Strong Demand for Crawler Cranes: In November 2025, shipments of crawler cranes in China surged by 102% year-on-year, driven by equipment replacement needs and strong demand in renewable energy sectors like wind power.

Market Share Decline Among Top Manufacturers: The market share of the top four large excavator manufacturers decreased from 59.7% in 2024 to 58.7% in the first nine months of 2025, indicating increased competition in the Chinese construction machinery market.

Citi's Investment Ratings: Citi maintained its investment ratings for major companies in the construction machinery sector, with JSHL rated as a "Buy" with a target price of RMB 105, and SANY HEAVY IND rated as a "Buy" with a target price of HKD 31.

Short Selling Activity: ZOOMLION experienced short selling of $1.01 million with a ratio of 7.721%, while CONS MACHINERY was rated as a "Sell" with a target price of RMB 2.6.

Record IPO Activity in Hong Kong: In 11M25, 91 companies completed IPOs in the Hong Kong equity market, raising a total of $259.889 billion, marking the first time in four years that HKEX surpassed the $200 billion fundraising threshold and ranking first globally in fundraising amount.

Top Global IPOs: Notable companies among the top ten global IPOs this year include CATL, ZIJIN GOLD INTL, SANY HEAVY IND, and SERES, all contributing significantly to the overall fundraising totals.

SZSE Announcement: The Shenzhen Stock Exchange has made adjustments to the list of securities eligible for the Southbound Stock Connect.

New Additions: SANY HEAVY IND (06031.HK) and CIG (06166.HK) have been added to the list, effective immediately.

Implementation Measures: The changes are based on the "Shenzhen Stock Exchange Southbound Stock Connect Implementation Measures."

Effective Date: The adjustments took effect on the 24th of the month.

Stock Performance: SANY HEAVY IND (06031.HK) debuted at $21.3, peaked at $22.3, and closed at $21.9, marking a 2.8% increase from the listing price.

Trading Volume: The stock saw a trading volume of 138.33 million shares, resulting in a turnover of $2.99 billion, with a book gain of $120 per board lot of 200 shares.

Stock Performance: SANY HEAVY IND (06031.HK) debuted at $21.3, reached a high of $22.3 and a low of $21.3, closing midday at $21.84, reflecting a 2.5% increase from the listing price.

Trading Volume: The stock saw a trading volume of 104.09 million shares, with a turnover of $2.24 billion during its debut.