7月挖机销售超预期，国内、出口均实现较高增速

Core Viewpoint - The sales data for excavators in July 2025 exceeded expectations, showing significant growth in both domestic and export markets, indicating a positive outlook for the engineering machinery industry in the second half of the year [2][3]. Group 1: Sales Performance - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2% [2][3]. - Domestic sales reached 7,306 units, with a year-on-year growth of 17.2%, marking an 11 percentage point increase compared to the previous month [2][3]. - Export sales amounted to 9,832 units, showing a year-on-year increase of 31.9%, which is the highest monthly growth rate in nearly two years [2][3]. Group 2: Market Trends - The domestic excavator market has shown resilience, with sales in the first half of the year totaling 65,637 units, up 22.9% year-on-year [2]. - Monthly trends indicate a recovery from a low point, with growth rates fluctuating but ultimately improving, particularly in July [2]. - Factors contributing to this growth include the commencement of major infrastructure projects, favorable policies in real estate and construction, and a cycle of equipment upgrades [2][3]. Group 3: Export Dynamics - Export sales have shown a significant upward trend, with a total of 54,883 units sold in the first half of the year, reflecting a year-on-year growth of 10.2% [3]. - The European market has shown signs of recovery, while regions such as Southeast Asia, the Middle East, South America, and Africa have maintained strong monthly export performance [3]. - Major manufacturers like SANY, XCMG, LiuGong, Zoomlion, and Shantui have reported substantial contributions from overseas sales to their profit margins, with percentages ranging from 51.20% to 71.10% [3].