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<Research>Citi: CN Tower Crane Shipments Resume Growth; Sector Top Pick ZOOMLION
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In January this year, the shipment volume of tower cranes in the Mainland Chinese market charted a 7% YoY growth, snapping a 30-month consecutive YoY downtrend since July 2023, Citi Research's report said. This was not only attributable to a low base but also reflected a faint improvement in market demand following China's removal of the three red lines policy in the real estate industry, which was consistent with the broker's expectations. Citi expected this news to positively catalyze the stock prices of ZOOMLION (01157.HK) and SANY HEAVY IND (06031.HK). The broker's sector top pick was ZOOMLION for its higher crane machinery exposure, and the target price was HKD10.2, with a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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