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>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Nov.</li><li>For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.</li><li>In China, no improvement was seen, with excavator being the only product that saw growth in Nov. </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 a full set of construction machinery sales data for Nov.For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.In China, no improvement was seen, with excavator being the only product that saw growth in Nov. 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 - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

<ul><li>We expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East, Africa, Latin America to offer explosive growth potential across all types of machinery.</li><li>In China, we expect replacement cycle together with stepped-up government stimulus will help stabilize the machinery demand, though we have yet to model aggressive assumptions.</li><li>By segment, we expect excavator will achieve growth in both China and export markets in 2025E, while other machinery will likely see much better growth overseas compared with China. </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 expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East, Africa, Latin America to offer explosive growth potential across all types of machinery.In China, we expect replacement cycle together with stepped-up government stimulus will help stabilize the machinery demand, though we have yet to model aggressive assumptions.By segment, we expect excavator will achieve growth in both China and export markets in 2025E, while other machinery will likely see much better growth overseas compared with China. 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 - 2025 Outlook: Emerging Markets the Key Growth Driver

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Sep.</li><li>For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.</li><li>In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. </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 a full set of construction machinery sales data for Sep.For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. 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 - Decent Export Growth; Weak Demand in China

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.</li><li>For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).</li><li>In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. </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 a full set of construction machinery sales data for Aug 2024.For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. 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 - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

<ul><li>The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).</li><li>Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.</li><li>Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. </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.

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. 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 - Excavator Exports Grew for the First Time in 15 Months

China

Zhejiang Dingli Machinery Co Ltd designs and manufactures industrial lifts. The Company's main products include scissor lifts and boom lifts. Zhejiang Dingli distributes their products worldwide.

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Zhejiang Dingli Machinery L (603338 CH)

Capital Goods - Decent Export Growth Across Major Machines in Nov; AWP Stood Out

For exports, volume growth remained strong across major types of machines, in particular aerial work platform (AWP) that surged 88% YoY.

CMB International

Capital Goods - 2025 Outlook: Emerging Markets the Key Growth Driver

We expect Chinese construction machinery manufacturers’ global expansion will continue in 2025E, with emerging markets such as the Middle East,...

CMB International

Capital Goods - Decent Export Growth; Weak Demand in China

We still see some downside risks for our BUY-rated Zoomlion (1157 HK / 000157 CH) due to the deterioration of China’s crane demand that could...

CMB International

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).

CMB International

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction...

CMB International

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