---
title: "According to \"The Big Banks,\" Huayan Research expects that domestic excavators will benefit from the rising cycle of the mining industry and electrification, raising the target price for Zoomlion to 12 yuan"
description: "HSBC's research report indicates that driven by the rising cycle of the mining industry and electrification, domestic excavator brands will further capture market share, with China's excavator exports"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276026111.md"
published_at: "2026-02-16T02:28:03.000Z"
---

# According to "The Big Banks," Huayan Research expects that domestic excavators will benefit from the rising cycle of the mining industry and electrification, raising the target price for Zoomlion to 12 yuan

> HSBC's research report indicates that driven by the rising cycle of the mining industry and electrification, domestic excavator brands will further capture market share, with China's excavator exports and domestic sales expected to grow by 15% and 6% respectively by 2026. The bank raised the target price for Zoomlion to HKD 12, with a rating of "Buy." It also has a positive outlook on Caterpillar and XCMG, with target prices of USD 850 and RMB 13.5 respectively. JSHL's target price is RMB 131, with a rating of "Buy."

HSBC Research published a report stating that with the rise of the mining industry and the push for electrification, domestic excavator brands can further capture market share and expand profits. The bank expects that by 2026, China's excavator exports and domestic sales will grow by 15% and 6% respectively, driven by mining and infrastructure demand from regions such as the Middle East and Africa; even with intensified overseas price competition, the increase in export sales proportion will still improve the profit margins of Chinese brands, as the gross profit margin for exports is 10 percentage points higher than that of the domestic market.

At the same time, the bank believes that the recovery of the domestic market is mainly driven by replacement demand, large projects, and a low base, with domestic large projects tending to adopt large, electric, and intelligent equipment, which will benefit leading Chinese brands.

In terms of stock selection, the bank is optimistic about Caterpillar (CAT.US) and XCMG (000425.SZ), as they can capture opportunities in the rising mining industry; they set target prices of $850 and RMB 13.5 respectively, with a rating of "Buy." Additionally, the bank is also optimistic about JSHL (601100.SH), due to the increase in market share of its hydraulic products among overseas customers and its humanoid robot concept, with a target price of RMB 131 and a rating of "Buy."

As for Zoomlion (01157.HK), the bank is optimistic about its export growth and humanoid robot concept, reinitiating coverage with a "Buy" rating, raising the target price for Zoomlion's H shares from HKD 8.3 to HKD 12, and for Zoomlion's A shares (000157.SZ) from RMB 9.4 to RMB 12.4

### Related Stocks

- [601100.CN - JSHL](https://longbridge.com/en/quote/601100.CN.md)
- [561330.CN - Guotai CSI Non-Ferrous Metal Kuangye Theme ETF](https://longbridge.com/en/quote/561330.CN.md)
- [159542.CN - Dacheng CSI Construction Machinery Theme ETF](https://longbridge.com/en/quote/159542.CN.md)
- [01157.HK - ZOOMLION](https://longbridge.com/en/quote/01157.HK.md)
- [000425.CN - XCMG](https://longbridge.com/en/quote/000425.CN.md)
- [000157.CN - Zoomlion](https://longbridge.com/en/quote/000157.CN.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 07:37 ET 中联重科将在 CONEXPO-CON/AGG 2026 展会上展示智能建筑解决方案和旗舰设备 | 中联重科将参加 2026 年 CONEXPO-CON/AGG 展会，展示其最新的智能建筑解决方案和旗舰设备，展会将于 2026 年 3 月 3 日至 7 日在拉斯维加斯举行。此次展会将突出公司对智能建筑、数字管理和可持续发展的承诺，展示包括 | [Link](https://longbridge.com/en/news/275901467.md) |
| Dangote 与中国的 XCMG 签署了价值 4 亿美元的设备协议，以加速炼油厂的扩建 | 丹戈特与中国徐工签署 4 亿美元设备协议，以加快炼油厂扩建 | [Link](https://longbridge.com/en/news/276107225.md) |
| 徐工机械为 Fortescue 推出全球最大型全电动轮式装载机 | 徐工机械推出了全球最大的全电动轮式装载机 XC9260BEWL 和 XC9260BEWD，作为一项价值 4 亿美元的订单的一部分，向 Fortescue 交付了各一台，旨在减少碳排放。这些新型号的性能与徐工的柴油混合动力机器相匹配，配备了强 | [Link](https://longbridge.com/en/news/275906446.md) |
| Amak 矿业董事会建议通过发行配股股份来增加资本 | 阿尔马萨内阿尔科布拉矿业：AMAK 矿业 - 董事会建议通过配售增资，目标金额为 6.8 亿沙特里亚尔 | [Link](https://longbridge.com/en/news/276059046.md) |
| 中联重科塔式起重机助力迪拜破纪录摩天大楼的建设 | 中联重科在迪拜的建筑领域发挥了重要作用，特别是在塔式起重机方面。该公司的 L250-20 起重机在建设世界最高的 Ciel Dubai Marina 酒店（高达 377.127 米）中发挥了关键作用。中联重科还参与了 Damac Bay 项 | [Link](https://longbridge.com/en/news/273986687.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.