机构：国内挖掘机销量增速有望继续回升

Core Insights - The sales of various types of excavators reached 17,138 units in July 2025, representing a year-on-year increase of 25.2% [1] - Domestic sales accounted for 7,306 units, with a year-on-year growth of 17.2%, while exports totaled 9,832 units, marking a 31.9% increase [1] - From January to July 2025, a total of 137,658 excavators were sold, reflecting a year-on-year growth of 17.8% [1] Industry Outlook - Guotai Junan Securities anticipates that domestic excavator sales growth will continue to rise due to the gradual implementation of counter-cyclical fiscal policies and the upward trend in the industry cycle [1] - Although exports face certain trade friction risks, most major engineering machinery manufacturers have limited exposure to the U.S. market, keeping risks manageable [1] - Leading companies have established comprehensive overseas layouts and are gradually entering a harvest period, indicating a favorable outlook for the industry [1] - Overall, the industry in 2025 presents both opportunities and challenges, with opportunities outweighing risks [1]