Industry Outlook - The latest report by CMB International highlights that large overseas mining excavators and emerging markets will be growth areas in 2026 [1][2] - In the domestic market, growth drivers are expected to come from: (1) an upward cycle driven by the replacement of excavators; (2) early-stage recovery in demand for lifting machinery [1][2] Company Forecast - CMB International has raised the profit forecast for SANY Heavy Industry (06031) for 2025E-27E by 2-5%, primarily due to increased sales assumptions and higher financial income estimates following the recent Hong Kong IPO [1][2] - The valuation benchmark has been rolled over to 2026, maintaining a target price-to-earnings ratio of 24 times, which is 0.5 standard deviations above the historical average of 20 times since 2017, reflecting the profit upcycle [1][2] - The target price for SANY's A-shares has been increased to RMB 27 from RMB 24, with a reiterated "Buy" rating [1][2] - Coverage has been extended to SANY's H-shares, with a "Buy" rating and a target price of HKD 29.5, assuming no discount relative to A-shares [1][2]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

Core Points - Sany Heavy Industry's stock price closed at HKD 20.64, down 2.457%, marking a new low since its listing [1] - The company was listed on the Hong Kong Stock Exchange on October 28, 2025, with an initial offering price of HKD 21.30 [1] - The total number of shares issued was 631,598,800, with net proceeds amounting to HKD 13,307.3 million after deducting estimated listing expenses [1] Group 1 - Sany Heavy Industry's stock hit a record low of HKD 20.50 during trading [1] - The company had a total offering of 631,598,800 shares, including 58,042,600 shares for public offering [1] - The exclusive sponsor and global coordinator for the listing was CITIC Securities, with other major underwriters including CICC and China International Capital Corporation [1] Group 2 - Key cornerstone investors include Temasek, UBS AM Singapore, and BlackRock among others [2] - The involvement of various asset management firms indicates strong institutional interest in Sany Heavy Industry [2]

November 25, 2025 08:34 AM GMT Sany Heavy Industry Co., Ltd. | Asia Pacific Focusing on Overseas Markets in 2026 We hosted a call with Sany, and management expects accelerated overseas sales growth in 2026, especially in Europe, North America and Africa. In China, non excavator sales will likely outgrow excavator in 2026, with more demand from mega infra projects in 2027-28. Key Takeaways We expect Sany to maintain its leadership in the domestic upcycle and achieve sustained overseas market share gains in t ...

中国经济网北京11月28日讯 三一重工（06031.HK）港股今日收报21.16港元，跌幅0.84%，已跌 破港股发售价。今日三一重工港股盘中最低价为21.02港元，创上市以来新低。 三一重工2025年10月28日在港交所上市，最终发售价及配发结果公告显示，三一重工发售股份数 目631,598,800股，其中，公开发售的发售股份数目58,042,600股，国际发售的发售股份数目（经计及 发售量调整权获部分行使）573,556,200股。 三一重工的独家保荐人、保荐人兼整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办 人是中信证券，整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人是中金公司，联席全 球协调人、联席账簿管理人及联席牵头经办人是中银国际、招商证券国际、农银国际、工银国际。 三一重工的最终发售价为21.30港元，所得款项总额为13,453.1百万港元，扣除按最终发售价计算 之估计应付上市开支145.8百万港元，所得款项净额为13,307.3百万港元。 三一重工的基石投资者是淡马锡、盈峰资本、HHLRA、UBS AM Singapore、LMR、贝莱德基 金、RBC GAM、WT资产管 ...

Core Insights - As of November 28, 32 stocks reached their 52-week highs, with Lixin International (00191), De Yong Jia Group (00321), and Cai Xun Media (00205) leading the increase rates at 25.00%, 14.29%, and 14.12% respectively [1] 52-Week Highs - Lixin International (00191) closed at 0.670 with a peak of 1.100, achieving a high increase rate of 25.00% [1] - De Yong Jia Group (00321) closed at 1.190 with a peak of 1.200, achieving a high increase rate of 14.29% [1] - Cai Xun Media (00205) closed at 0.470 with a peak of 0.485, achieving a high increase rate of 14.12% [1] - Other notable stocks include De He Group (00368) with a 11.39% increase and Yi Yuan Wine Industry (08146) with a 10.87% increase [1] 52-Week Lows - Hui Cheng International Holdings (01146) reached a low of 0.045, marking a decrease rate of -11.76% [2] - Other stocks with significant declines include Quantitative Party (02685) at -8.74% and China Smart Energy (01004) at -7.69% [2] - The overall trend indicates a mix of performance among stocks, with some reaching new highs while others are experiencing significant declines [2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

智通财经APP获悉，香港联交所最新资料显示，11月26日，三一重工(06031)股东将股票存入中信里昂证 券，存仓市值19.17亿港元，占比12.35%。 三一重工公告，于2025年11月26日因部分行使超额配股权而发行及配发8901.56万股H股。 ...

格隆汇11月26日丨三一重工(06031.HK)发布公告，于2025年11月26日因部份行使超额配股权而发行及配 发8901.56万股H股。 ...

智通财经APP讯，三一重工(06031)发布公告，于2025年11月26日因部分行使超额配股权而发行及配发 8901.56万股H股。 ...