资本货物：五月起重机销量坚挺；高空作业平台（AWP）复苏的早期迹象

recovery for AWPs Solid sales of cranesin May; early sign ofrecovery for AWPs China Construction Machinery Association (CCMA)releasedthenon-earth-movingmachinery sales data forMay2026. Crawler crane/truck crane salesgrew 34%/18% YoY, which reaffirms our viewofanupcycledriven by powerprojects and replacement demand. Aerial work platforms(AWPs) grew 30%YoY, withanearly sign of recovery in China.We maintain our positive stanceon the construction machinery outlook, driven by upside of global mining capex,thenon-earth-moving machinery upcycle,as well as Chinese machineryplayers’ penetration in emerging markets.We see the easing conflict in the ChinaCapital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Middle East and decline in oil price as risk reduction drivers for the sector.MaintainBUYonZoomlion (1157 HK / 000157 CH),SANY Heavy (6031 HK/600031 CH)andSANY International (631 HK).Besides,we continue to like Related reports: Capital Goods–Momentum of earth-moving machinery sales continued inMay–8 Jun 2026 (link) Jiangsu Hengli (601100 CH)-Takeaways from plant visit: Morepositive than we thought–5 Jun 2026(link) Highlights on non-earth-moving machinery in May 2026:◼ SANY International (631 HK)-Weak1Q26 results but should be expected bythe market; Focus on mining truckgrowth–21 May 2026 (link) Crawlercrane:+34%YoY.Domestic sales grew 36%YoY in May(acceleratingfrom+11% YoY inApr). Exports grew34% YoY inMay, which Capital Goods–Takeaways fromDongfang Electric plant visit–18 May2026 (link) Truck crane:+18% YoY. Domestic sales grew26% YoY inMay, vs +12%YoY inApr. Exportsmoderately grew 8.6% YoY inMay, slightly accelerating Capital Goods-Strong sales of earth-moving machinery in Apr; price hikesplanned for excavators–11 May 2026 ◼Tower crane:-26% YoY.Domesticsalesdropped18%YoY inMay, adowntrend since 2021 due to the weakness ofproperty investment.Exports, Weichai Power (2338 HK / 000338 CH)-AIDC power driven re-rating to continue;Earnings forecast and TP raised–4 May2026 (link) ◼Forklift:+16%YoY.Both domestic salesand exports (including electricpedestrianpallet trucks)grew 16%YoY in May.Excluding electricpedestrian pallet trucks, forklift sales grew 8% YoY (domestic: flatYoY; Zoomlion (1157 HK/000157 CH)-Expectan improvement from 1Q26–30 Apr2026 (link) ◼AWP: +30% YoY.Exports, which accounted for 69% total AWP sales,grew36% YoY inMay.Domestic salesgrew 19% YoY,which represented the Jiangsu Hengli (601100 CH)-1Q26EBIT +34% YoY above expectation; netprofit dragged by FX loss–28 Apr 2026(link) SANY International (631 HK)-Keytakeaways from Hong Kong NDR–27Apr 2026 (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 estimates Source:CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM Source:CCMA, CMBIGM Source: CCMA, CMBIGM Source: CCMA, CMBIGM estimates Source:CCMA, CMBIGMestimates Source: CCMA, CMBIGM Source:CCMA, CMBIGM 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 the securities or issuerthat the analystcovered 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 days prior 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. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected tooutperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlo