Bank of America Securities has issued a research report reiterating its positive outlook on China's construction machinery industry, citing supportive policies from the central government, domestic replacement demand, and increased overseas market share and export growth by local manufacturers. Leading original equipment manufacturers in the construction machinery sector are expected to be the primary beneficiaries. The firm has raised its target price for Zoomlion (01157) from HK$8.50 to HK$10.10 and reaffirmed its "Buy" rating, citing strong export sales and attractive valuation. It also increased the target price for Zoomlion's A-shares (000157.SZ) from RMB 10.90 to RMB 11.10. Based on higher revenue forecasts, Bank of America Securities has raised its earnings estimates for Zoomlion for fiscal years 2026 and 2027 by 3% and 2%, respectively. Additionally, the target price-to-earnings ratio has been increased from 12x to 14x, which is 1.5 standard deviations above the five-year historical average, reflecting the company's solid progress in mini excavators, mining machinery, and robotics.