Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the industry is in an upward cycle that will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong earnings resilience of companies' mining-related businesses have not yet been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion (000157) and Lonking (03339), with earnings per share growth forecasts for 2025 and 2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425) is listed as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - UBS has raised the target prices for Zoomlion and Lonking from HKD 6.4 and HKD 2.2 to HKD 7.8 and HKD 3.2 respectively [1]

Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the current upward cycle will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong profitability resilience of companies' mining-related businesses have not been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion Heavy Industry (01157) and Lonking Holdings (03339), with earnings per share growth forecasts for 2025-2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425.SZ) is identified as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - Target prices for Zoomlion Heavy Industry and Lonking Holdings have been raised to HKD 7.8 and HKD 3.2, respectively, from HKD 6.4 and HKD 2.2 [1]