Smart Manufacturing Grew 12% and Earned 6%

Wind’s smart-manufacturing index — 361 constituents spanning instruments, motors, construction machinery and industrial control — closed the first three quarters with combined revenue of RMB 1.151 trillion, up 12.19% on RMB 1.026 trillion, and net profit of RMB 81.75 billion, up 5.81% on RMB 77.26 billion, led by CIMC, XCMG and Sany. Revenue rose at 261 of the 361 names (72.3%) but profit at only 180 (49.86%), and that gap is the story: demand has returned while investment and price competition still eat the margin. CIMC, the largest revenue contributor at RMB 126.8 billion, signed more than 500 MW of modular data-centre orders in the nine months — over RMB 8 billion — including 300 MW in the third quarter alone, which is where the AI build-out is showing up inside an “industrial” index.