On the ride of the mining upcycle and electrification, Mainland Chinese excavators can further seize market share and amplify profits, HSBC Global Investment Research said in a report. By 2026, China's excavator exports and domestic sales will grow by 15% and 6%, respectively, with exports driven by mining and infrastructure demand from regions such as the Middle East and Africa, said the broker. Even with intensified overseas price competition, the increase in export sales proportion will still improve the margins of Chinese brands, as export GPM is 10 ppts higher than domestic ones.

In terms of stock picks, the broker preferred Caterpillar (CAT.US)      and XCMG (000425.SZ)  -0.100 (-0.971%)   , as they can capture opportunities from the mining upcycle. They were given target prices of USD850 and RMB13.5, respectively, with a Buy rating. Besides, the broker also favored JSHL (601100.SH)  +0.490 (+0.478%)   for its increased market share of hydraulic products among overseas customers and its humanoid robot concept, with a target price of RMB131 and a Buy rating.

Related NewsZOOMLION (01157.HK) Full-Year Net Profit RMB4.779 Billion, Up 35.7%; Final Dividend 20 Cents
As for ZOOMLION (01157.HK)  -0.170 (-1.910%)    Short selling $3.62M; Ratio 26.277%   , the broker was optimistic about its export growth and humanoid robot concept, reinstating a Buy rating and raising the target price for ZOOMLION H-shares from HKD8.3 to HKD12, and for ZOOMLION (000157.SZ)  -0.070 (-0.821%)   A-shares from RMB9.4 to RMB12.4.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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