Zhejiang Merchants Securities: Maintain a "buy" rating for Xugong Machinery, sign the largest order for the export of green mining machinery in China.

Zhejiang Merchants Securities recently pointed out in a research report that XCMG Group has signed a strategic cooperation agreement on green mining equipment solutions with Australia's Fortescue Group. This order is the largest single export of green mining equipment in China. XCMG will provide 150-200 units of 240-ton pure electric mining trucks for the Fortescue Group from 2028 to 2030. The company's mining equipment portfolio is becoming increasingly complete, and it continues to deepen cooperation with overseas mining equipment major customers such as BHP Billiton, Rio Tinto, Vale, and Australian FMG. It has been listed in the top five global open-pit mining and transportation equipment manufacturers for six consecutive years, aiming for the top three in the world. In addition, the company plans to launch one of the largest incentive programs in the machinery industry, demonstrating confidence in its development. The research report maintains a "buy" rating.