2025土方机械延续国内外增长，关注工程机械向好趋势

Investment Rating - The industry investment rating is "Leading the Market" and the rating has been maintained [3][7]. Core Insights - The construction machinery industry is experiencing a structural recovery and growth opportunities, supported by continuous sales growth in earthmoving machinery and accelerated electrification [6][7]. - In December 2025, major companies sold 23,095 excavators, a year-on-year increase of 19.2%, with domestic sales of 10,331 units (+10.9%) and exports of 12,764 units (+26.9%) [6]. - The sales of loaders in December 2025 reached 12,236 units (+30%), with domestic sales of 5,291 units (+17.6%) and exports of 6,945 units (+41.5%) [6]. - The sales of electric loaders in December 2025 were 2,722 units, a significant increase of 218.74%, achieving an electrification rate of 22.25% (+13.17 percentage points) [6]. - The operating rate of truck cranes was excellent in 2025, while tower crane sales faced pressure, with truck cranes leading in construction activity due to their adaptability to heavy infrastructure and energy projects [6]. - Road machinery sales showed steady growth, with sales of graders, rollers, and pavers increasing by 8.35%, 23%, and 24.8% respectively in 2025 [6]. Summary by Sections Sales Performance - In 2025, the total sales of excavators reached 235,257 units (+17%), with domestic sales of 118,518 units (+17.9%) and exports of 116,739 units (+16.1%) [6]. - The sales of various types of cranes in December 2025 were as follows: truck cranes (1,911 units, +38.1%), crawler cranes (385 units, +68.1%), and tower cranes (395 units, -30.8%) [6]. Market Trends - The construction machinery industry is expected to maintain a positive trend into 2026, with non-earthmoving machinery such as certain cranes and road machinery also following the recovery led by excavators [6][7].