FIRST TRACTOR (00038) rose more than 9%, extending its three-day rally to over 20%. At the time of writing, the stock was up 7.8% to HKD 8.71, with a turnover of HKD 48.15 million. Goldman Sachs noted that the company is well-positioned to benefit from China's agricultural modernization drive aimed at ensuring food security, particularly through the structural growth opportunities arising from the trend toward larger and higher-end tractors. In the long term, exports could emerge as another key growth pillar for the company as it enhances its global competitiveness. Earlier, Soochow Securities reported that FIRST TRACTOR's overseas tractor sales reached 5,445 units in the first half of 2025, up 29% year-on-year, with particularly strong performance in Africa and Central & Eastern Europe, where sales grew over 50%. The overseas agricultural machinery market offers vast potential, as the company's overseas revenue accounted for only 9.5% of total revenue in H1 2025—significantly below the 50% average for the construction machinery sector, indicating substantial room for expansion.