机构：招银国际 研究员：Wayne FUNG We have received positive feedback on Zoomlion following the publication ofour 2026 capital goods sector outlook and investor call this week. Basedon our understanding, domestic demand for crane and concrete machinerycontinued to see meaningful recovery in Nov, while earth-moving's growthremained solid. We estimate Zoomlion's domestic machinery sales growth inOct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25. On theoverseas front, we believe the sales growth has also remaine ...