Core Viewpoint - The article highlights the significant presence of LiuGong at the BICES 2025 exhibition, showcasing its commitment to high-quality development and innovation in the construction machinery industry through the launch of its large-scale intelligent green mining solutions [1][3][29]. Group 1: Exhibition Highlights - LiuGong is the largest exhibitor at BICES 2025, occupying nearly 5000 square meters and presenting over 40 machines under the theme "Wisdom · Green · Extending Human Power" [1][29]. - The launch of LiuGong's large-scale intelligent green mining solutions was marked by a ceremony attended by key industry leaders and government officials [4][5][7]. - The solutions focus on large-scale, electrification, and intelligence, addressing the dual carbon goals and providing replicable solutions for global mining [11][29]. Group 2: Technological Innovations - LiuGong's electric excavator, the 9135FE, features industry-first high-speed rail motor control technology and a 640kW permanent magnet synchronous motor [15]. - The DW120AE electric mining truck can achieve rapid recharging in 1.5 hours and has a downhill energy recovery efficiency that leads the industry by 9% [15]. - LiuGong's intelligent mining management system enables unmanned operations, integrating energy management effectively [15][23]. Group 3: Comprehensive Solutions - LiuGong emphasizes a "scene-based demand" approach, showcasing customized solutions across various operational scenarios, including energy storage, port logistics, and municipal maintenance [18][20]. - The company aims to provide full lifecycle services to customers, covering parts sales, technical support, remanufacturing, service training, leasing, and digital solutions [20][29]. Group 4: Industry Recognition - Industry leaders, including Xu Niansha and Su Zimeng, acknowledged LiuGong's achievements in technological innovation, industrial chain upgrades, and global expansion [10][29]. - LiuGong's commitment to high-quality development and its strategic focus on comprehensive solutions were reiterated by the company's leadership during the exhibition [8][29].

Core Viewpoint - LiuGong (000528.SZ) has received a notification from its controlling shareholder, Guangxi LiuGong Group Co., Ltd., regarding the increase in shareholding, which has reached a significant threshold of 1% [1] Summary by Relevant Categories Shareholding Changes - As of September 23, 2025, LiuGong Group has cumulatively increased its shareholding by 22,749,700 shares, representing approximately 1.12% of the company's current total share capital [1] - The total amount invested in this share increase is 248.6231 million yuan, excluding transaction fees [1] - Following this increase, LiuGong Group holds a total of 528,503,232 shares, which accounts for about 26.02% of the company's current total share capital [1]

Core Viewpoint - LiuGong (000528.SZ) has received a notification from its controlling shareholder, Guangxi LiuGong Group Co., Ltd., regarding the increase in shareholding, which has now reached a significant threshold of 1% [1] Summary by Relevant Sections - **Shareholding Increase** LiuGong Group has cumulatively increased its shareholding by 22,749,700 shares, representing approximately 1.12% of the company's total share capital as of September 23, 2025 [1] - **Investment Amount** The total amount invested in this share increase is 248.6231 million yuan, excluding transaction fees [1] - **Total Shareholding Post-Increase** After this increase, LiuGong Group holds a total of 528,503,232 shares, which accounts for about 26.02% of the company's current total share capital [1]

证券代码：000528 证券简称：柳 工 公告编号：2025-70 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 关于控股股东持股比例变动触及 1%整数倍 暨增持股份计划进展的公告 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 9 月 23 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《关于持股比例变动触及 1% 整数倍暨增持股份计划进展的告知函》：截至 2025 年 9 月 23 日，柳工集团已累计增持 公司股份 2,274.97 万股，约占公司当前总股本的 1.12%，增持金额为 24,862.31 万元 （不含交易费用）。本次增持后，柳工集团合计持有公司 528,503,232 股，约占公司当 前总股本的 26.02%，持股比例变动触及 1%整数倍情形。根据《上市公司收购管理办法》、 《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》等的有关规定， 现将有关情况公告如下： 一、增持计划情况和实施进展 控股股东柳工集团基于对公司未来 ...

Core Viewpoint - The article highlights the significant presence of LiuGong at the BICES 2025 exhibition, showcasing its commitment to smart, green, and innovative solutions in the construction machinery sector, particularly focusing on electric and intelligent mining equipment [1][4]. Group 1: LiuGong's Innovations - LiuGong launched its large-scale smart green mining solutions, emphasizing large-scale, electrification, and intelligence, which align with the "dual carbon" goals [4]. - The company introduced a diverse range of electric products, including the 9135FE electric excavator with a 640kW permanent magnet synchronous motor and 1500V high-voltage platform, and the DW120AE pure electric mining vehicle with a rapid 1.5-hour charging capability [4]. - LiuGong's electric roller 6626EE and electric grader 4280DE feature proprietary electric transmission technology, improving energy transfer efficiency by over 20% [4]. Group 2: Comprehensive Solutions - LiuGong showcased over 40 innovative products tailored to various operational scenarios, demonstrating its comprehensive capabilities in energy storage, port logistics, water conservancy, municipal maintenance, and aerial work [5]. - The energy storage solutions offered by LiuGong include both fixed and mobile power sources, covering from 70 kWh to 5000 kWh, providing stable and zero-emission power in areas with limited grid access [5]. - LiuGong's water conservancy solutions integrate charging and energy exchange systems, ensuring safety and efficiency in complex terrains [5]. Group 3: Market Position and Product Highlights - LiuGong's T-series loaders and F-series excavators were prominently featured, representing the sixth generation of core products, designed to be smarter, more efficient, and more reliable [7]. - The T-series electric loader combines the advantages of intelligence and low carbon emissions, utilizing LiuGong's self-developed battery system [9]. - The F-series excavators are designed to meet global operational demands, with a range from 1.7 tons to 200 tons, and are equipped with electric and intelligent solutions for various harsh environments [9]. Group 4: Digital and AI Integration - LiuGong presented its "intelligent matrix," showcasing digital technologies such as AI unmanned loaders and the Tianji equipment management system, which enhances operational efficiency through data integration [10][12]. - The LiuGong Brain utilizes AI to streamline product lifecycle data management, significantly improving operational efficiency across R&D, production, and service [10]. - The AI ore selection and dehydration energy-saving system addresses resource waste and high costs in the mining industry, promoting intelligent sorting and energy-saving adjustments [12]. Group 5: Brand Engagement and Sponsorship - LiuGong created a themed area at the exhibition to promote its sponsorship of the international off-road rally, showcasing a replica of the championship-winning vehicle driven by Arthur Gama [13]. - The sponsorship reflects LiuGong's commitment to innovation and resilience, aligning the spirit of motorsport with the reliability of its machinery [13].

Group 1 - The stock of LiuGong experienced a decline of 2.52% on September 23, closing at 10.82 yuan [1] - A block trade occurred with a total volume of 548,800 shares and a transaction amount of 5.938 million yuan, with a premium rate of 0.00% [1] - The buyer was from China International Capital Corporation's Fuzhou Wusi Road Securities Business Department, while the seller was an institutional client [1] Group 2 - Over the past three months, LiuGong has had a total of one block trade with a cumulative transaction amount of 5.938 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 1.46%, with a net outflow of 103 million yuan from main funds [1]

Core Viewpoint - LiuGong is focusing on high-quality development and global expansion, emphasizing innovation and customer-centric strategies to enhance its market position and brand recognition in the engineering machinery sector [4][6][7]. Group 1: Company Performance - In the first half of the year, LiuGong achieved operating revenue of 18.181 billion, representing a year-on-year growth of 13.21% [4]. - LiuGong's overseas revenue reached 8.523 billion, accounting for 46.88% of total revenue, with overseas net profit hitting a new high [6]. Group 2: Strategic Initiatives - LiuGong aims to accelerate its transition from internationalization to globalization over the next five years, focusing on global industrial layout and enhancing its global operational capabilities [6]. - The company is committed to deepening its "Three Full" strategy, which includes institutional innovation, core technology enhancement, comprehensive internationalization, value chain collaboration, and brand influence [7]. Group 3: Product Innovation - LiuGong showcased several breakthrough products at the exhibition, including large electric machinery and comprehensive energy solutions, highlighting advancements in electric technology and smart mining operations [9][11]. - The company is prioritizing the development of fully electric equipment as a core breakthrough in the mining market, integrating intelligent and unmanned technologies to improve safety and efficiency [11]. Group 4: ESG and Sustainability - LiuGong is committed to achieving a dual win of "green transformation" and "business sustainability" through technological innovation and product iteration, aligning with its mission of extending human capabilities with smart green machinery [13]. Group 5: Industry Engagement - The media event served as a platform for LiuGong to demonstrate its strength and innovation in the engineering machinery field, fostering communication with media and industry partners [16].

Core Viewpoint - The BICES 2025 exhibition is set to commence, showcasing LiuGong's innovative solutions and interactive experiences in the construction machinery sector [1][4]. Group 1: Event Details - BICES 2025 will take place from September 23 to 26 at the China International Exhibition Center in Beijing, with LiuGong's booth located at N111-N123 [6][4]. - LiuGong will unveil its large-scale smart green mining solutions during the event, highlighting its commitment to sustainability [8][12]. - The exhibition will feature various interactive zones, allowing attendees to experience LiuGong's equipment in different operational scenarios, such as mining, logistics, and municipal maintenance [19][17]. Group 2: Product Highlights - LiuGong will showcase several key products, including the 135-ton electric excavator 9135FE and the fully electric mining machine DW120AE, emphasizing the company's focus on electric and green technologies [9][11][12]. - The event will also present the new generation of T-series loaders and F-series excavators, with both static and dynamic displays available for attendees [17]. Group 3: Industry Context - The construction machinery industry is showing signs of recovery, with expectations of improved performance as the sector transitions to the "National IV" emissions standards starting December 1 [22]. - Domestic sales have faced a decline for 13 consecutive months, but exports have surged by over 70%, indicating a potential turning point for the excavator industry [22]. - The industry anticipates a warming trend, supported by improved operating rates and a rebound in domestic demand [26].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - In August 2025, domestic excavator sales showed resilience during the traditional off-season, with a significant recovery in non-excavator categories [3][4]. - The report highlights a robust growth trend in domestic demand for construction machinery, supported by government policies and infrastructure investments [5][10]. - The electric loader segment is experiencing substantial growth, with sales increasing by 159.4% year-on-year in August 2025, indicating a shift towards electrification in the industry [7][8]. Summary by Sections Sales Performance - In August 2025, excavator sales (including exports) reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [3][14]. - Non-excavator machinery categories also showed strong performance, with loaders up 18.3%, graders up 16.1%, and truck cranes up 28.2% [3][14]. Government Support and Policy - The government plans to issue long-term special bonds totaling 1.3 trillion yuan, which is expected to boost infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing implementation of new urbanization strategies and infrastructure projects, which will sustain demand for construction machinery [5]. Export Trends - Excavator exports in August 2025 reached 8,838 units, marking an 11.1% increase year-on-year, with a total of 73,553 units exported from January to August, up 12.8% [6][14]. - The report notes opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6]. Electrification and Innovation - The electric loader sales reached 2,477 units in August 2025, with an electrification rate of 26.2%, reflecting a significant increase in the adoption of electric machinery [7][35]. - The report suggests that the trend towards green and electric machinery will enhance revenue and profit margins for leading manufacturers [8]. Major Projects Impact - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost machinery demand, potentially reaching 120-180 billion yuan in equipment needs [9]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10][11].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic excavator sales in August 2025 showed resilience during the traditional off-season, with significant recovery in non-excavator categories [3][4]. - The report highlights a strong growth trend in the sales of various types of construction machinery, with notable increases in loader sales by 18.3%, grader sales by 16.1%, and truck crane sales by 28.2% in August 2025 [3][4]. - The government’s fiscal policies, including the issuance of long-term special bonds and increased local government bonds, are expected to support infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing internationalization and electrification trends in the machinery industry, with electric loader sales increasing by 159.4% in August 2025 [7][8]. - The commencement of the Yarlung Tsangpo River hydropower project is projected to significantly boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Sales Performance - In August 2025, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [14]. - Non-excavator machinery categories also showed strong performance, with loaders and truck cranes experiencing significant sales growth [3][14]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds and increase local government bonds to 4.4 trillion RMB, aimed at enhancing infrastructure investment [5]. - Continued investment in urban infrastructure and new-type urbanization strategies is expected to sustain machinery demand [5]. Export Trends - Excavator exports in August 2025 totaled 8,838 units, reflecting a year-on-year growth of 11.1% [6]. - The report notes opportunities and challenges in the export market, particularly in Southeast Asia, Africa, and the Middle East [6]. Electrification and Innovation - The report highlights a significant increase in electric loader sales, with a 159.4% year-on-year growth in August 2025, indicating a shift towards electrification in the industry [7][8]. - The electrification trend is expected to enhance revenue and profit margins for leading manufacturers [8]. Future Demand Drivers - The Yarlung Tsangpo River hydropower project is anticipated to create substantial demand for construction machinery, with a projected equipment investment of 120 billion to 180 billion RMB [9].