Group 1 - The company LiuGong (SZ 000528) announced its first share buyback on October 27, 2023, with a total of approximately 35.91 million shares repurchased, accounting for 1.77% of its total share capital of about 2.03 billion shares [1] - The buyback was conducted through a centralized bidding method, with a total expenditure of around 400 million yuan, exceeding the lower limit of 300 million yuan set in the buyback plan, but not surpassing the upper limit of 600 million yuan [1] - The highest transaction price during the buyback was 11.6 yuan per share, while the lowest was 10.62 yuan per share [1] Group 2 - For the first half of 2025, LiuGong's revenue composition was as follows: 92.04% from construction machinery manufacturing, 6.58% from prestressed business, and 1.38% from financial services [1] - As of the latest report, LiuGong's market capitalization stands at 23.9 billion yuan [2]

证券代码：000528 证券简称：柳 工 公告编号：2025-82 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于股份回购（第二期）实施完成暨股份变动情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九 届董事会第二十六次会议，审议通过了《关于公司回购股份方案（第二期）的议案》， 同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部分公司已 发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。本次回购 金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元（含），回购 价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购决议前三十个 交易日公司股票交易均价的 150%。具体回购股份的数量以回购期满时实际回购的股份数 量为准。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网（www.cninfo.com.cn） 披露的《公司第九届董事会第二十六 ...

Market Overview - The engineering machinery sector experienced a decline of 0.75% on October 27, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Noli Co., Ltd. (603611) with a closing price of 25.81, up 6.56% on a trading volume of 177,300 shares and a turnover of 457 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41% with a trading volume of 295,300 shares and a turnover of 634 million [1] - Tietuo Machinery (920706) closed at 25.40, up 5.44% with a trading volume of 95,800 shares and a turnover of 239 million [1] - Conversely, significant decliners included: - Wantong Hydraulic (920839) closed at 46.47, down 8.05% with a trading volume of 58,900 shares and a turnover of 280 million [2] - XCMG Machinery (000425) closed at 10.66, down 6.24% with a trading volume of 3,515,800 shares and a turnover of 385 million [2] - Sany Heavy Industry (600031) closed at 22.53, down 1.66% with a trading volume of 1,027,500 shares and a turnover of 2.345 billion [2] Capital Flow - The engineering machinery sector saw a net outflow of 826 million from institutional investors, while retail investors contributed a net inflow of 666 million [2] - Key stocks with significant capital flow included: - XGMA (600815) had a net inflow of 40.12 million from institutional investors, but a net outflow of 26.10 million from retail investors [3] - Hengli Hydraulic (601100) saw a net inflow of 39.40 million from institutional investors, with a net outflow of 30.37 million from retail investors [3] - Noli Co., Ltd. (603611) had a net inflow of 29.13 million from institutional investors, but a net outflow of 33.47 million from retail investors [3]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for stocks such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, LiuGong, and YTO Group [10]. Core Insights - The machinery equipment index rose by 4.71% in the last week, outperforming the CSI 300 index, which increased by 3.24% [13][15]. - Year-to-date, the machinery equipment index has increased by 35.02%, ranking fifth among 31 primary industry categories [15]. - The report highlights a significant increase in engineering machinery exports, with a total of $43.855 billion from January to September 2025, marking a year-on-year growth of 13.3% [4][23]. - The report emphasizes the potential growth in quantum computing and controllable nuclear fusion as new economic growth points, supported by top-level policy and funding [4][23]. - Tesla's humanoid robot production plans are seen as a strategic opportunity for the robotics sector, with expectations for significant commercialization by 2026 [4][23]. Summary by Sections Market Review - The SW Machinery Equipment Index increased by 4.71% last week, ranking fourth among 31 primary industry categories [13][15]. - Year-to-date performance shows a 35.02% increase in the SW Machinery Equipment Index, compared to an 18.44% increase in the CSI 300 Index [15]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.8% in September, indicating contraction [22]. - Forklift sales in September reached 130,380 units, a year-on-year increase of 23% [22]. Engineering Machinery - In September, total excavator sales reached 19,858 units, a year-on-year increase of 25.4%, with both domestic and international sales showing strong growth [31]. Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment in railways maintaining a growth rate of around 6% [42]. Shipbuilding - The shipbuilding sector is seeing a slowdown in price declines, with the global new ship price index at 185.58 as of September 2025 [44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global rig counts and expected growth in oil and gas extraction demand [46]. Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, which may boost demand for industrial gases [50]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 39% year-on-year increase in new gas turbine orders in the first three quarters of 2025 [52].

Core Insights - The company's Q3 net profit attributable to shareholders decreased by 32.5% year-on-year, primarily due to significant impairment losses related to tower cranes, impacting short-term performance [1] - For the first three quarters of 2025, the company achieved revenue of 25.76 billion yuan, a year-on-year increase of 12.7%, and a net profit of 1.46 billion yuan, up 10.4% year-on-year [1] - The company’s overseas business showed strong performance, exceeding annual profit targets, while core domestic businesses like earthmoving machinery maintained steady growth [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was 22.3%, down 1.2 percentage points year-on-year, and the net profit margin was 4.9%, down 1.0 percentage point year-on-year [2] - In Q3, the gross profit margin was 22.1%, a decrease of 1.6 percentage points year-on-year, and the net profit margin was 1.5%, down 3.5 percentage points year-on-year [2] - The company reported credit impairment losses of 610 million yuan for the first three quarters, a significant increase of 104% year-on-year [2] Strategic Planning - The company approved a strategic plan aiming for 60 billion yuan in revenue by 2030, with over 60% from international markets and a net profit margin of no less than 8% [3] - The plan includes a compound annual growth rate of 12% for revenue and 24% for net profit from 2024 to 2030 [3] - Key growth drivers identified are core earthmoving machinery, mining machinery, industrial vehicles, and emerging businesses like agricultural machinery and new technologies [3] Investment Outlook - Due to the impact of tower crane impairments on short-term performance, the company has revised its net profit forecasts for 2025-2027 to 1.62 billion, 2.34 billion, and 2.79 billion yuan, respectively [4] - The current market capitalization corresponds to price-to-earnings ratios of 15, 10, and 9 times for the respective years [4]

Group 1 - China Shenhua's net profit for the first three quarters decreased by 10% year-on-year, with total revenue of 213.15 billion yuan, down 16.6% [1][2] - Dongfang Caifu reported a 51% increase in net profit for the first three quarters, reaching 90.97 billion yuan, a 50.57% year-on-year growth [3][4] - Geer Co. achieved a net profit growth of 10.33% year-on-year, totaling 25.87 billion yuan, despite a 2.21% decline in revenue [5][6] Group 2 - Changan Automobile's net profit fell by 14.66% year-on-year, with total revenue of 1,149.27 billion yuan, up 3.58% [7][8] - Zhinanzhen reported a significant net profit increase of 205% year-on-year, reaching 1.16 billion yuan, driven by growth in financial information services [9] - Dongpeng Beverage's net profit grew by 42% year-on-year, totaling 37.61 billion yuan for the first three quarters [10][11] Group 3 - Ping An Bank's net profit decreased by 2.8% year-on-year, with total revenue of 1,006.68 billion yuan, down 9.8% [12][13] - Goldwind Technology reported a 171% increase in net profit for the third quarter, reaching 25.84 billion yuan for the first three quarters [15] - Yilong Co. achieved a net profit growth of 113.97% year-on-year, totaling 19.88 billion yuan in the third quarter [16][17] Group 4 - Tongwei Co. reported a net loss of 5.27 billion yuan for the first three quarters, with total revenue of 646 billion yuan, down 5.38% [18][19] - CITIC Securities' net profit increased by 52% year-on-year, reaching 231.59 billion yuan for the first three quarters [20] - Wanhua Chemical's net profit decreased by 17.45% year-on-year, totaling 91.57 billion yuan for the first three quarters [21] Group 5 - Luoyang Molybdenum's net profit increased by 96.4% year-on-year, reaching 142.80 billion yuan for the first three quarters [22] - Xiamen Tungsten's net profit grew by 41.54% year-on-year, totaling 5.52 billion yuan for the first three quarters [44] - Huazhong Cement's net profit increased by 76% year-on-year, reaching 20.04 billion yuan for the first three quarters [41]

Core Insights - LiuGong (000528.SZ) reported a revenue of 25.76 billion yuan for the first three quarters, representing a year-on-year increase of 12.71% [1] - The net profit attributable to shareholders of the listed company reached 1.458 billion yuan, up 10.37% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.318 billion yuan, reflecting an 8.97% year-on-year growth [1]

证券代码：000528 证券简称：柳 工 公告编号： 2025-80 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：公司 2025 年第二次临时股东大会。 2、股东大会的召集人：公司董事会。2025年10月23日，公司第十届董事会第四次 会议审议通过《关于公司召开2025年第二次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法律、行 政法规、部门规章、规范性文件、深圳证券交易所业务规则及《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 11 月 12 日 14:15； （2）网络投票时间：2025 年 11 月 12 日。 通过深圳证券交易所互联网投票系统投票的时间：2025 年 11 月 12 日 9:15~15:00。 通过深圳证券交易所交易系统进行网络投票的时间：2025 年 11 月 12 日 9:15～ 9:25；9 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-75 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 第十届董事会第四次会议决议公告 该议案具体内容详见公司同时在《中国证券报》及巨潮资讯网（www.cninfo.com.cn） 披露的《柳工 2025 年三季度报告》 （公告编号：2025-77）。 二、审议通过《关于公司 2025 年第三季度计提资产减值准备的议案》 同意公司 2025 年第三季度末各项资产累计计提减值准备净额共计 68,900.94 万元。 其中：应收账款坏账准备计提净额 38,759.52 万元，其他应收款坏账准备计提净额 3,658.75 万元，长期应收款坏账准备计提净额 3,405.64 万元，应收票据坏账准备冲回 357.84 万元，第三方融资担保风险准备金计提净额 15,670.33 万元，投资性房地产减值 准备计提净额 840.58 万元，合同资产减值准备计提净额 26.90 万元，存货跌价准备计 提净额 6,897.05 万元。以上剔除合并增加、外币报表折算差异影响，减值计提影响当 第 1页，共 4页 柳工董事会公告 季损益（税前）-29,9 ...