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

Zoomlion Heavy Industry H / Equity Bottom-Up

<ul><li>We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.</li><li>Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.</li><li>We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.</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 received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.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.

Zoomlion (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

<ul><li>In our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth areas in 2026E.</li><li>In China, we see an early stage of recovery for crane machinery and an ongoing upcycle for earth-moving machinery.</li><li>We believe Zoomlion will fully benefit from all these themes given its full range of product offerings, emerging market focus and expansion of global capacity. </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.

In our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth areas in 2026E.In China, we see an early stage of recovery for crane machinery and an ongoing upcycle for earth-moving machinery.We believe Zoomlion will fully benefit from all these themes given its full range of product offerings, emerging market focus and expansion of global capacity. 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.

Zoomlion (1157 HK/000157 CH) - Full Range of Products to Expand Globally

<ul><li>Zoomlion’s 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income, and increase in inventory turnover days.</li><li>While we revise down our 2025E/26E earnings forecast by 7%/8%, after incorporating lower sales volume growth and higher distribution expenses due to overseas expansion, we remain positive on Zoomlion’s structural overseas growth strategy with priorities on emerging economies.</li><li>On inventory, management is confident of a reduction of the inventory level in 2025E. </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.

Zoomlion’s 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income, and increase in inventory turnover days.While we revise down our 2025E/26E earnings forecast by 7%/8%, after incorporating lower sales volume growth and higher distribution expenses due to overseas expansion, we remain positive on Zoomlion’s structural overseas growth strategy with priorities on emerging economies.On inventory, management is confident of a reduction of the inventory level in 2025E. 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.

Zoomlion (1157 HK/000157 CH) - 2024 Results Below Expectation

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...

<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

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)

Zoomlion (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.

CMB International

Zoomlion (1157 HK/000157 CH) - Full Range of Products to Expand Globally

In our 2026 sector outlook published today (link), we highlight large-size mining machinery in overseas as well as emerging markets as key growth...

CMB International

Zoomlion (1157 HK/000157 CH) - 2024 Results Below Expectation

Zoomlion’s 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income,...

CMB International

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

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

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