资本货物：国内起重机需求持续复苏
Domestic crane demand continues to recover China Construction Machinery Association (CCMA)hasjustreleasedthefullset of construction machinery sales data forOct.Domestic sales of truck cranesand crawler cranesremained strong (+42%/+54% YoY in Oct), which webelieve were driven by energy projects and wind power installation. Exports inOctwere strong across differenttypes ofmachinery(except AWPs& truck China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk cranes).The strong data reaffirms ourviewthat therecovery of non-earth-moving machinery demandis underway, whichwill serve as a sector catalyst. MaintainBUYonZoomlion (1157 HK / 000157 CH),SANY Heavy (600031 Highlights on non-earth-moving machinery in Oct: Related reports: Truckcranes:+15%YoY.Domestic sales grew 42%YoY in Oct,accelerating from+41% inSepand +28% in Aug.The export trendwasvolatile, with sales slightlydropping4% YoYin Oct, versus +8% YoY in Sep Capital Goods-3Q25 results first take:SANY Heavy & Zoomlion beat; Weichaiin-line; SANYI missed–31 Oct 2025(link) ZhejiangDingli–3Q25 net profit-15%YoY, below expectations–30 Oct 2025(link)Jiangsu Hengli–3Q25 earnings growthaccelerated to 31% YoY–28 Oct 2025(link) Crawler cranes:+71% YoY. Domestic sales surged 54% YoY in Oct(decelerated from+67%in Sep),representing YoY growth for fiveconsecutive months. Exportssurged 80% YoY in Oct, sharply accelerating Forklifts:+16% YoY. Domestic sales grew16% YoY in Oct, slowingfrom29%YoY in Sep.Exports remained resilient,growing 15%in Oct Capital Goods–Recovery of non-earthmoving machinery sales in Sep suggestsearly sign of upcycle–20 Oct 2025 (link) Tower cranes:-7% YoY.Domestic sales declined 17%YoY in Oct(dragged by weak property investment), but improved from-29% YoY inSep. The sales have seen a gradual improvement since Jul.Exportsgrew Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source:Komatsu, CMBIGM Source: Komatsu, CMBIGM Source: CCMA, CMBIGM estimates Source: Komatsu, CMBIGMestimates 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 Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or inpart, 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 Futures Commission) (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 report3 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 coveredin this report. : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months Important Disclosures There 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. or 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, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this repo
