1. Reported Industry Investment Rating - No information provided 2. Core Views of the Report - The company firmly promotes the mining strategy, concentrating superior resources and systematically deploying high - end equipment for the entire mining construction scenario. It has formed a mining product matrix and has developed systematic competitiveness in the high - tech and high - value - added mining field [22] - The heavy industry group provides the company with synergy advantages in product R & D, through "integrated collaboration" R & D between vehicle and engine enterprises [22] - The company actively responds to the "Belt and Road" initiative, with products covering over 95% of countries and regions along the route. It has continuously improved the global regional operation framework this year, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets such as Southeast Asia and Africa [22] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Shantui Construction Machinery Co., Ltd., belonging to the construction machinery industry. The reception time was January 21, 2026, and the listed company's reception staff were Yuan Qing, Xiao Yao, and Dong Jianjun [17] 3.2 Detailed Research Institutions - The reception object is a fund management company, specifically, the relevant personnel from Harvest Fund is Zhai Fang [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - The company has formed a mining product matrix centered on large - horsepower mining bulldozers and high - drive bulldozers, covering large mining excavators, mining graders, and TEH series rigid mining trucks, and has launched relevant products into the market [22] - The heavy industry group supports the "integrated collaboration" R & D between vehicle and engine enterprises, jointly creating a product portfolio with differential competitive advantages [22] - The company's products cover over 95% of countries and regions along the "Belt and Road" route. This year, it has improved the global regional operation framework, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets and effectively resolving single - market risks [22]

南财智讯1月21日电，山推股份在投资者关系活动中表示，公司坚定推动矿山战略，集中优势资源系统 布局矿山施工全场景的高端装备，构建以大马力矿用推土机、高驱推土机为核心，涵盖大型矿用挖掘 机、矿用平地机与TEH系列刚性矿卡的产品矩阵，相关产品均已推向市场，在高技术门槛、高附加值的 矿山领域形成了体系化竞争力。 ...

| | 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √）特定对象调研 （ ）分析师会议 | | | --- | --- | --- | | 投资者关系活动 | （ ）媒体采访 （ ）业绩说明会 | | | 类别 | （ ）新闻发布会 （ ）路演活动 | | | | （ √）现场参观 | | | | （ （请文字说明其他活动内容） | ）其他 | | 参与单位名称及 | 嘉实基金：翟放 | | | 人员姓名 | | | | 时间 | 2026 年 1 月 21 日 | | | 地点 | 山推股份办公楼 203 会议室 | | | 上市公司接待 | 袁青、肖尧、董建军 | | | 人员姓名 | | | | | 一、互动交流 | | | | 1、公司矿山业务进展： | | | | 公司坚定推动矿山战略，集中优势资源，系统布局了矿山施工 | | | | 全场景的高端装备，构建以大马力矿用推土机、高驱推土机为核心， | | | 投资者关系活动 | 涵盖了大型矿用挖掘机、矿用平地机与 TEH 系列刚性矿卡的矿山产 | | | 主要内容介绍 | 品矩阵，相关产品均已推向市场，公司已在高技术门槛、高附加值 | | ...

Investment Rating - The report assigns a "Buy" rating to key companies in the mining machinery sector, including SANY Heavy Industry, Zoomlion, and Weichai Power, indicating strong growth potential in the upcoming years [5][4]. Core Insights - The mining machinery sector, particularly large mining excavators and trucks, is expected to be a major growth area for Chinese engineering machinery manufacturers in 2026, driven by high global capital expenditure in mining and increasing demand for Chinese brand equipment due to domestic companies expanding overseas [2][4]. - The report forecasts a 70% increase in global demand for backup generator sets for data centers from 2025 to 2030, presenting significant opportunities for Weichai Power [2][4]. - The report highlights that the replacement cycle for construction equipment in China is ongoing, with specific growth expected in the automotive crane sector starting in 2026, driven by energy construction demands [4][2]. Summary by Sections Mining Machinery - Global mining capital expenditure is projected to remain high, with a 16% year-on-year growth expected in 2025, and continued growth in 2026, driven by rising demand for energy-related metals and aging equipment needing replacement [12][25]. - Chinese brands are increasingly penetrating the large mining machinery market, traditionally dominated by international giants like Caterpillar and Komatsu, by enhancing product offerings and after-sales service networks [4][12]. - Africa and Brazil are identified as key markets for Chinese mining machinery, with increasing import shares from China surpassing those from the U.S. in recent years [4][46]. Equipment Replacement Cycle - The report anticipates that the replacement cycle for earth-moving machinery will continue, with excavators and wheel loaders seeing sustained demand [4][68]. - The upcoming Yaxia hydropower project in China is expected to significantly boost demand for construction machinery, with an estimated annual investment of approximately 24 billion RMB in related machinery [67][68]. Data Center Power Equipment - The demand for backup diesel generator sets is expected to grow significantly, with the market size projected to expand from approximately 4 billion USD in 2025 to about 6.8 billion USD by 2030, reflecting a growth rate exceeding 70% [4][2]. - Weichai Power is positioned to capitalize on this growth, focusing on the backup power segment for data centers [4][2]. Company-Specific Insights - SANY Heavy Industry aims to increase its sales of large mining trucks from 22% in 2024 to 40% in 2025 and 55% in 2026, indicating a strategic shift towards larger equipment [32][38]. - The report emphasizes the potential for after-market services in the mining equipment sector, which can provide sustainable revenue growth as the installed base of equipment increases [43][4].