6月挖机销量点评：内销重回增长通道，出口显著提速

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [10]. Core Insights - In June, domestic excavator sales in China increased by 6.2% year-on-year, marking a return to growth after a slight decline in May. The total domestic sales for the first half of 2025 reached 65,637 units, up 22.9% year-on-year. The upward trend in the domestic market is expected to continue due to factors such as equipment replacement cycles, labor substitution, and electrification [2][6][15]. - Export volumes for excavators in June surged by 19.3% year-on-year, with a notable acceleration compared to May. The total export volume for the first half of 2025 was 54,883 units, reflecting a 10.2% increase year-on-year. The growth in exports is supported by the increasing global competitiveness of domestic brands and favorable conditions in emerging markets [2][22][24]. Summary by Sections Domestic Sales - In June, excavator domestic sales reached 8,136 units, a 6.2% increase year-on-year, reversing the slight decline seen in May. The average working hours for major construction machinery in June were 77.2 hours, down 9.11% year-on-year, and the average operating rate was 56.9%, a decrease of 7.55 percentage points year-on-year. The recovery in domestic sales reflects a low base after significant declines and an increasing trend in equipment replacement [2][15][17][19]. Export Performance - The export volume of excavators in June was 10,668 units, representing a 19.3% year-on-year increase and a significant acceleration from May. The first half of 2025 saw a total export of 54,883 units, up 10.2% year-on-year. The growth in exports is driven by strong demand in emerging markets, with notable increases in regions such as Africa and Indonesia [2][22][24][30]. Market Outlook - The report anticipates a clear upward trend in the domestic machinery industry, supported by the need for equipment updates, the push for infrastructure projects, and the increasing penetration of electrification. The export market is also expected to see sustained growth, with domestic brands enhancing their global competitiveness and emerging markets showing robust demand [2][30].