工程机械行业跟踪点评：挖机6月内销同比转正，外销持续增长

Investment Rating - The investment rating for the engineering machinery industry is "Outperform the Market" (maintained) [1][6][19] Core Viewpoints - The domestic excavator sales turned positive in June 2025, with a year-on-year growth of 6.2%, while exports continued to grow, with a year-on-year increase of 19.3% [2][7] - The overall demand for engineering machinery is expected to stabilize in the second half of the year, supported by government funding for infrastructure projects [3][7] - Long-term prospects for the industry remain positive due to the upcoming replacement cycle and increasing competitiveness of Chinese machinery products in international markets [3][17] Summary by Sections Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year growth of 13.3%. Domestic sales accounted for 8,136 units (up 6.2%), while exports reached 10,668 units (up 19.3%) [2] - For the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year increase of 16.8% [2] Loader Sales - In June 2025, 12,014 loaders were sold, showing a year-on-year growth of 11.3%. Domestic sales were 6,015 units (up 13.6%), and exports were 5,999 units (up 9.11%) [2] - For the first half of 2025, loader sales totaled 64,769 units, with domestic sales increasing by 23.2% [2] Market Indicators - The average working hours for major engineering machinery products in June 2025 were 77.2 hours, a decrease of 9.11% year-on-year [3] - The operating rate for major engineering machinery products was 56.9%, down 7.55 percentage points year-on-year [3] Future Outlook - The domestic engineering machinery market is expected to continue its recovery, driven by infrastructure investments and a new replacement cycle [3][7] - Export growth is anticipated to persist due to the recovery of overseas economies and the stabilization of tariff expectations [3][7] Investment Recommendations - Key manufacturers to watch include XCMG, SANY Heavy Industry, LiuGong, Zoomlion, and Shantui. For parts manufacturers, focus on Hengli Hydraulic, and for industrial vehicles, consider Anhui Heli and Hangcha Group [4][17]