PACIFIC SECURITIES(SH:601099) 智通财经网·2025-08-11 07:04Core Viewpoint - The domestic excavator market has shown significant recovery, with sales increasing by 22.9% year-on-year in the first half of the year, indicating a positive outlook for the engineering machinery sector in the second half of the year [1][2]. Group 1: Domestic Sales Performance - In July, excavator sales reached 17,138 units, a year-on-year increase of 25.2%, with domestic sales at 7,306 units, up 17.2% compared to the previous year [1][2]. - The first half of the year saw a total of 65,637 excavators sold domestically, with a quarterly growth of 38.3% in Q1, followed by monthly fluctuations, including a slight decline in May and a recovery in June and July [2]. Group 2: Export Sales Performance - Export sales have shown a significant upward trend, with a total of 54,883 units sold in the first half of the year, marking a 10.2% year-on-year increase, and July's sales being the highest monthly growth in nearly two years [3]. - The export market has seen strong performance in regions such as Europe, Southeast Asia, the Middle East, South America, and Africa, contributing positively to the profits of major manufacturers [3]. Group 3: Future Outlook - The engineering machinery sector is expected to continue its positive performance in the second half of the year, driven by favorable policies in real estate and infrastructure, as well as the commencement of significant projects like the Yarlung Tsangpo River water conservancy project [2]. - The ongoing recovery in both domestic and export markets is anticipated to positively impact the profitability of major manufacturers, with overseas profit contributions being substantial [3].