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)

Equity Bottom-Up

<ul><li>As discussed in our 2026 sector outlook published today (link), we see largesize mining excavators in overseas as well as emerging markets as key growth areas in 2026E.</li><li>In China market, we believe drivers will come from (1) the replacement-driven upcycle of excavators, and (2) an early stage of crane demand recovery.</li><li>We revise up SANY’s 2025E-27E earnings forecast by 2- 5%, after incorporating higher sales volume and finance income following the recent HK IPO. </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>

As discussed in our 2026 sector outlook published today (link), we see largesize mining excavators in overseas as well as emerging markets as key growth areas in 2026E.In China market, we believe drivers will come from (1) the replacement-driven upcycle of excavators, and (2) an early stage of crane demand recovery.We revise up SANY’s 2025E-27E earnings forecast by 2- 5%, after incorporating higher sales volume and finance income following the recent HK IPO. 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.

SANY Heavy (6031 HK/600031 CH) - Clear Target on Mining Excavator Growth

Sany Heavy Industry

SANY Heavy (6031 HK/600031 CH) - Clear Target on Mining Excavator Growth