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 over the weekend a relatively strong set of data for earth-moving machinery sales in Jan 2026, partially due to a low base effect (early CNY in 2025).</li><li>Excavator exports / domestic sales surged 40% /61% YoY.</li><li>Wheel loader exports/ domestic sales grew 53%/43% YoY, with electric ratio reaching 25.4% in Jan. </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 a relatively strong set of data for earth-moving machinery sales in Jan 2026, partially due to a low base effect (early CNY in 2025).Excavator exports / domestic sales surged 40% /61% YoY.Wheel loader exports/ domestic sales grew 53%/43% YoY, with electric ratio reaching 25.4% in Jan. 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 - A Good Start of Earth-Moving Machinery Sales in Jan

<ul><li>China Construction Machinery Association (CCMA) released the full set of construction machinery sales data for Dec 2025.</li><li>Strong growth momentum of domestic sales of truck cranes and crawler cranes continued in Dec (+39%/+96% YoY), which we believe were driven by wind power installation and other energy projects.</li><li>Exports in Dec were strong across different types of machineries (except tower cranes). </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 Dec 2025.Strong growth momentum of domestic sales of truck cranes and crawler cranes continued in Dec (+39%/+96% YoY), which we believe were driven by wind power installation and other energy projects.Exports in Dec were strong across different types of machineries (except tower cranes). 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 Momentum Continued for Truck Cranes & Crawler Cranes in Dec 2025

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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Sany Heavy Industry (6031 HK)

Capital Goods - A Good Start of Earth-Moving Machinery Sales in Jan

China Construction Machinery Association (CCMA) released over the weekend a relatively strong set of data for earth-moving machinery sales in Jan 2026

CMB International

Capital Goods - Strong Sales Momentum Continued for Truck Cranes & Crawler Cranes in Dec 2025

Strong growth momentum of domestic sales of truck cranes and crawler cranes continued in Dec (+39%/+96% YoY), which we believe were driven by wind...

CMB International

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