资本品行业：该板块交易主体是谁？CCASS数据带来的启示

CCASS data (9-23 Jun) Who are trading the sector? Implications fromCCASS data (9-23 Jun) Hong Kong market has been under pressureover the past two weeks onconcerns over liquidity. In order to have a closer look at the fund flowsin ourcoverageuniverse, we analysedclose to20,000 data points of shareholdingsin CCASS(on T+2 basis)between9and23 Jun for five HK-listed names underour coverage, namelyWeichaiPower-H(2338 HK, BUY), Zoomlion-H(1157HK, BUY), SANYInternational(631 HK, BUY), SANY Heavy-H(6031 HK, China Capital Goods Sector Wayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Related reports: Capital Goods–Solidsales of cranes inMay; early sign of recovery for AWPs–16 Jun 2026 (link) Methodology:Our analysis is based on CCASS data, which represented brokers’ holdings on Capital Goods–Momentum of earth-moving machinery sales continued inMay–8 Jun 2026 (link) behalf of clients. We divided ~380 brokers into six categories: (1) Hong Kong,(2) the Chinesemainland, (3) StockConnect, (4) the US, (5) Europe and (6)other foreign brokers (excluding the US and Europe).While the ultimate Jiangsu Hengli (601100 CH)-Takeaways from plant visit: Morepositive than we thought–5 Jun 2026(link) SANY International (631 HK)-Weak1Q26 results but should be expected bythe market; Focus on mining truckgrowth–21 May 2026 (link) Results (9-23Jun):Zoomlion-H:Stocks were largely added by Stock Connect and Capital Goods–Takeaways fromDongfang Electric plant visit–18 May2026 (link) Europeanbrokers.In particular, European brokers have acceleratedthe purchase of shares since 17 Jun.On the contrary, theUSandHK Capital Goods-Strong sales of earth-moving machinery in Apr; price hikesplanned for excavators–11 May 2026 Sinotruk:StocksweremostlyoffloadedbytheUS brokers. Meanwhile,Stock Connectand European brokersaddedsharesduring the period.On 22-23Jun, Stock Connect reduced shares while European brokers Weichai Power (2338 HK / 000338 CH)-AIDC power driven re-rating to continue;Earnings forecast and TP raised–4 May2026 (link) Zoomlion (1157 HK/000157 CH)-Expectan improvement from1Q26–30 Apr2026 (link) Weichai Power-H:During the period, all the brokers added shares,except the US brokers, whichsold 16mn shares(Figure9-12). SANYInternational:TheStockConnectadded a total of4.8mn shareswhileHK brokers reduced 6.2mn during the period.Both ChineseMainland and US brokers slightly increasedholdings(Figure 13-16). Jiangsu Hengli (601100 CH)-1Q26EBIT +34% YoY above expectation; netprofit dragged by FX loss–28 Apr 2026(link) SANY Heavy-H:TheUS, European and other brokers sold shares,while HK broker scooped upthemajority of the shares. Little change SANY International (631 HK)-Keytakeaways from Hong Kong NDR–27Apr 2026 (link) Zoomlion-H(1157HK) Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:Bloomberg, CMBIGM Source:CCASS, CMBIGM Sinotruk(3808 HK) Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:Bloomberg, CMBIGM Source:CCASS, CMBIGM Weichai Power-H(2338 HK) Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:Bloomberg, CMBIGM Source:CCASS, CMBIGM SANY International(631 HK) Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:Bloomberg, CMBIGM Source:CCASS, CMBIGM SANYHeavy-H (6031 HK) Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:CCASS, CMBIGM Source:Bloomberg, CMBIGM Valuation Source:Bloomberg,Company data,CMBIGMestimates Source:Bloomberg,Company data,CMBIGMestimates Source:Bloomberg,Company data,CMBIGMestimates Source:Bloomberg,Company data,CMBIGMestimates Source:Bloomberg,Company data, CMBIGM estimates Disclosures& Disclaimers Analyst CertificationThe research analyst whois primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that 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 analystnor 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 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 the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. Address: 45/F,Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of ChinaMerchants Ba