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 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>We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.</li><li>Most players expect the impact will materialize starting from 3Q should the tariffs be in place.</li><li>Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. </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 have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.Most players expect the impact will materialize starting from 3Q should the tariffs be in place.Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. 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 - Major global players’ forecast about tariff impact

<ul><li>Three companies under our coverage reported their 1Q25 results last night (29 Apr).</li><li>SANY Heavy delivered better-than-expected earnings (+56% YoY) driven by strong revenue growth (+18% YoY) and good expense control.</li><li>Zoomlion’s core profit is slightly below our expectation but its overseas sales growth remained encouraging. </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.

Three companies under our coverage reported their 1Q25 results last night (29 Apr).SANY Heavy delivered better-than-expected earnings (+56% YoY) driven by strong revenue growth (+18% YoY) and good expense control.Zoomlion’s core profit is slightly below our expectation but its overseas sales growth remained encouraging. 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 - 1Q25 Earnings: SANY Heavy Beat; Zoomlion & Weichai Slightly Below Expectation

<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

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)

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 - Major global players’ forecast about tariff impact

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs. Most players expect the impact will...

CMB International

Capital Goods - 1Q25 Earnings: SANY Heavy Beat; Zoomlion & Weichai Slightly Below Expectation

SANY Heavy delivered better-than-expected earnings (+56% YoY) driven by strong revenue growth (+18% YoY) and good expense control.

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

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