7月挖掘机与装载机销量延续增长趋势

Core Viewpoint - The construction machinery industry in China is experiencing a notable recovery, driven by both domestic demand and overseas export growth, showcasing strong resilience and development potential [4]. Industry Events - In July 2025, the sales of various excavators reached 17,138 units, a year-on-year increase of 25.2%. The sales of loaders in the same month were 9,000 units, reflecting a year-on-year growth of 7.41% [2]. Investment Highlights - July 2025 saw a year-on-year increase in both domestic and overseas sales of excavators, with domestic sales at 7,306 units (up 17.2%) and exports at 9,832 units (up 31.9%). From January to July 2025, a total of 137,658 excavators were sold, marking a 17.8% increase year-on-year [3]. - The loader market also continued its growth trend, with July sales reaching 9,000 units (up 7.41%). Domestic sales were 4,549 units (up 2.48%), while exports were 4,451 units (up 13%) [3]. - The industry is witnessing a shift towards electrification, with 9 electric excavators and 2,391 electric loaders sold in July [3]. Market Dynamics - The recovery in the construction machinery industry is supported by a rebound in domestic demand, particularly due to infrastructure investments and equipment renewal policies. The export market remains robust, especially in countries involved in the Belt and Road Initiative [4]. - Chinese products are gaining global market share due to their high cost-performance ratio and quality after-sales service, with leading companies like SANY and XCMG making significant progress in overseas markets [4]. Investment Recommendations - The domestic market is expected to accelerate recovery due to policies promoting equipment renewal and local government debt management. The competitiveness of domestic manufacturers in overseas markets is also on the rise, driven by years of international expansion [5]. - The construction machinery industry is characterized by a resonance of domestic and international demand alongside technological upgrades, suggesting a focus on companies with market advantages and proactive overseas strategies [5].