农村公路升级可能成为万亿市场

China Capital GoodsSectorWayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hkRelated reports:Capital Goods-HDT sales +29% YoY inJun, better than expectation–2 Jul 2025(link)Capital Goods-Excavator demandslowed down in May; still positive onreplacement cycle–10 Jun 2025 (link)SANYI (631 HK, BUY)–Early stage ofearnings recovery + attractive valuationoffer good entry point–6 Jun 2025 (link)SANYI(631HK,BUY)–1Q25net profitsurged 23% YoY, holding up better-than-feared–30 May 2025 (link)Capital Goods–Stilla mixed picture fornon-earth-moving machinery sales in Apr–20 May 2025 (link)Capital Goods–Solid growth of earth-moving machinery sales in Apr; Expectmomentum to continue in May–12 May2025 (link)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)SANY Heavy (600031 CH, BUY)–2024earnings inline; Emerging marketsremain the key focus–18 Apr 2025 (link)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)Sinotruk (3808 HK, HOLD)–Staycautious on exports–31 Mar 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) PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEDisclosures& DisclaimersAnalyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwithrespect 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 days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after thedate 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 coveredin this report.CMBIGM RatingsBUY: Stockwith potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGMOUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimitedAddress: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank)Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular investmentsand strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions.This report or any information contained herein, have been prepared by theCMBIGM, solely forthe purpose of supplying information to the clients ofCMBIGMor its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, shareholders, agents, cons