The Zhitong Finance App learned that Xiaomo released a research report saying that China's Longgong (03339) rating was upgraded from “neutral” to “increase holdings”, making it the industry's first choice. Revenue is expected to fall 19% year on year last year and rise 15% this year. The target price is raised from HK$1.22 to HK$1.49.

The bank predicts that sales of industrial excavators will increase by about 15% year on year, exports will increase 20% year on year, local demand will increase 10% year on year, and predicts total excavator sales to be 298,000 units. It also predicts that sales of industrial heavy trucks will rise 20% year on year, while total industrial heavy truck sales will reach 797,000 units. Overall, the industry may start slowly this year, reflecting the recent impact of the epidemic and early New Year holidays, so there may be room for a surge in demand this year's next quarter.