Market Overview - The engineering machinery sector experienced a decline of 2.26% on February 2, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Zhigao Machinery (code: 920101) saw a significant drop of 9.01%, closing at 42.33 with a trading volume of 31,200 shares and a transaction value of 136 million [2] - Other notable declines included Fushite (code: 301446) down 7.31% and Tietuo Machinery (code: 920706) down 7.08% [2] - Conversely, Construction Machinery (code: 600984) increased by 3.52%, closing at 4.12 with a transaction value of 275 million [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 261 million from institutional investors, while retail investors saw a net outflow of 68.44 million [2] - Notably, speculative funds had a net inflow of 329 million [2] Detailed Capital Flow for Selected Stocks - Zhongji United (code: 605305) had a net outflow of 33.05 million from institutional investors, while speculative funds saw a net inflow of 17.02 million [3] - Iron Construction Machinery (code: 688425) reported a net inflow of 12.55 million from institutional investors and 21.61 million from speculative funds [3] - Other stocks like Longling Hydraulic (code: 605389) and Tuoshan Heavy Industry (code: 001226) also showed varying net inflows and outflows across different investor categories [3]

格隆汇2月2日丨山推股份(000680.SZ)公布，2026年1月，公司未实施股份回购。截至2026年1月31日， 公司通过股份回购专用证券账户以集中竞价方式回购公司股份11,910,472股，占公司目前总股本的 0.79%，最高成交价10.20元/股，最低成交价8.64元/股，成交总金额111,591,612.24元（不含交易费 用）。本次回购实施符合相关法律法规的要求以及公司既定的回购方案。 ...

智通财经APP讯，山推股份(000680.SZ)公告，公司截至2026年1月31日以集中竞价方式回购公司股份 1191.05万股，占公司目前总股本的0.79%，成交总金额1.12亿元(不含交易费用)。 ...

山推股份（000680）(000680.SZ)公告，公司截至2026年1月31日以集中竞价方式回购公司股份1191.05万 股，占公司目前总股本的0.79%，成交总金额1.12亿元(不含交易费用)。 ...

格隆汇2月2日丨山推股份(000680.SZ)公布，2026年1月，公司未实施股份回购。截至2026年1月31日， 公司通过股份回购专用证券账户以集中竞价方式回购公司股份11,910,472股，占公司目前总股本的 0.79%，最高成交价10.20元/股，最低成交价8.64元/股，成交总金额111,591,612.24元（不含交易费 用）。本次回购实施符合相关法律法规的要求以及公司既定的回购方案。 ...

证券代码：000680 证券简称：山推股份 公告编号：2026-010 山推工程机械股份有限公司 关于回购股份方案实施进展的公告 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。 山推工程机械股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日，召开第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》。公 司拟使用自有资金或自筹资金（含股票回购专项贷款资金），以集中竞价交易方式回购 公司发行的人民币普通股（A 股）股份。本次回购的股份，在未来适宜时机将全部用于股 权激励计划或实施员工持股计划。本次回购股份金额不低于人民币 1.5 亿元（含本数）， 不超过人民币 3 亿元（含本数），回购价格不高于人民币 13.88 元/股。本次回购股份的 实施期限为自董事会审议通过回购股份方案之日起 12 个月内。具体情况详见公司于 2025 年 4 月 29 日披露于巨潮资讯网的《关于山推股份回购公司部分股份的报告书》（2025-033 号公告）。 根据公司《关于山推股份回购公司部分股份的报告书》的约定，在回购期内，如公 司实施派息、送股 ...

Summary of Shantui's Conference Call Company Overview - **Company**: Shantui Construction Machinery Co., Ltd. - **Industry**: Construction Machinery Key Points and Arguments Business Growth and Market Position - Shantui benefits from globalization and large-scale trends, with a robust growth in bulldozer business, achieving a domestic market share of 70% [2][3] - The company is actively expanding into excavator and mining truck businesses, expecting mining truck revenue to reach 500 million yuan in 2026, representing a 100% growth [2][3] - The company’s revenue is projected to reach 14.2 billion yuan in 2024, with a net profit of 1.102 billion yuan, a year-on-year increase of 15.67% [2][4] Financial Performance - Gross margin is steadily improving, expected to reach 25.3%, with a return on equity of 21% in 2024 [2][5] - The company anticipates net profits of 1.343 billion, 1.614 billion, and 1.923 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14x, 11x, and 9x [4][9] Excavator Business Development - Following the acquisition of Shandong Heavy Machinery in 2024, Shantui has achieved full coverage of excavator products, addressing technical gaps and creating synergies with bulldozer operations [6][11] - The excavator market is expected to grow by approximately 15% in 2026, driven by domestic fixed asset investment and demand from emerging countries [6] Support from Shandong Heavy Industry Group - Shandong Heavy Industry Group provides significant support, planning to consolidate the entire excavator business under Shantui to reduce competition [7] - The group’s brands, including Weichai Power and Linde Hydraulics, enhance Shantui's product competitiveness [7] Bulldozer Market Performance - Bulldozers are a core product for Shantui, holding a 65% market share domestically, with continuous growth in exports [8] - The company has introduced the world's first AI fully electric unmanned bulldozer, setting industry standards, with expected revenues of 3.5 to 4 billion yuan in 2026 [8] Mining Truck Business Outlook - The global mining truck market is expected to grow steadily, with the market for trucks over 100 tons projected to increase from 30 billion yuan in 2025 to 35 billion yuan by 2031 [13][14] - Shantui is expanding its mining product portfolio, with expectations of achieving around 500 million yuan in revenue from this segment in 2026 [14] Competitive Landscape and Valuation - Compared to industry peers like SANY and XCMG, Shantui's valuation is relatively low, with P/E ratios of 14.08x, 11.72x, and 9.84x [15] - The company is recommended for a buy rating due to its strong growth potential and synergies from its parent group [15] Risks - Shantui faces macroeconomic policy risks, exchange rate risks, and fluctuations in raw material costs, which could impact operational performance [16] Additional Important Information - The company is leveraging its extensive dealer network established in over 160 countries to enhance its global presence [5] - The excavator market is currently valued at approximately 500 billion yuan globally, with domestic market size around 150 billion yuan [10]

智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 这台爬行自如的机器人来自山东尚核电力科技有限公司。作为一家专业为核电站"护肤"的企业，尚 核电力不断将数字化、智能化引入生产和施工场景，实现了质量、效率双提升。目前，公司在海洋防腐 工程、各类管道制造和安装等领域均已达到国内领先水平，服务范围覆盖全国100多台核电机组。 数字化转型的深度，决定着制造业的高度。尚核电力的质效优势，背后是济宁数字产业化"十大工 程"和产业数字化"八大行动"的强力支撑：当地构建"项目—企业—产业"数字经济发展体系，规上企业 数字化转型率达92.7%。12家国家级5 ...

智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 科技创新的"智慧内核"，是济宁"智造"叩开"大国重器"大门的密钥。汶上海纬机车配件有限公司的 智能化车间里，生产热潮驱散了冬日的寒冷，超1600℃高温淬炼的特殊材料历经20多道工序，蜕变为一 片片锃亮的高铁制动盘。 "高铁运行不是光看能不能跑起来，还要看能不能停得住、停得稳、停得准。"公司副总李社星介 绍，我国新一代高速列车复兴号CR450动车组列车运行时速将提升到400公里，而制动距离却要求与 CR400时速350公里时的6500米标准持平。公司研发团队历时半年攻关，通过创新铸造配方与热处 ...

Key Points Summary Industry Overview - The mining machinery industry is expected to enter a new cycle of prosperity due to supply shortages and rising prices of metal commodities, influenced by anticipated interest rate cuts from the Federal Reserve [1][2] Company Recommendations XCMG Machinery - Leading in complete open-pit mining machinery, comparable to Caterpillar and Komatsu - Projected mining machinery revenue for 2025 is 13 billion (including spare parts), a year-on-year increase of 50% - Target for 2030 mining machinery revenue is 40 billion, with a CAGR of 25-30% [1] SANY International - Mining machinery accounts for 40% of total revenue - Overseas mining trucks are expected to contribute significantly to growth in 2026, with overseas mining machinery expected to exceed 50% of mining machinery business (6 billion) - Channel model adjustments are anticipated to enhance profitability; target for overseas mining machinery business in 2028 is 13 billion, aiming for over 100% growth in three years [1] Shantui - Leading in mining bulldozers, aiming to create a complete open-pit excavation solution - Expected sales of mining equipment to account for over 10% in 2025 [2] NPE Mining Machinery - Leading in wear-resistant parts for mineral processing, comparable to Meiyit Electric Steel - Projected mining machinery revenue for 2025 is 1 billion, with over 50% from overseas - Anticipated new product launches and overseas capacity expansion could lead to a new performance upturn, with a mid-term revenue target of 2 billion and profit target of 400 million by 2028 [2] New Sharp Co., Ltd. - Main business in hard alloys and rock drilling tools, comparable to Sandvik - Projected mining machinery revenue for 2025 is 1.8 billion, with 40% from overseas; recognized as a leading comprehensive solution provider for mining consumables [2] Nanmin Group - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 800 million, with 20% from overseas - Strategic changes include signing a ten-year operation contract for a large iron ore project and investing in a Zimbabwean gold mine, transitioning to an "equipment + operation" overseas model [2] Zhejiang Mining Co. - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 700 million, with 20% from overseas - Strategic changes include acquiring a lead-silver mine in Kazakhstan, initiating a dual-driven development phase of "mining machinery overseas + mining operation" [2]