Core Viewpoint - The engineering machinery industry experienced a strong recovery in 2025, with an index increase of 33.14%, significantly outperforming the CSI 300, and is expected to continue high-quality development in 2026 driven by smart logistics equipment, mining machinery upgrades, and overseas market expansion [1][2]. Group 1: Industry Performance in 2025 - The total operating revenue of the engineering machinery industry reached 303.61 billion yuan in the first three quarters of 2025, a year-on-year increase of 10.84% [2]. - The net profit attributable to shareholders was 29.44 billion yuan, with a year-on-year growth rate of 19.72%, indicating improved profitability [2]. - The gross profit margin increased from 24.86% in Q1 to 25.48% in the first three quarters, reflecting enhanced sales efficiency [2]. Group 2: Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 29.10 billion yuan in the first three quarters, marking a new high for the same period in recent years, with a year-on-year growth rate of 41.79% in Q3 [4]. - Inventory turnover days decreased year-on-year, and the operating cycle was compressed by 3.73%, indicating improved operational efficiency despite a 9.35% increase in inventory value [4]. Group 3: Key Focus Areas for 2026 - Smart logistics equipment is expected to be the most promising growth area in 2026, driven by policy support, surging demand, and technological upgrades [6]. - The continuous growth of e-commerce logistics is a core driver, with the national express package processing volume reaching 7.23 billion during the Mid-Autumn Festival and National Day holidays, pushing the e-commerce logistics business volume index to 132.9 points [6]. - The demand for automation in logistics is urgent, as labor costs account for 29% of logistics companies' warehousing costs, necessitating the replacement of manual labor with smart equipment [6]. Group 4: Policy and Technological Developments - National and local governments are collaborating to promote logistics data openness and the construction of intelligent supply chains, with various supportive policies being implemented [11]. - Technological advancements, such as improved navigation precision and the localization of components, are strengthening the foundation for development in the industry [11]. Group 5: Mining Machinery and Tunnel Equipment - The mining machinery and tunnel engineering equipment sectors are entering a golden period of upgrades, driven by the "14th Five-Year Plan" and carbon neutrality goals [12]. - The demand for deep earth mining is increasing, with non-road dump trucks showing significant operational hours, indicating their essential role in material flow [12]. - The export of mining machinery is growing, with excavator exports reaching 93,800 units in the first ten months of 2025, a year-on-year increase of 14.43% [14]. Group 6: Investment Recommendations - Investment focus for 2026 should be on smart logistics equipment, particularly leading companies in the forklift sector, such as Anhui Heli and Hangcha Group, which are well-positioned to benefit from the trends of electrification and automation [15]. - In the mining machinery and tunnel construction equipment sector, companies like SANY Heavy Industry and Zoomlion are recommended due to their technological maturity and increasing export ratios [15].

中国铁建重工集团股份有限公司 章 程 二○一九年四月二十五日经公司创立大会暨第一次股东大会通过 二○二○年四月二十八日经公司 2020 年第一次临时股东大会修订 二○二一年八月十六日经公司 2021 年第二次临时股东大会修订 二○二三年二月二十二日经公司 2023 年第一次临时股东大会修订 二〇二四年六月二十八日经公司 2023 年年度股东大会修订 二〇二五年六月十九日经公司 2024 年年度股东大会修订 二〇二六年一月三十日经公司 2026 年第一次临时股东会修订 1 | | | 第一章 总 则 第一条 为适应建立现代企业制度的需要，规范中国铁 建重工集团股份有限公司（以下简称公司）的组织和行为， 维护公司、股东、职工和债权人的合法权益，完善中国特色 现代企业制度，特根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券 法》）、《上海证券交易所科创板股票上市规则》（以下简称《上 市规则》）、《上市公司章程指引》、《上市公司治理准则》和 其他有关法律、法规、规范性文件的规定，制订本章程。 第二条 公司系依照《公司法》和其他法律、法规和规 范性文件规定成立的股份有限公司 ...

证券代码：688425 证券简称：铁建重工 公告编号：2026-008 中国铁建重工集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 2026年2月10日，公司完成了该等经营范围的工商变更登记手续并取得了长 沙经济技术开发区管理委员会换发的《营业执照》，具体登记信息如下： 名称：中国铁建重工集团股份有限公司 统一社会信用代码：91430100794738639Y 类型：其他股份有限公司（上市） 法定代表人：赵晖 注册资本：伍拾叁亿叁仟叁佰肆拾玖万柒仟元整 成立日期：2006年11月23日 住所：长沙经济技术开发区泉塘街道东七路88号 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。 中国铁建重工集团股份有限公司（以下简称公司）于2025年10月29日召开第 二届董事会第二十九次会议、于2026年1月30日召开2026年第一次临时股东会， 审议通过了《关于变更公司经营范围并修订公司章程的议案》，具体内容详见公 司于2025年10月30日在上海证券交易所网站（www.sse.com.cn）披露的《中国铁 建重工集团股份有限 ...

同壁财经讯，企查查数据显示，根据《那曲市总工会"高原职工氧吧"项目（微压氧舱）中标（成交）结 果公告》，中国铁建重工集团股份有限公司于2026年2月9日公告中标那曲市总工会采购项目，中标金额 为175.00万元。 相关上市公司：铁建重工(688425.SH) 同壁财经小贴士： 铁建重工（688425.SH）2024年营业收入为100.46亿元，营业收入增长率为0.19%，归属母公司净利润为 15.08亿元，归属母公司净利润增长率为-5.37%，净资产收益率为8.85%。 同壁财经小贴士： 铁建重工（688425.SH）2024年营业收入为100.46亿元，营业收入增长率为0.19%，归属母公司净利润为 15.08亿元，归属母公司净利润增长率为-5.37%，净资产收益率为8.85%。 2025年上半年公司营业收入为48.37亿元，营业收入增长率为0.71%，归属母公司净利润为7.35亿元，归 属母公司净利润增长率为1.73%。 目前公司属于工业行业，主要产品类型为重型建筑工程机械、专用设备与零部件，2024年报主营构成为 智能型及超大型盾构机:25.28%;竖井斜井掘进机与硬岩TBM:13.46%;租赁业务:1 ...

（文章来源：证券日报） 证券日报网讯 2月6日，铁建重工在互动平台回答投资者提问时表示，公司建立了全面的AI+赋能战略， 积极推动人工智能与企业运营和高端装备的深度融合。公司持续致力于人工智能赋能装备智能化、少人 化，自主开发上线地下工程装备知识大模型，联合高校开发了"盾构掘进运维与风险防控智能体"并于近 日正式发布，成功应用于国家重大工程，相关成果已获行业重点推广，为提升我国重大基础设施建设的 智能化水平与安全效能做出积极贡献。 ...

（文章来源：证券日报） 证券日报网讯 2月6日，铁建重工在互动平台回答投资者提问时表示，铁建重工作为全球高端地下工程 装备的重要提供者，积极参与全球基础设施建设，公司的盾构机等高端产品已成功进入包括罗马尼亚、 波兰、意大利、瑞士在内的多个欧洲国家市场。销售模式上以直销为主，并根据市场情况灵活与当地优 质代理商开展合作。同时，公司在意大利设立了子公司和服务中心，持续提升国际化经营服务能力。 ...

一、募集资金临时补充流动资金情况 中国铁建重工集团股份有限公司（以下简称公司）于2025年10月29日召开第二届董事会第二十九次会 议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用额度不超过人 民币45,000万元（含本数）的闲置募集资金暂时补充流动资金，使用期限自公司董事会审议通过之日起 不超过12个月，具体内容详见公司于2025年10月30日在上海证券交易所网站（www.sse.com.cn）披露的 《中国铁建重工集团股份有限公司关于使用部分闲置募集资金临时补充流动资金的公告》（公告编号： 2025-042）。 在上述决议期限内，公司实际使用人民币43,000万元闲置募集资金暂时补充流动资金。公司对该等募集 资金进行了合理安排与使用，未影响募集资金投资项目的正常进行。 ■ 二、归还募集资金的相关情况 截至本公告披露日，公司已将上述用于暂时补充流动资金的闲置募集资金人民币12,700万元归还至募集 资金专用账户，并已将上述募集资金的归还情况通知了公司保荐机构及保荐代表人。尚未归还的30,300 万元将在规定到期日之前归还至募集资金专用账户，并及时履行信息披露义务。 本公司董事会 ...

证券代码：688425 证券简称：铁建重工 公告编号：2026-007 中国铁建重工集团股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 截至 2026 年 2 月 5 日，公司已累计归还临时补充流动资金的闲置募 集资金人民币 12,700 万元。 一、募集资金临时补充流动资金情况 中国铁建重工集团股份有限公司（以下简称公司）于2025年10月29日召开第 二届董事会第二十九次会议，审议通过了《关于使用部分闲置募集资金暂时补充 流动资金的议案》，同意公司使用额度不超过人民币45,000万元（含本数）的闲 置募集资金暂时补充流动资金，使用期限自公司董事会审议通过之日起不超过12 个 月 ， 具 体 内 容 详 见 公 司 于 2025 年 10 月 30 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《中国铁建重工集团股份有限公司关于使用部分闲置 募集资金临时补充流动资金的公告》（公告编号：2025-042）。 在上述决议期限内，公司实际使用人民币43,000万元闲置募集资金暂时补充 流动资金。公司对该等募集资金进行了合理安排与使用，未影响募集资金投资项 目的正常进 ...

Core Viewpoint - Lianyun Technology (Hangzhou) Co., Ltd. reported a significant increase in revenue and profit for the year 2025, driven by the recovery of the storage industry and the rapid development of the AI sector, leading to increased demand for storage products [1][2]. Group 1: Financial Performance - In 2025, the company achieved total operating revenue of 1.331 billion yuan, a year-on-year increase of 13.42% [1] - The net profit attributable to shareholders reached 142 million yuan, up 20.36% year-on-year [1] - The net profit excluding non-recurring items was 101 million yuan, showing a substantial increase of 130.29% year-on-year [1] Group 2: Industry Outlook - The storage industry is expected to maintain high prosperity in 2026, with high-value products like HBM and enterprise-grade solid-state drives (SSDs) performing particularly well [1] - Industry experts believe that this high prosperity will continue at least until 2027 [1] Group 3: Product Development and R&D - Lianyun Technology is a platform-based chip design company providing data storage controller chips and AIoT signal processing and transmission chips [1] - The company has completed a comprehensive layout in the SSD controller chip field, including SATA, PCIE3.0, PCIE4.0, and PCIE5.0, launching over 10 SSD controller chips that have achieved mass production [2] - In 2025, the company's R&D expenses were approximately 506 million yuan, up from 425 million yuan in the previous year, with R&D investment consistently accounting for 36% to 38% of operating revenue, indicating a strong commitment to innovation [2]

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].