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2026-11-10 15:19:57 JPMorgan published a research report stating that the overall operating performance of China's machinery and heavy truck companies in 3Q was generally positive. Most companies reported recurring profits and operating cash flow that exceeded expectations. October data reflected continued improvement in core businesses, stable margins, accelerated rollout of new products and automation initiatives, while overseas market growth remained strong. The bank noted that excavator sales in October rose 11.8% YoY to 20,225 units, while loader sales increased 10.7% YoY to 11,820 units, with electric loaders continuing to show strong performance. Heavy truck sales fell about 13% YoY, mainly because the 2025 subsidy program shifted sales concentration to 2H25, especially 4Q25, resulting in a higher comparison base. Heavy truck sales in the first ten months of this year still rose 10% YoY to 1.02 million units, while exports increased about 20% YoY. JPMorgan believed investor bearish sentiment may be excessive, adding that recent sector volatility and risk-off sentiment lacked fundamental support. The bank maintained its Overweight ratings on WEICHAI POWER (02338.HK) and SANY HEAVY IND (06031.HK), and expected limited short-term policy risks. (gc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |