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<Research>Citi Prefers Sany Heavy Industry's H-Shrs Over A-Shrs; Competition in CN Large Excavator Mkt Intensifying
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The China Construction Machinery Association released additional shipment data for construction machinery yesterday (16th) for November 2025, according to Citi's research report. Among the major types of construction machinery, the demand for crawler cranes in the Chinese market was the strongest, with November shipments up 102% YoY, an achievement Citi attributed to equipment replacement demand and robust demand in renewable energy sectors like wind power. The Association also pointed out that the market share of the top four large excavator manufacturers fell by 1ppt from 59.7% in 2024 to 58.7% in 9M25, suggesting intensifying competition among Chinese machinery manufacturers. Citi's pecking order for the Chinese construction machinery industry remained unchanged: JSHL (601100.SH) > SANY HEAVY IND (06031.HK) > SANY HEAVY INDUS (600031.SH) > ZOOMLION (01157.HK) > CONS MACHINERY (600984.SH). Stock｜Investment Rating｜Target Price JSHL (601100.SH)｜Buy｜RMB105 SANY HEAVY IND (06031.HK)｜Buy｜HKD31 SANY HEAVY INDUS (600031.SH)｜Buy｜RMB28 ZOOMLION (01157.HK)｜Neutral｜HKD6.4 CONS MACHINERY (600984.SH)｜Sell｜RMB2.6 AAStocks Financial News |
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