智通财经网·2026-03-10 07:36Core Insights - The report from China Galaxy Securities highlights a positive trend in domestic demand for construction machinery, particularly in the non-excavator segment, with significant month-on-month growth in sales for various types of cranes and machinery [1][2] - The export market for excavators and loaders has shown strong growth in early 2023, indicating robust international demand, particularly in mining and construction sectors [1] Domestic Demand - Non-excavator cranes have seen double-digit growth in domestic sales for six and eight consecutive months, respectively, with January showing a positive growth rate of 7% for tower cranes despite the impact of the Spring Festival [1] - In February, excavator sales in China decreased by 42% year-on-year, while exports increased by 37.2%, leading to a cumulative year-on-year growth of 13.1% for the first two months of 2023 [1] - Loader sales in February experienced a 14.3% decline in domestic sales but a 34.4% increase in exports, with a cumulative year-on-year growth of 27.9% for the first two months [1] Export Performance - The export of excavators and loaders has been a bright spot, with excavator exports growing by 38.8% and loader exports by 43.9% in the first two months of 2023 [1] - The overall trend in metal prices, such as gold and copper, is expected to support the growth of Chinese engineering machinery companies in international markets [1] Industry Developments - SANY has established a supply center in Dubai and delivered large hybrid mining dump trucks to Zijin Mining Group, marking its entry into the high-end market in West Africa [3] - XCMG signed a $400 million equipment procurement agreement with Dangote Group and a strategic cooperation memorandum with Codelco, indicating strong international partnerships [3] - Zoomlion has launched a new generation of 136-ton hybrid electric dump trucks, showcasing innovation in the industry [3]