July 7, 2025 04:03 PM GMT China Industrials | Asia Pacific Morgan Stanley Asia Limited+ June Excavator Sales: Better than Feared June total sales rose 13% YoY (6M +17%). Domestic sales rose 6% YoY (6M +23%), higher than market expectations of negative to flat YoY; however, machinery utilization rate was weak (-7.5ppts YoY to 56.9% in June, per CCMA), likely putting pressure on the sales outlook for off-season July. Exports rose 19% YoY (6M 98% YoY), beating expectations. We continue to expect a modest 10-15 ...

24 June 2025 ab Global Research First Read China Construction Machinery Sector Takeaways from expert meeting: domestic excavator demand under pressure in off-season, but expect DD growth in FY25E Domestic demand may fluctuate in the short term, but upward trajectory of the industry remains intact We invited a construction machinery expert to review the sales performance in 5M25 and provide a future outlook. Key takeaways include: 1) domestic excavators sales in May did not sustain the high growth seen in 4M ...

中国经济网北京6月5日讯5月30日，南方都市报发布《3年跑输基准超10%将降薪哪些基金经理"亮红灯"？》一文。文 中称，截至5月21日，全市场成立满三年、现任基金经理管理时长超过三年的公募基金共有近6000只(注：同一产品不 同份额，只统计一次)，其中，1341只基金近三年累计收益率低于同期业绩比较基准超10个百分点，涉及735位基金经 理。 在跑输基准的基金中，有31只基金产品近三年累计收益率低于基准超50个百分点，这其中包括金鹰基金韩广哲管理的 金鹰改革红利等多只产品。 金鹰改革红利混合成立于2015年12月2日，截至2025年6月4日，该基金近1年、近2年、近3年的阶段涨幅分别 为-13.41%、-37.29%、-49.62%，同期同类平均涨幅为7.40%、-2.84%、-5.73%，同期沪深300涨幅为7.00%、 0.18%、-5.40%。截至2025年6月4日，该基金累计净值1.3170元。 据一季报披露，金鹰改革红利混合保持了中高水平股票仓位，配置以成长风格、顺周期为主，重点布局了消费电子供 应链龙头公司、半导体芯片制造、整车智驾应用、工程机械、AI+医疗、创新药等板块，减持了半导体设备、银行等 ...

Investment Rating - The report maintains an Overweight (OW) rating for Sany Heavy Industry, with a price target of Rmb25.00 set for December 31, 2026 [4][10]. Core Insights - Sany Heavy Industry is experiencing robust performance in both domestic and international markets, with domestic demand remaining resilient despite fluctuations [2][5]. - The company is strategically focusing on medium and large excavators to enhance profitability, while also maintaining market share through competitive pricing [2][6]. - Exports are a significant growth driver, with successful market share expansion in Southeast Asia and Africa, despite challenges in regions like Russia and the Middle East [2][7]. - The mining equipment segment presents substantial opportunities, particularly for large excavators linked to commodity prices, with Sany well-positioned in open-pit mining operations [2][7]. - Sany's strong cash flow generation and focus on high-margin products contribute to its financial stability and self-sufficiency in core components [2][8]. Summary by Sections Domestic Market Trends - Domestic demand for construction machinery remains strong, with a year-on-year growth rate of approximately 10% for excavators [5]. - Management anticipates a 10-15% annual growth rate in the industry, driven by ongoing infrastructure projects and government stimulus policies [5]. Pricing and Competition - The competitive landscape in the construction machinery sector remains intense, particularly for small excavators, but Sany is committed to maintaining stable market share and profitability through strategic pricing [6]. Export Performance - Sany has successfully increased its market share in key regions, with promising demand in Southeast Asia and Africa, while facing challenges in Russia and the Middle East due to economic conditions [7]. Mining Equipment Opportunities - The mining sector offers significant opportunities for Sany, especially in large excavators for open-pit mining, supported by robust mining activity despite commodity price fluctuations [7]. Financial Stability - Sany prioritizes cash flow over revenue growth, ensuring financial stability and minimizing credit risk, with a focus on innovative financing solutions and strategic partnerships [8].

企业高质量发展的背后，离不开税收政策的有力支持。而要让好政策落地，让纳税人缴费人真真切切地享受到政策红利，则离不开税务部门的创新服务。 2024年，全省落实支持科技创新和制造业发展减税降费及退税3185亿元，约占全国八分之一;落实外商投资企业利润再投资优惠政策吸引再投资354亿元， 成效连续7年保持全国第一；通过"银税互动"帮助50.6万户企业获得信用贷款3419.4亿元……江苏税务部门持续扎实推进税收营商环境建设。 近日，"'赢'在江苏——寻找2025优化营商环境新实践"全媒体采访团走进国家税务总局江苏省税务局，采访多家受惠企业，探寻我省税务部门以创新服务 优化营商环境的最新成果。 税费政策精准推送，确保科技企业享受红利 从"人找政策"转变为"政策找人"，持续深化税费政策精准推送机制，江苏税务部门的服务让我省科技企业及时享受到国家税费政策红利。 【工作亮点】 "让税费政策更直达、更快享，江苏税务运用税收大数据，主动甄别、精准定位符合享受优惠政策条件的企业，向其推送涵盖税费政策、操作指引、服务 渠道等内容的个性化政策'大礼包'。"江苏省税务局纳税服务处夏建军介绍，江苏税务还建立了"未诉先办、接诉快办、遇诉好办 ...

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Titan Machinery Inc. (TITN) incurred a loss of 58 cents in first-quarter fiscal 2026 (ended April 30, 2025), which was narrower than the Zacks Consensus Estimate of a loss of 79 cents. The company posted earnings of 41 cents per share in the year-ago quarter.Titan Machinery’s Q1 Revenues Decline Y/YTotal revenues were $594 million, down 5.5% from the year-ago quarter. The top line, however, surpassed the consensus mark of $463 million. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar. ...

Acquisition Details - Titan Machinery Inc. has completed the acquisition of the dealership assets of Farmers Implement & Irrigation, aligning with its strategic growth initiatives [1][2] - Farmers Implement & Irrigation, a New Holland dealership, has two locations in South Dakota and generated revenues of $20 million in 2024 [2][3] - The acquisition enhances Titan Machinery's New Holland presence in eastern South Dakota [3] Financial Guidance - For fiscal 2026, the agriculture segment's revenues are expected to decline by 20-25%, while the construction segment's revenues are projected to decrease by 5-10% [4] - The company anticipates a loss of $1.25 to $2.00 per share in fiscal 2026, indicating weak demand [4] Stock Performance - Over the past year, Titan Machinery's shares have decreased by 9.6%, contrasting with the industry's growth of 13.5% [5] Earnings Expectations - Titan Machinery is set to report its first-quarter fiscal 2026 earnings, with a consensus estimate of a loss of 79 cents per share, compared to earnings of 41 cents per share in the same quarter last year [9] - The revenue estimate for the first quarter is pegged at $493 million, reflecting a year-over-year growth of 26.4% [9]

14 May 2025 Equity Research Report XCMG Constr Machinery (000425 CH) Buy: Executing well on reform strategy Domestic sales to rebound from three-year contraction: According to the China Construction Machinery Association, domestic excavator sales grew 16% y-o-y in April on replacement demand, and exports grew 19% y-o-y on a low base, leading to aggregate industry growth of 21.4% y-o-y in 4M25 (Exhibits 1-2), better than our expectation. XCMG's 1Q25 revenue growth accelerated due to solid growth of road mach ...

Core Insights - The article discusses the author's experience with Caterpillar Inc. and highlights the company's products, particularly in the energy division [1]. Group 1: Company Overview - Caterpillar Inc. is recognized for its strong presence in the energy sector, showcasing its diverse product offerings [1]. - The author emphasizes a focus on business analysis, fundamental analysis, and long-term growth, indicating a thorough understanding of Caterpillar's market positioning [1]. Group 2: Investment Analysis - The author aims to provide research-backed analysis to assist investors in making informed decisions regarding Caterpillar and similar companies [1]. - The analysis includes a focus on business models, earnings performance, and competitive positioning, which are critical for evaluating investment opportunities in Caterpillar [1].