智通财经网·2025-12-25 06:16Core Viewpoint - The report from Dongfang Securities indicates a significant increase in excavator exports in November, reflecting an improvement in industry sentiment and competitiveness in China's engineering machinery sector [1][2]. Group 1: Export Growth and Market Sentiment - In November 2025, China exported 27,752 crawler excavators, totaling $872 million, with a year-on-year increase of 52.36% and 26.67% [1]. - The export growth rate exceeded 50% in November, surpassing the cumulative growth rate of 35% from January to November, indicating accelerated exports and rising market sentiment [1]. Group 2: Demand Variability and Export Resilience - There is variability in demand from different export countries, with significant month-on-month increases exceeding 100% for Brazil, Italy, and Vietnam, while exports to the US, Indonesia, Russia, and Canada saw declines [2]. - Despite the inconsistent demand across countries, the overall export growth remains robust, attributed to the strengthening competitiveness of China's engineering machinery abroad [2]. Group 3: Impact of Used Equipment Exports - The customs data shows a discrepancy with industry association statistics, with customs reporting 27.4 million units exported from January to November, compared to the association's 10.4 million [3]. - The increase in exports of used excavators is expected to lead to a decrease in domestic ownership, which will stabilize or increase utilization rates, benefiting the long-term health of the industry [3].