数据显示，博时基金旗下1只基金位居运机集团十大流通股东。博时转债增强债券A（050019）三季度 新进十大流通股东，持有股数160.96万股，占流通股的比例为1.06%。根据测算，今日浮亏损失约 263.97万元。 11月18日，运机集团跌5.21%，截至发稿，报29.84元/股，成交9040.68万元，换手率1.93%，总市值 70.10亿元。 资料显示，四川省自贡运输机械集团股份有限公司位于四川省自贡市高新工业园区富川路3号，成立日 期2003年9月28日，上市日期2021年11月1日，公司主营业务涉及以带式输送机为主的节能环保型输送机 械成套设备的研发、设计、生产和销售。主营业务收入构成为：输送机设备整机76.11%，永磁电机滚 筒等9.83%，技术服务及备件8.51%，其他5.55%。 从运机集团十大流通股东角度 博时转债增强债券A（050019）成立日期2010年11月24日，最新规模12.13亿。今年以来收益28.7%，同 类排名17/6222；近一年收益33.02%，同类排名8/6084；成立以来收益122.29%。 博时转债增强债券A（050019）基金经理为过钧、高晖。 高晖累计任职时间2年 ...

来源：新浪证券-红岸工作室 11月17日，运机集团涨4.93%，成交额1.82亿元，换手率3.85%，总市值73.95亿元。 异动分析 中俄贸易概念+人民币贬值受益+一带一路+减速器+华为概念 1、公司的输送机械产品已在俄罗斯等多个国家的项目上投入运行，为"一带一路"多个国家和地区带去 先进高效，节能环保的输送机械设备，并得到了一定的认可，提升了公司输送机械设备在国际上的知名 度和美誉度。 2、根据2024年年报，公司海外营收占比为67.58%，受益于人民币贬值。 3、公司在互动平台称：公司是国家一带一路战略的受益者。近年来，公司加强与央企、有实力的大型 民营企业深度合作，产品已远销东南亚、非洲、欧洲等，其中包括：印度尼西亚、马来西亚、越南、埃 塞俄比亚、土耳其等国家。 4、据公司官网信息：公司具有减速器相关产品：圆锥圆柱齿轮减速器和ZJ轴装式减速器。 5、2024年7月17日微信公众号发布：公司和华为技术有限公司（以下简称"华为"）在深圳签署全面合作 协议。依托运机集团在矿山、散料输送港口等行业的优势，以及华为在云计算、大数据、人工智能大模 型、数字化解决方案等方面的技术能力，双方将在装备智能化生产与改造、 ...

Group 1 - The core point of the news is that Yunjigroup's stock price increased by 5.38% to 30.18 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 3.97%, resulting in a total market capitalization of 7.09 billion CNY [1] - Yunjigroup, established on September 28, 2003, and listed on November 1, 2021, specializes in the research, design, production, and sales of energy-saving and environmentally friendly conveyor machinery, primarily belt conveyors [1] - The main revenue composition of Yunjigroup includes 76.11% from complete conveyor equipment, 9.83% from permanent magnet motor rollers, 8.51% from technical services and spare parts, and 5.55% from other sources [1] Group 2 - According to data from the top ten holdings of funds, one fund under Jinying Fund holds a significant position in Yunjigroup, specifically the Jinying Minfu Income Mixed A (004657), which held 100,000 shares, accounting for 2.16% of the fund's net value, ranking as the fifth-largest holding [2] - The Jinying Minfu Income Mixed A fund was established on April 13, 2021, with a latest scale of 87.24 million CNY, and has achieved a return of 6.42% this year, ranking 6551 out of 8147 in its category [2] - The fund's performance over the past year shows a return of 5.06%, ranking 6455 out of 8056, while it has experienced a cumulative loss of 1.05% since its inception [2]

Core Viewpoint - The company, Sichuan Zigong Transportation Machinery Group Co., Ltd., is benefiting from the Belt and Road Initiative and the depreciation of the RMB, with significant international sales and partnerships, particularly with Huawei [2][3][4]. Group 1: Company Performance - The company reported a revenue of 1.232 billion yuan for the period from January to September 2025, representing a year-on-year growth of 41.99% [9]. - The net profit attributable to the parent company for the same period was 107 million yuan, showing a year-on-year increase of 27.35% [9]. - As of September 30, 2025, the company's overseas revenue accounted for 67.58% of total revenue, benefiting from the depreciation of the RMB [3]. Group 2: Market Position and Products - The company specializes in energy-efficient conveyor machinery, with its main business revenue composition being 76.11% from conveyor equipment, 9.83% from permanent magnet motor drums, and 8.51% from technical services and spare parts [8]. - The company has established a strong international presence, with products deployed in various countries, including Indonesia, Malaysia, Vietnam, Ethiopia, and Turkey, enhancing its global reputation [2][4]. Group 3: Strategic Partnerships - A comprehensive cooperation agreement was signed with Huawei, focusing on intelligent production, digital solutions, and talent training, leveraging both companies' strengths [4].

Core Viewpoint - Yunjigroup is a leading enterprise in China's bulk material conveying machinery industry, focusing on the research, design, production, and sales of energy-saving and environmentally friendly conveying equipment, primarily belt conveyors [1] Group 1: Business Performance - In Q3 2025, Yunjigroup reported revenue of 1.232 billion yuan, ranking 23rd among 58 companies in the industry, with the industry leader Zhongchuangzhiling achieving revenue of 30.745 billion yuan [2] - The company's net profit for the same period was 111 million yuan, placing it 19th in the industry, while the top performer, Zhongchuangzhiling, reported a net profit of 3.705 billion yuan [2] - Yunjigroup's revenue grew by 41.99% year-on-year, and net profit increased by 27.35% in the first three quarters of 2025 [5] Group 2: Financial Ratios - As of Q3 2025, Yunjigroup's debt-to-asset ratio was 53.92%, higher than the previous year's 46.73% and above the industry average of 46.18% [3] - The company's gross profit margin was 30.74%, slightly down from 30.93% year-on-year but still above the industry average of 26.77% [3] Group 3: Executive Compensation - Chairman Wu Youhua's salary for 2024 was 872,900 yuan, an increase of 79,700 yuan from 2023 [4] - General Manager Wu Zhenghua's salary for 2024 was 898,300 yuan, up by 105,100 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.86% to 9,533, while the average number of circulating A-shares held per shareholder increased by 2.95% to 15,900 [5] - New significant shareholders include Hong Kong Central Clearing Limited and Boshi Convertible Bond Enhanced Bond A [5] Group 5: Market Outlook - Yunjigroup is positioned to benefit from multiple factors driving its machinery business, including rising capital expenditures in the global mining industry and product replacement effects [6] - The company is expected to achieve net profits of 236 million, 377 million, and 585 million yuan for the years 2025, 2026, and 2027, respectively, with a projected PE ratio of 27, 17, and 11 times [5][6]

Group 1 - The core viewpoint of the news is that Yunjigroup has seen a stock price increase of 5.12%, reaching 26.68 CNY per share, with a total market capitalization of 6.268 billion CNY [1] - Yunjigroup, established on September 28, 2003, specializes in the research, design, production, and sales of energy-saving and environmentally friendly conveyor machinery, primarily belt conveyors [1] - The main revenue composition of Yunjigroup includes 76.11% from conveyor equipment, 9.83% from permanent magnet motor drums, 8.51% from technical services and spare parts, and 5.55% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Agricultural Bank of China holds Yunjigroup as its ninth largest position, with 7,080 shares unchanged from the previous period, representing 0.32% of the fund's net value [2] - The fund, named Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A, has a total scale of 23.1553 million CNY and has achieved a year-to-date return of 4.73% [2] - The fund's performance rankings are 6,875 out of 8,226 for year-to-date returns and 6,421 out of 8,099 for one-year returns [2]

Group 1 - The core viewpoint of the news is that Yunjigroup has seen a significant increase in its stock price, rising by 5.04% to reach 26.07 CNY per share, with a total market capitalization of 6.124 billion CNY [1] - Yunjigroup, established on September 28, 2003, specializes in the research, design, production, and sales of energy-saving and environmentally friendly conveyor machinery, primarily belt conveyors [1] - The company's main business revenue composition includes 76.11% from conveyor equipment, 9.83% from permanent magnet motor drums, 8.51% from technical services and spare parts, and 5.55% from other sources [1] Group 2 - From the perspective of fund holdings, Yunjigroup is a significant investment for the Agricultural Bank of China Fund, with the fund holding 7,080 shares, representing 0.32% of the fund's net value, ranking as the ninth largest holding [2] - The fund, named Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A, was established on March 21, 2023, and has a current scale of 27.553 million CNY, with a year-to-date return of 4.36% [2] - The fund's performance over the past year shows a return of 8.35%, ranking 7,065 out of 7,996 in its category, and since its inception, it has achieved a return of 9.35% [2] Group 3 - The fund managers of Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A are Liu Shasha and Qian Daqian, with Liu having a tenure of 11 years and 26 days, and Qian having a tenure of 2 years and 278 days [3] - Liu's fund has a total asset scale of 1.07 billion CNY, with the best return during her tenure being 31.67% and the worst being -1.7% [3] - Qian's fund also has a total asset scale of 1.067 billion CNY, with the best return during his tenure being 40.09% and the worst being -1.41% [3]

Core Viewpoint - Shandong Mining Machinery Group Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, addressing challenges and measures related to its operational performance and financial status [1] Performance Decline Reasons and Industry Comparison - During the reporting period, Shandong Mining's operating revenues were 2,285.64 million, 2,404.99 million, 2,697.57 million, and 1,708.46 million, with a non-recurring net profit of 33.44 million, 96.55 million, 137.29 million, and 93.52 million, showing a year-on-year decline of 52.80% in the most recent period. The decline is attributed to decreased demand in the coal mining equipment industry and intensified competition [2] - The coal machinery industry is expected to reach a scale of 157 billion by 2026, but is currently in a mid-cycle adjustment phase. In contrast, the demand for intelligent bulk material conveying equipment is projected to grow, with the market size for belt conveyors expected to reach 39.2 billion by 2027 [2] - Compared to peers, Shandong Mining's revenue and profit trends differ due to variations in business scale, shareholder background, and product structure. For instance, Tian Di Technology, as an industry leader, shows different performance trends due to high capital investment and large business volume [2] Financial Condition Analysis - Accounts receivable at the end of each reporting period were 988.34 million, 1,219.39 million, 1,523.42 million, and 1,458.18 million, with over one-year accounts receivable accounting for 31.39%, 29.40%, 29.62%, and 33.41% respectively. The accounts receivable turnover rates were 3.35, 2.80, 2.43, and 1.38, influenced by extended payment terms and slow customer payments [4] - The net cash flow from operating activities was 32.84 million, -203.33 million, -185.66 million, and 146.28 million, primarily due to lower-than-expected collections and the use of bill discounting [4] - Inventory values at the end of each period were 606.04 million, 718.20 million, 746.37 million, and 866.18 million, with a significant increase in dispatched goods. The rise in inventory is justified by the growth in business scale and longer project cycles [4] - Contract liabilities increased from 180.53 million to 339.91 million, reflecting pre-received customer payments and aligning with the scale of orders on hand [4] Other Business Situations - The company's online gaming business saw revenues of 239.41 million, 18.37 million, 7.27 million, and 1.76 million, with a declining gross margin. The decline is attributed to management changes, product lifecycle issues, and regulatory impacts [5] - The company will focus on its core business of coal machinery and belt conveyors, discontinuing the expansion of its gaming business [5] Future Strategies - The company plans to enhance its core competitiveness and achieve performance recovery through the implementation of a "Five Modernization Strategy," increased market development efforts, and improved employee incentives [6]

Group 1 - The stock of Yunjigroup increased by 5.16% on September 5, reaching a price of 25.25 CNY per share, with a trading volume of 173 million CNY and a turnover rate of 4.65%, resulting in a total market capitalization of 5.932 billion CNY [1] - Yunjigroup, officially known as Sichuan Zigong Transportation Machinery Group Co., Ltd., was established on September 28, 2003, and went public on November 1, 2021. The company specializes in the research, design, production, and sales of energy-saving and environmentally friendly conveyor machinery, primarily belt conveyors [1] - The main revenue composition of Yunjigroup includes: 76.11% from conveyor equipment, 9.83% from permanent magnet motor drums, 8.51% from technical services and spare parts, and 5.55% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Agricultural Bank of China holds a significant position in Yunjigroup. The fund "Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A" (017624) held 7,080 shares in the second quarter, accounting for 0.32% of the fund's net value, ranking as the ninth largest heavy stock [2] - The fund "Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A" was established on March 21, 2023, with a latest scale of 27.553 million CNY. Year-to-date, it has achieved a return of 4.09%, ranking 6,560 out of 8,178 in its category; over the past year, it has returned 7.94%, ranking 6,979 out of 7,978; and since inception, it has returned 9.07% [2] Group 3 - The fund manager of "Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A" is Liu Shasha, who has a tenure of 11 years and 7 days, managing a total fund size of 1.07 billion CNY, with the best fund return during her tenure being 27.22% and the worst being -1.59% [3] - Co-manager Qian Daqian has a tenure of 2 years and 259 days, managing a total fund size of 1.067 billion CNY, with the best fund return during his tenure being 21.35% and the worst being -1.13% [3]

Core Viewpoint - The financial performance of Shandong Mining Machinery Group Co., Ltd. has declined due to decreased demand in the coal machinery industry and intensified competition, leading to significant revenue drops in both coal machinery and gaming sectors [1][3][5]. Financial Performance - The company's operating revenue for the reporting periods was 228,563.89 million, 240,499.84 million, and 237,995.23 million, reflecting a decline attributed to reduced demand for coal mining equipment [1][19]. - The net profit for 2024 was 12,358.52 million, down 28.71% from 2023, with a further decline in the first half of 2025 [19][21]. - The company's accounts receivable increased significantly, with balances of 98,833.36 million, 121,939.30 million, and 152,341.99 million, indicating challenges in cash flow management [2][5]. Industry Context - The coal machinery industry is experiencing a cyclical downturn, with the last peak in investment occurring in 2012-2013, followed by a decline due to falling coal prices and supply-side reforms [13][18]. - The coal machinery market size reached 1,350 billion in 2022, with a compound annual growth rate of approximately 16% from 2016 to 2022, but is now entering an adjustment phase [13][18]. - The competition in the coal machinery sector is intensifying, with larger state-owned enterprises dominating the market, while smaller companies like Shandong Mining Machinery face significant challenges [16][17]. Business Segments - The company's main business segments include coal machinery and intelligent bulk material conveying equipment, both of which are closely tied to the performance of the coal and mining industries [12][15]. - The intelligent bulk material conveying equipment sector is expected to grow due to increased demand from various industries, including ports and power plants, driven by national strategies like the Belt and Road Initiative [15][19]. Gaming Sector - The company's gaming business has seen a drastic revenue decline, with income dropping from 23,940.51 million to 1,837.13 million, reflecting broader industry challenges and regulatory pressures [3][6]. - The acquisition of Beijing Linyou Interactive Technology Co., Ltd. in 2017 has not yielded the expected financial returns, with significant goodwill impairment recorded [3][7]. Cash Flow and Receivables - The net cash flow from operating activities has fluctuated significantly, with negative figures in some periods due to delayed payments and reliance on bill discounting [2][5]. - The high proportion of accounts receivable over one year indicates potential liquidity issues, with the company needing to address credit policies and collection efficiency [5][6].