亚太工业：外资持股季度观察–2Q26：恒力与双环引领环比改善

Iris Zheng,Head of APAC Automation & Industrials| (+852) 2203 5884 | iris.zheng@db.com July 2026 2Q26: Sequential improvements led by Hengli and Shuanghuan In this quarterly series, we provide an overview of the foreign shareholding of the eight A-share names under our APAC Automation & Industrials coverage. Summary: Upward movements: •Hengli(+3.7ppt QoQ to 12.8% in 2Q26) recorded a significant increase of +3.7ppt in foreign shareholding in2Q26, andhas experienced sequentially higherforeign shareholding since 4Q25. The ratio has recovered to 12.8% by end of 2Q26, close to its peak level of ~14% observed inmid-2023. •Shuanghuan(+2.1ppt QoQ to 11.6% in 2Q26) saw foreign shareholding rise by +2.1ppt in 2Q26, after two consecutive quarters of declines.•Inovance(+0.9ppt QoQ to 19.6% in 2Q26) remained the most owned name among our coverage by foreign investors via Stock Connect, havingovertakenShuanghuan in 3Q25. The shareholding has risen for two consecutive quarters after reaching its recent low in 2Q25.•Estun(+0.8ppt QoQ to 3.1% in 2Q26) showed an improvement in foreign shareholding in 2Q26. However, the shareholding remained low at3.1%,significantly below its peak of over 25% in 2Q22.•Leaderdrive(+0.1ppt to 5.1% in 2Q26) demonstrated broadly stable foreign shareholding in 2Q26, following consistent increases since 1Q25.Downward movements: •Sanhua(-0.1ppt QoQ to 2.6% in 2Q26) has been broadly on a downward trend since reaching its peak of ~25% in 2Q22. However, the decline was narrowingwith foreign shareholding only-0.1ppt lower sequentially in 2Q26. Foreign shareholding via Stock Connect over time Inovance has remained the most-owned by foreign investors since 3Q25 Background of the foreign shareholding data: Foreign shareholding via Shanghai-/Shenzhen-Hong Kong Stock Connect isavailable on a quarterly basissince the regulatory change in August 2024 (was available on a daily basisbefore). The latest quarterly data was as of 30/06/2026, and the next quarterly data as of 30/09/2026 will be available in earlyOctober 2026. The exception is that, if foreignshareholding exceeds 24% of total shares of a company, the data becomes available on a daily basis. •Total foreign shareholding refers to shares held by overseas investors including Qualified Foreign Institutional Investor (QFII), RMB Qualified Foreign Institutional Investor(RQFII), Shanghai/Shenzhen-Hong Kong Stock Connect, Cross-Border Conversion Agency for Global Depository Receipts (GDR) and Depositary of GDRs.•Since 19 August 2024, disclosure frequency of shareholding via Shanghai/Shenzhen-Hong Kong Stock Connect has been adjusted fromdaily to quarterly (the fifth trading day ofeach quarter).•The Shanghai and the Shenzhen Stock Exchange requires daily disclosure of total foreign shareholding once it exceeds 24% of total shares of the companies. Total foreignshareholding is not allowed to exceed 30%. *Sanhua has beendual-listed in bothMainland Chinaand HongKongsince 23 June2025. Appendix 1Important Disclosures*Other information available upon request *PricesarecurrentasoftheendoftheprevioustradingsessionunlessotherwiseindicatedandaresourcedfromlocalexchangesviaReuters,Bloombergandothervendors.OtherinformationissourcedfromDeutscheBank,subjectcompanies,andothersources.Fordisclosurespertainingtorecommendationsorestimatesmadeonsecuritiesotherthantheprimarysubject of this research,please see the most recently published company report or visit our global disclosure look-up page on our website athttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Aside from within this report,important risk and conflict disclosures can also be found athttps://research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencouragedtoreviewthisinformationbeforeinvesting. Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report.Iris Zheng. AdditionalInformation TheinformationandopinionsinthisreportwerepreparedbyDeutscheBankAGoroneofitsaffiliates(collectively'DeutscheBank').Thoughtheinformationhereinisbelievedtobereliableandhasbeenobtainedfrompublicsourcesbelievedtobereliable,DeutscheBankmakesnorepresentationastoitsaccuracyorcompleteness.Hyperlinkstothird-partywebsitesinthisreportareprovidedforreaderconvenienceonly.DeutscheBankneitherendorsesthecontentnorisresponsiblefortheaccuracyorsecuritycontrolsofthosewebsites. IfyouusetheservicesofDeutscheBankinconnectionwithapurchaseorsaleofasecuritythatisdiscussedinthisreport,orisincludedordiscussedinanothercommunication(oralorwritten)fromaDeutscheBankanalyst,DeutscheBankmayactasprincipalforitsownaccountorasagentforanotherperson. DeutscheBankmayconsiderthisreportindecidingtotradeasprincipal.Itmayalsoengageintransactions,f