FIRST TRACTOR (00038) surged over 11% in early trading, reaching an 11.39% gain at HKD 8.02 by the time of writing, with a turnover of HKD 72.26 million. Goldman Sachs noted in a research report that FIRST TRACTOR is China's largest agricultural tractor manufacturer. Against the backdrop of China's push for food security through agricultural modernization, the company is well-positioned to capitalize on structural growth opportunities driven by the trend toward larger and higher-end tractors. In the long term, the export business is expected to become another key growth pillar for the company. As FIRST TRACTOR continues to enhance its global competitiveness, exports could emerge as a new long-term growth driver. The bank believes these structural shifts will gradually align the company's profit margins and returns with global peers, offering potential for upward valuation re-rating of the stock.