Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [32]. Core Insights - The demand for excavators remains high both domestically and internationally, with a notable year-on-year increase in sales [5]. - In December 2025, excavator sales reached 23,095 units, representing a year-on-year growth of 19.24% and a month-on-month growth of 15.32% [3]. - The domestic sales of excavators were 10,331 units, up 10.94% year-on-year, while exports totaled 12,764 units, marking a 26.92% year-on-year increase [3]. - The total excavator sales for 2025 amounted to 235,257 units, reflecting a year-on-year growth of 16.97% [3]. - Loader sales in December 2025 were 12,236 units, showing a year-on-year increase of 30.03% [4]. - The report highlights a structural recovery opportunity in the industry, despite a relatively low demand in the real estate sector [5]. - The Central Bank's announcement of a structural interest rate cut is expected to further boost domestic sales of engineering machinery [5]. - The report emphasizes the ongoing transition towards electric machinery, driven by stricter environmental regulations and technological advancements [6]. Summary by Sections Excavator Sales Data - December 2025 excavator sales were 23,095 units, with domestic sales at 10,331 units and exports at 12,764 units [3]. - The cumulative sales for 2025 reached 235,257 units, with domestic and export sales growing by 17.88% and 16.06% respectively [3]. Loader Sales Data - December 2025 loader sales were 12,236 units, with domestic sales at 5,291 units and exports at 6,945 units [4]. - The cumulative sales for 2025 were 128,067 units, with domestic sales increasing by 22.10% [4]. Market Trends and Outlook - The engineering machinery industry is experiencing a clear upward trend in demand, supported by infrastructure investments and the issuance of special bonds [5]. - The report notes that the electric machinery market has significant growth potential, with increasing penetration rates [6][7].

重要内容提示： | 本次员工持股计划草案披露时间及公 | 时间：2021 年 5 | 月 | 29 | 日 | | --- | --- | --- | --- | --- | | | 公告名称：《三一重工股份有限公司 | | | | | 告名称 | | | | | | | 2021 年员工持股计划（草案）》 | | | | 证券代码：600031 证券简称：三一重工 公告编号：2026-002 三一重工股份有限公司 关于 2021 年员工持股计划股票出售完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 二、本期员工持股计划股票的出售情况 截至本公告日，本期员工持股计划所持有的公司股票 7,408,100 股已全部通 过大宗交易方式出售完毕，出售股票数量占设立时公司总股本的 0.0873%。 公司在实施本期员工持股计划期间，严格遵守市场交易规则，严格遵守中国 证监会、上海证券交易所关于信息敏感期不得买卖股票的规定，不存在利用内幕 信息进行交易的情形。 三、本期员工持股计划后续安排 后续公司将根据本期员工持股计划的有关规 ...

Summary of Key Points Core Viewpoint - Sany Heavy Industry's stock experienced a slight decline of 0.63% on January 16, closing at 22.11 yuan, with a notable block trade occurring that day [1]. Trading Activity - A total of 1 block trade was recorded, with a transaction volume of 1.4817 million shares and a total transaction value of 32.4344 million yuan [1]. - The first transaction price was 21.89 yuan for 1.4817 million shares, resulting in a transaction amount of 32.4344 million yuan, with a premium rate of -1.00% [1]. - The buyer was an institutional proprietary trading department, while the seller was Guosen Securities Co., Ltd. Hunan Branch [1]. Recent Performance - Over the past three months, Sany Heavy Industry has seen a total of 10 block trades, with a cumulative transaction value of 497 million yuan [1]. - In the last five trading days, the stock has experienced a cumulative decline of 0.76%, while the main capital has seen a net inflow of 165 million yuan [1].

Core Viewpoint - Sany Heavy Industry (600031.SH) has completed the sale of all shares held under its employee stock ownership plan, totaling 7,408,100 shares, which represents 0.0873% of the company's total share capital at the time of establishment [1] Group 1 - The employee stock ownership plan shares were sold through block trading [1] - The company will proceed with asset settlement and distribution in accordance with the relevant regulations of the employee stock ownership plan [1]

Group 1 - On January 16, SANY Heavy Industry executed a block trade of 1.4817 million shares, with a transaction amount of 32.4344 million yuan, accounting for 2.09% of the total transaction volume for the day [1] - The transaction price was 21.89 yuan, which represents a 1% discount compared to the market closing price of 22.11 yuan [1][2] - The buying party was an institutional special account, while the selling party was identified as Sider Wall Plastic Trading Limited [2]

Core Viewpoint - Sany Heavy Industry announced that its employee stock ownership plan for 2021 has a total establishment scale of 265 million yuan, funded by a reward fund, with 4,037 participants [1] Group 1 - As of June 30, 2021, 7.4081 million shares were transferred from the repurchase special account to the employee stock ownership plan account, accounting for 0.0873% of the total share capital at the time of establishment [1] - As of the announcement date, all 7.4081 million shares have been sold through block trading [1] - The company will complete the relevant asset liquidation and distribution work as per regulations in the future [1]

Group 1 - The engineering machinery sector increased by 1.68% on January 16, with Tietuo Machinery leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Tietuo Machinery rising by 10.16% to a closing price of 29.16 [1] Group 2 - The engineering machinery sector saw a net inflow of 460 million yuan from main funds, while retail investors experienced a net outflow of 554 million yuan [2] - Major stocks like Sany Heavy Industry and Aidi Precision had varying performances in terms of fund flows, with Sany Heavy Industry seeing a net inflow of 225 million yuan from main funds [3] - Aidi Precision had a net inflow of approximately 75.6 million yuan from main funds but faced a net outflow of 44.8 million yuan from retail investors [3]

Investment Rating - The mechanical equipment industry is rated as "Standard Allocation" for the next six months, indicating expected performance in line with the market index within ±10% [59] Core Insights - The humanoid robot sector is projected to see an installation of 16,000 units in 2025, with a high industry concentration where the top five companies hold over 70% market share [2][55] - The excavator sales are expected to grow by 16.97% year-on-year in 2025, supported by the commencement of major domestic projects and favorable overseas demand [2][55] - The mechanical equipment sector has shown a bi-weekly increase of 6.09%, outperforming the CSI 300 index by 3.47 percentage points, ranking 10th among 31 sectors [3][12] Summary by Sections Market Review - As of January 15, 2026, the mechanical equipment sector has increased by 6.09% bi-weekly, outperforming the CSI 300 index [3][12] - The general equipment sub-sector had the highest increase of 8.17%, followed by automation equipment at 8.01% and specialized equipment at 5.40% [19][21] Valuation Situation - The current PE ratio for the mechanical equipment sector is 35.17, with general equipment at 50.88 and automation equipment at 55.29 [23][24] - The current valuation is 20.36% higher than the one-year average for the mechanical equipment sector [23] Data Updates - The report highlights the sales performance of various machinery, including excavators and loaders, with significant year-on-year growth rates [52][53] Industry News - The report discusses the advancements in humanoid robots and the establishment of partnerships for core component testing and quality improvement [52][55] - It also notes the expected increase in excavator sales and the overall positive outlook for the engineering machinery sector [2][55] Recommended Stocks - The report suggests focusing on companies such as Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic due to their strong market positions and growth potential [56]

Group 1 - The event held by the China General Chamber of Commerce (CGCC) in New York on January 15, 2026, gathered around 300 attendees from the political and business sectors of both China and the United States [1][3] - The theme of the evening was "Riding Together, Moving Forward," emphasizing the importance of cooperation and trust in a complex and uncertain world [1][3] - CGCC awarded the "Outstanding Partner Award" to Vornado Realty Trust and "Brand Awards" to SANY Group, Saint-O Group Limited, and Pop Mart for their contributions to strengthening Sino-U.S. economic relations and promoting local community and global economic development [3] Group 2 - Michael Franco, President and CFO of Vornado Realty Trust, highlighted the importance of CGCC as a model for U.S.-China cooperation, emphasizing the foundation of mutual respect and long-term commitment in their partnerships [3] - The event featured a performance by Zhiyuan Robotics from China, showcasing a blend of technology and art, which added a dynamic atmosphere to the evening [3]

Summary of Key Points Core Viewpoint - SANY Heavy Industry experienced a significant block trade on January 15, with a transaction volume of 3.1182 million shares and a transaction value of 68.6942 million yuan, indicating a discount of 0.99% compared to the closing price of the day [1] Trading Activity - The block trade was executed at a price of 22.03 yuan per share, while the closing price for SANY Heavy Industry on the same day was 22.25 yuan, reflecting a slight increase of 0.04% [1] - Over the past three months, SANY Heavy Industry has recorded a total of 9 block trades, with a cumulative transaction value of 465 million yuan [1] Market Performance - The stock's turnover rate for the day was 0.67%, with a total trading volume of 1.27 billion yuan and a net inflow of main funds amounting to 2.9817 million yuan [1] - In the last five days, the stock has appreciated by 3.83%, although there has been a net outflow of funds totaling 28.0946 million yuan [1] Margin Trading Data - The latest margin financing balance for SANY Heavy Industry stands at 1.596 billion yuan, which has decreased by 160 million yuan over the past five days, representing a decline of 9.10% [1]