Core Points - The 2024 Anhui Provincial Science and Technology Awards have concluded, with a total of 64 first prizes, 84 second prizes, and 142 third prizes recommended for the provincial science and technology awards [1]. Group 1: Natural Science Awards - The first prize projects include research on dual-phase flow phase change and mathematical theories related to the Navier-Stokes equations, brain cognitive function analysis based on cross-modal neuroimaging, and mechanisms of intestinal immune perception and disease [3]. - Notable institutions involved in first prize projects include Anhui Normal University and the University of Science and Technology of China [3]. Group 2: Technical Invention Awards - Key projects awarded first prizes include diamond quantum current sensors and technologies for new distribution systems with electrical and communication coupling [7]. - The projects involve collaboration between institutions such as Hefei University of Technology and State Grid Anhui Electric Power Company [7]. Group 3: Scientific Progress Awards - First prize projects focus on autonomous systems, multi-element metal/ceramic functional coatings, and ecological coordination reinforcement technologies [10]. - Institutions like Anhui University and Anhui University of Science and Technology are prominently featured in these projects [10]. Group 4: Agricultural Technology Awards - First prize projects include key technologies for managing herbicide resistance in major crops and the creation of high-quality disease-resistant rice varieties [11]. - Collaborating entities include Anhui Agricultural University and various agricultural technology companies [11]. Group 5: Environmental and Energy Technologies - Projects awarded for their contributions to environmental technology include those focused on wastewater treatment and the development of lightweight, high-quality materials for energy applications [8][12]. - Institutions involved in these projects include the University of Science and Technology of China and Hefei University of Technology [8][12].

Core Points - Anhui Heli (600761.SH) announced that from April 10, 2025, to October 9, 2025, the Forklift Group has cumulatively increased its shareholding by 6,272,700 shares, accounting for 0.70% of the total share capital, with an investment of 100,002,012.50 yuan [1] - As of the announcement date, the Forklift Group holds 319,187,442 shares, representing 35.84% of the total share capital, and the share buyback plan has been completed within the stipulated timeframe [1]

安徽合力股份有限公司 关于控股股东增持股份结果的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 已披露增持计划情况：安徽合力股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）披露了《安徽合力 股份有限公司关于控股股东增持公司股份及后续增持计划的公告》（临 2025-023），公司控股股东安徽叉车集团有限责任公司（以下简称"叉车集团"） 基于对公司未来发展前景的信心及内在价值的认可，自 2025 年 4 月 10 日起未来 6 个月内，计划通过上海证券交易所证券交易系统增持公司股份，拟累计增持资 金不低于人民币 1 亿元，不超过人民币 2 亿元。 证券代码：600761 证券简称：安徽合力 公告编号：2025-053 （二）实际增持数量是否达到增持计划下限 是 否 三、其他说明 增持计划的实施结果：2025 年 4 月 10 日至 2025 年 10 月 9 日期间，叉 车集团通过上海证券交易所证券交易系统累计增持公司股份 6,2 ...

安徽王良其律师事务所 关于安徽合力股份有限公司控股股东增持股份 法 律 覧 風 书 王良其律师事务所 AN HUI WANG LIANGQI L A W F IR M 安徽王良其律师事务所 关于安徽合力股份有限公司控股股东增持股份的 二〇二五年十月 法律意见书 安徽王良其律师事务所 控股股东增持股份法律意见书 目 景 | 日 来 | | --- | | 引 言 | | 正文 . | | 一、本次增持的主体资格 | | 二、本次增持股份的情况 | | (一) 本次增持前持股情况 | | (二) 增持计划 . | | (三) 本次增持的实施情况 | | (四) 本次增持后的持股情况 … | | 三、本次增持的信息披露 | | 四、本次增持符合《收购管理办法》规定的免于发出要约的情形 . | | 五、结论性意见… | l 安徽王自其律师事务所 控股股东增持股份法律意见书 为出具本法律意见书,本所声明如下: 1.本法律意见书系依据《公司法》《证券法》《收购管理办法》《上市规 则》《自律监管指引》等法律、法规和规范性文件的有关规定及本法律意见 书出具日以前已经发生或者存在的事实作出. 2.本所律师已严格履行了法定职责, ...

Core Insights - The article discusses the growth of the excavator industry in China, highlighting a significant increase in production and sales figures for 2025 [1] Industry Overview - According to the National Bureau of Statistics, the production of excavators in China reached 28,000 units in August 2025, representing a year-on-year growth of 13.2% [1] - From January to August 2025, the cumulative production of excavators in China was 246,000 units, showing a cumulative growth of 17.6% [1] Companies Mentioned - The article lists several key companies in the excavator industry, including SANY Heavy Industry, XCMG Machinery, Zoomlion Heavy Industry, Shantui, LiuGong, Xiamen XGMA Machinery, Shanhe Intelligent, Anhui Heli, Hengli Hydraulic, and Construction Machinery [1] Market Research - The insights are based on a report by Zhiyan Consulting titled "2025-2031 China Excavator Industry Market Survey and Future Outlook" [1] - Zhiyan Consulting is noted as a leading industry consulting firm in China, providing comprehensive industry research reports and consulting services [1]

Summary of Anhui Heli Conference Call Company Overview - **Company**: Anhui Heli - **Industry**: Forklift and Intelligent Logistics Systems Key Points Industry and Market Performance - **Export Growth**: Anhui Heli's export business has shown steady growth, with revenue increasing approximately 18% from January to August, accelerating in Q3 [2][5] - **Regional Performance**: - **Europe**: Significant recovery noted - **North America**: Trade war impacts nearing an end, with demand expected to recover in 2024 [2][5] - **Asia (excluding China)**: Growth rate exceeds 15% - **South America**: Growth rate exceeds 70% [2][5] - **Domestic Market**: Entering a recovery phase with structural improvements, particularly in large power and lithium battery vehicles replacing internal combustion engines [2][6] Financial Performance - **Q2 Performance**: Revenue growth of approximately 10% year-on-year [4] - **Gross Margin**: Current gross margin for shipments to the US is around 25%-26%, including all tariffs [3][27] Intelligent Logistics Development - **Revenue Expectations**: Expected revenue from intelligent logistics to reach 900-1,000 million yuan, with over 50% year-on-year growth [7][12] - **Partnerships**: Collaboration with Jianghuai Frontline Innovation Center to develop embodied intelligent robots for industrial applications [7][8] - **Market Share**: Domestic market for intelligent logistics systems accounts for over 90% of revenue, with a gross margin of approximately 24%-25% [12] Product and Technology Insights - **New Energy Vehicles**: Fastest growth in the category, with a monthly average growth rate of 30%-40% [23][24] - **Robot Development**: Focus on humanoid and humanoid-like robots for applications in picking, handling, and assembly [8][10] - **Technological Collaboration**: Jianghuai's strong capabilities in software and hardware, particularly in vision and sorting technologies, enhance Anhui Heli's competitive edge [9][10] Strategic Initiatives - **US Tariff Strategy**: Price increases implemented to transfer tariff costs to agents, with plans to establish a factory in Thailand by 2026 to support US market operations [3][26] - **Future Plans**: Aiming for 6 billion yuan in revenue by 2025, with a focus on increasing overseas orders and establishing a local service network [15][29] Competitive Landscape - **Market Competition**: The intelligent logistics system market is highly competitive, with emphasis on product quality, service capabilities, and technological advancements [19] - **Customer Focus**: Targeting large clients with a focus on solution-based sales through bidding processes [14][21] Challenges and Opportunities - **Automation Stage**: The overseas market for intelligent logistics systems is still in the automation phase, with significant growth potential [13] - **Cost Structure**: Key components of unmanned forklifts include visual navigation systems and batteries, with future cost reductions expected through scale production [34] Conclusion Anhui Heli is positioned for growth in both domestic and international markets, leveraging technological partnerships and a focus on intelligent logistics systems to enhance its competitive advantage. The company is actively addressing challenges posed by tariffs and market competition while exploring new opportunities in emerging markets and product development.

Core Insights - Institutional upgrades in ratings indicate a positive market outlook for related assets or companies, suggesting good growth potential and investment value [1] Group 1: Institutional Upgrades - As of September 2025, 41 stocks received upgrades from institutions, with several leading companies from various sectors included [1] - Traditional industry leaders such as Yangtze Power, Huaneng Hydropower, Guotou Power, Sany Heavy Industry, XCMG, and Yanzhou Coal Mining are among those upgraded [1] - Emerging industry leaders like BAIC BluePark and Xinzhou Bang also made the list [1] Group 2: Valuation Metrics - As of September 30, 2025, 18 stocks had a rolling price-to-earnings (PE) ratio below 30, with 6 stocks having a PE ratio under 15, including Yanzhou Coal Mining, Boss Electric, Hailide, Yuntu Holdings, Zhou Dazheng, and Anhui Hefei [1] Group 3: Dividend Yields - The highest dividend yield over the past 12 months was recorded by Pingmei Shenma, reaching 7.25% as of September 30, 2025 [1]

Market Performance - The engineering machinery sector rose by 1.16% on September 30, with Changling Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Changling Hydraulic (605389) closed at 61.29, up 6.96% with a trading volume of 38,800 shares and a turnover of 233 million yuan [1] - Tongli Co. (834599) closed at 19.55, up 5.79% with a trading volume of 105,900 shares and a turnover of 208 million yuan [1] - Xugong Machinery (000425) closed at 11.50, up 4.55% with a trading volume of 1,398,300 shares and a turnover of 158.3 million yuan [1] - Other notable performers include Wantong Hydraulic (830839) up 3.45% and Shantui (000680) up 1.97% [1] Fund Flow Analysis - The engineering machinery sector experienced a net outflow of 209 million yuan from institutional investors, while retail investors saw a net inflow of 71.1 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Anhui Heli (600761) with a net inflow of 23.7 million yuan [3] Key Stock Movements - Xugong Machinery (000425) had a significant net outflow from institutional investors amounting to 1.37 billion yuan, while retail investors contributed a net inflow of 37.9 million yuan [3] - Changling Hydraulic (605389) saw a net inflow of 19.6 million yuan from institutional investors but a net outflow from retail investors of 16.4 million yuan [3] - Zhejiang Dingli (603338) had a net inflow of 27.1 million yuan from institutional investors [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The mechanical equipment industry is experiencing robust growth, with forklift sales in August 2025 reaching 118,100 units, a year-on-year increase of 19.4%. Domestic sales accounted for 70,200 units, up 19.3%, while overseas sales were 47,900 units, up 19.6% [5]. - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI new orders index reaching 49.50% in August 2025, indicating a recovery in manufacturing sentiment [5]. - Major companies like Anhui Heli and Hangcha Group are showcasing innovative products at trade shows, including new energy and intelligent equipment, which are expected to enhance their competitive positions in the market [5]. Summary by Sections Sales Performance - Forklift sales for the first eight months of 2025 totaled 976,000 units, reflecting a year-on-year growth of 12.9%. Domestic sales were 616,300 units (up 11.3%), while exports reached 359,800 units (up 15.7%) [5]. Market Trends - The industry is witnessing double-digit growth in both domestic and international sales, driven by improved competitiveness of domestic manufacturers and increasing global demand for forklifts [5]. Company Developments - Anhui Heli announced the acquisition of a 51% stake in Jianghuai Heavy Industry for 274 million yuan, aimed at consolidating its market position and enhancing operational efficiency [5]. - Anhui Heli also showcased 27 new energy machines and 7 intelligent storage and handling devices at the Beijing International Engineering Machinery Exhibition, highlighting advancements in clean energy technologies [5]. - Hangcha Group presented a range of new energy and intelligent products, including a 10-ton hybrid forklift and various intelligent logistics solutions, emphasizing their commitment to innovation and sustainability [5]. Investment Recommendations - The report suggests focusing on leading domestic forklift manufacturers with strong brand recognition and established overseas operations, such as Anhui Heli, Hangcha Group, and Zhongli Co., Ltd. [5].

安徽王良其律师事务所 ANHUI WANGLIANGQI LAW FIRM 安徽王良其律师事务所 办公地址:合肥市政务新区潜山路 111 号华润大厦B座 32 层 电子邮件:tangjunxinlawyer@163.com 邮编:230001 电话:(0551) 6522 6655 13856930383 本所网站 www. wangliangqi.com 传真:(0551) 6522 6021 l 安徽王良其律师事务所 关于安徽合力股份有限公司 2025 年第一次临时股东会的法律意见书 (2025) 良证字第 037 号 致:安徽合力股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》等法律、法规(以下简称"有关法律")、《安徽合力股份有限公司 章程》(以下简称"公司章程")的规定,安徽王良其律师事务所(以下简称"本 所")作为安徽合力股份有限公司(以下简称"公司")聘请的常年法律顾问, 指派汤俊鑫、孙丽律师(以下简称"本所律师")出席公司 2025年第一次临时 股东会(以下简称"本次股东会"),对本次股东会进行法律见证。本所律师按 照律师行业公认的业务标准、道德规范 ...