机械设备行业快评报告：9月挖掘机和装载机销量增长提速

Investment Rating - The industry investment rating is "Outperform the Market" [3][10] Core Insights - In September, both excavator and loader sales experienced significant growth, indicating a transition to a higher quality growth phase in the construction machinery industry. Domestic and foreign demand are creating a strong growth synergy, with excavator and loader domestic sales growth rates reaching 21.5% and 25.6% respectively. This reflects the acceleration of domestic equipment renewal policies and infrastructure project workloads, boosting market confidence [5][6] - The overseas market performance is particularly impressive, with excavator exports growing at 29% and loader exports at 35.3%, showcasing the competitive strength of Chinese brands in the global market. This external demand is becoming an essential pillar for driving growth and smoothing domestic cycles [5][6] - The industry is shifting from traditional competition based on scale and price to a focus on global operational capabilities and technological foresight. Leading companies are leveraging their extensive overseas channels and service networks to convert global infrastructure demand into substantial market share [5][6] Summary by Sections - Sales Performance: In September, 19,858 excavators were sold, a year-on-year increase of 25.4%, while 10,530 loaders were sold, marking a 30.5% increase. For the first nine months of 2025, a total of 174,039 excavators were sold, up 18.1%, and 93,739 loaders, up 14.6% [7][4] - Electric Machinery Sales: In September, 2,586 electric loaders and 31 electric excavators were sold, indicating a growing trend towards electrification in the industry [4][7] - Future Outlook: The domestic market is expected to accelerate recovery driven by equipment renewal and local government debt management policies. The competitive edge of domestic manufacturers in overseas markets continues to strengthen, suggesting ongoing improvement in industry demand [6][5]