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工程机械行业点评报告：9月销售数据亮眼，关注行业投资机会
CHINA DRAGON SECURITIES·2025-10-14 10:25

Investment Rating - The investment rating for the engineering machinery industry is "Recommended" (maintained) [2] Core Viewpoints - The industry is experiencing significant sales growth, with excavator sales in September 2025 reaching 19,858 units, a year-on-year increase of 25.4%. Domestic sales accounted for 9,249 units (up 21.5%), while exports reached 10,609 units (up 29%) [5] - For the first nine months of 2025, a total of 174,039 excavators were sold, marking an 18.1% year-on-year increase. Domestic sales were 89,877 units (up 21.5%), and exports were 84,162 units (up 14.6%) [5] - Loader sales in September 2025 totaled 10,530 units, reflecting a 30.5% year-on-year increase. Domestic sales were 5,051 units (up 25.6%), and exports were 5,479 units (up 35.3%) [5] - The report highlights that the industry is benefiting from a new round of concentrated replacement cycles and the commencement of large projects, such as the Yaxi Water Conservancy Project, which is expected to boost domestic demand [5] - The overseas market is also showing structural growth, particularly in countries along the "Belt and Road" initiative, driving export demand [5] - Leading companies are enhancing their global market share through "technology upgrades and globalization," indicating strong medium to long-term growth momentum [5] Summary by Sections Sales Data - In September 2025, excavator sales reached 19,858 units, with domestic sales of 9,249 units and exports of 10,609 units [5] - For the first nine months of 2025, total excavator sales were 174,039 units, with domestic sales of 89,877 units and exports of 84,162 units [5] - Loader sales in September 2025 were 10,530 units, with domestic sales of 5,051 units and exports of 5,479 units [5] Investment Recommendations - The report suggests focusing on leading companies with a well-established global presence, including XCMG Machinery (000425.SZ), Sany Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [5]