【招银国际】Capital Goods: HDT sales +39% YoY in Jan on low base-260203（3页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 3 Feb 2026 CMB International Global Markets|Equity Research|Sector Update Capital Goods Capital Goods-HDT sales+39%YoY in Jan on low base HDT sales+39%YoY in Jan on low

2、base According to the preliminary data released by Cvworld,heavy-duty truck(HDT)wholesale volume(domestic+export)grew 39%YoY to 100k units in Jan.The growth was driven by(1)low-base effect due to early CNY last year(started from 29 Jan);(2)a portion of sales in Dec 2025 was recognized in Jan 2026 as

3、 truck manufacturers already reached their sales targets before end-2025.We maintain our view that HDT demand in 2026E will likely stay high at 1.1m units,supported by the replacement-driven up-cycle(sales between 2017 and 2021 were a record high)and the extension of government subsidies scheme.We m

4、aintain our positive stance on Weichai Power(2338 HK/000338 CH,BUY)given the solid HDT demand with new growth drivers coming from AIDC engines.We also see upside to our HOLD-rated Sinotruk(3808 HK).China HDT monthly wholesales volume Source:Cvworld,Wind,CMBIGM Note:Domestic sales+exports CMBI HDT sa

5、les projection Source:Cvworld,Wind,CMBIGM Note:Domestic sales+exports China Capital Goods Sector Wayne FUNG,CFA(852)3900 0826 .hk Related reports:Capital Goods Strong sales momentum continued for truck cranes&crawler cranes in Dec 2025 16 Jan 2026(link)Capital Goods Key themes in 2026;Focus on Minin

6、g equipment+Power for data centres+Replacement cycle 1 Dec 2025(link)050,000100,000150,000200,000250,000JanFebMarAprMayJunJulAugSepOctNovDec(Units)2026202520242023202220214%45%-36%30%59%11%18%60%-13%-28%22%-4%-26%32%53%3%2%38%-14%-52%36%-1%27%1%3%-60%-40%-20%0%20%40%60%80%02004006008001,0001,2001,40