每日投资策略-20251202

Industry Outlook - The Chinese equipment manufacturing industry is expected to focus on mining machinery, data center power supply, and equipment replacement cycles by 2026, with large mining excavators and trucks becoming key growth areas due to high metal prices and aging equipment [2] - Capital expenditure in global mining companies is projected to remain high, benefiting Chinese brands like Zoomlion, Sany Heavy Industry, and Sany International [2] - The domestic market is expected to see a continued equipment replacement cycle, with increased demand driven by the acceleration of hydropower project tenders in 2026 [2] - The global demand for backup generators for data centers is forecasted to increase by 70% from 2025 to 2030, presenting opportunities for Weichai Power to enter this market [2] Company Analysis - Sany Heavy Industry is expected to benefit from the growth in overseas large mining excavators and emerging markets, with an upward adjustment of 2-5% in profit forecasts for 2025E-27E due to increased sales assumptions [7] - Zoomlion is positioned to leverage its complete product line and focus on emerging markets, with profit forecasts for 2025E-27E raised by 12-15% [8] - Weichai Power anticipates a slowdown in heavy truck engine demand growth to 3% in 2026, but will benefit from the explosive growth in backup power supply engines for data centers, with profit forecasts for 2025E-27E adjusted upward by 1-5% [9] - Baozun's e-commerce segment reported a revenue of 2.2 billion RMB in Q3 2025, a 5% year-on-year increase, with a narrowing net loss driven by margin expansion and cost optimization [10]