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>We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.</li><li>We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.</li><li>On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.</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 mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.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 Themes in 2026: Focus on Mining Equipment...

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.</li>
<li>The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.
The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.
We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&amp;M Engineering, China Coal Energy, CATL, Sinopec.


A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

<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

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.
We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.


A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

China

Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and markets construction machinery.  The Company's products include concrete machinery, cranes, road machinery, drilling equipment, and other heavy construction equipment.  Zoomlion also produces environmental machinery and satellite navigation products.

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Zoomlion Heavy Industry H (1157 HK)

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...

On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent...

CMB International

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal...

Ke Yan, CFA, FRM

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

A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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