机械行业：7月挖机超预期 国内、出口均实现较高增速

Core Viewpoint - The excavator sales in July 2025 exceeded expectations, with both domestic and export markets showing significant growth, indicating a positive outlook for the engineering machinery sector in the second half of the year [1][3]. Group 1: Domestic Sales Performance - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%, with domestic sales reaching 7,306 units, up 17.2% [1]. - The domestic market has shown resilience, with a total of 65,637 excavators sold in the first half of the year, marking a 22.9% year-on-year growth [1]. - Monthly trends indicate a recovery from the previous year's low, with growth rates fluctuating: Q1 at 38.3%, April at 16.4%, May down by 1.5%, June up by 6.2%, and July further increasing to 17.2% [1]. Group 2: Export Sales Performance - Export sales have significantly improved, with July 2025 showing a year-on-year increase of 31.9%, the highest monthly growth in nearly two years [1][2]. - In the first half of 2025, a total of 54,883 excavators were exported, reflecting a 10.2% year-on-year increase [2]. - The European market has shown marginal improvement, while regions such as Southeast Asia, the Middle East, South America, and Africa have consistently performed well in terms of monthly export sales [2]. Group 3: Investment Outlook - The strong performance in July's excavator sales supports a positive outlook for the engineering machinery sector, with expectations for continued growth in domestic sales and sustained export demand [3]. - The anticipated commencement of major infrastructure projects and favorable policies in real estate and construction are expected to further boost demand in the second half of the year [1].