工程机械行业跟踪点评：10月内销增速放缓，出口维持快速增长

Investment Rating - The industry investment rating is "Market Weight" [1] Core Viewpoints - In October 2025, domestic sales growth of excavators slowed down, while exports maintained rapid growth. This is attributed to preemptive inventory replenishment that has overstretched demand. Long-term demand for construction machinery is expected to be supported by the commencement of major national projects, accelerated funding, and replacement policies [5][6] - Excavator sales in October 2025 reached 18,096 units, a year-on-year increase of 7.77% but a month-on-month decrease of 8.87%. Domestic sales were 8,468 units, up 2.44% year-on-year, while export sales were 9,628 units, up 12.94% year-on-year [3] - Loader sales in October 2025 totaled 10,673 units, a year-on-year increase of 27.74% and a month-on-month increase of 1.36%. Domestic sales were 5,372 units, up 33.23% year-on-year, while export sales were 5,301 units, up 22.62% year-on-year [4] Summary by Sections Excavator Sales Data - In October 2025, excavator sales were 18,096 units, with domestic sales at 8,468 units and export sales at 9,628 units, representing 53.21% of total sales. Cumulative sales from January to October reached 192,135 units, a year-on-year increase of 17.03% [3] Loader Sales Data - Loader sales in October 2025 were 10,673 units, with domestic sales at 5,372 units and export sales at 5,301 units. Cumulative sales from January to October reached 104,412 units, a year-on-year increase of 15.82% [4] Market Trends - The report highlights a slowdown in domestic sales growth for excavators, while exports continue to grow rapidly. The export trade value for construction machinery in September was $5.271 billion, a year-on-year increase of 29.78% [5] - The first three quarters of 2025 showed strong performance from major companies in the industry, with notable profit growth driven by globalization strategies and product optimization [6] - The report emphasizes the ongoing transition towards electrification and technological innovation in the construction machinery sector, with a focus on smart, high-end, and green technologies [6]