Core Viewpoint - Sany Heavy Industry's H-share issuance is imminent, further accelerating the company's global expansion strategy [1] Group 1: Company Performance - In the first half of 2025, the company achieved overseas revenue of 26.3 billion, representing a year-on-year growth of 12%, with overseas revenue accounting for 60% of total revenue [1] - The gross profit margin of overseas main business increased by 1 percentage point to 31% year-on-year [1] Group 2: Strategic Initiatives - The H-share issuance is a significant step for the company to deepen its global strategy and strengthen connections with overseas capital markets [1] - This move is expected to enhance the transparency and standardization of the company's governance [1] Group 3: Industry Outlook - The engineering machinery industry is showing signs of recovery, with the company's performance exhibiting high elasticity and gradually improving management incentives [1] - The combination of beta and alpha factors is anticipated to resonate positively [1]

Domestic Market Overview - The domestic market experienced a pullback after an initial rise, with the Shanghai Composite Index closing at 3865.23 points, down 0.62%. The Shenzhen Component Index closed at 12895.11 points, down 2.54%. The STAR Market 50 index fell by 4.26%, and the ChiNext index decreased by 3.99%. The total trading volume of the A-share market reached 25,966 billion yuan, showing an increase compared to the previous day [1][4][9] - Among the 30 sectors tracked, 11 sectors saw gains, with banking, coal, and food and beverage sectors leading the increases. In contrast, the telecommunications, electronics, and non-ferrous metals sectors experienced significant declines. Notably, indices related to cultivated diamonds, superhard materials, and selected insurance performed actively [1][4][9] Overseas Market Overview - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average rising by 0.44%, while the S&P 500 index fell by 0.16% and the Nasdaq dropped by 0.76%. Notable gainers included Walmart, which rose nearly 5%, and Caterpillar, which increased by over 4%. Conversely, the tech giants index fell by 1.26%, with Nvidia dropping over 4% and Amazon declining by more than 1% [2][4] Economic Insights - The Chinese Premier Li Qiang held a meeting with economic experts and entrepreneurs to discuss the current economic situation and future work strategies. He emphasized the need for a broader perspective to accurately assess the resilience of China's economy amid international changes and to strengthen confidence while addressing issues. Li highlighted the importance of implementing counter-cyclical adjustments and expanding domestic demand [10][12] - The meeting revealed that 1,734 stocks rose while 3,554 fell, indicating a turbulent market with 146 stocks rising over 5% and 446 falling over 5%. The market is currently in a phase of consolidation, with a focus on macroeconomic financial data [10][12] Industry Developments - The Ministry of Commerce announced countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation due to their involvement in U.S. investigations that harm Chinese enterprises' rights. This action reflects ongoing tensions in international trade relations [13] - The National Development and Reform Commission (NDRC) issued guidelines to support energy-saving and carbon reduction transformations in key industries such as electricity, steel, and chemicals. The initiative aims to align with national goals for carbon neutrality and promote green economic transformation [14][15][16] - China's manned spaceflight sector achieved a milestone with the registration of its first international standard, enhancing its influence in global aerospace standards [17]

截至发稿，薛良辰累计任职时间147天，现任基金资产总规模2.41亿元，任职期间最佳基金回报 16.21%， 任职期间最差基金回报13.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 数据显示，恒越基金旗下1只基金重仓山推股份。恒越研究精选混合A/B（006049）二季度持有股数 90.56万股，占基金净值比例为4%，位居第十大重仓股。根据测算，今日浮盈赚取约53.43万元。连续3 天上涨期间浮盈赚取102.33万元。 恒越研究精选混合A/B（006049）成立日期2018年7月4日，最新规模1.16亿。今年以来收益26.56%，同 类排名3082/8161；近一年收益21.35%，同类排名3639/8015；成立以来收益86.34%。 恒越研究精选混合A/B（006049）基金经理为薛良辰。 10月15日，山推股份涨5.19%，截至发稿，报11.95元/股，成交3.84亿元，换手率2.51%，总市值179.27 亿元。山推股份股价已经连续3天上涨，区间累计涨幅1 ...

10月15日，山推股份涨5.19%，截至发稿，报11.95元/股，成交3.90亿元，换手率2.55%，总市值179.27 亿元。山推股份股价已经连续3天上涨，区间累计涨幅11.05%。 截至发稿，李煜累计任职时间2年230天，现任基金资产总规模1255.52万元，任职期间最佳基金回 报-4.09%， 任职期间最差基金回报-5.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 数据显示，国泰海通资管旗下1只基金重仓山推股份。国泰君安高端装备混合发起A（017933）二季度 持有股数6.58万股，占基金净值比例为4.7%，位居第五大重仓股。根据测算，今日浮盈赚取约3.88万 元。连续3天上涨期间浮盈赚取7.44万元。 国泰君安高端装备混合发起A（017933）成立日期2023年3月1日，最新规模807.71万。今年以来收益 10.65%，同类排名5605/8161；近一年收益5.35%，同类排名6585/8015；成立以来亏损7.86%。 国泰君安 ...

Core Viewpoint - Sany Heavy Industry is advancing towards a listing on the Hong Kong Stock Exchange, further solidifying its position as a leading player in the global construction machinery industry [1] Company Overview - Founded in 1994, Sany Heavy Industry is a leading global enterprise in the construction machinery sector, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [1][2] - The company is the largest construction machinery enterprise in China and the third largest globally, according to cumulative revenue from 2020 to 2024 [1][4] Financial Performance - Sany Heavy Industry reported revenues of 808.39 billion, 740.19 billion, and 783.83 billion from 2022 to 2024, with a notable revenue decline of 8.4% in 2023 due to weak domestic market demand and slowing overseas growth [4][5] - The net profit for the same period was 44.33 billion, 46.06 billion, and 60.93 billion, showing a consistent upward trend [4] - In the first half of 2025, the company achieved a revenue of 294.26 billion, marking an 18.4% year-on-year increase, with overseas revenue contributing 168.84 billion, accounting for 57.4% of total revenue [4] Market Position and Strategy - Sany Heavy Industry has established a diversified product matrix covering various machinery types and provides tailored solutions for multiple construction scenarios [2][4] - The company has successfully expanded its market presence, selling products to over 150 countries, with overseas market revenue accounting for 62.3% of total revenue in 2024, growing at a compound annual growth rate of 15.2% from 2022 to 2024 [2][4] Industry Context - The global construction machinery market is projected to reach a size of 213.5 billion in 2024, with a compound annual growth rate of 5.6% from 2024 to 2030 [6] - The core market for construction machinery, including excavators and concrete machinery, is expected to grow from 150.5 billion in 2024 to 218.9 billion by 2030, with a compound annual growth rate of 6.4% [6] Competitive Landscape - The construction machinery industry is characterized by intense competition, with Sany Heavy Industry facing direct competition across all product lines and price segments [7] - The company acknowledges the cyclical nature of the industry, which is closely tied to macroeconomic conditions and fixed asset investments, particularly in real estate and infrastructure [7][8] Future Outlook - Sany Heavy Industry aims to enhance its global strategy, digital transformation, and low-carbon initiatives to strengthen its competitive edge and ensure sustainable growth [7][8]

Core Viewpoint - Sany Heavy Industry is advancing towards a listing on the Hong Kong Stock Exchange, further solidifying its position as a leading player in the global construction machinery industry [1][5]. Company Overview - Founded in 1994, Sany Heavy Industry is a global leader in the construction machinery sector, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [1][2]. - The company is recognized as the largest construction machinery enterprise in China and the third largest globally, based on cumulative revenue from 2020 to 2024 [1][4]. Financial Performance - Sany Heavy Industry reported revenues of 808.39 billion, 740.19 billion, and 783.83 billion from 2022 to 2024, with a notable revenue decline of 8.4% in 2023 due to weak domestic market demand and slowing overseas growth [4][5]. - The net profit for the same period was 44.33 billion, 46.06 billion, and 60.93 billion, showing a consistent upward trend [4]. - In the first half of 2025, the company achieved a revenue of 294.26 billion, marking an 18.4% year-on-year increase, with overseas revenue contributing 168.84 billion, or 57.4% of total revenue [4]. Market Position and Strategy - Sany Heavy Industry has established a comprehensive product matrix, covering various machinery types and providing tailored solutions for diverse applications [2][4]. - The company has successfully expanded its market presence, exporting products to over 150 countries, with overseas market revenue accounting for 62.3% of total revenue in 2024 [2][4]. Industry Context - The global construction machinery market is projected to reach a size of 213.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.6% from 2024 to 2030 [6]. - The core market for construction machinery, including excavators and concrete machinery, is expected to grow from 150.5 billion in 2024 to 218.9 billion by 2030, with a CAGR of 6.4% [6]. Competitive Landscape - The construction machinery industry is characterized by intense competition, with Sany Heavy Industry facing challenges from both domestic and international competitors [7]. - The company acknowledges the cyclical nature of the industry, which is closely tied to macroeconomic conditions and fixed asset investments, particularly in real estate and infrastructure [7][8]. Future Outlook - Sany Heavy Industry aims to enhance its global strategy, digital transformation, and low-carbon initiatives to strengthen its competitive edge and ensure sustainable growth [7][8].

Core Viewpoint - The mechanical equipment industry experienced a slight increase of 0.2% in the week of October 9-10, 2025, ranking 18th among 31 primary industries, with specific sub-industries showing varied performance [1][2]. Industry Performance - The sub-industry performance was as follows: rail transit equipment (+3.07%), specialized equipment (+0.54%), general equipment (+0.51%), engineering machinery (-0.16%), and automation equipment (-1.74%) [1][2]. Market Trends - Recent trade tensions are intensifying, prompting a focus on self-sufficient industrial chains and domestic demand. The industry maintains a "recommended" rating, with attention on semiconductor equipment, scientific instruments, and humanoid robots for self-sufficiency, while engineering machinery, rail transit equipment, and general equipment are highlighted for domestic demand [2]. Sales Data - Excavator sales in August 2025 reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units (+14.8%) and exports at 8,838 units (+11.1%). This growth is attributed to a new round of replacement cycles and large project initiations [3]. Forklift Market - Forklift sales in August 2025 totaled 118,087 units, marking a 19.42% year-on-year increase, with domestic sales at 70,174 units (+19.3%) and exports at 47,913 units (+19.6%). The growth is driven by low base effects from the previous year and advancements in automation technology [4][5]. Industrial Robots - The production of industrial robots in August 2025 reached 63,747 units, a 14.4% increase year-on-year. This growth is linked to the "old-for-new" policy and favorable financing conditions for equipment upgrades, indicating potential investment opportunities in the sector [5].

Core Insights - The mechanical equipment sector experienced a slight decline of 0.26% during the week of October 5 to October 10, 2025, outperforming the CSI 300 index by 0.25 percentage points, ranking 19th among 31 primary industries [1][2] Weekly Market Review - The Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index fell by 1.26%, and the ChiNext Index decreased by 3.86% during the same period [1][2] - Sub-sectors within the mechanical equipment industry showed mixed performance, with general equipment up by 0.33%, specialized equipment up by 0.07%, rail transit equipment II up by 2.81%, while engineering machinery fell by 0.58% and automation equipment decreased by 1.94% [1][2] Key Sector Tracking - The low-altitude economy sector is seeing regulatory improvements, with the Civil Aviation Administration of China releasing a draft for general aviation operating permit management, enhancing the regulatory framework [3] - The low-altitude economy is also gaining traction through events like the second China (Xi'an) International Low-altitude Economic Development Conference, which attracted over 430 companies and numerous international buyers [3] - In the mechanical equipment sector, domestic leading enterprises maintain strong competitive advantages in both supply and demand. From January to August 2025, China's engineering machinery import and export trade reached $40.398 billion, a year-on-year increase of 11%, with exports at $38.597 billion, up 11.4% [3] Investment Recommendations - For the low-altitude economy, companies to watch include Deep City Transportation, Suzhou Transportation Science and Technology, Huase Group, and Nairui Radar in infrastructure; and Wan Feng Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong in complete machines [4] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company in the export chain; Sany Heavy Industry, XCMG, and Anhui Heli in engineering machinery; and Huazhong CNC, Kede CNC, and Hengli Hydraulic in industrial mother machines [5]

Core Viewpoint - The construction machinery industry is experiencing significant growth, with excavator sales in September 2025 reaching 19,858 units, a year-on-year increase of 25.4% [3]. Excavator Sales Summary - In September 2025, a total of 19,858 excavators were sold, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [3]. - From January to September 2025, total excavator sales reached 174,039 units, with domestic sales of 89,877 units (up 21.5%) and exports of 84,162 units (up 14.6%) [3]. Loader Sales Summary - In September 2025, loader sales amounted to 10,530 units, reflecting a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%) [3]. - For the period from January to September 2025, total loader sales were 93,739 units, with domestic sales of 49,996 units (up 20.7%) and exports of 43,743 units (up 8.31%) [3]. Industry Outlook - The rapid growth in excavator sales indicates a clear recovery in the industry, driven by a new round of replacement cycles and the commencement of large projects like the Yaxi Water Conservancy Project [3]. - The demand for infrastructure development in countries along the "Belt and Road" initiative is contributing to export growth, while leading companies are enhancing their market share through technological upgrades and global expansion [3]. - The overall industry fundamentals show a positive trend, leading to a maintained "recommended" rating for investments in this sector [3]. Investment Recommendations - Companies with strong global presence are considered more competitive, with a focus on the following: XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [4].

Core Viewpoint - The report from Western Securities for Q4 2025 strategy outlook emphasizes the theme of "Attack and Defense Transformation," indicating that the market is at a critical juncture of "ice and fire conversion" [1]. Group 1: Cross-Border Capital Flow - The past few years have seen a divergence in monetary policy between the US and China, with the Fed's interest rate hikes leading to a capital outflow exceeding 16 trillion yuan, resulting in domestic price deflation and a negative cycle of "deflation-export-deflation" [1][21][26]. - The Fed's anticipated rate cuts in 2025 are expected to accelerate the return of cross-border capital, potentially reversing the negative cycle if the RMB appreciates beyond 7.0, making RMB-denominated assets more attractive than USD [1][34][30]. Group 2: Sino-US Technology Cycle - The technology cycle between China and the US is characterized by an "attack and defense transformation." China's high-end manufacturing has expanded through fiscal subsidies from 2019 to 2023, while the focus is shifting towards cash flow recovery and AI infrastructure investment [2][37]. - In contrast, the US has faced high unit costs in AI infrastructure due to early investments, which have hindered the commercialization of AI applications, leading to a "Ponzi-like" situation [2][37]. Group 3: Shift in Consumption Drivers - Historical trends from the US and Japan indicate that as economies mature, the driving force shifts from investment to consumption. China is currently transitioning to a consumption-driven economy, with evidence of a recovery in consumer spending [3][10]. - The anticipated return of cross-border capital and the restoration of wealth effects are expected to enhance consumer capacity and willingness, positioning consumption as a key driver for the upcoming bull market [3][10]. Group 4: Market Leadership Transition - The current concentration of public fund holdings in TMT (over 30%) suggests a high likelihood of a market leadership transition, as historical patterns indicate that such crowded positions often lead to shifts in market focus [3][8]. - The market style in Q4 may pivot towards high-end manufacturing and consumer sectors that still offer value, as the microstructure of A-shares shows signs of overcrowding [3][8]. Group 5: Industry Configuration - The report highlights a focus on the "New High" logic in industry configuration, emphasizing sectors such as non-ferrous metals, which benefit from global re-industrialization and de-dollarization, and consumer sectors like snacks, pets, and travel that are seeing increased demand [3][12]. - High-end manufacturing sectors, particularly in renewable energy, chemicals, and medical devices, are also highlighted as areas of interest due to their export advantages and the backdrop of domestic AI capabilities [3][12].