齐鲁晚报齐鲁壹点李从伟 10月13日，记者从济宁市专利标准融合创新助推高质量发展新闻发布会上获悉，济宁大力推进专利标准 战略融合创新城市（300778）试点建设，以多维度实践打造创新发展新引擎，在全省首创工程机械产业 专利标准双导航机制，为区域产业升级与高质量发展注入强劲动能。 在产业层面，针对工程机械特色产业，济宁在全省首创专利标准双导航机制，梳理出技术攻关、专利布 局、标准制定等5份成果清单，形成《济宁市工程机械领域专利标准双导航分析报告》，为产业抢占技 术制高点提供精准指引。通过对技术发展热点、创新能力、市场话语权等分析研究，结合济宁市相关市 场主体创新需求，从动力电池等17项工程机械技术细分领域中，筛选出企业创新需求强烈、创新能力和 市场话语权兼备的领域，确定正极、负极、电池能量管理系统、液压泵、液压阀、变矩器、变速箱、斗 齿等8个技术细分领域是济宁市最适合投入创新资源的领域，为产业结构调整、企业研发投入提供有效 参考。聚焦正极等8项工程机械核心部件及关键技术细分领域，开展专利与标准数据挖掘分析，提出8项 技术攻关项目建议清单、33项专利申请布局清单、8项标准制定布局清单、16家市场主体竞合策略清单 ...

Core Viewpoint - The Chinese construction machinery industry is experiencing a recovery driven by both domestic and international demand, with companies showing resilience through localization and product upgrades [1][2][3] Group 1: Industry Recovery - In the first eight months of 2025, excavator sales reached 154,181 units, a year-on-year increase of 17.2%, with domestic sales at 80,628 units (up 21.5%) and exports at 73,553 units (up 12.8%) [2] - The sales of graders also saw growth, with a total of 5,650 units sold, reflecting a 5.25% increase year-on-year, driven by domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [2] - The recovery is attributed to increased infrastructure investment and a significant demand for equipment updates, as the industry approaches a ten-year equipment replacement cycle [3] Group 2: New Application Scenarios - The industry is expanding into new application areas such as renewable energy, mining, and agriculture, creating a diverse growth landscape [4] - The urban renewal wave in municipal engineering is driving demand for small to medium-sized construction machinery, with projects like underground pipeline renovations and old community refurbishments set to commence in 2025 [4] - The push for carbon neutrality is expected to boost demand for customized equipment in the wind power sector, particularly large cranes and specialized excavators [4] Group 3: Global Expansion Strategies - Companies are accelerating their international expansion, particularly in emerging markets like Southeast Asia, the Middle East, and Africa, while also achieving structural growth in Europe and North America through product upgrades [6] - A combination of localized operations and product upgrades is being employed to navigate the changing international trade environment, enhancing responsiveness to local market needs [6] - Companies like Jiangsu Hengli Hydraulic are establishing overseas R&D centers and production bases to strengthen supply chain resilience and transition from product sales to localized services [6][7] Group 4: High-Quality Development - The Chinese construction machinery industry is gradually entering a phase of high-quality development, characterized by recovery in production and sales, expansion into new application scenarios, and breakthroughs in overseas markets [7] - The industry is expected to achieve stable growth in volume and quality, further solidifying its leading position in the global market [7]

Core Viewpoint - The article discusses the acquisition of Jiangsu Changling Hydraulic Co., Ltd. by He Xin Ting Tao and Cheng Lian Shuang Ying, highlighting the strategic implications for the company and the hydraulic industry as a whole [1][2]. Company Overview - Jiangsu Changling Hydraulic Co., Ltd. was established in December 2006 and listed on the Shanghai Stock Exchange in March 2021, with stock code 605389. The company specializes in hydraulic components, precision castings, and reduction gears, serving various industries including construction machinery, energy extraction, and automotive manufacturing [2]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise and has multiple production and R&D bases. It holds over a hundred effective patents and has developed several proprietary products [2]. Acquisition Details - He Xin Ting Tao and Cheng Lian Shuang Ying plan to acquire a total of 43,211,714 shares of Changling Hydraulic, representing 29.99% of the company's total shares. Additionally, a public tender offer for 17,290,448 shares (12.00% of total shares) will be made at a price of 36.24 yuan per share, with total funding not exceeding 626,605,835.52 yuan [1]. - Upon completion of the acquisition, the acquirers and their concerted parties will hold up to 60,502,162 shares, accounting for 41.99% of the total shares, leading to a change in the actual controller of the company to Hu Kangqiao [1]. Industry Context - The hydraulic industry is experiencing a potential recovery, with signs of improvement in the construction machinery sector. The article notes a significant increase in excavator exports, which rose over 70% this year, despite a 13-month decline in domestic sales [3]. - The industry is transitioning to the "National IV" emission standards starting December 1, indicating regulatory changes that may impact production and sales dynamics [3]. Market Dynamics - The article highlights a positive outlook for the engineering machinery industry, with improved operating rates in February and expectations of a "warm" market environment. The increase in credit in January also suggests a potential recovery in domestic demand [6]. - Major players in the industry, such as Caterpillar, are approaching cyclical turning points, which may influence market sentiment and investment strategies [3].

证 券 研 究 报 告 恒立液压（601100）系列深度研究报告（二） 强推（维持） 不止于液压油缸，打造全球领先的液压系统 解决方案供应商 公司研究 基础件 2025 年 03 月 30 日 目标价：105.5 元 当前价：81.33 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 公司基本数据 | 总股本(万股) | 134,082.10 | | --- | --- | | 已上市流通股(万股) | 134,082.10 | | 总市值(亿元) | 1,090.49 | | 流通市值(亿元) | 1,090.49 | | 资产负债率(%) | 21.73 | | 每股净资产(元) | 11.24 | | 12 个月内最高/最低价 | 95.00/42.14 | 市场表现对比图(近 12 个月) -15% 21% 57% 92% 24/03 24/06 24/08 24/10 25/01 2 ...