Group 1 - Heavy machinery stocks in Hong Kong continued to rise, with China National Heavy Duty Truck Corporation (中国重汽) surging by 14% to reach a new historical high [1] - The China Construction Machinery Industry Association reported that in January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [1] - The strong sales data exceeded market expectations, indicating a clear improvement in the fundamentals of the industry, which served as a core catalyst for the sector's rise [1] Group 2 - In January 2026, China National Heavy Duty Truck Corporation exported over 16,000 heavy trucks, marking another historical high after surpassing 15,000 units for the first time in September of the previous year [1] - Dongguan Securities noted that the strong excavator sales in January were partly due to the impact of the Spring Festival holiday, and the year-on-year decline in domestic sales was significantly narrowed compared to the same period last year, reflecting signs of recovery in domestic demand for construction machinery [1]