External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Hong kong Financials / 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><p><em>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.</em></p>

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