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>China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for May 2026.</li><li>Crawler crane/truck crane sales grew 34%/18% YoY, which reaffirms our view of an upcycle driven by power projects and replacement demand.</li><li>Aerial work platforms (AWPs) grew 30% YoY, with an early sign of recovery in China. </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 non-earthmoving machinery sales data for May 2026.Crawler crane/truck crane sales grew 34%/18% YoY, which reaffirms our view of an upcycle driven by power projects and replacement demand.Aerial work platforms (AWPs) grew 30% YoY, with an early sign of recovery in China. 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 Sales of Cranes in May; Early Sign of Recovery for AWPs

<ul><li>What’s new? China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in May 2026.</li><li>Sales (exports + domestic sales) of excavators and loaders grew 36% YoY and 27% YoY respectively.</li><li>Excavators were strong in both domestic sales (+39% YoY) and exports (+34% 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.

What’s new? China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in May 2026.Sales (exports + domestic sales) of excavators and loaders grew 36% YoY and 27% YoY respectively.Excavators were strong in both domestic sales (+39% YoY) and exports (+34% 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 - Momentum of earth-moving machinery sales continued in May

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.</li><li>Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.</li><li>For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. </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 over the weekend the data for earth-moving machinery sales in Apr 2026.Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. 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 sales of earth-moving machinery in Apr; price hikes planned for excavators

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Feb 2026.</li><li>Exports were strong for both excavators and wheel loaders (+37%/+34% YoY), which are ahead of our expectations.</li><li>Domestic sales of excavators/wheel loaders (-42%/-14% YoY), partially affected by the CNY, were weaker than our expectations. </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 over the weekend the data for earth-moving machinery sales in Feb 2026.Exports were strong for both excavators and wheel loaders (+37%/+34% YoY), which are ahead of our expectations.Domestic sales of excavators/wheel loaders (-42%/-14% YoY), partially affected by the CNY, were weaker than our expectations. 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 Export of Earth-Moving Machinery in Feb

<ul><li>China Construction Machinery Association (CCMA) released the full set of construction machinery sales data for Jan 2026. Similar to the strong data of earth-moving machinery released last week (partially helped by low base on early CNY last year), sales of truck cranes and crawler cranes surged in Jan (+29%/+73% YoY), which we believe were driven by power installation projects.</li><li>Besides, forklifts and AWPs also saw strong growth in Jan (+51%/29% YoY). The strong data points continue to reaffirm our positive stance on the sector, with drivers coming from replacement cycle (domestic), potential upside of global mining capex on the back of elevated commodity prices, as well as Chinese machinery players’ continuous penetration in emerging markets.</li><li>Maintain BUY on Zoomlion (1157 HK / 000157 CH), SANY Heavy (6031 HK / 600031 CH), Jiangsu Hengli (601100 CH) and SANYI (631 HK).</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 full set of construction machinery sales data for Jan 2026. Similar to the strong data of earth-moving machinery released last week (partially helped by low base on early CNY last year), sales of truck cranes and crawler cranes surged in Jan (+29%/+73% YoY), which we believe were driven by power installation projects.Besides, forklifts and AWPs also saw strong growth in Jan (+51%/29% YoY). The strong data points continue to reaffirm our positive stance on the sector, with drivers coming from replacement cycle (domestic), potential upside of global mining capex on the back of elevated commodity prices, as well as Chinese machinery players’ continuous penetration in emerging markets.Maintain BUY on Zoomlion (1157 HK / 000157 CH), SANY Heavy (6031 HK / 600031 CH), Jiangsu Hengli (601100 CH) and SANYI (631 HK).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 momentum of non-earth-moving machinery sales in Jan

China

Sany Heavy Industry is a Chinese multinational heavy equipment manufacturing company that specializes in manufacturing and marketing construction machinery. Its product range includes concrete machinery, excavators, cranes, road construction machinery, and piling machinery. The company is headquartered in Changsha, Hunan, China, and was founded in 1994.

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