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>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

Thematic (Sector/Industry)

<ul><li>We forecast SANY Heavy / Zoomlion to deliver net profit growth (excluding FX change) of 40% YoY / 30% YoY in 2Q26, driven by strong machinery sales in general.</li><li>For SANY International (SANYI), we expect a moderate net profit decline (-10% YoY) in 2Q26, with the rate of decline improving from 1Q26’s -20%.</li><li>Meanwhile, given that RMB continued to appreciate against the major currencies in 2Q26 (+6% YoY vs USD; +4% YoY vs EUR), we expect FX loss to be recognized for most of the construction machinery companies, with the actual loss subject to their regional sales breakdown and hedging strategies.</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 forecast SANY Heavy / Zoomlion to deliver net profit growth (excluding FX change) of 40% YoY / 30% YoY in 2Q26, driven by strong machinery sales in general.For SANY International (SANYI), we expect a moderate net profit decline (-10% YoY) in 2Q26, with the rate of decline improving from 1Q26’s -20%.Meanwhile, given that RMB continued to appreciate against the major currencies in 2Q26 (+6% YoY vs USD; +4% YoY vs EUR), we expect FX loss to be recognized for most of the construction machinery companies, with the actual loss subject to their regional sales breakdown and hedging strategies.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 - Machinery: 2Q26 earnings preview

<ul><li>China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Jun 2026.</li><li>Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.</li><li>Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. </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 the non-earthmoving machinery sales data for Jun 2026.Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for three consecutive months.Together with the strong growth of earth-moving machinery sales data released early this month, the overall machinery growth in Jun remains strong, which reaffirms our positive stance on the sector driven by upside of global mining capex, the non-earth-moving machinery upcycle, as well as Chinese machinery players’ penetration in emerging markets. 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 - Strong Growth of Crane Exports in Jun; AWP Continues to See Surprise

<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)

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)

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

Capital Goods - Machinery: 2Q26 earnings preview

We forecast SANY Heavy / Zoomlion to deliver net profit growth (excluding FX change) of 40% YoY / 30% YoY in 2Q26, driven by strong machinery sales...

CMB International

Capital Goods - Strong Growth of Crane Exports in Jun; AWP Continues to See Surprise

Crawler crane/truck crane sales grew 33%/19% YoY, driven by strong exports. Aerial work platforms (AWPs) grew 38% YoY, which represents growth for...

CMB International

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

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...

CMB International

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