挖掘机前三季度销量增长18% 复苏延续性获看好

Core Insights - The construction machinery industry in China is experiencing a sustained recovery, with excavator sales increasing by 18.1% year-on-year from January to September 2025 [1] - The domestic market shows significant recovery, with excavator sales reaching 89,877 units, a 21.5% increase year-on-year [1] - The demand for equipment updates is a crucial factor in the domestic market's recovery, as older machinery from the previous sales peak (2016-2021) is now entering a concentrated replacement phase [1] Market Performance - From January to September 2025, major excavator manufacturers sold a total of 174,039 units, with September alone seeing sales of 19,858 units, a 25.4% increase year-on-year [1] - The overseas market continues to grow, with excavator exports reaching 84,162 units from January to September, marking a 14.6% increase year-on-year [2] - The engineering machinery import and export trade value was $40.398 billion from January to August, with exports significantly exceeding imports [2] Future Outlook - The recent interest rate cuts by the Federal Reserve are expected to enhance optimism for overseas markets, potentially leading to increased project initiations [3] - The recovery cycle in the engineering machinery industry is characterized by a sequential pattern, starting with excavators followed by concrete machinery and cranes, indicating a sustained demand driven by real construction needs [3] - The domestic market's recovery is expanding from excavators to concrete and crane sectors, with sales growth in these areas exceeding initial expectations [3]