GTCAP: Banking to cushion slowdown in auto in 2026

Research evidence excerpt

GTCAP: Banking to cushion slowdown in auto in 2026

APR - Industrials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Weichai Power Co. Ltd XWPEF 000338 CH Fiona Liang

XCMG Construction Machinery Co Ltd XVPZF 000425 CH Ming Hsun Lee, CFA

XJ Electric XJECF 000400 CH Matty Zhao

Yangzijiang Shipbuilding YSHLF YZJSGD SP Amy Han

Yuchai International CYD CYD US Fiona Liang

Zoomlion Heavy Industry XLRYF 000157 CH Ming Hsun Lee, CFA

Zoomlion Heavy Industry ZLIOF 1157 HK Ming Hsun Lee, CFA

NEUTRAL

D&L Industries, Inc. DALQF DNL PM Philip Albert Felix

Dongguan Yiheda Automation XDXGF 301029 CH Yikai Liu, CFA

Fanuc FANUF 6954 JP Kenjin Hotta

Fanuc FANUY FANUY US Kenjin Hotta

Kubota Corp KUBTF 6326 JP Kenjin Hotta

Kubota Corp KUBTY KUBTY US Kenjin Hotta

OMRON Corporation OMRNF 6645 JP Kenjin Hotta

OMRON Corporation OMRNY OMRNY US Kenjin Hotta

Yaskawa Electric YASKF 6506 JP Kenjin Hotta

Zhejiang Supcon Technology XDXFF 688777 CH Yikai Liu, CFA

Zhuzhou CRRC Times Electric ZHUZF 3898 HK Yikai Liu, CFA

Zhuzhou CRRC Times Electric XWCTF 688187 CH Yikai Liu, CFA

UNDERPERFORM

Alliance Global Group, Inc. ALGGF AGI PM Russ Toribio

CKD CKDOF 6407 JP Kenjin Hotta

ESTUN Automation XNJNF 002747 CH Ming Hsun Lee, CFA

ESTUN Automation XZMTF 2715 HK Ming Hsun Lee, CFA

Goldwind XJGWF 002202 CH Gary Tsang

Hitachi CM HTCMF 6305 JP Kenjin Hotta

Hongfa Technology XQXAF 600885 CH Fiona Liang

Komatsu KMTUF 6301 JP Kenjin Hotta

Komatsu KMTUY KMTUY US Kenjin Hotta

L.K. Technology XBQXF 558 HK Joey Yang, CFA

Leader Harmonious Drive Systems XLHNF 688017 CH Yikai Liu, CFA

LT Group, Inc. LTGIF LTG PM Philip Albert Felix

OPT Machine Vision XOTVF 688686 CH Yikai Liu, CFA

SCG Packaging PCL XAFLF SCGP TB Narumon Ekasamut

Shanghai Bochu Electronic XWUTF 688188 CH Fiona Liang