中国工业考察第三天：五个关键要点

China Industrials Tour, Day #3: Fivekey takeaways Power gen. investments as a potential driver (but coal aheadwind); property stabilisation possible in 2027 at theearliest; another year of elevator demand decline ahead; chipmaker suggests flat WFE spent and slow Auto demand in European Capital GoodsNEUTRAL European Capital GoodsTimothy Lee, CFA+44 (0)20 7773 6879timothy.lee@barclays.comBarclays, UK Vlad Sergievskii+44 (0)20 7116 1117vlad.sergievskii@barclays.comBarclays, UK 5 key takeaways from our discussions for Day #3 in Shanghai, China: •SOE industrial conglomerate sees solid prospects for gas Power Gen equipment (but•slowdown in coal), while Property/Infra staying on asofterside George Featherstone, CFA+44 (0)20 3555 8585george.featherstone@barclays.comBarclays, UK Elevator demand from new construction continues to decline, only partially compensated by Xin Wang +44 (0)20 7773 1380xin.wang@barclays.comBarclays, UK A copper miner keen to add gold exposure via new projects; preference for China-made •The property expert sees house prices stabilising in 2027, at the earliest• Vaspaan Yazdi Avari+91 (0)22 6175 2382vaspaany.avari@barclays.comBarclays, UK •The semi/chip maker sees more stable development on WFE in 2026 vs 2025, and expects•slower orders from the Auto sector. Amit Batra+91 (0)22 6175 1682amit.batra@barclays.comBarclays, UK UK Capital Goods Jonathan Hurn, CFA+44 (0)20 3134 0468jonathan.hurn@barclays.comBarclays, UK Analyst(s) Certification(s): We, Jonathan Hurn, CFA, Timothy Lee, CFA, Vlad Sergievskii, Xin Wang, George Featherstone, CFA and Amit Batra, hereby certify (1) that the viewsexpressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this researchreport and (2) no part of our compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects the Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of the Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types of In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https:// Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication. Risk Disclosure(s) Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units. Disclosure(s) regarding Information Sources Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results Types of investment recommendation