20 March 2026 | 10:35PM HKT Equity Research First Tractor (0038.HK): 2M26 tractor production data reaffirms cyclical inflection; reiterate Buy What's happened? NBS released Jan-Feb combined production data for agricultural tractors recently. Production volume of high‑horsepower (HHP) tractors rose by +c.10% yoy in 2M26, with medium‑to‑high HP tractors combined increasing by +2% yoy. We highlight HHP tractor production has managed to maintain +DD% yoy growth since November 2025 (see our note), while medium‑t ...