2月挖掘机产销季节性下滑，内需与出口走势相反

Core Viewpoint - The Chinese excavator market experienced a decline in sales in February 2026, with total sales of 17,226 units, a year-on-year decrease of 10.6%. Domestic sales dropped significantly by 42%, while exports increased by 37.2% [1][2]. Sales Overview - In February 2026, domestic sales reached 6,755 units, down from 11,640 units in the same month last year, marking a 42% decline. Exports totaled 10,471 units, up from 7,630 units, reflecting a 37.2% increase [2]. - Cumulative sales for January and February 2026 amounted to 35,934 units, a 13.1% increase year-on-year. Domestic sales were 15,478 units, down 9.19%, while exports were 20,456 units, up 38.8% [5]. Factors Influencing Sales - The decline in domestic sales is attributed to the long Spring Festival holiday in February, lasting around 11 days, which limited demand from construction sites. Additionally, low temperatures and freezing conditions in northern regions caused construction delays [2][5]. - The export share of excavators reached 60.79% in February 2026, the highest in nearly three years, driven by a recovering international economy and ongoing reliance on Chinese manufacturing for infrastructure projects [5]. Material Consumption - The excavator industry consumed 22.91 million tons of steel in February 2026, a decrease of 10.61% from 25.63 million tons in the same month last year [3]. Future Outlook - The excavator industry is expected to see renewed demand due to significant infrastructure investments planned under the "14th Five-Year Plan," with over 7 trillion yuan allocated for various projects, including energy and transportation [6].