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>We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.</li><li>We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.</li><li>On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.</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.

We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.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 - Key Themes in 2026: Focus on Mining Equipment...

<ul><li>Four companies under our coverage reported their 3Q25 results after market close yesterday (30 Oct). SANY Heavy delivered better-than-expected earnings (+48% YoY), driven by decent expense control.</li><li>Zoomlion’s profit growth of 36% YoY is also above our expectation, driven by growth acceleration in overseas and recovery in China.</li><li>Weichai Power’s net profit grew 29% YoY, driven by strong HDT/engines sales, which is largely in-line with expectation. </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.

Four companies under our coverage reported their 3Q25 results after market close yesterday (30 Oct). SANY Heavy delivered better-than-expected earnings (+48% YoY), driven by decent expense control.Zoomlion’s profit growth of 36% YoY is also above our expectation, driven by growth acceleration in overseas and recovery in China.Weichai Power’s net profit grew 29% YoY, driven by strong HDT/engines sales, which is largely in-line with expectation. 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 - 3Q25 Results First Take: SANY Heavy & Zoomlion Beat; Weichai In-Line

<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

<ul><li>The €500bn infrastructure plan proposed by Friedrich Merz, German Chancellor-in-waiting, is scheduled for parliament approval on 18 Mar.</li><li>The approval of the plan has become likely (2/3 is needed) after winning support from the Greens last week.</li><li>In HK &amp; A share market, Weichai Power (2338 HK / 000338 CH, BUY), being the controlling shareholder of KION Group (KGX GR, NR) which is the major industrial truck manufacturer in Europe, will likely become a beneficiary. </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.

The €500bn infrastructure plan proposed by Friedrich Merz, German Chancellor-in-waiting, is scheduled for parliament approval on 18 Mar.The approval of the plan has become likely (2/3 is needed) after winning support from the Greens last week.In HK &amp; A share market, Weichai Power (2338 HK / 000338 CH, BUY), being the controlling shareholder of KION Group (KGX GR, NR) which is the major industrial truck manufacturer in Europe, will likely become a beneficiary. 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.

Who Are the Potential Beneficiaries of Germany’s Mega Infrastructure Investment Plan?

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Feb.</li><li>Unlike the stronger-than-expected earth-moving machinery (excavator and wheel loader) data that released last week (CMBI report: link), the picture for other machinery was unclear.</li><li>Forklifts and truck cranes saw growth in both domestic and overseas markets, while tower cranes (highly related to property) / aerial work platforms (AWPs) saw 33%/24% decline in China market despite a low base. </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 Feb.Unlike the stronger-than-expected earth-moving machinery (excavator and wheel loader) data that released last week (CMBI report: link), the picture for other machinery was unclear.Forklifts and truck cranes saw growth in both domestic and overseas markets, while tower cranes (highly related to property) / aerial work platforms (AWPs) saw 33%/24% decline in China market despite a low base. 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 - Non-earth-moving machinery sales data mixed in Feb

China

Sany Heavy Equipment International Holdings Co Ltd. manufactures coal mining equipment, including roadheaders.

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Sany Heavy Equipment (631 HK)

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...

On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent...

CMB International

Capital Goods - 3Q25 Results First Take: SANY Heavy & Zoomlion Beat; Weichai In-Line

Four companies under our coverage reported their 3Q25 results after market close yesterday (30 Oct). SANY Heavy delivered better-than-expected...

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

Who Are the Potential Beneficiaries of Germany’s Mega Infrastructure Investment Plan?

The €500bn infrastructure plan proposed by Friedrich Merz, German Chancellor-in-waiting, is scheduled for parliament approval on 18 Mar.

CMB International

Capital Goods - Non-earth-moving machinery sales data mixed in Feb

We continue to favour earth-moving machinery which is the first to recover in both the project-level cycle and replacement cycle.

CMB International

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