分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -14% -8% -3% 2% 8% 13% 19% 24% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,384.82 | -0.44 | | 深证成指 | | 10,162.18 | -0.86 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,865.47 | -0.51 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,678.67 | -0.58 | | 中证 | 500 | 5,757.99 | -0.82 | | 中证 | 100 ...

Core Viewpoint - Jining City is implementing a comprehensive strategy for industrial economic development, focusing on the transformation and upgrading of traditional industries, the cultivation of emerging industries, and the forward-looking layout of future industries, effectively fostering new quality productive forces and achieving significant results in high-quality development [1][9][13]. Group 1: New Quality Productive Forces - New quality productive forces are defined as advanced productive forces characterized by high technology, high efficiency, and high quality, driven by innovation and aligned with new development concepts [2]. - Jining's strategy includes a "232" industrial cluster framework, forming a gradient industrial system with two trillion-level industries (new energy, high-end equipment), three hundred billion-level industries (high-end chemicals, new materials, food), and two hundred billion-level industries (new generation information technology, pharmaceuticals) [1][13]. Group 2: Economic Performance - Jining's GDP is projected to reach 586.75 billion yuan in 2024, with a year-on-year growth of 5.8%, showcasing robust economic resilience and vitality [3]. - The tertiary industry added value reached 305.54 billion yuan, growing by 6.8%, becoming the main engine for economic growth, while the secondary industry added value was 217.6 billion yuan, growing by 5.1% [3]. Group 3: Industrial Development - The industrial economy in Jining is expected to achieve high-quality development, with industrial added value reaching 185.55 billion yuan in 2024, a year-on-year increase of 6.2% [5]. - Significant projects in traditional industries include over 1,100 industrial technological transformation projects, with 249 projects included in the provincial technological transformation directory [5]. Group 4: Innovation and Market Dynamics - Jining has seen a market entity scale exceeding one million, reaching 1.016 million households, with 1,700 new "Four Up" enterprises added [7]. - The city has strengthened its innovation capabilities, with a 13% year-on-year increase in R&D expenditure and the number of high-tech enterprises reaching 1,800 [7]. Group 5: Policy Framework - Jining has introduced several policies to support the development of new quality productive forces, including plans for large-scale equipment updates and the development of the medical and health industry [9][10]. - The government emphasizes the importance of creating a modern industrial system and has set six key tasks to achieve this goal, including promoting the integration of technology and industry [10][11]. Group 6: Future Industry Layout - Jining is focusing on future industries such as aerospace, life sciences, and intelligent robotics, with plans for hydrogen energy preparation and low-altitude economy projects [19][24]. - The city aims to establish a complete innovation chain in the new energy sector, from lithium battery materials to energy storage systems, with ongoing investments in R&D [25][26].

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The stablecoin market is rapidly gaining acceptance in mainstream finance, with Circle's market capitalization reaching approximately $23.8 billion after its IPO, reflecting a nearly 2.5 times increase from its issue price [5][6] - The total market size of stablecoins is projected to grow from $20 billion in 2020 to $246 billion by May 2025, with a trading volume increase of 598% [5] - Key growth areas identified include blockchain and fintech, renewable energy and real-world assets (RWA), and cross-border payments [5] Summary by Sections Stablecoin Market - Circle's IPO on June 5, 2025, marked a significant milestone, with its stock price increasing by nearly 170% on the first day and reaching a total market value of $29.8 billion [6][10] - The revenue model for Circle is heavily reliant on reserve income from stablecoin assets, with projected total revenue of $1.676 billion for 2024, of which approximately $1.661 billion will come from reserve income [10][11] Regulatory Developments - The U.S. Senate has made progress on the "Guiling and Establishing National Innovation for Stablecoins Act," indicating the establishment of a regulatory framework for stablecoins [11][12] - Hong Kong has also introduced a regulatory framework for stablecoins, expected to take effect within the year [11][12] Industry Trends - The humanoid robot industry is entering a critical phase, with a projected cumulative demand of approximately 2 million units by 2030 [15] - The photovoltaic equipment sector is experiencing accelerated penetration rates, with leading companies enhancing their competitive edge through technological innovations [16] - The automation sector is expected to grow significantly, with market size projected to reach approximately 55.7 billion yuan by 2026 [17]

Traditional Sector Cooperation Enhancement - Changsha's construction machinery companies, led by Zoomlion, have deployed over 10,000 pieces of equipment across Africa, contributing to infrastructure projects such as bridges, roads, and mining [3] - Zoomlion has implemented a unique overseas business model in Africa, focusing on "end-to-end, digitalization, and localization" to enhance local operations and service support [3] Agricultural Collaboration - Hunan has made significant contributions to Africa's food security and agricultural industrialization, with Yuan's Seed Industry conducting hybrid rice trials in 21 African countries [4] - Longping High-Tech has provided over 200 agricultural technology training programs across more than 50 African countries, training numerous agricultural officials and technicians [4] - Meilan Group has developed a comprehensive supply chain model to address Africa's agricultural processing challenges, enhancing local industry and employment through projects in Côte d'Ivoire and Tanzania [4] New Field Cooperation Expansion - Changsha enterprises are expanding into new sectors such as renewable energy and digital economy, with SANY signing nearly 20 microgrid projects in seven African countries, investing approximately 1.7 billion yuan [5] - Zhanmei Automobile is introducing electric vehicles in Kenya, aiming to scale operations from nearly 100 vehicles to 40,000 within five years [5] - Changsha's non-trade enterprises are leveraging e-commerce platforms like Kilimall to provide millions of products to nearly 300 million African consumers [6] Modernization Efforts - Changsha enterprises are committed to modernizing Africa, with the Hunan Geological Institute establishing a comprehensive geological laboratory in Madagascar, conducting over 10,000 sample analyses [7] - Collaboration with Nigerian universities aims to enhance agricultural mechanization education, providing scholarships and practical training opportunities [7] Future Prospects - The ongoing cooperation between Changsha enterprises and Africa reflects a deepening friendship and commitment to mutual development, with plans to further strengthen economic ties and build a high-level China-Africa community [8]

Core Insights - The report highlights the growth in employment and average salaries within listed companies in China, indicating a positive trend in the job market post-pandemic [1][10]. Employment Growth - The total number of employees in listed companies in China exceeded 25 million in 2024, showing a continuous increase since the pandemic [1]. - The average monthly salary for employees in these companies is approximately 10,800 yuan [1]. Industry Employment Distribution - The financial, automotive, construction, real estate, and consumer electronics sectors are the largest employers, accounting for 36.2% of the total employment in listed companies [1]. - State-owned banks employ the most individuals, with 1.655 million employees, representing 6.5% of total employment [1]. - The passenger vehicle sector has seen significant growth, with an employee count of 1.409 million, reflecting a 21.3% increase [1][2]. Sector-Specific Employment Trends - The automotive and consumer electronics industries have contributed significantly to new job creation, with the passenger vehicle sector alone adding 248,000 jobs, which is 38% of the total increase across all industries [2][3]. - Export-related industries have also shown consistent growth, with the export scale surpassing 25 trillion yuan in 2024, marking a 7.1% year-on-year increase [3]. Declining Employment Sectors - The insurance and real estate development sectors have experienced a decline in employee numbers, with retail and real estate being the most affected [4][5]. - The general retail sector's employee count has fallen to below 70% of its 2019 levels [5]. Salary Trends - Industries such as telecommunications services, chemical products, and automotive services have seen significant increases in average monthly salaries, with growth rates of 14.9%, 11.0%, and 9.6% respectively [7]. - Conversely, sectors like tourism retail, photovoltaic equipment, and securities have experienced notable salary declines, with reductions of 16.7%, 12.2%, and 9.6% [8]. Market Demand Indicators - Industries such as engineering machinery, bioproducts, and semiconductors are experiencing strong demand, as indicated by the growth in employee numbers and average salaries [9].

Group 1 - SANY Group's unmanned equipment is participating in the construction of the Xuhai-Fu Expressway, expected to open in July, showcasing high reliability and efficiency [1] - The unmanned equipment has been operational for over 200 days, covering more than 200 kilometers, utilizing a drone swarm consisting of pavers and rollers, integrating advanced technologies [1] - The unmanned equipment significantly enhances production efficiency, allowing for 24-hour continuous operation while improving engineering quality and reducing defect rates [2] Group 2 - Other companies, such as XCMG and Fulongma, are also developing unmanned equipment for various applications, including remote-controlled excavators and cleaning robots, indicating a trend towards automation in multiple industries [2] - The emergence of unmanned equipment is expected to drive industry upgrades, promoting the transformation of the engineering machinery sector towards intelligence and digitalization, enhancing overall competitiveness [3] - The demand for unmanned equipment will necessitate the cultivation of technical talent, supporting the development of related industries and providing intellectual resources for growth [3]

Group 1 - Wanjing Technology has launched a campus recruitment plan for 2026 graduates, offering a starting annual salary of up to 1 million yuan [1][4] - The internship program for 2026 graduates has been upgraded, with daily wages reaching 1,000 yuan and opportunities for full-time positions for outstanding interns [1][4] - The company operates in over 200 countries and regions, with a global user base exceeding 1.5 billion, positioning itself as a major player in the digital creative software sector [4] Group 2 - SANY Group has initiated its early recruitment for 2026 graduates, targeting various engineering and management roles across multiple locations in China [5][7] - SANY Group is recognized as a leading high-end equipment manufacturing enterprise, with core businesses in engineering machinery and renewable energy [7][8] - The company has established a significant global presence, with manufacturing bases in countries such as India, the USA, Germany, Brazil, and Indonesia [8] Group 3 - China Mobile's subsidiary, Zhongyi Internet, has launched its summer internship program for 2025, targeting 2026 graduates in various AI and software development roles [9] - Zhongyi Internet focuses on information and internet services, actively participating in national projects and collaborating with academic institutions [9]

Macroeconomic Analysis - In May, China's exports in USD terms grew by 4.8% year-on-year, down from 8.1% in April, while imports decreased by 3.4% compared to a decline of 0.2% in April. The trade surplus for May was $103.2 billion, the second highest in history, only lower than January's $138.5 billion [3][4] - Cumulative year-on-year trade data shows ASEAN as China's largest trading partner, accounting for 16.8% of total trade with a growth of 9.1%. The EU is the second largest partner at 12.8% with a growth of 2.9%, while the US is third at 9.6% with a decline of 8.1% [4] Industry Insights - The US-China trade talks in London appear to be positive, with reports indicating a relaxed atmosphere and potential easing of export controls, which could benefit domestic electronic export chain companies [10] - The excavator sales data for May shows a total of 18,202 units sold, a year-on-year increase of 2.12%. Domestic sales decreased by 1.48%, while exports surged by 542%. Cumulatively, from January to May, excavator sales reached 101,700 units, a growth of 17.4% [11] Advanced Manufacturing - In May, retail sales of passenger vehicles reached 1.932 million units, a year-on-year increase of 13.3%. New energy vehicle production reached 1.167 million units, growing by 30.2% year-on-year [13] - Solid-state batteries are unlikely to achieve large-scale production in the short term, as companies like Desay Battery are still in the R&D phase without clear mass production plans [14][15] Consumer Sector - The "Su Chao" concept stocks have seen significant price increases, with Jinling Sports rising by 156% over seven trading days. However, the actual impact on their performance is limited due to the small scale of their businesses [17][18]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1.徐工集团工程机械股份有限公司（以下简称"徐工机械"或"公司"）本次注销原91名激励对象已获授但 尚未解除限售的全部限制性股票5,935,100股，占回购注销前公司总股本的0.05%，本次注销完成后，公 司总股本将由11,759,650,913股变更为11,753,715,813股。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000425 证券简称：徐工机械 公告编号：2025-47 徐工集团工程机械股份有限公司关于部分2023年限制性股票回购注销完成暨股份变动公告 2.经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次限制性股票回购注销事宜已于2025 年6月6日办理完成。 公司于2024年10月15日召开第九届董事会第二十五次会议（临时）和第九届监事会第十三次会议（临 时），审议通过了《关于调整公司2023年限制性股票激励计划回购价格并回购注销部分限制性股票的议 案》，具体内容详见公司2024年10月17日刊登在《中国证券报》《上海证券报》和巨潮资讯网 （www.cni ...

Summary of the Conference Call on Engineering Machinery Industry and Hengli Hydraulic Industry Overview - The engineering machinery industry is experiencing a return to normal sales levels after a high base effect from local policies in Hebei, leading to a significant year-on-year decline in excavator sales. However, excluding Hebei's impact, medium-sized excavator sales remain stable, while small excavators show volatility due to agricultural construction subsidies. The overall industry trend remains upward for the year [1][2][6]. Key Points on Hengli Hydraulic - Hengli Hydraulic reported a remarkable production increase in June 2025, with cylinder production growing over 50% year-on-year. The growth rate for small excavator cylinders is particularly strong, and medium to large excavators also maintain high growth rates. The company's market share has significantly improved, with a recovery in overseas customer orders and increased penetration in the domestic supply chain for export products [1][3][5][15]. - The company benefits from both industry beta and its own alpha drivers for revenue and profit growth. The potential shift of major manufacturers away from self-manufactured hydraulic components through joint ventures or sales is expected to positively impact Hengli's long-term growth prospects [6][8]. Sales and Market Performance - In May 2025, excavator sales data fell short of expectations, particularly in the medium-sized segment, which saw a decline due to last year's high base from Hebei policies. However, the overall sales trend for the year aligns with the industry's upward trajectory, with an expected domestic excavator sales growth of 15% [2][10]. - Major manufacturers in the crane and concrete equipment sectors experienced domestic growth exceeding 20% in May 2025, with overseas growth also performing well, indicating a positive outlook for Hengli's non-excavator cylinder production [7]. Future Projections - The engineering machinery industry is expected to maintain its upward trend, with domestic excavator sales projected to enter a growth phase as physical workload aligns with ownership levels. The export of second-hand excavators is expected to alleviate market pressure, and the lifecycle of excavators reaching ten years will further boost sales [11][12]. - The performance in overseas markets, particularly in Africa, Asia, and the Middle East, is stable, with global tariff policies favoring the engineering machinery sector in the long term [14]. Additional Insights - Short-term data fluctuations and adjustments in expectations have limited impact on manufacturers' profits, with more significant factors being rebate policies and market competition [4][9]. - Hengli Hydraulic's performance is bolstered by both domestic and international markets, with its robotics business progressing as planned, providing long-term growth potential. The favorable exchange rate with the Japanese yen may also lead to better-than-expected second-quarter results [15]. Conclusion - The engineering machinery industry is on a positive trajectory despite short-term challenges, with Hengli Hydraulic positioned well for growth due to its strong production performance and market dynamics. The anticipated shift in major manufacturers' strategies regarding hydraulic components could further enhance Hengli's market position and growth potential [6][8][16].