该行对中联重科（000157）(01157)及龙工机械(03339)给予"中性"评级，2025至2026年每股盈利增长预 测分别上调至49%、27%及21%、17%;列徐工机械（000425）(000425.SZ)为行业首选，给予"买入"评 级，看好其矿业因业务占比较高、增长强劲且估值吸引。瑞银并将中联重科及龙工机械的目标价分别由 6.4港元及2.2港元，各上调至7.8港元及3.2港元。 瑞银发布研报称，目前对中国建筑机械行业看法较市场预期更为乐观，认为目前行业正处于的上升周 期，将持续至2029年才见顶，而非市场普遍预测的2028至2029年，企业矿业相关业务增长潜力及强劲盈 利韧性尚未完全反映于股价表现，现时估计预测中国设备制造商在矿用卡车及矿用挖掘机的全球份额将 于2030年达到20%以上，而矿业相关业务将可能成为企业另一增长动力。 ...

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]