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.

Equity Bottom-Up

<ul><li>SANY Heavy (SANY)’s net profit in 1H26 grew 9% YoY to RMB5.7bn, which implies 17% YoY growth of net profit in 2Q26.</li><li>In terms of EBIT (excluded FX impact), the growth in 2Q26 surged 55% YoY on the back of revenue growth of 24% YoY and stable gross margin.</li><li>The results are largely in line with 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.

SANY Heavy (SANY)’s net profit in 1H26 grew 9% YoY to RMB5.7bn, which implies 17% YoY growth of net profit in 2Q26.In terms of EBIT (excluded FX impact), the growth in 2Q26 surged 55% YoY on the back of revenue growth of 24% YoY and stable gross margin.The results are largely in line with 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.

SANY Heavy (600031 CH/6031 HK) - 2Q26 Net Profit +17% YoY After FX Impact

Thematic (Sector/Industry)

<ul><li>The construction machinery sector was under pressure yesterday (16 Sep).</li><li>Based on our understanding, market was concerned about (1) the US interest rate hike that would affect overseas construction demand; (2) weakness of the latest machinery sales data; and (3) the US’s initiation of antidumping and countervailing duty (AD/CVD) investigations on linear hydraulic cylinders (and parts) from China, Canada, Mexico, Korea and India (source).</li><li>SANY Heavy (600031 CH, BUY), Zoomlion (1157 HK / 000157 CH, BUY) and Jiangsu Hengli (601100 CH, BUY) hosted investor calls yesterday to address the issues. </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 construction machinery sector was under pressure yesterday (16 Sep).Based on our understanding, market was concerned about (1) the US interest rate hike that would affect overseas construction demand; (2) weakness of the latest machinery sales data; and (3) the US’s initiation of antidumping and countervailing duty (AD/CVD) investigations on linear hydraulic cylinders (and parts) from China, Canada, Mexico, Korea and India (source).SANY Heavy (600031 CH, BUY), Zoomlion (1157 HK / 000157 CH, BUY) and Jiangsu Hengli (601100 CH, BUY) hosted investor calls yesterday to address the issues. 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 takeaways from investor calls after sector pullback

<ul><li>China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Jun 2026.</li><li>Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.</li><li>Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. </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 Jun 2026.Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. 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 Growth of Crane Exports in Jun; AWP Continues to See Surprise

<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) has just released the full set of construction machinery sales data for Oct.</li><li>Domestic sales of truck cranes and crawler cranes remained strong (+42%/+54% YoY in Oct), which we believe were driven by energy projects and wind power installation.</li><li>Exports in Oct were strong across different types of machinery (except AWPs &amp; truck 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) has just released the full set of construction machinery sales data for Oct.Domestic sales of truck cranes and crawler cranes remained strong (+42%/+54% YoY in Oct), which we believe were driven by energy projects and wind power installation.Exports in Oct were strong across different types of machinery (except AWPs &amp; truck 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 - Domestic crane demand continues to recover

China

SANY Heavy Industry Co., Ltd manufactures and markets construction and engineering machinery and related parts. The Company produces and sells concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry markets its products worldwide.

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Sany Heavy Industry (600031 CH)

SANY Heavy (600031 CH/6031 HK) - 2Q26 Net Profit +17% YoY After FX Impact

In terms of EBIT (excluded FX impact), the growth in 2Q26 surged 55% YoY on the back of revenue growth of 24% YoY and stable gross margin.

CMB International

Capital Goods - Key takeaways from investor calls after sector pullback

Based on our understanding, market was concerned about (1) the US interest rate hike that would affect overseas construction demand; (2) weakness...

CMB International

Capital Goods - Strong Growth of Crane Exports in Jun; AWP Continues to See Surprise

Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for...

CMB International

Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.

CMB International

Capital Goods - Domestic crane demand continues to recover

China Construction Machinery Association (CCMA) has just released the full set of construction machinery sales data for Oct.

CMB International

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