20260716-招银国际-Capital_Goods_Strong_growth_of_crane_exports_in_Jun_AWP_continues_to_see_surprise_6页_786kb

Capital Goods Sector Summary (June 2026)

Core Content Overview

The Capital Goods sector in June 2026 showed strong growth across various machinery categories, particularly in crane exports and aerial work platforms (AWPs). The China Construction Machinery Association (CCMA) released non-earth-moving machinery sales data, highlighting robust performance and positive market outlook.

Key Growth Areas

Crane Exports

• Crawler crane: Sales increased by 33% YoY, with exports rising 51% YoY. This marks a sustained growth trend since mid-2025.
• Truck crane: Sales grew 19% YoY, with domestic sales up 15% YoY and exports up 23% YoY, showing acceleration from previous months.
• Tower crane: Sales rose 15% YoY, with domestic sales up 11% YoY (first increase since January 2025). Exports increased 20% YoY after a decline in May. However, the overall trend remains downward due to weak property investment in China.

Aerial Work Platforms (AWPs)

• AWPs experienced 38% YoY growth, with domestic sales up 39% YoY and exports up 37% YoY. This marks the third consecutive month of YoY growth, indicating a surprising recovery after more than two years of decline.

Forklifts

• Forklift sales grew 17% YoY, with domestic sales up 18% YoY and exports up 15% YoY. Excluding electric pedestrian pallet trucks, growth was 13% YoY domestically and 25% YoY in exports.

Overall Machinery Performance

• Earth-moving machinery also showed strong growth, with excavator sales up 35% YoY and wheel loader sales up 25% YoY.
• Excavator exports grew 36% YoY, continuing a positive trend.
• Wheel loader exports increased 33% YoY, reflecting strong international demand.

Market Outlook and Investment Recommendations

• The strong growth in the sector is attributed to global mining capital expenditure (capex), non-earth-moving machinery upcycle, and Chinese machinery players' expansion into emerging markets.
• The report recommends BUY on the following companies:
  • Zoomlion (1157 HK / 000157 CH)
  • SANY Heavy (6031 HK / 600031 CH)
  • Jiangsu Hengli (601100 CH)
  • SANY International (631 HK)
• Zhejiang Dingli (603338 CH), which is HOLD-rated, may see upside risk due to unexpectedly strong AWP demand in China.

Supporting Data and Visuals

The report includes a series of figures and tables that provide detailed insights into machinery sales trends:

• Figure 1 & 2: Monthly excavator sales and export volume.
• Figure 7 & 8: Monthly wheel loader sales and export volume.
• Figure 11 & 12: Tower crane sales and export volume.
• Figure 13 & 14: Truck crane sales and export volume.
• Figure 15 & 16: Crawler crane sales and export volume.
• Figure 19 & 20: AWP sales and export volume.
• Figure 21: Downstream applications of construction machinery in China, showing varied demand across sectors.

CMBIGM Ratings

• BUY: Potential return of over 15% over the next 12 months.
• HOLD: Potential return of +15% to -10% over the next 12 months.
• UNDERPERFORM: Potential loss of over 10% over the next 12 months.
• NOT RATED: Not rated by CMBIGM.

Disclaimer and Risk Information

• This report is not investment advice and is intended for informational purposes only.
• It is not suitable for all investors and should be used in conjunction with professional financial advice.
• Past performance does not guarantee future results.
• The value of investments may fluctuate based on market conditions and other factors.
• CMBIGM is not liable for any losses or damages arising from reliance on the report.

Analyst Certification

• The analyst certifies that the views expressed accurately reflect their personal views.
• No part of their compensation is directly or indirectly related to the views expressed in this report.
• The analyst confirms no trading or financial interests in the companies discussed.

Legal and Distribution Notes

• This report is distributed solely to clients of CMBIGM or its affiliates.
• Reproduction or distribution is not permitted without prior written consent.
• Regional restrictions apply:
  • United Kingdom: Only for individuals falling within Article 19(5) or Article 49(2) of the Financial Services and Markets Act 2000.
  • United States: Intended for major US institutional investors only.
  • Singapore: Distributed by CMBISG, an exempt financial adviser, with legal responsibility limited to law-defined obligations.

Conclusion

The Capital Goods sector in June 2026 demonstrated strong momentum, driven by export growth, non-earth-moving machinery upcycle, and global mining demand. The positive outlook is supported by sustained growth in crane and AWP sales, as well as continued strong performance in earth-moving machinery. Investment recommendations remain positive for key players, with a notable upside risk for Zhejiang Dingli.