Construction/mining equipment: S/T sentiment weak; L/T structural growth remains intact

研报英文原文证据摘录

Construction/mining equipment: S/T sentiment weak; L/T structural growth remains intact

Global Research

15 July 2026ab

First Read

EquitiesChina Industrials

Construction/mining equipment : S/T sentiment China

weak; L/T structural growth remains intact Industrial

Phyllis Wang

Analyst

phyllis.wang@ubs.com

Further downside is limited; awaiting catalysts +86-21-3866 8964

The Chinese construction machinery index declined 20% year to date (vs CSI 300 Index: Robin Xu

+3%), despite strong domestic and overseas sales, mainly reflecting uncertainty on the Analyst

overseas demand outlook amid rising expectations for U.S. interest rate hikes and S1460511010012

volatility in mining prices. We remain cautiously constructive on construction machinery bin.xu@ubs.com

and mining equipment, though H2 visibility is still limited, with USD rates the key swing +86-21-3866 8872

factor for overseas demand. Longer term, electrification and mining breakthroughs Grace Wang

should support Chinese brands’ market-share gains, margin resilience and growth Analyst

diversification. Near-term sentiment may stay weak until catalysts emerge, including a S1460525030001

U.S. rate cut, 3Q margin improvement and more benchmark mining orders. grace-zb.wang@ubs.com

+86-21-3866 8857

Strong ytd demand, downstream divergence may emerge Yuhua Li

According to CCMA (China Construction Machinery Association), YTD demand for Analyst

earthmoving products has remained better than expected across both domestic and yuhua.li@ubs.com

+852-2971 6491

overseas markets. Onshore demand has been supported by replacement demand, while

overseas sales have continued to benefit from demand pick up from construction and

resilient mining-related demand and Chinese OEMs’ ongoing market-share gains. In H2