2025年12月，汽车起重机与履带起重机继续保持强劲的销售势头

cranes & crawler cranes in Dec2025 Strongsalesmomentum continuedfortruck cranes&crawler cranesin Dec 2025 China Construction Machinery Association (CCMA)releasedthefull set ofconstruction machinery sales data forDec2025.Strong growth momentum ofdomestic sales of truck cranes and crawler cranes continued in Dec(+39%/+96% YoY), which we believe were driven by wind power installationand other energy projects. Exports inDecwere strong across different types ofmachineries(excepttowercranes).We expecttheupcycleof non-earth-movingmachinery demandto extend to 2026, which willcontinue toserve as a sector China Capital Goods Sector Wayne FUNG,CFA(852) 3900 0826waynefung@cmbi.com.hk catalyst.Our key pick isZoomlion (1157 HK / 000157 CH, BUY),followed by Highlights on non-earth-moving machinery inDec2025: Truck crane: +38% YoY. Domestic sales grew39% YoY inDec,vs+26%YoYin Nov and +42%YoY in Oct.Exports grew 37% YoY in Dec,significantly accelerating from +8.5% in Nov and-4.5% in Oct. For the full Crawler crane:+68% YoY. Domestic sales surged 96% YoY in Dec(slightlydecelerated from +102% inNov), representing YoY growth forsevenconsecutive months.Exports grew 57%YoY in Dec,slightly Forklift:unchanged YoY.Domestic sales dropped 5% YoY in Dec,significantlyslowingfrom+24% YoY inNov. Exports remained resilient,growing8% inDec(accelerated from 1% YoY inNov).For the full year in Related reports:Zoomlion–Expect accelerated sales growth in Nov–5 Dec 2025 (link) Capital Goods–Keythemes in 2026;Focus on Mining equipment + Powerfor data centres + Replacement cycle–1 Dec 2025(link) Tower crane:-31% YoY.Dragged by weak property investment,domesticsalesdeclined46%YoYinDec(improved from-49% YoY inNov butdeterioratedfrom-17%in Oct).Exports dropped 10%YoY in Dec,worseningfromthe positive growth trend(YoY)between Jul and Nov.For Zoomlion–Full range of products toexpand globally–1 Dec 2025 (link) SANY Heavy–Clear target on miningexcavator growth–1 Dec 2025 (link) Weichai Power–Expect HDT enginesgrowth to slow in 2026E; Eyes onbackup power for data centres–1 Dec2025 (link) 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 Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source:CCMA, CMBIGMestimates Source: CCMA, CMBIGM estimates Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this researchreport, 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 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 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 coveredin this report. 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 the 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 report does so entirely at their own risk. The information and contents contained in this report are based on the analyses and in