四月份工程机械销量强劲；计划提高挖掘机价格

price hikes planned for Strong sales of earth-moving machineryin excavators China Construction Machinery Association (CCMA) released over the weekendthe data for earth-moving machinery sales inApr2026.Sales of excavators andloaders (exports + domestic sales) grew 30%YoYand 32%YoYrespectively.For loaders, exportswereparticularlystrong(+57% YoY) which we believe wasdriven by mining demand.Besides, electric loader sales surged 90% YoY in China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Meanwhile,SANY Heavy (6031 HK/600031 CH, BUY),XCMG (000425 CH,NR)andLiugong (000528 CH, NR)announced price hikesfor excavators inorder to passthrough the increased raw material costover the coming weeks(see the table below).Zoomlion (1157 HK/000157 CH, BUY), based on ourunderstanding, has already raised prices of excavators and some electric Jiangsu Hengli (601100 CH)-1Q26 EBIT+34% YoY above expectation; net profitdragged by FX loss–28 Apr 2026 (link) SANYI (631 HK)-Key takeaways from HongKong NDR–27 Apr 2026 (link) All thesereaffirmour positive stance onconstructionmachinery outlook thisyear,driven by upside of global mining capex on the back of elevatedcommodityprices,as well as Chinese machinery players’penetration inemerging markets.MaintainBUYonZoomlion,SANY Heavy,Jiangsu Hengli 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 estimates Source:CCMA, CMBIGM Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of thisresearch report, 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 codeof 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 theHongKong 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: 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 theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular investments 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 otherpublications having information and/ or conclusions different from this report.These publications reflect different assumption, point-of-view and analytical CMBIGMmay have a position, make markets or act as principal or engage in t