资本商品：1月HDT销售额同比增长39%，基数较低

HDTsales +39% YoY in Jan on low base According to the preliminary data released by Cvworld,heavy-duty truck (HDT)wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.Thegrowth was driven by (1) low-base effectdue toearly CNY last year (startedfrom 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 astruck manufacturers already reached their sales targetsbeforeend-2025.Wemaintain our view that HDT demand in 2026E will likely stay highat >1.1m units,supportedby the replacement-driven up-cycle (sales between 2017 and 2021 China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk were a record high) and the extension of government subsidies scheme. Wemaintain our positive stance on Weichai Power(2338 HK/000338 CH, BUY) Related reports:Capital Goods–Strong salesmomentum continued for truck cranes &crawlercranes in Dec 2025–16 Jan2026 (link) Capital Goods–Key themes in 2026;Focus on Mining equipment + Power fordata centres + Replacement cycle–1Dec 2025 (link) Source:Wind,CMBIGMestimates Source:Cvworld, Wind, CMBIGM estimates Source:Wind,Cvworld,CMBIGM Source:Wind,Bloomberg,CMBIGMNote: BasedonShandongdieselprice and Shanghai LNG price Source: Wind,Cvworld,CMBIGM Disclosures& Disclaimers AnalystCertification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith 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. : 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 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 anoffer or solicitation to buy 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.Anyone The information and contents contained in this report are based on the analyses and interpretations of information believed to be publicly available and reliable.CMBIGMhas exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness orcorrectness.CMBIGMprovidesthe information, advices and forecasts on an "AS IS" basis.The information and contents are subject to change without notice.CMBIGMmay issue otherpublications having information and/ or conclusions different from this report.These publications reflect different assumption, point-of-view and analytical on behalf of its clients from time to time.Investors should assume thatCMBIGMdoes or seeks to have investment banking or other business relationships withthe companies in this report.As a result, recipients should be aware thatCMBIGMmay have a conflict of interest that could affect the objectivity of this reportand CMBIGMwill not assume any responsibility in respect thereof. This report is for the use of intended recipients only and this publication, may not bereproduced, reprinted, sold, redistributed or published in whole or in part for any purpose withoutpriorwritten consent ofCMBIGM. This report has been provided only to persons