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]

Core Insights - The launch of the first L4 level autonomous public transport line in Jinan marks a significant advancement in the city's smart driving sector, transitioning from L3 to L4 in just six months [1][6][12] - Jinan is positioning itself as a "driverless city" with ongoing developments in various autonomous driving applications, including logistics and sanitation [7][10][15] Group 1: Autonomous Public Transport - The L4 level autonomous buses, which lack a driver's seat and traditional controls, are equipped with numerous sensors and laser radars for environmental scanning [4][6] - The public's interest in the L4 buses has been high, with over 2,300 citizens having experienced the earlier L3 level service within two months of its launch [6][12] - The transition from L3 to L4 represents not only an upgrade in classification but also a comprehensive technological enhancement [6] Group 2: Broader Applications of Autonomous Driving - Jinan is expanding its autonomous driving initiatives beyond public transport, with L4 level autonomous delivery vehicles already operational, achieving a 30%-50% reduction in transportation costs [7][8] - Autonomous cleaning vehicles are also being deployed, enhancing efficiency and quality in sanitation operations [10] Group 3: Infrastructure and Industry Development - Jinan benefits from extensive infrastructure for testing autonomous vehicles, including a 26-kilometer closed highway and 174.75 kilometers of public roadways designated for testing [10][12] - Collaborations with companies like Huawei for developing autonomous mining vehicles indicate a growing industrial base in Jinan [10] Group 4: Policy Support and National Pilot Programs - Jinan's progress in autonomous driving is supported by comprehensive policy frameworks established since 2018, facilitating testing and commercial applications [12][13] - The city has been recognized as a national pilot for electric public vehicles and smart connected vehicles, which will drive further investment and infrastructure development [13] Group 5: Learning from Other Cities - Jinan is looking to cities like Wuhan and Guangzhou for best practices in autonomous driving, particularly in policy innovation and infrastructure development [15][17] - The experiences of these cities highlight the importance of a robust smart traffic system and supportive regulations for the successful implementation of autonomous vehicles [15][17]

Core Viewpoint - Xinjiang aims to develop autonomous driving application scenarios and enhance the application of autonomous driving equipment in the logistics sector [1] Group 1: Development Plans - The "Development Plan for Modern Logistics Industry Cluster in Xinjiang (2025-2030)" has been released for public consultation [1] - The plan emphasizes the promotion of modern logistics to foster new business formats [1] Group 2: Technological Advancements - The plan supports the intelligent upgrade of logistics infrastructure, including logistics parks [1] - There is encouragement for the application of intelligent logistics equipment such as AGV robots and intelligent de-stacking manipulators [1] Group 3: Autonomous Driving Initiatives - The plan aims to leverage 5G technology to empower vehicle networking and develop autonomous driving application scenarios [1] - It highlights the reinforcement of applications for autonomous mining trucks, autonomous container trucks, and autonomous trailers [1] Group 4: Low-altitude Logistics - The plan encourages regions with conditions to actively explore low-altitude logistics application scenarios [1] - It specifically mentions the exploration of low-altitude logistics development in Urumqi and Kashgar [1]

6月18日，由中国汽车工程学会和氢能燃料电池协会共同主办的2025国际氢能与燃料电池汽车大会暨展 览会在上海汽车会展中心开幕。作为全球领先的氢能综合解决方案提供商，氢通能源集团以"氢链未来 通领全域"为主题亮相展会，并举行氢通能源集团科技战略暨260吨氢能矿卡亮相&系列新品全球首发仪 式。氢通能源集团深耕"风光电制氢-燃料电池-场景应用"全价值链，坚持以"闭环生态链战略"，加速助 推绿氢产业从"示范蓝图"变为"落地标杆"。 【氢通能源集团董事长、CEO 任亚辉先生致辞】 华能新能源股份有限公司广东公司党委书记张建军，包头市九原区人民政府区政府党组成员、副区长李 晨伟，曲靖市富源县人民政府副县长刘声娉，氢通能源集团董事长、CEO 任亚辉先生，氢通能源集团 执行副总裁梁云红等领导莅临现场参与活动。 首台260吨级氢能矿车，实现了油改电的技术突破。该矿车车长14.748米，宽9.106米，高7.439米，总高 超过两层楼高，占地面积超过134平方米。 作为氢能矿卡，在核心动力方面采用氢通能源集团自主开发的燃电混合动力系统和徐工集团自主开发的 驱动系统，超过2200kW的动力输出，可以实现矿车最高56km/h的行驶速 ...

证券代码：831832 证券简称：科达自控 公告编号：2025-078 山西科达自控股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 6 月 18 日 活动地点：线上会议 参会单位及人员：华源证券、泰康资产、天弘基金、易方达基金、博时基金、 信达澳亚基金、创金合信基金、招商基金、中航基金、民生证券、兴业证券、华 泰证券、联储证券、中泰证券、长江证券、首创证券、爱建证券、青岛中航赛维 投资、上海临信资管理、江苏苏豪投资、上海颢升私募、上海汇瑾资管、张家港 高竹私募、尚正基金、北京京管泰富基金、深圳国晖投资、中天汇富基金、复华 投信资管、北京安途投资、上海卫宁私募、上海铁林投资、深圳尚诚资管、巨鹿 投资、上海滦海投资、上海冰河资管、上海混沌投资、华夏财富创投、誉辉资管、 青岛时间序列资管、中国宝安（ ...

Group 1 - The core viewpoint of the news is that Conch Group is actively pursuing high-quality development through strategic acquisitions and enhancing its operational efficiency across various sectors [1][6] - Conch Group's subsidiary, Anhui Conch Environment Technology Co., Ltd., signed an equity transfer agreement for the SCR denitration catalyst project, which is expected to inject new momentum into the company's development [1] - The company aims to achieve its annual targets by focusing on development, market expansion, and management improvement, contributing to the overall high-quality growth of Conch Group [1] Group 2 - Conch Group's overseas operations have shown significant improvement, with subsidiaries in Indonesia, Cambodia, and Uzbekistan achieving notable sales and profit growth [4] - In Indonesia, cement sales increased by 7% year-on-year from January to May, while profits reached historical highs [4] - In Cambodia, profits for the Mardow and Phnom Penh subsidiaries grew nearly 20% year-on-year, with the latter achieving profitability immediately upon production [4] - In Thailand, the company reported a 17% increase in sales and a 137% increase in profits from January to May, with production exceeding 1,600 tons for the first time [4] Group 3 - The company is accelerating the development of its second main business in SCR catalysts, successfully acquiring the Kangning SCR project, which increases its production capacity to 84,000 cubic meters [6] - The sales volume of SCR denitration catalysts increased by 23% year-on-year from January to May [6] - Conch Environment is leveraging its advantages in hazardous waste disposal and has signed contracts for over 50,000 tons of waste disposal projects this year [6] Group 4 - Conch Group's digital smart factory, based on AI large models, was recognized as one of the top ten benchmark demonstration scenarios in Anhui Province for 2024 [7] - The company has established a new R&D model to enhance technological innovation, resulting in over 1,000 new project initiatives this year [7] - Several projects have received national and provincial recognition, including a CO2 storage system and new material products [7] Group 5 - Conch Group's digital industry is a crucial part of its strategy to empower technology and create new growth drivers [9] - The company has made breakthroughs in intelligent manufacturing, with significant growth in external orders for its robotic solutions [9] - The implementation of unmanned transport systems in various industries has led to increased efficiency and reduced costs [9]

新华社上海6月8日电（记者张建松、岑志连）"蛟龙"号、"深海勇士"号、"奋斗者"号……深海"国之重 器"模型齐聚上海，7日面向公众集体亮相。 当日，"中国大洋矿产资源研究开发协会（简称"中国大洋协会"）成立35周年成就展暨联合国'海洋十 年'中国行动展"在上海海昌海洋公园开幕，这些模型在本次展览中集中展出。 据了解，该展览分为"潜海探梦""纵'缆'深海""向海图强""探海未来"四大主题展区。近百件实物展品和 大量科普图片，全景式展现了中国海洋科技发展的壮阔图景，吸引了许多游客前来参观。 6月7日，观众在"中国大洋矿产资源研究开发协会成立35周年成就展暨联合国'海洋十年'中国行动展"参 观。新华社记者 张建松 摄 在我国万米级载人潜水器"奋斗者"号模型前，来自江苏南通的丁李想小朋友认真观察，驻足良久。他告 诉记者："我是来上海参加深蓝探索杯'海洋未来之星'演讲比赛少儿组决赛的，神秘的海洋令我十分着 迷，长大以后的梦想就是乘坐'奋斗者'号去探索海洋。" 在投资深海的征途上，中国大洋协会相继在西南印度洋、西太平洋等领域获得多金属硫化物、富钴结壳 等资源勘探矿区。 在保护深海的使命中，中国大洋协会以"共商共建共享"的 ...

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].

Core Viewpoint - CICC maintains the EPS forecast for SANY International (00631) at 0.70 HKD for 2025 and introduces a new EPS forecast of 0.81 HKD for 2026, raising the target price by 25% to 7.10 HKD, indicating a 21% upside potential based on improved profitability in new industries [1] Financial Performance - The company reported Q1 2025 financial data with revenue of 5.876 billion HKD, a year-on-year increase of 14.6%, gross profit of 1.428 billion HKD, up 11.8%, and net profit attributable to shareholders of 635 million HKD, reflecting a 23.2% year-on-year growth, aligning with CICC's expectations [2] Mining Equipment - Domestic demand remains resilient, with strong demand for tunneling machines and wide-body trucks, despite weak coal prices. The company is expected to see good growth in overseas wide-body trucks and large mining trucks, supported by product upgrades and reduced overall user costs, indicating significant long-term growth potential [3] Logistics Equipment - Global demand for port equipment is recovering, with a full order book for large port machines and improving order profitability. The company has successfully expanded its small port machine exports in Asia, Africa, and Latin America, and has introduced new products like telescopic forklifts in the European and American markets, produced in India to mitigate tariff issues. The trend towards electrification of small port machines is viewed positively [4] Oil and Gas Equipment - In 2024, revenue and profitability are expected to decline due to cost-cutting measures from major clients. However, a marginal recovery in industry demand is anticipated in 2025, with the company focusing on internal management improvements to regain market share [5] New Industries - In 2024, the company is enhancing management reforms in new industries to improve efficiency and reduce costs. A significant narrowing of operational losses in new industries is expected in 2025, along with better utilization and return rates of existing assets [6]

杨东升 ◎记者 仲茜 近日，2000余名客商走进徐州、走进徐工，参加第七届徐工国际客户节。通过参加工程机械推介活动、 体验徐州特色文化等，中外客商深入了解徐州工程机械产业集群优势，感受徐州特色古风汉韵。 近期，徐工集团、徐工机械董事长、党委书记杨东升在接受上海证券报记者专访时表示，徐工国际客户 节已经超越了一场普通的企业营销活动，升华为中国制造与世界对话的文化盛事。这场盛事不仅折射出 中国工程机械行业的崛起，更勾勒出中国工程机械行业的全球化奋进图谱。 坚持自我革新，拒绝低端内卷 "在当前全球经济格局深刻变革、产业链供应链加快重构的大背景下，徐工积极应对挑战，把握发展机 遇，展现出强大的韧性和活力。"在谈到2024年的业绩时，杨东升说，2024年，徐工机械归母净利润同 比增长12.2%至59.76亿元，毛利率、净利率连续提升，经营性现金大幅增长，境外收入占比持续跃升， 研发投入强度超过6%。公司持续回馈投资者，兼顾价值创造与价值分享。 "虽然徐工已经有82年的历史积淀，但我们始终认为，改革永远在路上，未来的发展一定靠改革来作为 动力。"杨东升说，徐工人一直敢闯敢干，勇于自我革新。他还形象地打了一个比方："我们自 ...