中国自动化与机械行业：AI PCB设备及工程机械数据积极

China Automation and Machinery Positive Industry Data Points of AI PCB Equipment and ConstructionMachinery CITI’S TAKEPCB equipment/Factory automation: Taiwan PCB mechanical drilling equipment maker Ta Liang (3167.TW) reported on 6 July that its monthlyrevenue hit the all-time high of NT$1.04bn in Jun-26, with growthaccelerating to 140% YoY in Jun-26 from 120% YoY in May-26. Againstrecent bearish sentiment, we believe that Ta Liang’s accelerating monthlyrevenue growth shows that AI PCB makers are still aggressively expandingtheir capacities to meet the strong demand from Nvidia or ASICcompanies. We see positive implications toHan’s CNC (3200.HK /301200.SZ)as well asHan’s Laser (002008.SZ).Constructionmachinery: CCMA (China Construction Machinery Association) reportedthat China domestic and export excavator grew strongly at 34% and 36%YoY in Jun-26, respectively. However, the overall construction machineryutilization rate was down 5.8pp YoY to 51.1% in Jun-26. Our machineryOEM preference remainsSany-H (6031.HK) > Sany-A (600031.SS) >Zoomlion (1157.HK) Jamie WangAC+852-2501-2772jamie.ck.wang@citi.com Eric Lau+852-2501-2726eric.h.lau@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. Source: Citi Research, Company Reports Source: Citi Research, CCMA, China NBS Companies Mentioned:Han’s CNC Technology (301200.SZ; Rmb342.9; 2; 06 Jul 26; 15:00) | Han’s CNC Technology (3200.HK; HK$148.8; 1; 06 Jul 26; 16:10) | Han’s Laser Technology (002008.SZ; Rmb130.97; 1; 06 Jul 26; 15:00) | NVIDIA Corp (NVDA.O; US$194.83; 1; 02 Jul 26;16:00) | Sany Heavy (6031.HK; HK$19.74; 1; 06 Jul 26; 16:10) | Sany Heavy Industry (600031.SS; Rmb18.89; 1; 06 Jul 26; 15:00)| Taliang Technology Co Ltd (3167.TW; NT$905.0; Not Rated; 06 Jul 26; 13:30) | Zoomlion Heavy Industry (1157.HK; HK$7.1; 1;06 Jul 26; 16:10) If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of SanyHeavy Industry. This position reflects information available as of the prior business day.Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering ofsecurities of NVIDIA Corp.Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within thepast 12 months from NVIDIA Corp.Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Han's Laser Technology,NVIDIA Corp,Sany Heavy Industry,Zoomlion Heavy Industry in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investmentbanking client(s): NVIDIA Corp.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, securities-related: Han's Laser Technology,NVIDIA Corp,Sany HeavyIndustry.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, non-securities-related: Han's Laser Technology,NVIDIA Corp,Sany HeavyIndustry,Zoomlion Heavy Industry.Citigroup Global Markets Inc.