CV World: July 2026 HDT sales at 92k units – up 8% y-y

Research evidence excerpt

CV World: July 2026 HDT sales at 92k units – up 8% y-y

y: Beijing

Geekplus Technology Co., Ltd., China State Construction Engineering, Sany Heavy Industry Co., Ltd., Shenzhen Inovance Technology, Wuxi Lead Intelligent, Zhejiang Hangke Technology,

Zoomlion Heavy Industry.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide

services or has a client relationship with the following company: Beijing Geekplus Technology Co., Ltd., China State Construction Engineering, CRRC Corp Ltd, Haitian International Holdings

Limited, Sinotruk (Hong Kong) Limited.

An employee, director or consultant of Morgan Stanley is a director of Beijing Geekplus Technology Co., Ltd.. This person is not a research analyst or a member of a research analyst's household.

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality

of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Equity Research analysts' or strategists' compensation is not

linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,

commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in