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MachineryOVERWEIGHT(Maintain)EngineerMachineryOVERWEIGHT(Maintain) Huatai Research 11 June 2026│China (Mainland) Quick Take Accordingto the China Construction Machinery Association,in May 2026,excavatorsales rose by 36% YoY to 24.8k units,withdomestic sales of 11.6k units(+39% YoY) and export sales of 13.2k units (+34% YoY).Given robustoverseasdemandand the recovery in theconstruction machinery sectordriven bydomestic YANG YunxiaoAnalystSAC No. S0570523070001SFC No. BVI795yangyunxiao@htsc.com+(86) 21 2897 2228 YANG RenzhongAnalystSAC No. S0570522110003SFC No. BUM664yangrenzhong@htsc.com+(86) 21 5035 1239 In May, both domestic&overseasexcavatorsalesaccelerated In May 2026, China's totalexcavatorsale volume grew by 36% YoY,afurtheraccelerationfrom30% in April.Specifically, domestic sales growth picked up from35% YoY in April to 39% YoY. Small/mediumexcavatorsshowed visible salesgrowth,while large excavatorsalesgrowth moderated slightly, likely due to a shifttowardshigher-tonnage models that reduced unitvolume in the short term. Withcoal prices continuing to rise in May, demand for large excavators in open-pitminingcould,in our view,remain well supported.In May 2026,excavatorexportvolumeclimbed by 34% YoY,up from 23% in April.Exports in April facedheadwinds.The Middle East conflict flared up in mid-March and has been Source: Wind,Huatai Research Stock recommendations Major categories:Price hikes to support profitability According to the officialWeChat account ofConstructionMachinery Today, Sanyand XCMG have announcedcraneprice hikesof 2-5% (effective1July). This bringsthe three major product categories—excavators, concrete machinery, and cranes—into a price-hike cycle for the year, which could help offset risingraw materialcosts.The moves by the industry leaders also suggest a potential shift fromtradingpricefor volume towards value-based competition,challenging market Used excavator exports have remained buoyant YTD According to the General Administration of Customsof China, in April2026, 21,000used excavators were exported, representing aYoYincrease of 58%.In 4M26,usedexcavator exports totaled 74,000 units(+47% YoY),extending the strong growthtrend observed over the past five years.In 2025, used excavator exports reached200,000 units(+55% YoY),acceleratingthe clearance of domestic inventories.The Bullish on leading OEMs and core component manufacturers Weexpect the construction machinery sector to deliver solid growth bothdomestically and overseas in 2026.Major infrastructure projects, such as thehydropower project in the lower reaches of the Yarlung Zangbo River, along withstabilizing and recovering coal prices that support mining demand,could providesolid backingfor domestic excavator sales. At the same time, persistently high globalmetal prices are likely to drive strong overseas demand for mining machinery.Weare positive on further gains in global market share for leading Chinese construction Risks:Sharper-than-expecteddownturnsin domestic infrastructure andpropertysectors,exchange rate fluctuations,weaker-than-expectedimplementation of price Disclaimers Analyst Certification I/We, YANG Yunxiao, YANG Renzhong, hereby certify that the views expressed in this report accurately reflect the personal viewsof the analyst(s) about thesubject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, General Disclaimers and Disclosures This research report has been prepared by Huatai Securities Co., Ltd. or its associated company(ies), Huatai Securities Co., Ltd.and its associated company(ies) are referred to as“Huatai Securities”(Huatai Securities Co., Ltd. is qualified to conduct securitiesadvisory business as approved by the China Securities Regulatory Commission). The information herein is strictly confidential to This report is based on information deemed reliable and publicly available by Huatai Securities, but Huatai Securities makesnoguarantee as to the accuracy or completeness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. HuataiSecurities may issue research reports that contain inconsistent views, assessments and projections with those set out herein atdifferent times. The prices, values and investment returns of the securities or investment instruments referred to herein mayfluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, anda loss of original capital Huatai Securities(excluding Huatai Securities（USA）Inc.) is not a U.S. Financial Industry Regulatory Authority (“FINRA”) memberfirm, and Huatai Securities research analysts are not registered/qualifiedas research analysts with FINRA. While every effort has been made by Huatai Securities to ensure the content contained herein is objective and impartial, theviews,conclusions and recommendations in this report are for reference only and are not to be constr