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].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000425 证券简称：徐工机械 公告编号：2026-04 徐工集团工程机械股份有限公司 第十届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"或"徐工机械"）第十届董事会第一次会议通知于2026 年1月13日（星期二）以书面方式发出，会议于2026年1月15日（星期四）下午以现场的方式召开，现场 会议在公司706会议室召开，董事长杨东升先生主持会议。公司董事会成员9人，出席会议的董事9人， 实际行使表决权的董事9人：杨东升先生、孙雷先生、陆川先生、邵丹蕾女士、申岩先生、田宇先生、 耿成轩女士、况世道先生、杨林先生。公司高级管理人员列席了会议。本次会议的召集、召开和表决程 序符合有关法律、法规和公司《章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于选举公司董事长的议案 选举杨东升先生为公司第十届董事会董事长。 表决情况为：9票同意，0 ...

证券日报网讯 1月15日，徐工机械发布公告称，公司2026年第一次临时股东会审议通过《关于公司董事 会换届暨选举第十届董事会非独立董事的议案》《关于公司董事会换届暨选举第十届董事会独立董事的 议案》。 （文章来源：证券日报） ...

证券日报网讯 1月15日，徐工机械发布公告称，公司第十届董事会第一次会议审议通过《关于选举公司 董事长的议案》等多项议案。 （文章来源：证券日报） ...

Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

Core Viewpoint - The Chinese new energy heavy truck market achieved record sales in December 2025, with a total of 45,300 units sold, marking a year-on-year increase of 198% and a total annual sales of 231,100 units, up 182% from the previous year [1][3][5]. Sales Performance - December 2025 saw sales of 45,300 new energy heavy trucks, a 62% increase from November 2025 and the highest monthly sales ever recorded [3][5]. - The overall heavy truck market sold 84,000 units in December 2025, with new energy trucks accounting for 53.89% of total sales, surpassing the 50% penetration rate for the first time [5][7]. - The new energy heavy truck market has maintained a growth streak, with 35 consecutive months of year-on-year increases, and the total sales for 2025 reached 231,100 units, a net increase of nearly 150,000 units compared to 82,000 units in 2024 [7][19]. Market Dynamics - The surge in December sales was influenced by the impending expiration of the old truck replacement policy and changes in tax incentives for new energy vehicles starting January 1, 2026, leading to a potential overestimation of actual market demand [5][29]. - The penetration rate of new energy heavy trucks has consistently increased, starting from over 20% in March 2025 and exceeding 30% in November, reaching 50% in December [7][19]. Company Performance - In December 2025, 21 companies sold over 100 units, with 13 exceeding 500 units and 6 surpassing 4,000 units, indicating a highly competitive market [11][12]. - The top five companies in December all sold over 5,000 units, with China National Heavy Duty Truck Group leading at 6,022 units, followed by SANY and XCMG [10][14]. - The market share of the top ten companies accounted for 89.3% of total sales, with the top five companies holding 60.7% [18][19]. Yearly Overview - In 2025, 14 companies sold over 1,000 units, with the top three companies (XCMG, SANY, and FAW Jiefang) each selling over 30,000 units [21][26]. - The overall market share for the top five companies increased significantly, with notable growth for FAW Jiefang, China National Heavy Duty Truck Group, and Shaanxi Automobile [26][27]. - The total sales for new energy heavy trucks in 2025 reached 231,100 units, reflecting a substantial increase in market activity and competition [22][28].

Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1472.43 points, up 0.27%, with a trading volume of 49.598 billion yuan and a turnover rate of 1.79% [1] Group 1: Index Performance - On the day, 23 constituent stocks rose, with Zhongtung High-tech leading with a 5.52% increase, while 25 stocks fell, with Taisen Wind Power leading the decline at 6.2% [1] - The index's constituent stocks experienced a net outflow of 1.149 billion yuan from major funds, while retail investors saw a net inflow of 1.065 billion yuan [1] Group 2: Top Constituents - The top ten constituents of the Shenzhen State-owned Enterprise ESG Index include: - Hikvision (sz002415) with a weight of 9.57%, latest price at 31.29 yuan, down 0.45% [1] - Wuliangye (sz000858) with a weight of 9.23%, latest price at 106.09 yuan, down 0.89% [1] - Xugong Machinery (sz000425) with a weight of 8.83%, latest price at 11.12 yuan, up 0.54% [1] - Weichai Power (sz000338) with a weight of 7.59%, latest price at 20.20 yuan, up 4.18% [1] - Luzhou Laojiao (sz000568) with a weight of 7.52%, latest price at 115.36 yuan, down 1.28% [1] - Yun Aluminum (sz000807) with a weight of 5.93%, latest price at 33.16 yuan, up 1.44% [1] - Inspur Information (sz000977) with a weight of 5.93%, latest price at 68.13 yuan, down 2.04% [1] - AVIC Optoelectronics (sz002179) with a weight of 3.53%, latest price at 36.77 yuan, down 3.44% [1] - Yanghe Distillery (sz002304) with a weight of 3.17%, latest price at 62.95 yuan, down 0.55% [1] - Guangxun Technology (sz002281) with a weight of 2.96%, latest price at 78.50 yuan, up 1.79% [1] Group 3: Fund Flow Details - Major funds saw significant inflows in stocks such as: - Deep Technology (000021) with a net inflow of 503 million yuan [2] - Weichai Power (000338) with a net inflow of 1.12 million yuan [2] - Zhongtung High-tech (000657) with a net inflow of 95.263 million yuan [2] - Conversely, stocks like Yun Aluminum (000807) and Xugong Machinery (000425) experienced net outflows from major funds [2]

徐工集团工程机械股份有限公司（以下简称"公司"或"徐工 机械"）于 2026 年 1 月 15 日召开 2026 年第一次临时股东会， 审议通过了《关于公司董事会换届暨选举第十届董事会非独立 董事的议案》《关于公司董事会换届暨选举第十届董事会独立 董事的议案》。 同日，公司召开第十届董事会第一次会议，审议通过了《关 于选举公司董事长的议案》《关于选举公司董事会专门委员会 委员的议案》《关于聘任公司总裁的议案》《关于聘任公司副 总裁的议案》《关于聘任公司财务负责人的议案》《关于聘任 公司董事会秘书的议案》。 证券代码：000425 证券简称：徐工机械 公告编号：2026-05 徐工集团工程机械股份有限公司 关于公司董事会完成换届及聘任高级管理人员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 此外，公司已于 2026 年 1 月 12 日召开了徐工机械第六届 职工代表大会第二次联席会议选举申岩先生为第十届董事会职 工董事。现将公司董事会换届选举及聘任高级管理人员的具体 情况公告如下： 一、第十届董事会组成情况 2.非独立董事：杨东升、孙雷、陆川、邵丹蕾、 ...

证券代码：000425 证券简称：徐工机械 公告编号：2026-03 徐工集团工程机械股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间：2026 年 1 月 15 日（星期四）下午 3:30 2.召开地点：公司 706 会议室 3.召开方式：现场投票和网络投票相结合 4.召集人：公司董事会 5.主持人：董事长杨东升先生 6.会议的召开符合《公司法》《上市公司股东会规则》《深 圳证券交易所股票上市规则》等法律法规和公司《章程》的有 关规定。 （二）会议出席情况 1.会议总体出席情况 出席本次股东会的股东及股东授权委托代表（以下统称股 东）1,042 人，代表股份 7,164,309,419 股，占公司有表决权股 份总数的 60.96%。 - 1 - 2.现场出席会议情况 出 席 本 次 现 场 会 议 的 股 东 共 137 人 ， 代 表 股 份 4,60 ...

证券代码：000425 证券简称：徐工机械 公告编号：2026-04 徐工集团工程机械股份有限公司 第十届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"或"徐 工机械"）第十届董事会第一次会议通知于 2026 年 1 月 13 日 （星期二）以书面方式发出，会议于 2026 年 1 月 15 日（星期 四）下午以现场的方式召开，现场会议在公司 706 会议室召开， 董事长杨东升先生主持会议。公司董事会成员 9 人，出席会议 的董事 9 人，实际行使表决权的董事 9 人：杨东升先生、 孙雷先生、陆川先生、邵丹蕾女士、申岩先生、田宇先生、 耿成轩女士、况世道先生、杨林先生。公司高级管理人员列席 了会议。本次会议的召集、召开和表决程序符合有关法律、法 规和公司《章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于选举公司董事长的议案 选举杨东升先生为公司第十届董事会董事长。 表决情况为：9 票同意，0 ...