Group 1 - Heavy machinery stocks in Hong Kong have generally risen, with Zoomlion up approximately 4%, China Longgong up over 2%, and Sany International up over 1% [1] - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, up 31.9% [1] - From January to July 2025, a total of 137,700 excavators were sold, marking a year-on-year growth of 17.8%. The excavator operating rate in July was reported at 56.7% [1] Group 2 - Analysts suggest that the 17.2% growth in excavator sales indicates a phase of recovery in the industry. The increase in domestic sales reflects a revival in investment activities in infrastructure and real estate, likely linked to accelerated issuance of special government bonds, the commencement of new infrastructure projects, and the implementation of "stabilizing growth" policies [1] - Leading companies such as Sany Heavy Industry and XCMG are expected to capture market share more easily due to their channel and product advantages, with gross margins likely to improve as a result of scale effects [1]