Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

Group 1 - Zhonglian Heavy Industry (01157.HK) experienced a nearly 3% increase in stock price, currently up 2.54% at HKD 7.28 [2] - The trading volume reached HKD 31.5098 million [2]

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. (中联重科) has seen a nearly 3% increase in stock price, attributed to significant equipment deliveries in the mining sector, particularly in the West African Simandou iron ore project [1] Group 1: Company Performance - As of the latest report, Zoomlion's stock price rose by 2.54% to HKD 7.28, with a trading volume of HKD 31.51 million [1] - The company achieved a substantial overseas revenue of CNY 21.31 billion in the first three quarters of 2025, with overseas revenue accounting for 57.36% of total revenue, marking a 6.05 percentage point increase compared to the same period in 2024 [1] Group 2: Market and Industry Trends - The delivery of large-tonnage cranes, including ZCC7200 and ZCC3200V-1, to the Simandou iron ore project indicates a strong demand for construction and mining equipment in regions like Southeast Asia, the Middle East, and Africa [1] - The recovery of infrastructure investment in Europe is expected to bolster market demand, with local operations in this region providing strong support for future business growth [1]

Core Viewpoint - Zhonglian Heavy Industry (01157) has seen a nearly 3% increase in stock price, attributed to significant equipment deliveries in the West Simandou mining area, which is known for its large and high-quality undeveloped iron ore reserves [1][1]. Group 1: Company Performance - As of the latest report, Zhonglian Heavy Industry's stock price is at 7.28 HKD with a trading volume of 31.51 million HKD [1]. - The company has delivered a range of large-tonnage construction cranes, including ZCC7200 and ZCC3200V-1, to the West Simandou mining area for core infrastructure development [1]. Group 2: Financial Insights - In the first three quarters of 2025, Zhonglian Heavy Industry's overseas revenue reached 21.31 billion CNY, accounting for 57.36% of total revenue, an increase of 6.05 percentage points compared to the same period in 2024 [1]. - The gross profit margin from overseas operations is higher than that from domestic operations, indicating an ongoing optimization of regional structure [1]. Group 3: Market Opportunities - The company is expected to benefit from the growing demand for infrastructure and mining development in Southeast Asia, the Middle East, and Africa, which are projected to become significant growth areas in the future [1]. - The recovery of infrastructure investment in Europe is also noted, with local market demand being substantial, supporting the company's future business growth through localized operations [1].

Group 1: Dividend Announcements - China Communications Construction Company announced a dividend of HKD 0.12929 per share, ex-dividend date on December 1, 2025, and payment date on January 9, 2026 [1] - Zoomlion Heavy Industry Science and Technology Co., Ltd. declared a dividend of RMB 0.2 per share, ex-dividend date on December 15, 2025, and payment date on January 9, 2026 [1] - Chow Tai Fook Jewellery Group Limited will pay a dividend of HKD 0.22 per share, ex-dividend date on December 15, 2025, and payment date on December 24, 2025 [1] - NIRAKU announced a dividend of HKD 0.01 per share, ex-dividend date on December 8, 2025, and payment date on January 12, 2026 [1] Group 2: Industry Classification - China Communications Construction Company is classified under the heavy construction sector and is a constituent of the CSI Central State-Owned Enterprises Dividend Index [1] - Zoomlion Heavy Industry is categorized under heavy machinery and is not part of the CSI Central State-Owned Enterprises Dividend Index [1] - Chow Tai Fook is classified as an other retailer and is part of the Hang Seng High Dividend Yield Index [1] - NIRAKU operates in the casino and gaming sector and is not included in the CSI Central State-Owned Enterprises Dividend Index [1] Group 3: Additional Dividend Announcements - MiiMii Life Department Store announced a dividend of HKD 0.003 per share, ex-dividend date on December 16, 2025, and payment date on January 9, 2026 [2] - Bens International declared a dividend of HKD 0.025 per share, ex-dividend date on December 11, 2025, and payment date on December 23, 2025 [2] - Kwansei Fragrance announced a dividend of HKD 0.05 per share, ex-dividend date on December 8, 2025, and payment date on December 23, 2025 [2] - Sanhua Intelligent Controls declared a dividend of RMB 0.1200 per share, with no specified ex-dividend or payment dates [2] Group 4: Industry Insights - The CSI Central State-Owned Enterprises Dividend Index includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.66% as of November 25, higher than the 10-year government bond yield of 3.84% [4] - The Hang Seng High Dividend Yield Index includes high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 5.31% as of November 25, also higher than the 10-year government bond yield of 3.49% [4]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - Great Wall Motor-R (82333) has the highest short-selling ratio at 100.00% [1] - JD Group-SWR (89618) follows with a short-selling ratio of 94.41% [1] - Bank of China Hong Kong-R (82388) ranks third with a short-selling ratio of 93.33% [1] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 4.633 billion [2] - Xiaomi Group-W (01810) has a short-selling amount of 1.448 billion [2] - Tencent Holdings (00700) follows with a short-selling amount of 1.011 billion [2] Group 3: Top Short-Selling Deviation Values - Bank of China Hong Kong-R (82388) has the highest deviation value at 56.68% [1] - China Ping An-R (82318) comes next with a deviation value of 51.38% [1] - China National Offshore Oil Corporation-R (80883) has a deviation value of 48.09% [1]

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. plans to issue convertible bonds worth up to RMB 6 billion (approximately HKD 6.577 billion) as part of a placement agreement with a placement agent [1] Group 1: Convertible Bonds Issuance - The company has entered into a placement agreement on November 25, 2025, to issue convertible bonds not exceeding RMB 6 billion [1] - The placement agent is committed to facilitating subscriptions from at least six investors for the total principal amount of the convertible bonds at an issuance price equal to 100% of the principal [1] - The initial conversion price for the convertible bonds is set at HKD 9.75 per H share, subject to adjustments [1]

Group 1 - The company, Zoomlion Heavy Industry Science and Technology Co., Ltd., disclosed that as of the end of the reporting period, the total number of common stock shareholders was 236,356 [1]

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. plans to issue convertible bonds worth up to RMB 6 billion (approximately HKD 6.577 billion) as part of a placement agreement with a placement agent [1] Group 1: Convertible Bonds Issuance - The company has entered into a placement agreement on November 25, 2025, to issue convertible bonds [1] - The placement agent is required to make reasonable efforts to facilitate subscriptions from at least six investors for the total principal amount of the convertible bonds [1] - The initial conversion price for the bonds is set at HKD 9.75 per share, subject to adjustments [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，在美國或在未依當地證券法登記或合資格前提出有關的要約、邀約或出售即 屬違法的任何其他司法管轄區，本公告並不構成出售或購買任何證券的要約或邀約。 本公告不構成或形成在美國提出購買或認購證券的要約或邀約的一部分。建議發行的可換股債 券（定義見下）沒有、也不會根據《1933年美國證券法》（經修訂）或美國任何州或其他司法管轄 區的證券法進行登記，除某些例外情況外，不得在美國境內發售或出售。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 建議根據特別授權配售可換股債券 之 最新消息 配售代理 （排名不分先後） 《配售代理協議》 茲提述本公司於2025年10月30日有關建議發行可換股債券的公告。 董事會欣然宣佈，於2025年11月25日（交易 ...