万联证券：9月挖掘机和装载机销量增长提速 行业正迈入发展新阶段

Core Insights - The excavator and loader sales in September showed remarkable performance, particularly in overseas markets, indicating that the industry is entering a new development phase [1][2] - Domestic demand is expected to accelerate recovery due to equipment upgrades and local government debt management policies [1] - Chinese construction machinery manufacturers have enhanced their competitiveness in overseas markets, supported by the cost-effectiveness of domestic products [1][2] Excavator Sales Summary - In September 2025, a total of 19,858 excavators were sold, marking a year-on-year increase of 25.4%, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [1] - From January to September 2025, 174,039 excavators were sold, reflecting an 18.1% year-on-year growth, with domestic sales of 89,877 units (up 21.5%) and exports of 84,162 units (up 14.6%) [1] - Electric excavator sales in September reached 31 units [1] Loader Sales Summary - In September 2025, a total of 10,530 loaders were sold, representing a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%) [2] - From January to September 2025, 93,739 loaders were sold, showing a 14.6% year-on-year growth, with domestic sales of 49,996 units (up 20.7%) and exports of 43,743 units (up 8.31%) [2] - Electric loader sales in September totaled 2,586 units [2] Market Dynamics - The construction machinery industry is experiencing a new phase of high-quality growth, with both domestic and foreign demand contributing significantly [2] - The strong growth in domestic sales of excavators and loaders indicates that equipment upgrade policies and infrastructure projects are gaining momentum, boosting market confidence [2] - The overseas market is showing even stronger sales growth, with excavator exports increasing by 29% and loader exports by 35.3%, highlighting the penetration and competitiveness of Chinese brands in the global market [2] Long-term Industry Outlook - The competition in the industry has shifted from traditional scale and price wars to a focus on global operational capabilities and forward-looking technological strategies [3] - Leading companies are leveraging their extensive overseas channels and service networks to convert global infrastructure demand into substantial market share [3]