External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>What’s new? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.</li><li>The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.</li><li>Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What’s new? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Upgrade of rural highways could become a trillion yuan market

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Apr.</li><li>Similar to the previous month, sales of non-earth-moving machinery were mixed in Apr (vs the strong earth-moving machinery data that was published last week.</li><li>Forklift sales were resilient in general, while tower cranes continued to see a big divergence in domestic sales (-61% YoY) and exports (+49% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Apr.Similar to the previous month, sales of non-earth-moving machinery were mixed in Apr (vs the strong earth-moving machinery data that was published last week.Forklift sales were resilient in general, while tower cranes continued to see a big divergence in domestic sales (-61% YoY) and exports (+49% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Still a Mixed Picture for Non-Earth-Moving Machinery Sales in Apr

<ul><li>China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Apr.</li><li>Domestic sales of excavators / wheel loaders grew 16%/35% YoY, which we believe were driven by municipal and rural construction projects.</li><li>Meanwhile, export growth of excavator sales accelerated to 19% YoY in Apr, the highest over the past two years, though we are unsure if the sales were boosted by any tariff-related factors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</li></ul>

China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Apr.Domestic sales of excavators / wheel loaders grew 16%/35% YoY, which we believe were driven by municipal and rural construction projects.Meanwhile, export growth of excavator sales accelerated to 19% YoY in Apr, the highest over the past two years, though we are unsure if the sales were boosted by any tariff-related factors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Solid Growth of Earth-Moving Machinery Sales in Apr

<ul><li>China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Mar.</li><li>Domestic sales of excavators / wheel loaders grew 29%/23% YoY, suggesting strong demand in the traditional peak season.</li><li>We believe excavator offers resilience with growth driven largely by the domestic replacement demand, which is less affected by the tariff war. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Mar.Domestic sales of excavators / wheel loaders grew 29%/23% YoY, suggesting strong demand in the traditional peak season.We believe excavator offers resilience with growth driven largely by the domestic replacement demand, which is less affected by the tariff war. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Strong Domestic Sales of Earth-Moving Machinery in Mar

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. </li>
<li>We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.</li>
</ul>


We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. 
We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.


Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

China

Jiangsu Hengli Hydraulic Co Ltd develops, manufactures and sells high pressure tank, hydraulic components and hydraulic systems. The Company's main products include fuel tanks and non-standard cylinders for heavy equipment.

Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

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Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

Capital Goods - Upgrade of rural highways could become a trillion yuan market

The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation...

CMB International

Capital Goods - Still a Mixed Picture for Non-Earth-Moving Machinery Sales in Apr

Similar to the previous month, sales of non-earth-moving machinery were mixed in Apr (vs the strong earth-moving machinery data that was published...

CMB International

Capital Goods - Solid Growth of Earth-Moving Machinery Sales in Apr

China Construction Machinery Association (CCMA) released the earth-moving machinery sales data for Apr. Domestic sales of excavators / wheel...

CMB International

Capital Goods - Strong Domestic Sales of Earth-Moving Machinery in Mar

We also like Zoomlion (1157 HK / 000157 CH, BUY) given its strategic focus on emerging markets (the US contributes <1% of revenue).

CMB International

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)