HK Stock Market Move | FIRST TRACTOR (00038) rose more than 7%, Central Document No. 1 was released to promote the scrappage and renewal of old agricultural machinery.

, FIRST TRACTOR (00038) rose more than 7%, closing at a 7.49% increase to 7.03 Hong Kong dollars, with a trading volume of 52.65 million Hong Kong dollars. On the news front, the Central No. 1 Document of 2025, "Opinions of the Central Committee of the Communist Party of China and the State Council on Further Deepening Rural Reform and Solidly Promoting Comprehensive Rural Revitalization," was released on February 23, with the first mention of "new agricultural productivity." In addition, the document proposes promoting high-quality development of agricultural machinery and equipment, accelerating the research and application of domestically advanced and applicable agricultural machinery and equipment, and promoting the scrapping and renewal of old agricultural machinery. Support is given to the development of Jiangsu Nonghua Intelligent Agriculture Technology and the expansion of artificial intelligence, data, and low-altitude technology application scenarios. FIRST TRACTOR previously announced that tractor product sales in 2024 were approximately 74,300 units, a year-on-year increase of 2.71%, with sales of high-power tractors up 12.49%, while sales of medium-power and low-power tractors decreased by 4.57% and 52% respectively. Soochow previously pointed out that the company is a leading domestic high-end large-scale tractor enterprise, benefiting from the dual good news of the large-scale and high-end competition in the domestic tractor market and the smooth expansion of overseas markets.