资本货物：1月份工程机械销售良好开端

A good start of earth-moving machinerysales China Construction Machinery Association (CCMA) released over the weekendarelativelystrongset ofdata for earth-moving machinery sales inJan2026,partially due toalow base effect (early CNY in 2025).Excavator exports /domestic sales surged40% /61%YoY.Wheel loaderexports/ domesticsalesgrew53%/43%YoY,with electric ratio reaching25.4% in Jan.The strong datapoints continue to reaffirm our positive stance on the earth-moving machineryoutlookthis year, driven bycontinuousreplacement cycle (domestic), potentialupside ofglobal mining capexon the back of elevated commodity prices, aswell asChinese machinery players’ penetrationin emerging markets.Besides, China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Related reports: Capital Goods-HDT sales +39% YoY inJan on low base–3 Feb 2026 (link) Capital Goods-Strong sales momentumcontinued for truck cranes & crawlercranes in Dec2025–16 Jan 2026 (link) Zoomlion–Expect accelerated salesgrowth in Nov–5 Dec 2025 (link) Capital Goods–Key themes in 2026;Focus on Mining equipment + Power fordata centres + Replacement cycle–1 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:CCMA, CMBIGMestimates Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM estimates Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to thesecurities 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 the date of issueof 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. Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobalMarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) 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 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 or correctness.CMBIGMprovidesthe information, advices and forecasts on an "AS IS" basis.Theinformation and contents are subject to change without notice.CMBIGMmay issue other CMBIGMmay have a position, make markets or act as principal or engage in transactions in securities ofcompanies referred to in this report for itself and/oron behalf of its clients from time to time.Investors should assume thatCMBIGMdoes or s