Zoomlion Heavy Industry Science And Technology Co.,Ltd. (01157) saw its shares rise 3.72% during morning trading, reaching HK$10.61 with a turnover of HK$94.1708 million.

Citigroup issued a research report stating that domestic tower crane shipments in January recorded a 7% year-on-year increase, ending a 30-month consecutive decline since July 2023. The growth was attributed not only to a low base effect but also reflected a slight improvement in market demand following China's removal of the "three red lines" policy for the real estate sector. This aligns with the bank's expectations that recent improvements in utilization and rental rates would soon translate into increased demand for domestic tower cranes.

The report anticipates positive catalysts for Zoomlion's stock price, citing the company's significant exposure to the crane machinery business. As a result, Citigroup has designated Zoomlion as its top pick in the industry.