Group 1: Industry Overview - The sales of various excavators reached 18,804 units in June 2025, representing a year-on-year increase of 13.3%, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [1] - In the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year growth of 16.8%, with domestic sales of 65,637 units (up 22.9%) and exports of 54,883 units (up 10.2%) [1] - The domestic excavator sales in June showed a year-on-year growth of 6.2%, rebounding by 7.7 percentage points compared to previous values, driven by accelerated second-hand exports and a low base from the previous year [1] Group 2: Market Dynamics - The construction machinery industry is expected to maintain stable growth in excavator sales, with domestic earth-moving equipment projected to achieve double-digit growth for the year [2] - The demand for excavators is shifting towards recovery, particularly in the mining sector and major water conservancy projects, while the demand for small excavators is slowing down [2] - The government plans to issue long-term special bonds and increase local government special bonds to stimulate infrastructure investment, which is expected to boost downstream equipment demand [5][6] Group 3: Company Performance - Zoomlion (000157) anticipates that domestic sales will enter a growth trajectory, expanding its business from domestic markets to global markets across engineering, agricultural, and mining machinery [3] - Sany International (00631) reported a revenue of 5.876 billion yuan in Q1 2025, a year-on-year increase of 14.6%, with net profit rising by 23.2% [7] - The company is focusing on expanding its overseas business, particularly in emerging regions, while also enhancing its product offerings in earth-moving, agricultural, and mining machinery [7]

2025年7月7日，习近平总书记到山西阳泉考察。 在百团大战纪念碑广场，习近平总书记向八路军烈士敬献了花篮，接着，参观了百团大战纪念馆。总书记还考察了阳泉阀门股份有限公司，了 解山西加快产业转型升级、推动高质量发展等情况。 巍巍太行，座座丰碑。 这里曾是八路军第一个敌后根据地诞生地，八路军总部等重要机构长期驻扎于此。 在百团大战纪念馆，习近平总书记指出，七七事变是全民族抗战的开始，中国共产党是全民族抗战的中流砥柱，百团大战让全世界看到了中国 共产党和中国人民抗战的意志和力量。 平型关战斗、夜袭阳明堡、百团大战…… 一场场战斗，凝聚成抗日军民同仇敌忾、勇御外侮的光辉历史。 1937年的山西平型关战役，是八路军开赴抗日前线后的首次大捷，也是中国抗战史上第一次大胜利，大大鼓舞了全国人民的抗日信心。图为八 路军115师战士在平型关公路两侧伏击日军。 百团大战第一阶段以破袭正太铁路为重点，阳泉位于其"咽喉"部位，成为第一阶段的主战场。这是在山西狮脑山血战中的我军机枪阵地。 1937年秋，八路军部队日夜兼程向华北抗日前线挺进。 抗日根据地军民响应党的号召，开展大生产运动，自力更生，艰苦奋斗，战胜了日本侵略者和国民党反动派 ...

▲南排生态修复治理区全景图 驻足凝望这一隅山水，"扎哈淖尔"探索出一条"采矿愚公移山、复垦绿水青山、转型金山银山"的高质量绿色发展之路。 从"尘土飞扬卷黄沙"到"林海苍茫锁高原"，从"煤海嬗变映初心"到"绿色发展擘画卷"，由"黑"到"绿"，由吟咏到赞颂，变幻的 是颜色，不变的是从"生态佳"迈向"生态+"的不懈追求。 电能替代的"绿色革命"：从柴油轰鸣到电能驱动的跨越 在扎哈淖尔露天煤矿生产现场，120吨级纯电动矿用卡车正在有序作业，这些"大块头"看似与传统矿卡无异，却藏着颠覆 行业的绿色密码——它们以磷酸铁锂电池替代传统柴油机，充电1小时可连续工作5小时以上，单日土岩剥离量达2.1万立方 米，较同吨位燃油矿卡运行成本降低62.7%，年碳减排量达7351吨，相当于种植40万棵冷杉。 这项技术突破背后，是一场艰苦的科技创新攻坚战。针对高寒地区低温环境下电池性能衰减、重载上坡动力不足等难题， 研发团队攻克了多支路充放电、电池均衡冷却、能量回收等核心技术，获得5项国家专利，让"大块头"在-30℃的极寒天气中依 然能稳定作业。 从"油改电"到"零碳链"：构建矿山绿色经济生态 纯电动矿卡只是绿色转型的冰山一角。沿着"源— ...

中经记者陈燕南北京报道 "对于无人驾驶企业而言，矿山场景的出海是重要机遇，海外市场空间可达国内的10倍甚至几十倍。这一判断源 于全球矿山自动化、智能化改造的迫切需求：一方面，海外矿山多为露天大型矿场，地形规整、路线固定，适合 无人驾驶技术落地；另一方面，海外人力成本高、安全监管严格，无人驾驶方案能有效降低运营成本、提升作业 安全性，市场接受度更高。"近日，在零观特别节目——《专用车无人驾驶趋势解读》上，踏歌智行副总裁兼董 事长助理赵斌分享道。据粗略统计，此次节目播放超12万人次观看。 从2017年踏歌智行的"孤独探索"到如今的"群雄并起"，矿山无人驾驶正迎来从技术到商业的全面爆发，而作为一 家露天矿区的无人驾驶企业，踏歌智行正站在这场变革的潮头，与行业伙伴一起，向着国际市场迸发。 赵斌表示："我们希望与各方携手，将中国无人驾驶技术推广至海外，让海外客户看到中国在无人驾驶商业化领 域的技术领先优势，不仅在新能源领域，在无人驾驶领域也能引领国际市场发展，实现批量化落地，这是我们现 阶段期望之一。" 技术突破：从"科研展示"到"生产工具"的质变 "踏歌智行的技术团队依托于北京航空航天大学，创始团队在海外时就希望通过 ...

Performance Review - Company reported 1Q25 financial data: revenue of 5.876 billion yuan, a year-on-year increase of 14.6%, gross profit of 1.428 billion yuan, a year-on-year increase of 11.8%, and net profit attributable to shareholders of 635 million yuan, a year-on-year increase of 23.2%, meeting expectations [1]. Development Trends Mining Equipment - Domestic demand remains resilient, with positive outlook for overseas expansion of mining trucks. Domestic coal prices are in a downward trend due to weak demand. Current demand for tunneling machines and wide-body trucks is strong, while hydraulic support prices are under intense competition. The company expects good growth for overseas wide-body trucks and large mining trucks, driven by product upgrades and reduced overall user costs, indicating significant long-term growth potential in large mining trucks and related aftermarket [1]. Logistics Equipment - Demand for port machinery is on the rise, with expansion of new products overseas. Starting in 2023, global demand for port equipment is recovering, with full orders for large port machinery and gradually strengthening order profitability. Exports of small port machinery products remain robust in Asia, Africa, and Latin America. Over the past three years, the company has aggressively expanded new products like telescopic forklifts in the European and American markets, currently producing in India to address tariff issues. The company is optimistic about the trend towards electrification of small port machinery and the continued expansion of new products overseas [1]. Oil and Gas Equipment - Demand and profitability are expected to recover. In 2024, revenue and profitability declined due to major clients' cost-cutting measures. The company anticipates marginal recovery in industry demand in 2025, with strengthened internal management to restore market share [2]. New Industries - Focus on cost reduction and efficiency improvement, expanding overseas application scenarios. In 2024, the company will enhance management reforms for new industries, readjusting businesses with intense competition and limited profitability. It is expected that operating losses in new industries will significantly narrow in 2025, optimizing the efficiency and return rate of existing assets [2]. Profit Forecast and Valuation - The company maintains the 2025 EPS forecast at 0.70 yuan and introduces the 2026 EPS forecast at 0.81 yuan. The current stock price corresponds to 7.9x/6.7x P/E for 2025/2026. Considering the improvement prospects in new industry profitability, the target price is raised by 25% to 7.10 HKD, corresponding to 9.5x/8.1x P/E for 2025/2026, indicating a 21% upside potential, maintaining an outperform rating [2].

物流装备：港机需求上行，海外新产品拓展 2023年开始全球港口设备需求修复，公司大港机在手订单饱满，订单盈利能力逐渐强化，小港机产品在 亚非拉地区的出口保持景气。过去3年公司面向欧美市场大力拓展了伸缩臂叉车等新产品，当前以印度 生产来应对关税问题。该行看好小港机电动化发展趋势，以及公司新产品在海外的持续拓展。 智通财经APP获悉，中金发布研报称，维持三一国际(00631)2025年EPS预测0.70元，引入2026年EPS预 测0.81元。公司当前股价对应2025/2026年7.9/6.7x P/E，考虑新产业盈利改善前景，该行上调目标价25% 至7.10港币，对应2025/2026年9.5x/8.1x P/E，对应21%上行空间，维持跑赢行业评级。 中金主要观点如下： 1Q25业绩符合该行预期 公司公布1Q25财务数据：收入58.76亿元，同比增长14.6%，综合毛利14.28亿元，同比增长11.8%，归母 净利润6.35亿元，同比增长23.2%，业绩符合该行预期。 矿山装备：国内需求保持韧性，看好矿车海外拓展空间 受需求偏弱影响，国内煤价处于下行通道。当前国内掘进机、宽体车需求韧性较强，液压支架价格竞争 ...

债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 证券代码：000528 证券简称：柳工 | | 【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 | （ ）媒体采访 | ）业绩说明会 | （ | | 活动类别 | （ ）新闻发布会 （ ）路演活动 | | | | | （ ）现场参观 | | | | | （ ）其他 （请文字说明其他活动内容） | | | | 参与单位名称 | 机构投资者、券商分析师、个人投资者等 52 位参会人员： | | | | | 鹏华基金、汇添富基金、工银安盛资管、西部利得基金、国泰基金、国金基金、 | | | | | 建信基金、开思基金、中信证券资管、太平资产、中国人寿、博睿乾远私募基 | | | | 及人员姓名 | 金、星石投资、中信建投证券、华泰证券、中金公司、国泰海通证券、银河证 | | | | | 券、天风证券、长江证券、东方证券、国联民生证券、国投证券、国金证券、 | | | | | 财通证券、申万宏源证券、兴业证 ...