资本货物：非挖掘机械在4月份的销售情况仍不稳定。

Capital Goods Still a mixed picture for non-earth-movingmachinery sales in Apr China Construction Machinery Association (CCMA) released a full set ofconstruction machinery sales data forApr.Similar to the previous month, salesof non-earth-moving machinery were mixed in Apr(vs the strongearth-movingmachinery datathatwas published last week(link).Forkliftsales were resilientin general, while towercranescontinued toseea big divergence in domesticsales (-61% YoY) and exports(+49% YoY).Sales of AWPs (-31% YoY)remained weak.Wecontinue to favourearth-moving machinerywhich isthefirst to recoverinboththeproject-level cycleand replacement cycle.We preferSANY Heavy(600031 CH, BUY)andJiangsu Hengli (601100 CH, BUY)fortheirrelatively high proportion of excavator revenue.We still likeZoomlion(1157 HK / 000157 CH, BUY)foritsrapid expansion in emerging marketsthroughawide range of product offerings. On thecontrary,weare cautious onZhejiang Dingli (603338 CH, HOLD)due touncertaintiesoverthe US tariffpolicy. China Capital Goods Sector Wayne FUNG, CFA(852)3900 0826waynefung@cmbi.com.hk Related reports: Capital Goods–Solid growth of earth-moving machinery sales in Apr; Expectmomentum to continue in May–12 May2025 (link) Truck cranes:-3% YoY inApr. Exportsdropped 3.6%YoY inApr(reversed fromgrowth in Feb and Mar). Domestic salesdropped3.4% YoYin Aprbutimproved from-26% in Mar. Capital Goods sector–Major globalplayers’ forecast about tariff impact–7May 2025 (link) Capital Goods sector–1Q25 earnings:SANY Heavy beat; Zoomlion & Weichaislightly below expectation–30 Apr 2025(link) Tower cranes:Weak in China butexpected;Exports remained strong.Tower crane exportssurged 49% YoY inApr, which is a clear growth trendsince Nov 2024 (CNY effect excluded). Domestically, salesplummeted61% YoY inApr. We expect the weaknessof domestic salesto continuegiven thecontinuousdecline in property construction.AWPs:-31% YoY inApr.Exportsslightlydropped 3% YoY inApr(vs +6% SANY Heavy (600031 CH, BUY)–2024earnings inline; Emerging marketsremain the key focus–18 Apr 2025 (link) YoYinMar). Domestic sales declined51% YoY (-22%YoYin Mar). WeexpectAWPsales in China market to remain sluggish given thatmajorAWPleasing companies have continued to reduce capex. Zhejiang Dingli (603338 CH, HOLD)–2024 earnings way below expectations;outlook remains challenging–21 Apr2025 (link) Capital Goods–Strong domestic salesof earth-moving machinery in Mar–8Apr 2025 (link) Weichai Power (2338 HK / 000338 CH,BUY)–Strong engine margin expansionin 2024; 55% dividend payout ratio arecord high–28 Mar 2025 (link) Zoomlion (1157 HK / 000157 CH, BUY)–2024 results below expectation; Stillpositive on the structural overseasgrowth trend–26 Mar 2025 (link) Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source: Komatsu, CMBIGMNote: Komatsuhashaltedthe publication ofdata since Feb Source:Komatsu, CMBIGM Source: CCMA, CMBIGM estimates Source: Komatsu, CMBIGM Source: CCMA, CMBIGM estimates Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM estimates Source: CCMA,CMBIGM Source:CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM Disclosures& Disclaimers AnalystCertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar daysprior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY HOLDSELLNOT RATED : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsGlobalMarketsLimited OUTPERFORMMARKET-PERFORMUNDERPERFORMCMB International Address: 45/F, Champion Tower, 3 Garden R