Shares of Zoomlion Heavy Industry Science And Technology Co.,Ltd. (ASX: 01157) climbed more than 3% during the morning session.

At the time of writing, the stock was up 2.77%, trading at HK$7.82 with a turnover of HK$20.93 million.

A research report from Jefferies highlighted that sales of construction machinery in Mainland China saw significant growth in April this year, driven by replacement demand and the shift towards electrification.

Exports in the first four months of 2026 have already surpassed the total for the full year of 2025, with strong performance in the African, Oceanian, and Latin American markets.

Improvements were also noted in the European Union and United States markets, with the conflict between the US and Iran causing only minor logistics disruptions.

Based on valuation considerations, the firm upgraded its rating for both the H-shares of Zoomlion Heavy Industry Science And Technology Co.,Ltd. (ASX: 01157) and the A-shares of Zoomlion Heavy Industry Science And Technology Co.,Ltd. (ASX: 000157) to "buy".

The price target for the H-shares was raised from HK$6.30 to HK$10.90.