According to a research report by Citi, the China Construction Machinery Association released data on the sales volume of construction equipment for November. Among the major types of construction machinery, the demand for crawler cranes in China was the strongest, with sales increasing by 102% year-on-year in November. Citi believes this growth is driven not only by equipment replacement demand but also by robust demand in renewable energy sectors such as wind power.

In contrast, the year-on-year decline in sales of tower cranes in China widened from 17% in October to 49% in November. The association noted that the market share of the top four large excavator manufacturers dropped from 59.7% in 2024 to 58.7% in the first nine months of this year, a decrease of 1 percentage point, indicating intensifying competition among Chinese machinery manufacturers.

Citi maintains its preference ranking for China's construction machinery sector, listing Hengli Hydraulics (601100.SH), SANY HEAVY IND (06031) H-shares, Sany Heavy Industry Co., Ltd. (600031.SH) A-shares, and ZOOMLION (01157) in order, followed by Construction Machinery (600984.SH).