中新社曼谷6月6日电(李映民邓莹)中资企业在泰社会贡献报告发布会6日在曼谷举行。这份题为《深耕 厚植，在泰为泰》的报告由泰国中国企业总商会编纂出版，全方位展示了中资企业对泰国社会经济发展 所做出的贡献。 报告显示，中国企业在泰投资企业约3万多家，总投资额约300亿美元，其中2024年达到51亿美元。中资 企业社会贡献一直伴随着中资企业来泰投资贸易的进程中，见证了两国经贸往来的快速发展。 中资企业来泰投资，也带动泰国当地企业、产业成为其供应链的有机组成部分，带动当地企业产业升级 与技术革新，促进了当地就业与技能提升。在泰中资企业为本地创造就业岗位超过30万个，其中，仅泰 中罗勇工业园一个园区就有220多家制造型企业和30多家商业服务型企业，创造超5万个就业岗位。 报告称，多年来，中资企业始终致力于回馈泰国社会，积极出资支持当地职业教育、医疗卫生、社会慈 善，造福泰国社会。例如，中银泰国向泰国盲人协会捐赠资金，助力中文盲文教育在泰发展；三一重工 泰国公司向泰国孤儿院提供爱心捐款；中国水电子公司向曼谷市政府捐赠红树林资金；海尔泰国公司出 资支持当地小学建设。尤其是在疫情和发生自然灾害时，中资企业踊跃向泰国政府捐赠物 ...

机械设备行业 标配 （维持） 机械设备行业双周报（2025/05/23-2025/06/05） 人形机器人订单保持快速增长 2025 年 6 月 6 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 ◼ 机械设备行业周观点： 证 券 研 究 报 告 机器人：人形机器人主机企业订单保持快速增长，2025年下半年或将迎来小 批量产期，将催化板块行情。建议重点关注技术升级、大/小脑、灵巧手等投 资主题。建议关注：汇川技术（300124）、绿的谐波（688017）。 机械设备（申万）指数走势 工程机械：2025年1-4月挖机内销延续同比增长趋势，叠加装载机、起重机等 销量同比增速逐渐修复，将加快进入新周期。出口方面，美国市场政策影响 有望趋缓，一带一路沿线地区、非洲需求仍相对较高。建议关注：三一重工 （600031）、恒立液压（601100）。 ◼ 风险提示：基建/房地产/采矿业/制造业投资不及预期风险；国产替代进程不 及预期风险；海外市场需求减少风险；人形机器人发展不及预期风险；核心 ...

Group 1 - The core viewpoint of the article highlights the significant improvement in the nuclear power industry, with the State Council approving five nuclear power projects and ten units in 2025, marking the fourth consecutive year of approving ten or more units annually [1] - From January to April 2025, the completed investment in nuclear power reached 36.256 billion yuan, a year-on-year increase of 36.64%, significantly outpacing the 1.6% growth in power source investment, indicating a new boom cycle in nuclear power construction [1] - The third-generation nuclear power units are expected to enter a peak construction phase, with modular construction technology showing promising prospects for shortening construction periods and improving efficiency [1] Group 2 - In the construction and decoration sector, the cement shipment rate has continuously rebounded to 47.8%, reflecting an acceleration in physical construction work [1] - The article suggests focusing on investment opportunities in key industries such as infrastructure in central and western regions, nuclear power, and coal chemical industries, while also monitoring improvements in orders from central state-owned enterprises and the subsequent realization of physical work [1] - The Infrastructure ETF (code: 159619) tracks the CSI Infrastructure Index (code: 930608), which selects listed companies involved in infrastructure construction from the A-share market, covering industries such as construction, building materials, and engineering machinery [1]

Investment Rating - The report indicates a positive outlook for the global construction machinery market, with expectations of year-on-year growth by 2026, despite a slight decline in the US market this year [1][3]. Core Insights - The construction machinery market shows resilience, with leading companies experiencing improved orders and inventory levels, indicating a recovery trend [1][3]. - Infrastructure investments in the US, driven by the Infrastructure and Jobs Act, are expected to maintain growth momentum through 2025 and 2026, although the real estate sector remains cautious due to high interest rates [1][6][8]. - The mining sector is projected to sustain equipment demand, supported by stable capital expenditures from major mining companies, despite a decline in oil and gas prices [1][9]. - Emerging markets like Indonesia and Brazil are experiencing growth driven by infrastructure and mining demand, with Chinese manufacturers expected to increase market share due to competitive pricing and strategic partnerships [1][18]. Summary by Sections Global Market Overview - The global construction machinery market is anticipated to grow year-on-year by 2026, with signs of recovery in leading companies' orders and inventory [1][3]. - The US market is expected to see a slight decline this year, but overall demand remains stable due to infrastructure investments [1][5]. US Market Dynamics - US construction machinery demand is closely tied to real estate, infrastructure, energy, and mining investments, with infrastructure accounting for approximately 50% of demand [5][7]. - The real estate sector is under pressure from high interest rates, leading to a cautious outlook for machinery demand [6][8]. - Infrastructure spending in the US is expected to remain supported through 2025 and 2026, with significant funding already allocated [7][8]. Mining Sector Impact - Despite a drop in oil and gas prices, metal prices remain high, supporting stable capital expenditures in the mining sector, which is crucial for equipment demand [1][9]. Equipment Rental Trends - North American equipment rental companies are expected to maintain revenue growth despite a slight decline in capital expenditures due to high interest rates [1][10]. Company Performance - Caterpillar's North American revenue has faced challenges, but backlog orders have reached historical highs, and price increases since 2021 have alleviated pricing pressures [1][11][13]. - Komatsu and Volvo anticipate a decline in North American demand in 2025, while Hitachi expects a slight decrease, reflecting concerns over housing and infrastructure demand [1][14][15]. Emerging Markets - Emerging markets are experiencing growth driven by infrastructure and mining demand, with Chinese manufacturers gaining market share due to competitive advantages [1][18][19]. Investment Recommendations - The report recommends SANY Group as a top investment choice due to its strong profit margin resilience and overall performance, followed by XCMG Group and Zoomlion for their competitive positioning in the market [1][27].

Summary of the Conference Call for Liugong Company Overview - **Company**: Liugong - **Industry**: Construction Machinery Key Points Leadership Transition - Liugong successfully transitioned its management, with Luo Guobin appointed as the new president, while Zeng Guang'an became a senior advisor to guide strategic planning and ensure a smooth leadership transition [2][4][5] Strategic Goals - The company's 14th Five-Year Plan (2023-2027) aims for a revenue target of 50 billion RMB, with a more challenging 15th Five-Year Plan targeting 10 billion USD by 2032 and maintaining a net profit margin of 8%-9% [2][7] Incentive Mechanisms - Liugong is implementing long-term incentive mechanisms such as stock options and cash stock to break the "big pot" phenomenon, ensuring strict KPI assessments for executives to promote continuous innovation [2][9] Industry Growth Projections - The domestic construction machinery industry is expected to experience moderate growth by 2027-2028, with earthmoving machinery sales projected at 270,000 to 280,000 units, benefiting Liugong due to its high market share in this segment [2][11] International Business Performance - Liugong's international business showed double-digit growth from January to May 2025, with an average monthly increase of several percentage points, aligning with expectations [2][12] Aftermarket Business Focus - The company emphasizes its aftermarket business, drawing lessons from Caterpillar, and plans to enhance customer satisfaction by requiring dealers to use Liugong parts [2][16][17] Cost Control and Profitability Goals - Liugong aims to improve its net profit margin by 1% to 5% by 2025 and targets 8%-9% by 2030 through cost control measures including product development and supply chain management [3][25] Market Expansion Plans - Future international market expansion will focus on Europe and North America, with an emphasis on second-hand machinery exports [2][13] Regional Market Performance - In 2025, the overseas market performance varied, with developed regions like North America and Europe experiencing declines, while developing countries showed growth [14] Collaboration with Group Company - The group company plans to enhance collaboration with the listed company through market value management and capital operations, aiming for resource sharing and improved operational efficiency [10][18] Shareholder Returns - Liugong anticipates a stable development trend with a compound annual profit growth rate of 35%-50%, while also focusing on enhancing shareholder returns [30] Future Product Development - The company plans to accelerate the launch of large and ultra-large mining equipment, with a target of 2 billion RMB in mining business revenue for 2025 and aims to exceed 10 billion RMB in the future [28][29] Demand for Small Excavators - There is a significant increase in demand for small excavators, particularly in agriculture and water conservancy projects, driven by government investments [26] Age Policy for Leadership - Liugong's flexible age policy for leadership does not enforce mandatory retirement, allowing experienced leaders to remain in their roles based on capability and health [27] Electric Loader Demand - The demand for electric loaders is rising, with over 40% penetration, while excavators lag in electrification, affecting their demand dynamics [23][24] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Liugong's focus on leadership, growth strategies, and market dynamics in the construction machinery industry.

太平洋近日发布机械日报：2025年6月4日，沪深300上涨0.43%，机械板块上涨0.61%， 在所有一级行业中排名19。细分行业看，锂电设备涨幅最大，上涨3.10%；工程机械跌幅最 大，下跌0.61%。个股方面，日涨幅榜前3位分别为大宏立(+19.98%)、新劲刚(+13.39%)、沪 宁股份(+12.41%)；跌幅榜前3位为申科股份（-10.01%）、合锻智能(-6.04%)、弘讯科技 （-5.37%)。 以下为研究报告摘要： 报告摘要 市场表现： 【联测科技】公司持股5%以上股东郁旋旋先生在减持前持有公司股份的6.16%，拟通过 集中竞价方式减持减持公司总股本的0.84%。 【山东威达】2025年6月4日，公司首次通过股份回购专用证券账户以集中竞价方式回购 公司总股本的0.03%。 【物产金轮】截至2025年5月31日，公司通过回购专用证券账户以集中竞价方式累计回 购公司总股本的0.35%。 【博杰股份】截至2025年5月30日，公司通过回购股份专用证券账户以集中竞价方式回 购公司总股本的0.15%。 【巨星科技】董事会于近日收到董事徐筝女士提交的书面辞职报告，因公司内部工作调 整，徐筝女士申请辞去公司 ...

近期A股公司回购活跃。Wind数据显示，截至6月5日收盘，近1个月共有439家A股公司实施回购，回购 总金额达到266.89亿元，同比增长51.83%。 苏商银行特约研究员高政扬在接受《证券日报》记者采访时表示："A股公司近期回购活跃，主要受政 策支持、市场因素及企业战略的三重驱动。上市公司加大回购力度，有利于市值管理，向市场传递信 心。" 龙头公司担当回购主力 Wind数据显示，5月5日至6月5日期间，贵州茅台酒股份有限公司、徐工集团工程机械股份有限公司、 宁德时代新能源科技股份有限公司、三安光电股份有限公司（以下简称"三安光电"）、三一重工股份有 限公司回购金额居A股前五，分别为31.51亿元、16.64亿元、12.96亿元，10.28亿元、9.63亿元。 三安光电在短短两个月内快速"顶格"完成了回购计划。公司6月5日发布的公告显示，基于对公司未来发 展前景的信心及对公司长期价值的认可，公司于4月10日首次披露回购方案，预计回购金额为10亿元至 15亿元。截至6月4日，公司完成本次回购，使用资金总额15亿元。本次回购方案实施情况与原披露的回 购方案不存在差异，公司已按披露的方案完成回购。 发布了年内A股首 ...

"一个月之内，研发项目团队能与企业面谈三回，成果转化进度顺利得超乎想象。"徐州高新区微控生物 科技有限公司尹卫卫说。 5月初，徐州医科大学孙玛骥在徐州铜山区委人才办举办的协"铜"创新合作发展联盟暨第二届科技镇长 团杯创新创业大赛上，详细介绍研究成果"基于多模态影像融合与智能动态调控的脊柱介入诊疗机器人 导航系统研发"，得到现场评审高度称赞，该项目在比赛中获得一等奖。作为生物医药企业代表前来的 尹卫卫，立刻邀请孙玛骥商谈转化落地。 "今年铜山人才工作聚焦'8166+N'产业体系建设，细分产业领域分批次联系相关专家人才参加路演活 动，实现更精准对接。"铜山区委组织部副部长张亚说。 本次创新创业大赛上，第十七批科技镇长团团员、徐州工程学院信息工程学院副院长张雷和学院讲师项 导分别带来"安昕"居家智慧养老精准监护系统、基于机器视觉的缺陷识别和目标检测系统最新研发成 果，锚定铜山工程机械与大健康产业建设目标，拓宽发展道路。 从高校人才挂职政府职能部门、获聘企业科技高管，到组建高校科研人员的科技镇长团，铜山区打破体 制界限，通过一系列制度设计，让人才在政府、高校、企业间有序流动。 协"铜"创新合作发展联盟成立以来，共获批 ...

Core Viewpoint - The XCMG International Customer Festival has evolved into a cultural event that reflects the rise of China's construction machinery industry and its globalization efforts [2] Group 1: Company Performance and Strategy - XCMG expects a 12.2% year-on-year increase in net profit to 5.976 billion yuan in 2024, with continuous improvement in gross and net profit margins, and significant growth in operating cash flow [2] - The company emphasizes self-reform as a key to maintaining sustained growth, aiming for high-quality development and entering new markets [3] - XCMG is focusing on green development in construction machinery, establishing a New Energy Research Institute and launching leading electric products [3][4] Group 2: Technological Advancements - The proportion of new energy and hybrid vehicles in XCMG's fleet is increasing, with advancements in automation and intelligent operating systems [4] - XCMG has achieved L4 level autonomous driving for some equipment, enhancing efficiency and safety in high-risk operations [4] - The company is prioritizing digital transformation and smart upgrades as part of its "Chairman's No. 1 Project" to maintain competitiveness [4] Group 3: Global Expansion - XCMG has delivered high-end lifting machinery and intelligent mining equipment to international clients, reinforcing its global presence [5][6] - The company has established a footprint in over 190 countries, responding to local market demands with tailored solutions [6][7] - XCMG aims to double its scale to over 100 billion yuan by 2030, with international revenue accounting for over 60% [8] Group 4: Industry Positioning - The XCMG International Customer Festival has generated an estimated $800 million in intended orders, enhancing the company's global outreach [7] - XCMG's commitment to technological and product innovation is seen as a cornerstone for building advanced manufacturing clusters in the region [7] - The integration of heavy vehicle operations into XCMG's portfolio is expected to create a comprehensive solution for open-pit mining machinery [8]

Group 1 - The core viewpoint is that Hunan Province has recognized 1,323 new enterprises as provincial-level specialized, refined, distinctive, and innovative small and medium-sized enterprises (SMEs), bringing the total to 6,304 provincial-level SMEs and 543 national-level "little giant" enterprises as of May 27 [1][2] - Continuous and stable policies have solidified the foundation for the development of "little giant" enterprises, with Hunan issuing multiple documents such as the "Hunan Province Specialized, Refined, Distinctive, and Innovative 'Little Giant' Enterprise Cultivation Plan (2021-2025)" [1] - Hunan's specialized industrial clusters provide synergy for the development of "little giant" enterprises, guiding their business focus and enhancing competitive advantages through collaboration with leading enterprises [2] Group 2 - The innovation vitality of "little giant" enterprises is crucial for their survival and overcoming technological barriers, exemplified by the case of Zhuzhou Huari Precision Tools Co., Ltd. which established an integrated innovation system with local universities [2] - With the deepening development of pillar industries such as advanced materials and advanced equipment manufacturing, Hunan is expected to cultivate more world-class "little giant" enterprises in high-end equipment and new materials [3]