for enhancing R&D capabilities, 20% for expanding overseas manufacturing and optimizing production efficiency, and 10% for working capital and general corporate purposes [2]. Group 2: Investor Participation and Company Background - The IPO has attracted 23 cornerstone investors, including Temasek, UBS, and BlackRock, with a total subscription amounting to approximately USD 758 million (around HKD 58.99 billion) based on the median offering price [3]. - Established in 1994, SANY Heavy Industry specializes in the R&D, manufacturing, sales, and service of a full range of construction machinery products, covering various segments [3]. - SANY is the third-largest globally and the largest in China in terms of cumulative revenue from core construction machinery products from 2020 to 2024, with products sold in over 150 countries [3]. Group 3: Financial Performance and Market Trends - Due to the downturn in the domestic real estate market and macroeconomic pressures, SANY's domestic revenue has been declining from 2022 to 2024, while overseas markets have become a growth engine with a compound annual growth rate of 15.2% [4]. - In the first four months of this year, SANY's revenue increased by 18.4% year-on-year to RMB 29.426 billion, with profits rising by 54.0% to RMB 3.476 billion [4].

Core Insights - The "Zhihui Xiaoxiang Talents Gathering Hunan" recruitment event in Xi'an attracted over 400 companies offering more than 10,000 quality job positions, showcasing a strong commitment to attracting talent from Xi'an universities [1][3] Group 1: Talent Matching and Industry Needs - The recruitment strategy focuses on "precise matching," creating a complete talent recruitment loop that aligns job supply with talent demand and development support [2] - Xi'an's strong academic institutions, such as Xi'an Jiaotong University and Northwestern Polytechnical University, provide a rich talent pool in fields like equipment manufacturing and aerospace, which complements Hunan's industrial needs in engineering machinery and advanced materials [2] - Over 400 participating companies tailored their job offerings to match the strengths of Xi'an's talent, particularly in manufacturing and technology sectors [2][4] Group 2: Job Offerings and Educational Alignment - The job distribution is scientifically planned, with a balanced allocation of positions for both undergraduate and postgraduate candidates, ensuring entry-level opportunities for fresh graduates and advancement prospects for higher-level talents [4] - Technical positions account for 70% of the job offerings, effectively targeting the talent structure of Xi'an universities and minimizing resource wastage [4] Group 3: Hunan's Industrial Strength and Innovation Environment - Hunan boasts a robust industrial foundation, being the first province in China to maintain the largest scale in the engineering machinery industry for 14 consecutive years, hosting leading companies like SANY Heavy Industry and Zoomlion [5] - The province is actively enhancing its innovation and entrepreneurship environment, with initiatives like the construction of global R&D centers and technology parks [5] Group 4: Entrepreneurial Opportunities - The event also highlighted entrepreneurial support, with nearly 1,600 startup workspaces provided by various incubation bases in Hunan, promoting a friendly environment for young entrepreneurs [7] - Young entrepreneurs, such as Bai Zhiliang, have successfully established companies in Hunan, indicating a thriving entrepreneurial ecosystem [7]

Group 1 - The A-share engineering machinery sector experienced a rise, with construction machinery hitting the daily limit up [1] - Companies such as Tietuo Machinery, Hengli Hydraulic, Weiman Sealing, Zhongli Co., and Jindao Technology also saw increases [1]

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Market Overview - The global stock markets experienced mixed performance, with the Hang Seng Index closing at 25,247, down 2.48% for the day but up 25.86% year-to-date [1] - The US markets showed slight gains, with the Dow Jones up 0.52% and the S&P 500 up 0.53% [1] - The Chinese stock market saw significant declines, particularly in healthcare, consumer discretionary, and industrial sectors, while defensive sectors like telecommunications and utilities outperformed [3] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index fell by 1.72% while the Hang Seng Industrial Index dropped by 3.04% [2] - The healthcare sector in Hong Kong led the declines, indicating a potential shift in investor sentiment towards defensive stocks [3] Investment Opportunities - The software and IT services industry is highlighted for its potential investment opportunities, particularly in companies that are enhancing their strategic collaborations and commercializing AI applications [4] - Specific companies to watch include Alibaba (BABA US), Baidu (BIDU US), Tencent (700 HK), and Kuaishou (1024 HK) for their strong growth in cloud services and AI-related revenues [4] - In the engineering machinery sector, a recovery in non-earthmoving machinery sales in September suggests the beginning of an upward cycle, with companies like Zoomlion (1157 HK), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH) recommended for investment [4] Economic Indicators - The Chinese ETF market has seen a net inflow of nearly 90 billion yuan since the National Day holiday, indicating a trend of investors buying on dips, particularly in technology and high-dividend sectors [3] - The Chinese central bank is expected to maintain a loose monetary policy, with potential rate cuts anticipated in November or December [3]

公司计划将所得款项净额中，约45%用于进一步发展全球销售及服务网络，以提高全球品牌知名度、市 场渗透率和服务效率；约25%用于增强研发能力；约20%用于扩大海外制造能力和优化生产效率，及约 10%用于营运资金和一般公司用途。 10月20日，中国工程机械企业三一重工(6031.HK)今日起至周四(10月23日)招股，发售5.8亿股H股，香港 公开发售占10%，其余为国际配售，每股招股价介乎20.3港元至21.3港元，集资最多123.63亿港元。一 手200股，入场费4302.97港元。该股预期10月28日挂牌买卖。中信证券为独家保荐人。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 ...