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>The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.</li><li>In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.</li><li>We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). </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 HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). 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 Buying/Selling the Sector?

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.</li><li>For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).</li><li>In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. </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 Aug 2024.For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. 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 - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

<ul><li>The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).</li><li>Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.</li><li>Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. </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 two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. 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 - Excavator Exports Grew for the First Time in 15 Months

<ul><li>The European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.</li><li>Sinoboom (not listed), Dingli (603338 CH, BUY), Genie (brand owned by Terex [TEX US, NR]) and JLG (brand owned by Oshkosh [OSK US, NR]) are subject to 56.1%, 31.3%, 25.6% and 23.6% AD duties, respectively.</li><li>Besides, other major AWP manufacturers that cooperated with the investigation are subject to 32% of AD duties, including Zoomlion (1157 HK / 000157 CH, BUY), XCMG (000425 CH, NR), Liugong (000528 CH, NR), Hangcha (603298 CH, NR), Lingong (not listed), Haulotte (PIG FP) etc. </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 European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.Sinoboom (not listed), Dingli (603338 CH, BUY), Genie (brand owned by Terex [TEX US, NR]) and JLG (brand owned by Oshkosh [OSK US, NR]) are subject to 56.1%, 31.3%, 25.6% and 23.6% AD duties, respectively.Besides, other major AWP manufacturers that cooperated with the investigation are subject to 32% of AD duties, including Zoomlion (1157 HK / 000157 CH, BUY), XCMG (000425 CH, NR), Liugong (000528 CH, NR), Hangcha (603298 CH, NR), Lingong (not listed), Haulotte (PIG FP) etc. 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 - Overhang largely removed following EU’s preliminary results of AD duties on AWP

<ul><li>Both excavators and wheel loaders, the two major earthmoving machinery, saw double-digit growth in China market in May.</li><li>According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate accelerating from 9%/13% in Mar/Apr.</li><li>We believe the growth in May was driven by small-size excavators as a result of utilities and municipal projects. </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.

Both excavators and wheel loaders, the two major earthmoving machinery, saw double-digit growth in China market in May.According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate accelerating from 9%/13% in Mar/Apr.We believe the growth in May was driven by small-size excavators as a result of utilities and municipal projects. 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 excavator sales +29% YoY in May

China

Zoomlion Heavy Industry Science & Technology Co., Ltd. is a Chinese manufacturer primarily engaged in the research, development, manufacturing, and sales of high-tech equipment, including construction machinery, agricultural machinery, and environmental industry equipment. Its key products encompass cranes, excavators, concrete machinery, and tractors. The company was founded in 1992 and is headquartered in Changsha, Hunan, China.

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Zoomlion (1157 HK)

Capital Goods - Who Are Buying/Selling the Sector?

The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.

CMB International

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).

CMB International

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction...

CMB International

Capital Goods - Overhang largely removed following EU’s preliminary results of AD duties on AWP

The European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.

CMB International

Capital Goods - Domestic excavator sales +29% YoY in May

According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate...

CMB International

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