公司第十届董事会成员均具备担任上市公司董事的任职资格,未受过中国证监会 及其他有关部门的处罚和证券交易所惩戒，不存在《公司法》《公司章程》中规定的不得 担任公司董事的情形,不属于失信被执行人。独立董事任职资格和独立性已经深圳证 券交易所审核无异议。第十届董事会董事成员中兼任公司高级管理人员的董事人数总 计未超过公司董事总数的二分之一。独立董事人数未低于董事会成员的三分之一目均 已取得独立董事资格证书，符合相关法律法规的要求。 ( 二 ) 董事会各专门委员会委员 公司第十届董事会下设战略与 ESG 委员会、薪酬与考核委员会、审计委员会、提 名委员会、合规管理委员会，各专门委员会委员任期三年，自第十届董事会第一次会 议审议通过之日起至第十届董事会届满之日止。经公司董事会审议通过，具体任职如 下: (4)提名委员会委员:邓腾江先生（主任）、郑津先生、罗国兵先生、李嘉明先 生、陈雪萍女士; （5）合规管理委员会委员：郑津先生（主任）、罗国兵先生、文武先生、邓腾江 先生、黄志敏女士。 上述薪酬与考核委员会、审计委员会、提名委员会中独立董事人数均过半数，并 由独立董事担任召集人，审计委员会主任委员李嘉明先生为会计专业人士 ...

Core Viewpoint - The 4th Changsha International Construction Machinery Exhibition showcases the industry's transformation towards high-end, intelligent, and green technologies, featuring over 1,800 companies from more than 60 countries, including 35 of the world's top 50 construction machinery firms [1][3]. Group 1: Exhibition Highlights - The exhibition theme focuses on high-end, intelligent, and green construction machinery, emergency equipment, mining machinery, agricultural machinery, and transportation equipment [1]. - The event attracted 1,806 exhibitors, including major players like SANY Heavy Industry, Zoomlion, and CRRC, with a total industrial output value exceeding 200 billion yuan [1][2]. - The exhibition area covered 300,000 square meters with over 20,000 exhibits across 23 categories, and more than 5,000 international buyers participated [3][4]. Group 2: Technological Innovations - Over 30 new products and more than 1,500 new technologies were launched at the exhibition, with over 60% of exhibits featuring advanced technologies such as AI, remote control, and unmanned operations [4]. - SANY showcased the world's first fully electric unmanned excavator, demonstrating a 40% efficiency improvement over traditional models [6]. - Key components like the 8.61-meter diameter shield machine bearing from CRRC were highlighted, showcasing advancements in critical machinery technology [2][3]. Group 3: Industry Collaboration and Development - A procurement signing event resulted in over 13 billion yuan in agreements among more than 100 companies in the construction machinery supply chain [7]. - The "Five Provinces" cooperation agreement aims to enhance regional collaboration in research, industry chain integration, and market sharing [7]. - Hunan and Hainan provinces announced standards for the evaluation of used construction machinery for export, aiming to establish a global recycling and remanufacturing base [7].

Summary of Conference Call Records Industry or Company Involved - Focus on the economic conditions in the United States and China, with implications for various sectors including technology, gold, and innovative pharmaceuticals Core Points and Arguments Economic Conditions - The U.S. economy faces dual risks of recession and high inflation, with the consumer confidence index dropping to 50.8 and initial jobless claims remaining high at around 230,000 to 240,000, indicating a near-recession level [1][2][5] - China's economy is challenged by weakening manufacturing indicators (PMI, PPI, CPI), declining per capita consumption, and low corporate returns, with industrial electricity growth slowing to 1.3% and urban employment growth at -3.7% [1][4][5] Government Responses - The U.S. Federal Reserve may restart interest rate hikes due to inflation risks from tariffs, potentially leading to a liquidity trap [5] - The Chinese government is expected to expand fiscal and financing measures, increase infrastructure spending, and enhance social security to address economic challenges and release excess savings [1][4] Investment Strategies - Current investment strategies recommend focusing on gold and innovative pharmaceuticals, which are expected to have high short-term certainty [1][6] - Suggested long-term investments include growth-oriented dividend assets such as major telecom operators, traditional infrastructure (construction materials, engineering machinery), and consumer services (mother and baby products, education, dining, cosmetics, medical beauty) [1][6] Market Adjustments and Technology Investments - After a short-term market adjustment, it is advisable to gradually increase investments in core technology companies, which have a penetration rate of 10%-15% and are benefiting from AI infrastructure development [1][7] Juglar Cycle Insights - The Juglar cycle typically aligns with economic recovery, with equipment expansion occurring during economic overheating [2][8] - The earliest potential start for the Juglar cycle is projected for Q3 2025, contingent on M1 money supply and PPI turning points [2][10] Industry Selection Criteria - Industries benefiting from the Juglar cycle should exhibit capital expenditure expansion elasticity and align with economic structural transformation and policy support [2][11] - Examples of sectors with capital expenditure expansion capabilities include military, communications, machinery, electronics, pharmaceuticals, and media [2][15] Specific Industry Examples - The engineering machinery sector is highlighted as a typical beneficiary of the Juglar cycle, showing resilience and performance during economic recoveries [12][13] - Industries with strong expansion potential during market adjustments include those with constrained supply and expanding demand, leading to accelerated capital expenditure [14] Secondary Investment Directions - Secondary investment opportunities include sectors entering a passive destocking phase with improving cash flow and capital expenditure, such as aerospace and IT services [18] Other Important but Possibly Overlooked Content - The need to monitor three key indicators (M1 money supply, producer price index, export data) to confirm the start of the Juglar cycle and ensure financial stability [10] - The importance of selecting industries with improving cash flow, asset turnover, and stable pricing to ensure sustainable excess returns during the Juglar cycle [15][16]

北京大成（南京）律师事务所 18 Jihui Road ,7—11/F of 南京市鼓楼区集慧路 18 号联创大厦 A 座 7-11 楼 Building A, Lian-chuang 邮编：210036 Technology Mansion, Gulou District,Nanjing China Tel: 86-25-83755000 北京大成（南京）律师事务所 关于 徐工集团工程机械股份有限公司 第一个解除限售期解除限售条件成就事项 之 法律意见书 北京大成（南京）律师事务所 签署日期：二〇二五年五月 北京大成（南京）律师事务所关于徐工集团工程机械股份有限公司 售条件成就事项之法律意见书 致：徐工集团工程机械股份有限公司 北京大成（南京）律师事务所（以下简称本所）接受徐工集团工程机械股份 有限公司（以下简称公司或徐工机械）委托，以专项法律顾问的身份，根据《中 华人民共和国公司法》 （以下简称《公司法》 ）、《中华人民共和国证券法》 （以下 务院国有资产监督管理委员会（以下简称国务院国资委）、财政部联合发布的《国 有控股上市公司(境内)实施股权激励试行办法》 （以下简称《试行办法》） 、《国务 院国有资 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-38 徐工集团工程机械股份有限公司 本公司及监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。 一、监事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"）第九届 监事会第十七次会议（临时）通知于 2025 年 5 月 16 日（星期五） 以书面方式发出，会议于 2025 年 5 月 20 日（星期二）以非现场 的方式召开。公司监事会成员 7 人，出席会议的监事 7 人，实际 行使表决权的监事 7 人：甄文庆先生、张连凯先生、程前女士、 章旭女士、李格女士、蒋磊女士、马景亚先生。本次会议的召集、 召开和表决程序符合有关法律、法规和公司《章程》的规定，会 议形成的决议合法有效。 二、监事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于 2023 年限制性股票激励计划首次授予部分第一 个解除限售期解除限售条件成就的议案 经审核，监事会认为：根据公司《2023 年限制性股票激励 计划（草案）》和《2023 年限制性股票激励计划实施考核管理 办法》的相关规定，公司 2023 年限 ...

Core Viewpoint - The supervisory board of XCMG Group has verified the conditions for the first unlock period of the 2023 Restricted Stock Incentive Plan, confirming compliance with relevant laws and regulations, and approving the release of 33.881052 million shares for 1,616 eligible participants [2][3]. Group 1 - The company meets the requirements set forth in the Management Measures and other relevant regulations for implementing the stock incentive plan, confirming its eligibility to execute the plan [2]. - The eligible participants for the stock incentive plan do not fall under any disqualifying conditions as outlined in Article 8 of the Management Measures [2]. - The supervisory board has concluded that the conditions for the first unlock period of the incentive plan have been fulfilled, allowing for the release of shares after the specified period [3].

Core Insights - Caterpillar shares experienced a significant price increase from around $270 to over $350 within a month, indicating a notable market movement [2] Group 1 - The stock price surge suggests that there may have been underlying factors influencing investor sentiment and market dynamics [2] - The article hints at a complex situation where both external events and intrinsic company performance may have played a role in the stock's appreciation [2]

中联重科（000157）公告，公司拟通过公开竞价摘牌方式参与湖南兴湘投资控股集团有限公司、湖南迪 策投资有限公司挂牌转让的中联重科融资租赁(北京)有限公司45%、36%股权，挂牌转让底价分别为 9.04亿元、7.23亿元。本次交易完成后，公司持有北京租赁股权比例由19%上升至100%，北京租赁成为 公司全资子公司。 ...

Group 1 - The Fengming Lake Future Industry Research and Innovation Center project in Wuhu, Anhui Province, is under construction and is expected to be operational by 2027 [1][2] - The project is part of the Wuhu Economic and Technological Development Zone's efforts to create a new research and innovation landmark, aiming to attract more entrepreneurial entities and promote regional industrial upgrades [2][4] Group 2 - The "Excavator Index" from SANY Heavy Industry indicates that the average operating rate of construction machinery in China was 44.67% in Q1, a year-on-year increase of 1.62%, with 12 provinces exceeding 50% [4] - In April, the sales of various excavators reached 22,142 units nationwide, representing a year-on-year growth of 17.6%, with domestic sales at 12,547 units, up 16.4% [4] Group 3 - From January to April, China's fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, a year-on-year increase of 4.0%, with investment growth in major projects (1 billion yuan and above) at 6.7%, outpacing overall investment growth [5][8] - The Anhui province has achieved a 96.8% commencement rate for its first batch of 622 major projects by the end of March, with plans to accelerate project progress and enhance service for key projects [8]

随着 " 双碳 " 目标的持续推进以及人工智能、大模型等新技术广泛应用，传统工程 机械正向动力源变革、智能化升级、数字化转型、网络化联接的方向发展。新能源工程 机械将促进产业转型升级、重塑市场格局、推动可持续发展。 2025" 新能源工程机械大会 " 以 "绿色转型 智能升级" 为主题， 将于 2025 年 6 月 17—19 日 在 烟台 召开。本届会议将汇聚全球工程机械和农业机械产业领导者，探 讨新能源、数智化的产业政策和创新技术，解析市场需求与发展趋势，协同产供链，推 动新能源工程机械产业高质量发展。 诚邀行业精英共襄盛会，交流思想、分享经验、凝聚共识、开创未来。 01 会议名称 2025新能源工程机械大会 2025 New Energy Construction Machinery Conference（NECMC 2025） 02 会议时间及地点 2025年6月17—19日 烟台金沙滩喜来登酒店 地址：山东省烟台市经济技术开发区海滨路88号 电话：0535-6119999 03 会议内容 当今全球正处于向低碳转型的重要历史时期，工程机械迎来了百年未有之大变革，呈 现出绿色转型和智能升级新趋势。 国家 ...