Group 1 - The core viewpoint is that the sales of excavators and loaders in China continued to show a growth trend in August, driven by domestic demand recovery and export competitiveness [1][2][3] - In August 2025, a total of 16,523 excavators were sold, representing a year-on-year increase of 12.8%, with domestic sales at 7,685 units (up 14.8%) and exports at 8,838 units (up 11.1%) [2] - For loaders, 9,440 units were sold in August 2025, marking a year-on-year growth of 13.3%, with domestic sales of 4,774 units (up 18.3%) and exports of 4,666 units (up 8.69%) [3] Group 2 - The recovery of the construction machinery industry is supported by solid fundamentals and long-term logic, with domestic equipment renewal policies and infrastructure projects expected to sustain demand [4] - The competition in the industry has shifted from price wars to comprehensive competition in technology, brand, channels, and supply chains, favoring leading companies with advanced capabilities in smart and electric machinery [4] - The global market is anticipated to maintain steady growth driven by global infrastructure demand and the enhanced competitiveness of Chinese brands [4]
万联证券：8月挖掘机和装载机内外销量延续增长趋势 国产工程机械产品具备性价比优势
Zhi Tong Cai Jing·2025-09-30 06:43