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>Driven by strong HDT export sales growth, Sinotruk’s 1H26 net profit grew 26% YoY to RMB4.3bn which is better than our expectation.</li><li>Sinotruk proposed an interim dividend of HK$1.18/share, equivalent to 65% of dividend payout (up from 57% in the full year of 2025). We are staying positive on Sinotruk’s global penetration.</li><li>Our TP is unchanged at HK$46, based on 8.4x 2026E EV/EBITDA, equivalent to the historical average +1.5SD in order to reflect the export growth potential. Sinotruk will host a post-results call at 4:00p.m. today (HKT)</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.

Driven by strong HDT export sales growth, Sinotruk’s 1H26 net profit grew 26% YoY to RMB4.3bn which is better than our expectation.Sinotruk proposed an interim dividend of HK$1.18/share, equivalent to 65% of dividend payout (up from 57% in the full year of 2025). We are staying positive on Sinotruk’s global penetration.Our TP is unchanged at HK$46, based on 8.4x 2026E EV/EBITDA, equivalent to the historical average +1.5SD in order to reflect the export growth potential. Sinotruk will host a post-results call at 4:00p.m. today (HKT)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.

Sinotruk (Hong Kong) (3808 HK) - 1H26 Net Profit +26% YoY, Above Expectation

Thematic (Sector/Industry)

<ul><li>Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.</li><li>In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).</li><li>Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.</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.

Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.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 - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.</li><li>The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.</li><li>We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. </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.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. 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 - HDT Sales +39% YoY in Jan on Low Base

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.</li><li>According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.</li><li>We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. </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.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) surged 82% YoY to 105k units in Sep, which is the second highest for the month of Sep historically.According to Cvworld, all major types of HDTs (diesel, gas, new energy) saw strong growth in Sep.We believe the underlying driver for the strong growth remains the truck replacement subsidies launched in Mar. 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 - HDT sales +82% YoY in Sep

<ul><li>What’s new? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.</li><li>The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.</li><li>Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.</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? The State Council officially published the “Rural Highway Regulations” (农村公路条例) yesterday, which was approved in late Jun and will come into effect starting from 15 Sep.The regulations highlight that rural highway construction should aim to improve road network quality to promote urban-rural transportation integration.Most importantly, new rural highways must meet technical standards, and existing roads that do not meet the minimum technical standards must be upgraded.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 - Upgrade of rural highways could become a trillion yuan market

China

Sinotruk Hong Kong manufactures and sells a wide range of commercial vehicles, including heavy-duty, medium-duty, and light-duty trucks, buses, and specialized vehicles. The company also produces key components like engines, axles, and gearboxes, and offers financial services. It was incorporated on January 31, 2007, and is headquartered in Jinan, China.

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Sinotruk Hong Kong (3808 HK)