摩根士丹利：中国工业_6 月挖掘机销售_好于预期

July 7, 2025 04:03 PM GMT China Industrials | Asia Pacific Morgan Stanley Asia Limited+ June Excavator Sales: Better than Feared June total sales rose 13% YoY (6M +17%). Domestic sales rose 6% YoY (6M +23%), higher than market expectations of negative to flat YoY; however, machinery utilization rate was weak (-7.5ppts YoY to 56.9% in June, per CCMA), likely putting pressure on the sales outlook for off-season July. Exports rose 19% YoY (6M 98% YoY), beating expectations. We continue to expect a modest 10-15 ...