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CMB International: In November, major Machinery exports from the mainland showed good growth. Bullish on ZOOMLION.
Zhaoyin International released a research report stating that the China Construction Machinery Industry Association announced the sales data for the entire series of construction machinery for November. In terms of exports, the export volume of key models maintained strong growth, especially the aerial work platforms which saw a year-on-year increase of 88%. In the domestic market, no improvement has been observed; excavators were the only model to see growth in November, while others declined across the board. In terms of stock selection, the bank is bullish on Sany Heavy Industry, mainly due to the high market share of excavators. The bank continues to be bullish on ZOOMLION (01157) for its wide product penetration in emerging markets. Additionally, the strong growth in exports of aerial work platforms is beneficial for Zhejiang Dingli Machinery (60.