TGood Electric; Lift PT, CH Machinery & HDT-Weichai Power; 2Q Preview, JP Trading Houses Preview, Global X-across; FTM vs BTM: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - AGD

研报英文原文证据摘录

TGood Electric; Lift PT, CH Machinery & HDT-Weichai Power; 2Q Preview, JP Trading Houses Preview, Global X-across; FTM vs BTM: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - AGD

18%/21%. Weichai reaffirmed 2026 AIDC engine shipment guidance at 3,500–4,000 units, targeting >25% net

margins and 25–30% global market share. Global power bottlenecks and AI/data center buildout are driving multi-year

opportunities for AIDC leaders, with CAT, CMI, and Weichai all ramping capacity and recurring service/parts revenue. Weichai’s

SOFC partnership with Ceres Power supports its global power ambitions and margin story, while Kion’s Q2 update and China

exposure provide positive read-throughs for consolidated earnings quality. We expect Weichai’s to record net profit growth of low

to mid-teens YoY growth. (Karen Li )

Robotics has been a hot topic going into Tesla's upcoming Optimus 2 launch event expected in the next couple of months as well

as upcoming China’s capital market events (i.e. IPO of Unitree). Join JPM Global Robotics analyst Webinar next Tuesday 8:30am

HKT. Register Here

• Tsingdao TGood Electric: Key Takeaways from the management call; lifting PT on strong outlook for DC and overseas

power orders - Stephen Tsui

• CH Machinery & HDT: June Update - Demand upcycle brodens; AIDC, CAT/CMI, Ceres, and Kion read-throughs; 2Q26

Preview - Karen Li

• Japan Trading Companies & Energy: Earnings Outlook (Apr-Jun) - Jiro Iokebe

• Key Inbounds - Korea Defense Stiff Correction (Hanwha Aero -6.9%, Rotem -10.7%. LIG D&A -12%)

• Global X-across: Key Takeaways from Mark Strouse Asian Call on Grid vs BTM (Westbound Team)

• Webinar Today 1:30pm HKT (Register Here): India Autos, Aviation and Hospitality: 1QFY27 Preview and Stock Picks