Citi: Industry data is favorable for AI PCB equipment stocks, but unfavorable for construction machinery stocks.

Citi released a research report stating that the data for PCB (Printed Circuit Board) equipment is positive, while construction machinery is leaning towards negative. In terms of PCB equipment, Taiwan's Unimicron Technology (3167.TW) announced an 153% year-on-year increase in revenue for August, setting a record for high growth since 2026, indicating that the demand for AI PCB equipment is accelerating. On the construction machinery side, data from the China Construction Machinery Industry Association shows that China's domestic excavator shipments in August only grew by 4% year-on-year to 7,986 units, marking the second consecutive month of single-digit year-on-year growth. The firm believes this seems to be an early sign of a turning point in the Chinese excavator cycle; at the same time, Pangyuan, China's largest tower crane rental company, reported that tower crane utilization rates have also declined year-on-year for six consecutive months since February. The firm states that the aforementioned data is positive for AI PCB equipment provider Shenzhen Han's CNC Technology (03200), but negative for construction machinery manufacturers Sany Heavy Industry (06031) and ZOOMLION (01157). Citi is optimistic about TSUGAMI CHINA (01651), citing its fundamentals and inclusion in the Hong Kong Stock Connect. According to the firm's valuation, the target price for Shenzhen Han's CNC Technology H shares is HKD 189 with a rating of "Buy"; the target price for Sany Heavy Industry H shares is HKD 29 with a rating of "Buy"; ZOOMLION's target price is HKD 8.9 with a rating of "Buy"; and TSUGAMI CHINA's target price is HKD 72 with a rating of "Buy/High Risk."