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>What’s new? China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in May 2026.</li><li>Sales (exports + domestic sales) of excavators and loaders grew 36% YoY and 27% YoY respectively.</li><li>Excavators were strong in both domestic sales (+39% YoY) and exports (+34% YoY).</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.

What’s new? China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in May 2026.Sales (exports + domestic sales) of excavators and loaders grew 36% YoY and 27% YoY respectively.Excavators were strong in both domestic sales (+39% YoY) and exports (+34% YoY).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 - Momentum of earth-moving machinery sales continued in May

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.</li><li>Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.</li><li>For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. </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 over the weekend the data for earth-moving machinery sales in Apr 2026.Sales of excavators and loaders (exports + domestic sales) grew 30% YoY and 32% YoY respectively.For loaders, exports were particularly strong (+57% YoY) which we believe was driven by mining demand. 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 sales of earth-moving machinery in Apr; price hikes planned for excavators

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.</li>
<li>Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.</li>
<li>At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.</li>
</ul>


The Hong Kong Alpha portfolio's March performance was -11.25%, compared with -7.75% for the benchmark index.  The Hang Seng Index lost 6.92% for the month.
Performance was hurt by its exposure to the oil equipment and fertilizer sectors, which normally benefit from higher energy prices. China imposed price and export restrictions in the energy sector.
At the end of March, we positioned the portfolio to better cope with the difficulties in China's economy and in the global market due to persistently high energy prices.


<ul>
<li>Hong Kong Alpha portfolio gained 0.46 % in February resulting in a 2.99% underperformance to its benchmark. The portfolio has outperformed HK indexes by 53% to 75% since inception 10/1/24.</li>
<li>Hong Kong Alpha has generated 63% of its return from alpha and has a Sharpe ratio of 1.71 since inception. The portfolio's annualized mean excess return is 24%.</li>
<li>At the end of February, we reduced positions in the technology sector and added positions in the energy and building materials sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 0.46 % in February resulting in a 2.99% underperformance to its benchmark. The portfolio has outperformed HK indexes by 53% to 75% since inception 10/1/24.
Hong Kong Alpha has generated 63% of its return from alpha and has a Sharpe ratio of 1.71 since inception. The portfolio's annualized mean excess return is 24%.
At the end of February, we reduced positions in the technology sector and added positions in the energy and building materials sectors.


HONG KONG ALPHA PORTFOLIO: (February 2026)

<ul><li>China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Feb 2026.</li><li>Exports were strong for both excavators and wheel loaders (+37%/+34% YoY), which are ahead of our expectations.</li><li>Domestic sales of excavators/wheel loaders (-42%/-14% YoY), partially affected by the CNY, were weaker than our expectations. </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 over the weekend the data for earth-moving machinery sales in Feb 2026.Exports were strong for both excavators and wheel loaders (+37%/+34% YoY), which are ahead of our expectations.Domestic sales of excavators/wheel loaders (-42%/-14% YoY), partially affected by the CNY, were weaker than our expectations. 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 Export of Earth-Moving Machinery in Feb

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 - Momentum of earth-moving machinery sales continued in May

What’s new? China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in May 2026.

CMB International

Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Apr 2026.

CMB International

HONG KONG ALPHA PORTFOLIO: (March 2026)

Guoquan Food announced that management sold a 4.74% stake at a discounted price of $3.8 to boost the liquidity of the shares. We viewed the move...

David Mudd

HONG KONG ALPHA PORTFOLIO: (February 2026)

The war, which launched at the beginning of the month, is now into its second week and its economic effects are being reflected in global markets....

David Mudd

Capital Goods - Strong Export of Earth-Moving Machinery in Feb

China Construction Machinery Association (CCMA) released over the weekend the data for earth-moving machinery sales in Feb 2026.

CMB International

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