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 Feb.</li><li>Unlike the stronger-than-expected earth-moving machinery (excavator and wheel loader) data that released last week (CMBI report: link), the picture for other machinery was unclear.</li><li>Forklifts and truck cranes saw growth in both domestic and overseas markets, while tower cranes (highly related to property) / aerial work platforms (AWPs) saw 33%/24% decline in China market despite a low base. </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 Feb.Unlike the stronger-than-expected earth-moving machinery (excavator and wheel loader) data that released last week (CMBI report: link), the picture for other machinery was unclear.Forklifts and truck cranes saw growth in both domestic and overseas markets, while tower cranes (highly related to property) / aerial work platforms (AWPs) saw 33%/24% decline in China market despite a low base. 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 - Non-earth-moving machinery sales data mixed in Feb

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Dec 2024.</li><li>Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY respectively.</li><li>In China, overall demand saw little improvement, with excavator being the only product that saw growth in Dec. </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 Dec 2024.Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY respectively.In China, overall demand saw little improvement, with excavator being the only product that saw growth in Dec. 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 - Export Volume Growth Across All Machines in Dec

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Nov.</li><li>For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.</li><li>In China, no improvement was seen, with excavator being the only product that saw growth in Nov. </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 Nov.For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.In China, no improvement was seen, with excavator being the only product that saw growth in Nov. 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 - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

<ul><li>We expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East, Africa, Latin America to offer explosive growth potential across all types of machinery.</li><li>In China, we expect replacement cycle together with stepped-up government stimulus will help stabilize the machinery demand, though we have yet to model aggressive assumptions.</li><li>By segment, we expect excavator will achieve growth in both China and export markets in 2025E, while other machinery will likely see much better growth overseas compared with 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.

We expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East, Africa, Latin America to offer explosive growth potential across all types of machinery.In China, we expect replacement cycle together with stepped-up government stimulus will help stabilize the machinery demand, though we have yet to model aggressive assumptions.By segment, we expect excavator will achieve growth in both China and export markets in 2025E, while other machinery will likely see much better growth overseas compared with 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 - 2025 Outlook: Emerging Markets the Key Growth Driver

Equity Bottom-Up

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.</li><li>This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.</li><li>This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. </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 believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. 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.

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

China

Zhejiang Dingli Machinery Co Ltd designs and manufactures industrial lifts. The Company's main products include scissor lifts and boom lifts. Zhejiang Dingli distributes their products worldwide.

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Zhejiang Dingli Machinery L (603338 CH)

Capital Goods - Non-earth-moving machinery sales data mixed in Feb

We continue to favour earth-moving machinery which is the first to recover in both the project-level cycle and replacement cycle.

CMB International

Capital Goods - Export Volume Growth Across All Machines in Dec

Export volume growth remained strong across all types of machines, in particular truck cranes and tower cranes that surged 67% YoY and 95% YoY...

CMB International

Capital Goods - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.

CMB International

Capital Goods - 2025 Outlook: Emerging Markets the Key Growth Driver

We expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East,...

CMB International

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from...

CMB International

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