Guojin Securities' machinery team reiterated a bullish view on Chinese construction equipment makers, citing strong September excavator and loader sales, improving working hours and utilization, and the fact that the October export tax rebate adjustment did not cover construction machinery. They expect Q3 2026 FX headwinds to ease and profit repair to continue.
Guojin Machinery remains bullish on Chinese construction equipment OEMs, recommending XCMG, Sany, LiuGong and Zoomlion on strong sales, policy relief and expected profit recovery.
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