中国工程机械：销售增长可持续
09 June 2026 What’s Hot Today: China Construction Machinery–Sustainable sales growth WearerevisitingourobservationinJanuarywheretheconstructionmachinerysectorhasbeenseentobeinitsrecoverymodewithsalesgraduallypickingup. Strongsales momentum carried into May:China Construction MachineryAssociationdatashowsthatinMay2026,salesofexcavatorreached24kunits(+36.2%YoY)andwheelloadersalesstoodat13kunits(+27.2%YoY).For5M26,excavatorsalestotaled126kunits(+24.7%YoY),loaders67kunits(+27.3%YoY).Moreover,theexcavatorsalesgrowthacceleratedfrom26.4%YoYinMarchto Threeenginespoweringsalesgrowth: 1).Soliddownstreamdemand:In1Q26,aboutRMB1.16trillion(+21%YoY)ofspecial-purposebondshavebeenraisedformajorinfrastructureprojectssuchastheYalongRiverHydropowerStation,theXinjiang-TibetRailway,andtheYangtzeRiverHigh-Speed Railway.Meanwhile,global mining capex continues to be 2).Replacementdemand:Equipmentsoldduringthepreviouspeakbetween2016and2020inChinahasenteredthe810yearsreplacementcycle.Sectorvaluechainalsoprojectsthatreplacementdemandwillincreasesignificantlyin2026.Moreover,strictercarbonreductionandenergyefficiencyconcernsare 3).Robust overseas demand:Exports are the most certain growth driver,benefitingfromtheglobalexpansionoftheconstructionmachinerymarket.InMay2026,excavatorexportsreached13kunits(+34.2%YoY),andwheelloaderexportsroughly6kunits(+33.1%YoY).In5M26,cumulativeexcavatorexportsstoodat58,748units(+32.9%YoY),andwheelloaderexportsat32,656units(+41.1%YoY).Regionally,emergingmarketssuchasAfricasawsalessurged77%YoYinJanFebwhileOceaniaalsogrewstrongat51%YoY.ExportstoBeltand MorningSnapshot HongKong&ChinaMarketDaily 09 June 2026 Ourviews:SalesgrowthcontinuedtoaccelerateinMayandremainedstrong.However,stockpriceshavefacedsustainedpressureinrecentmonths,primarilybecausethefirstquarter’searningsdidnotimprovein tandemwithsales.Whilethereportedprofitdeclinewaslargelyattributabletoforeignexchangefluctuations, coreoperatingprofitandcashflowimprovedsignificantlyafterexcludingFX-relatedlosses,pointingtosoundunderlyingbusinessfundamentals.Sincethecyclicallowinlate2022,companieshavebeenfocusingontheoverseasmarkettoalleviatetheeffectfromthedownturnofthedomesticrealestatemarket.In2025, Recentrawmaterialcostincreasespromptedleadingplayerstoraiselistpricesbyaround5%inMay,whichcouldprovidesomesupporttomargins.Goingforward,theprimarygrowthcatalystsfortheconstructionmachinerywilllikelybedrivenbyreplacementdemandandmoreoverseassales.WeremainpositiveonthesectorandcontinuetofavorSanyHeavyIndustry(6031HK,HK$21.44,HK$15.4bn)andXCMGMachinery So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendation KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. KFSand/oritsaffiliatesbeneficiallyownsharesofSANYHEAVYINDUSTRYCO.,LTD.-HSHARES(6031.HK). Copyright2026KingswayGroup.Allrightsreserved. Head Office Hong KongKingsway Financial Services Group Limited7/F,