Investment Rating - The report rates the mining machinery industry as "Overweight" due to expected growth driven by rising metal prices [3][4]. Core Insights - Rising prices of precious and industrial metals are anticipated to boost capital expenditures on mining equipment, as increased profits for mining companies enhance their willingness to invest in new equipment [4]. - The demand for tools and spare parts is expected to rise directly with increased mining and processing volumes, with specific companies recommended for investment in these segments [4]. - The acceleration of new mining projects will lead to increased demand for complete machinery, with several companies highlighted as potential investment opportunities [4]. - Companies with mining assets are expected to benefit directly from price increases, particularly those involved in tungsten mining, which has seen significant price appreciation this year [4]. Summary by Sections Equipment Investment - The report emphasizes that equipment investment is driven by the upward trend in metal prices, which leads to increased mining activity and capital expenditures [4]. Tools and Spare Parts - The report categorizes mining tools into three types: dragging tools, rotating tools, and impact tools, recommending companies such as New Sharp, Hengli Drill, and Zhongtung High-Tech for investment [4]. Complete Machinery - The report identifies key segments in the mining process, including excavation, crushing, transportation, and mineral processing, and suggests companies like Xugong Machinery and Sany Heavy Industry for investment [4]. Mining Asset Companies - The report highlights the significant profit potential for companies with tungsten mining assets due to substantial price increases, recommending companies like Zhongtung High-Tech and Xiamen Tungsten for investment [4].

Investment Rating - The SW Machinery Equipment Index has shown a year-to-date increase of 36.94%, ranking 5th among 31 primary industry classifications, while the CSI 300 Index has increased by 17.33% [3][18]. Core Insights - The BEST project in nuclear fusion is progressing with significant bidding opportunities, including a recent tender exceeding 190 million yuan for key components [7]. - The Figure03 robot, launched by FigureAI, represents a significant advancement in general-purpose robotics, with production capabilities expected to reach 100,000 units over the next four years [7]. - The global demand for construction machinery is anticipated to rise, supported by domestic equipment renewal cycles and international market recovery, particularly in Southeast Asia and the Middle East [7]. - The engineering machinery sector is entering a new upward cycle, with excavator sales showing a year-on-year increase of 12.8% in August 2025 [36]. Summary by Sections Market Review - The SW Machinery Equipment Index decreased by 0.26% over the last week, ranking 19th among 31 primary industry classifications [3][16]. Key Data Tracking General Machinery - The general machinery sector remains under pressure, with the manufacturing PMI at 49.8% for September, indicating a contraction [25]. Engineering Machinery - The engineering machinery sector is experiencing accelerated growth, with excavator sales reaching 16,523 units in August, a 12.8% increase year-on-year [36]. Railway Equipment - The railway equipment sector is showing steady growth, with fixed asset investment maintaining a growth rate of around 6% [44]. Shipbuilding - The shipbuilding sector is experiencing a slowdown, with the global new ship price index showing signs of stabilization [47]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global drilling rig numbers and expected growth in oil and gas extraction demand [49]. Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability due to declining raw material prices, leading to increased demand [53]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 35.6% year-on-year increase in new gas turbine orders in the first half of 2025 [55].

Core Viewpoint - LiuGong (000528.SZ) announced that its controlling shareholder, Guangxi LiuGong Group Co., Ltd., has completed its shareholding increase plan, acquiring a total of 22,903,280 shares, which represents 1.13% of the current total share capital [1] Summary by Categories Shareholding Increase - LiuGong Group has cumulatively increased its shareholding by 22,903,280 shares, amounting to 250,280,345.21 yuan (excluding transaction fees) [1] - Following this increase, LiuGong Group now holds 528,656,832 shares, which constitutes 26.01% of the current total share capital [1]

Core Viewpoint - LiuGong (000528.SZ) announced its first share buyback through a special securities account on December 20, 2024, with a total of 35,910,510 shares repurchased by September 30, 2025, representing 1.77% of the company's total share capital [1] Summary by Category - **Share Buyback Details** - The company repurchased a total of 35,910,510 shares [1] - This amount constitutes approximately 1.77% of the total share capital of 2,032,200,321 shares [1] - The highest transaction price was 11.60 CNY per share, while the lowest was 10.62 CNY per share [1] - The total transaction amount reached 39,989.91 million CNY, excluding transaction fees [1]

Core Viewpoint - The controlling shareholder, Guangxi Liugong Group, has completed a share buyback plan, increasing its stake in Liugong to 26.01% by acquiring 22.9033 million shares for a total of 250 million yuan, which represents 1.13% of the current total share capital [1] Group 1 - Guangxi Liugong Group has increased its shareholding to 529 million shares [1] - The total amount spent on the share buyback reached 100.11% of the planned minimum [1] - The company has committed not to reduce its holdings of the newly acquired shares within six months after the completion of the buyback [1]

证券代码：000528 证券简称：柳 工 公告编号： 2025-72 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）进展情况的公告 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（临时）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次（ ...

证券代码：000528 证券简称：柳 工 公告编号：2025- 73 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 关于控股股东增持股份计划实施完成的公告 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 2025 年 10 月 9 日收到控股 股东广西柳工集团有限公司（以下简称"柳工集团"）出具的《关于增持柳工股份计 划实施完成的告知函》，截至本公告披露日，柳工集团已累计增持公司股份 22,903,280 股，占当前总股本的 1.13%，增持金额为 250,280,345.21 元（不含交易 费用）。柳工集团当前持有公司股份 528,656,832 股，占当前总股本的 26.01%。现将 本次增持计划的实施情况和结果公告如下： 一、计划增持主体的基本情况 本次增持计划公告前，柳工集团持有公司股份 505,753,552 股，占公司当时总股 本的 25.05%。柳工集团在本次增持计划公告前的 12 个月内未披露过其他增持计划，在 本次增持计划公告前的 6 个月内不存在减持公司股份的情形。 二 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-71 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 2025 年第三季度可转换公司债券转股情况的公告 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。 重要内容提示： 广西柳工机械股份有限公司（以下简称"公司"）发行的可转换公司债券（以下简 称"可转债"）"柳工转 2"在 2025 年第三季度发生转股业务，债券减少 13,410 张， 余额减少 13,410,000 元，转股数量 183,684 股。根据《深圳证券交易所股票上市规则》 和《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》等的有关规 定：上市公司应当在每一季度结束后及时披露因可转换公司债券转换为股票所引起的股 份变动情况。现将相关情况公告如下： 2023 年 4 月 20 日起，经深圳证券交易所批准，公司可转债在深圳证券交易所挂牌 第 1页，共 3页 1. 债券简称：柳工转2；债券代码：127084 3. 转股期限：2023年10月9日至2029年3月26日 4. 当前转股价格：人民币7. ...

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]

Core Viewpoint - LiuGong's stock price has experienced a decline of 8.17% year-to-date, with a recent drop of 2.08% on October 9, 2023, indicating potential challenges in the market [1]. Company Overview - LiuGong Machinery Co., Ltd. is located in Liuzhou, Guangxi, and was established on November 8, 1993. It was listed on November 18, 1993. The company specializes in the research, production, sales, and service of construction machinery and key components [1]. - The main business revenue composition includes earthmoving machinery (64.09%), other construction machinery and components (27.95%), prestressing machinery (6.58%), and rental services (1.38%) [1]. Financial Performance - For the first half of 2025, LiuGong achieved an operating income of 18.181 billion yuan, representing a year-on-year growth of 13.21%. The net profit attributable to shareholders was 1.230 billion yuan, reflecting a year-on-year increase of 25.05% [2]. - Since its A-share listing, LiuGong has distributed a total of 5.102 billion yuan in dividends, with 1.122 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, LiuGong had 79,900 shareholders, an increase of 29.79% from the previous period. The average number of circulating shares per person decreased by 22.95% to 25,266 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 66.054 million shares, a decrease of 61.220 million shares from the previous period. New shareholder Southern CSI 500 ETF holds 23.978 million shares [3].