Re-balancing growth and cyclical sectors, recommend focusing on construction machinery + rail transit equipment + general equipment

English summary

### Re-balancing growth and cyclical sectors, recommend focusing on construction machinery + rail transit equipment + general equipment Time: 2026-07-31 00:16:54 Content: Re-balancing growth and cyclical sectors, recommend focusing on construction machinery + rail transit equipment + general equipment - 20260730 Growth is differentiating, cyclical allocation increases. We recommend focusing on construction machinery with high prosperity, rail transit equipment with high certainty, and general equipment benefiting from manufacturing recovery. #Construction machinery: High prosperity. From January to June 2026, excavator sales were 152,300 units, up 26.4% YoY. Among them, domestic sales were 79,000 units, up 20.4% YoY; exports were 73,300 units, up 33.5% YoY. From March to June, it exceeded expectations for 4 consecutive months and growth is accelerating. We judge that Q3 will see an inflection point in the impact of exchange rate fluctuations; key targets: Sany Heavy Industry, XCMG Machinery, Zoomlion Heavy Industry, Zhejiang Dingli, LiuGong, Shantui Construction Machinery; component companies: Hengli Hydraulic, Aidi Precision, Fushite, Weiwang Seal, etc. #Rail transit equipment: High certainty. ...