2025年10月10日，山推工程机械股份有限公司迎来易方达基金的调研。此次调研活动在公司股份大楼 201会议室展开，山推股份接待人员为肖尧、董建军。投资者关系活动类别为特定对象调研与现场参 观。 重工集团协同优势显著 山东重工集团将做强做大工程机械板块视为重要发展战略之一，旨在巩固整车整机的龙头地位。山推股 份在集团的资本、技术、人才及渠道协同支持下，强化资源与业务协同，借助集团黄金产业链竞争优 势，实现动力总成、液压件等多方面的资源共享。这不仅提升了资源配置的广度与深度，还促进了集团 内部战略协同的深化，发挥出 "1+1＞2" 的集合效应，形成独特的资源优势，极大增强了公司核心竞争 力，为未来高质量发展筑牢根基。 产品研发多点开花 2025年上半年，山推股份各产品线研发工作稳步推进。推土机产品着重升级大马力机型，以提升可靠 性；道路机械产品聚焦海外市场，补齐产品矩阵，开发B6/C6/C7等产品；积极开拓矿用平地机领域； 装载机产品对9吨大吨位机型进行可靠性验证并开发海外版，同时优化升级海外出口产品，兼顾小型装 载机拓展；矿卡产品全力推进TEH160、TEH260等5款产品开发；新能源产品重点开发X6平台电装 ...

Caterpillar Inc. (NYSE:CAT) is one of the 10 Best Non-Tech Stocks to Buy According to Reddit, supported by hedge fund interest. Dutch Pension Fund ABP Sells Its $454.43 Million Holding in Caterpillar Inc. (CAT); Oppenheimer Reiterated Its Outperform Rating According to national broadcaster NOS, Dutch pension fund ABP stated on October 1 that it has sold its $454.43 million holding in Caterpillar Inc. (NYSE:CAT), citing the company’s new sustainability policy centered on “socially responsible” investments ...

Core Viewpoint - LiuGong is focusing on high-quality development and global expansion, emphasizing innovation and customer-centric strategies to enhance its market position and brand recognition in the engineering machinery sector [4][6][7]. Group 1: Company Performance - In the first half of the year, LiuGong achieved operating revenue of 18.181 billion, representing a year-on-year growth of 13.21% [4]. - LiuGong's overseas revenue reached 8.523 billion, accounting for 46.88% of total revenue, with overseas net profit hitting a new high [6]. Group 2: Strategic Initiatives - LiuGong aims to accelerate its transition from internationalization to globalization over the next five years, focusing on global industrial layout and enhancing its global operational capabilities [6]. - The company is committed to deepening its "Three Full" strategy, which includes institutional innovation, core technology enhancement, comprehensive internationalization, value chain collaboration, and brand influence [7]. Group 3: Product Innovation - LiuGong showcased several breakthrough products at the exhibition, including large electric machinery and comprehensive energy solutions, highlighting advancements in electric technology and smart mining operations [9][11]. - The company is prioritizing the development of fully electric equipment as a core breakthrough in the mining market, integrating intelligent and unmanned technologies to improve safety and efficiency [11]. Group 4: ESG and Sustainability - LiuGong is committed to achieving a dual win of "green transformation" and "business sustainability" through technological innovation and product iteration, aligning with its mission of extending human capabilities with smart green machinery [13]. Group 5: Industry Engagement - The media event served as a platform for LiuGong to demonstrate its strength and innovation in the engineering machinery field, fostering communication with media and industry partners [16].

Core Viewpoint - Shantui Construction Machinery Co., Ltd. is actively pursuing an IPO on the Hong Kong Stock Exchange to alleviate financial pressures and expand its overseas market presence, following a significant acquisition that has strained its cash flow [1][24][34]. Group 1: Financial Performance and Challenges - Shantui's revenue for the first half of 2025 was 7 billion RMB, a slight increase of 3% year-on-year, but domestic market revenue declined by 2% to 3.1 billion RMB, indicating pressure in the domestic market [7][8]. - The company's profit growth has slowed, with net profits of 5.77 billion RMB in the first half of 2025, reflecting a mere 9% year-on-year increase, down from previous years' growth rates [9][11]. - Shantui plans to reduce costs by 520 million RMB in 2025 through various measures, including design and procurement cost reductions, but this may compromise future product competitiveness [11][12]. Group 2: Corporate Structure and Related Transactions - Shantui is closely tied to its parent company, Shandong Heavy Industry Group, which is a major customer and supplier, with significant inter-company transactions [12][14]. - The company has a high dependency on Shandong Heavy Industry for both sales and procurement, with sales to the parent company amounting to 6.55 billion RMB in 2022, and procurement from it reaching 21.37 billion RMB by 2025 [14][16]. - Shantui's financial strategy includes leveraging its relationship with Shandong Heavy Industry to manage cash flow and reduce procurement costs [16][18]. Group 3: Market Expansion and Global Strategy - Shantui aims to enhance its global presence, with overseas revenue increasing from 38.7% to 55.7% during the reporting period, despite challenges in the Russian market due to geopolitical issues [24][26]. - The company is focusing on expanding into markets in Africa, Indonesia, the Middle East, and Southeast Asia, with plans to establish subsidiaries in several countries [27][28]. - The IPO is intended to support this global strategy and provide necessary funding to strengthen its financial position and support overseas expansion [34].

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components like track chassis and transmission parts [2]. - The sales model includes a combination of agency distribution for main products and a mix of supply and agency sales for parts, along with expanding into operational leasing services [2]. Group 2: Excavator Business Development - The excavator market has seen significant growth in the first half of the year due to a combination of policy stimulation, infrastructure resilience, and inventory clearance [3]. - The company completed a strategic merger with Shandong Heavy Industry in December 2024, enhancing resource integration in R&D, manufacturing, sales, and service for excavators [3]. - The product range for excavators spans from 1.5 tons to 200 tons, achieving a market coverage rate of over 98%, with industry-leading technology in electronic control systems, noise reduction, and energy efficiency [3]. Group 3: H-Share Issuance - In July 2025, the company’s board approved the issuance of H shares and listing on the Hong Kong Stock Exchange [4]. - The company received approval from its controlling shareholder for the H share issuance and submitted the application to the Hong Kong Stock Exchange on August 28, 2025 [4]. - The proposed issuance will not exceed 15% of the total share capital post-issuance, amounting to a maximum of 264,731,100 shares, with pricing determined through market-based methods [4].

Core Viewpoint - Caterpillar's share price could potentially quintuple by 2030, but achieving a 38% compound annual growth rate (CAGR) is highly ambitious given its current market conditions and historical performance [3][6]. Group 1: Financial Performance - To quintuple its share price, Caterpillar would need to achieve a CAGR of approximately 38% per year, which is significantly higher than its past five-year CAGR of about 24% [3]. - Over the last five years, Caterpillar's share prices have increased by nearly 180% [3]. - The company is currently facing a projected loss of $1.5 billion to $1.8 billion due to tariff-related expenses this year [4]. Group 2: Market Conditions - Caterpillar's business is cyclical, meaning its earnings are closely tied to overall economic growth [4]. - For the company to achieve the necessary growth, it would require a combination of factors such as a commodity supercycle, a global construction boom, and significant price inflation [3]. - The company is trading at a forward price-to-earnings ratio of 22.5, which is considered a premium for an industrial stock that typically ranges between 15 and 18 [6]. Group 3: Future Prospects - The potential for Caterpillar's share price to quintuple exists if the right set of tailwinds occurs, including advancements in technology like autonomous construction robots and a sustained demand for power generation equipment [3][6]. - Despite the potential for modest growth, expectations for explosive growth should be tempered [6].

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Core Viewpoint - The performance of the engineering machinery industry shows signs of recovery in the first half of the year, with nine out of ten leading companies reporting year-on-year growth in net profit, except for Anhui Heli, which experienced a slight decline [1] Group 1: Company Performance - Sany Heavy Industry achieved the highest net profit of 52.16 billion yuan, with a year-on-year growth rate of 46% [2] - XCMG Machinery, despite being the largest in terms of revenue, reported a net profit of 43.58 billion yuan, with a growth rate of 16.63% [2] - Zoomlion's net profit reached 27.65 billion yuan, growing by 20.84% year-on-year [2] - Anhui Heli was the only company to report a decline in net profit, which was 7.96 billion yuan, down 4.6% [2][6] Group 2: Market Trends - The overall demand for engineering machinery is closely related to fixed asset investment, influenced by macroeconomic cycles, indicating a cyclical nature of the industry [5] - XCMG's overseas revenue reached 255.46 billion yuan, growing by 16.64%, with export revenue hitting a record high of 211.23 billion yuan, up 21.1% [3] - Zoomlion's overseas revenue also grew to 138.15 billion yuan, with a year-on-year increase of over 14% [5] Group 3: International Comparison - Caterpillar reported a sales revenue of approximately 30.8 billion USD (about 219.7 billion yuan), a year-on-year decline of 5% [7] - Komatsu's net sales for the first quarter of the 2025 fiscal year were 909.5 billion yen (about 44.1 billion yuan), down 5.2% year-on-year [8]

Core Insights - The company reported a revenue of 54.8 billion yuan for the first half of 2025, representing an 8% year-on-year growth, with a net profit attributable to shareholders of 4.36 billion yuan, up 16.6% year-on-year [1] - The company’s cash flow from operations increased significantly by 96.6% to 2.9 billion yuan, indicating improved operational quality [1] - The company is focusing on international markets, with international revenue growing by 16.64%, and the aftermarket revenue increasing by 33.23% [1] Financial Performance - In Q2 2025, the company achieved a revenue of 28 billion yuan, a 5.4% increase year-on-year, and a net profit of 2.34 billion yuan, up 9.3% year-on-year [1] - The company’s non-GAAP net profit for Q2 was 2.46 billion yuan, reflecting a 35% year-on-year growth [1] - The gross margin improved by 1.2 percentage points to 18.7% [1] Market and Product Development - The company’s revenue structure is optimizing, with significant growth in high-end products (41.44% year-on-year) and new energy products (9.43% year-on-year) [1] - The domestic sales to high-quality customers increased by 6%, while major project tracking improved by 34% [1] - The company has strengthened partnerships with major overseas clients, including BHP, Rio Tinto, and Vale [1] Business Segments - The earthmoving machinery segment saw a 20% increase in export revenue and a 29% growth in aftermarket revenue [2] - The sales of new energy loaders surged by 139.4%, solidifying the company’s position as a global leader [2] - The company’s revenue from bulldozers grew by 243%, indicating strong performance in the earthmoving machinery sector [2] Strategic Initiatives - The mining machinery division is expanding its overseas projects, with terminal revenue from open-pit mining equipment increasing by 30% year-on-year [3] - The acquisition of a 51% stake in a heavy vehicle company aims to enhance the competitiveness of the mining machinery product line [3] - The company hosted a global summit on zero-carbon smart mining technology, attracting participants from over 30 countries [3] Investment Outlook - The company is expected to achieve net profits of 7.8 billion yuan, 9.5 billion yuan, and 12 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 31%, 22%, and 26% [3] - The company is positioned to benefit from the domestic replacement cycle in the engineering machinery sector and further expansion in overseas markets [3]