其中，亚澳区域作为三一重工的第一大海外市场，实现营收114.55亿元，增长16.3%；非洲区域则增长 幅度最大，同比增长40.48%达36.30亿元。 此外，三一重工在美洲区域实现营收50.65亿元，增长1.36%。公司曾透露，目前来看公司对美业务收入 占总体营收比例相对不算高，关税政策暂未对公司经营业绩产生重大冲击。"公司不断优化全球市场布 局，积极开拓国际市场，以减少对单一市场的依赖程度。"三一重工表示。 三一重工（600031）8月21日晚间披露半年报显示，公司实现营业收入445.34亿元，同比上升15%；归 属于上市公司股东的净利润52.16亿元，同比增长46%。 报告期内，三一重工盈利能力明显提升，多元化布局下海外业务进一步扩张。目前，三一重工海外收入 占主营业务收入比重已超六成。 盈利能力提升 回顾2025年上半年经营情况，三一重工表示，工程机械行业延续复苏态势。国内需求在超长期国债发 行、设备更新政策深化落地及新能源转型加速的驱动下，挖掘机械、混凝土机械、起重机械等核心产品 的国内销售全面实现增长；海外市场保持高景气度，尤其在矿产开发、能源基建领域需求旺盛，海外销 售进一步增长。 各细分品类中， ...

据国家统计局数据，2025年7月挖掘机产品24732台，同比增长13.9%。 2025年6月 挖掘机 产量26810台，同比增长9.4% 2025年5月挖掘机产量25845台，同比增长11.1%； 2025年4月挖掘机产量26022台，同比增长13.0%； 2025年3月挖掘机产量33172台，同比增长12.4%。 ·往期回顾· 3. 内销连续下滑13个月，今年出口大涨超7成 周期中的挖掘机行业何日再逢春？ 4. 2月开工率改善 工程机械行业预期"暖洋洋" 5. 卡特彼勒正接近周期性转折点 下调评级至"中性" 2 024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 、 【11月】 、 【12月】 2023年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 、 【11月】 、 【12月】 2022年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 ...

Core Viewpoint - The article provides an overview of the sales performance of various construction machinery in China for July 2025, highlighting significant growth in excavator and loader sales, while also noting declines in certain categories like tower cranes and aerial work platforms [20][24]. Excavators - In July 2025, a total of 17,138 excavators were sold, representing a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1][20]. - From January to July 2025, a cumulative total of 137,658 excavators were sold, reflecting a year-on-year growth of 17.8%, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [2][20]. Loaders - In July 2025, 9,000 loaders were sold, showing a year-on-year increase of 7.41%. Domestic sales were 4,549 units (up 2.48%), while exports totaled 4,451 units (up 13%) [3][20]. - For the first seven months of 2025, total loader sales reached 73,769 units, a 12.8% increase year-on-year, with domestic sales of 40,171 units (up 20.4%) and exports of 33,598 units (up 4.85%) [4][20]. Other Machinery - Graders sold in July 2025 totaled 624 units, with a year-on-year increase of 1.96%. Domestic sales were 97 units (up 7.78%), and exports were 527 units (up 0.96%) [6][20]. - In July 2025, 1,358 truck cranes were sold, reflecting a 9.6% increase year-on-year, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [8][20]. - Sales of crawler cranes reached 241 units in July 2025, a significant year-on-year increase of 57.5%, with domestic sales of 62 units (up 72.2%) and exports of 179 units (up 53%) [10][20]. - The sales of forklifts in July 2025 amounted to 118,605 units, a 14.4% increase year-on-year, with domestic sales of 69,700 units (up 14.3%) and exports of 48,905 units (up 14.5%) [16][20]. - In July 2025, 1,410 rollers were sold, marking a 23.8% increase year-on-year, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [17][20]. - Sales of aerial work platforms in July 2025 totaled 13,559 units, a decline of 38.3% year-on-year, with domestic sales of 5,098 units (down 51.4%) and exports of 8,461 units (down 26.3%) [19][20]. Summary Table - A summary table of major construction machinery sales in July 2025 indicates varied performance across categories, with excavators and loaders showing strong growth, while tower cranes and aerial work platforms experienced declines [20].

Core Viewpoint - Sany Group's Indonesian subsidiary has been fined 449 billion Indonesian Rupiah (approximately 197 million RMB) by the Indonesian Business Competition Supervisory Commission (KPPU) for violating competition laws, marking the highest fine ever imposed by KPPU [1][2]. Group 1: Regulatory Actions - KPPU's investigation was initiated based on complaints from Sany's local distributors, leading to the conclusion that Sany International's sales policy changes violated local distribution regulations [1][2]. - The specific penalties include fines of 360 billion Indonesian Rupiah for PT Sany Indonesia Machinery, 57 billion for PT Sany Heavy Industry Indonesia, and 32 billion for PT Sany Indonesia Heavy Equipment, while the parent company was not fined but required to amend its sales strategy [2]. Group 2: Company Operations and Strategy - Sany Group has made significant investments in Indonesia, including a 200 million RMB investment in its first overseas "lighthouse factory," which began construction in March 2020 and is designed to produce excavators for the Southeast Asian market [3]. - The factory has a designed annual capacity of 3,000 units and successfully produced its first excavator in August 2022, with expansion plans for 2024 [3]. Group 3: Market Performance - In June 2024, Sany Group signed a record order with Jhonlin Group for 2,000 excavators, valued at approximately 1.8 billion RMB, representing one of the largest known single orders in the global construction machinery sector [5]. - Sany's overseas business has shown strong growth, with overseas revenue reaching 48.513 billion RMB last year, a year-on-year increase of 12.15%, accounting for 63.98% of the company's total revenue, up 3.49 percentage points from the previous year [5].

Core Viewpoint - The excavator market in China is showing significant growth, with total sales in July 2025 reaching 17,138 units, a year-on-year increase of 25.2% [1][2]. Sales Data Summary - In July 2025, domestic sales amounted to 7,306 units, reflecting a year-on-year growth of 17.2%, while exports reached 9,832 units, marking a 31.9% increase [1][2]. - Cumulative sales from January to July 2025 totaled 137,658 units, representing a year-on-year growth of 17.8%. Domestic sales during this period were 72,943 units (up 22.3%), and exports were 64,715 units (up 13%) [2]. - In July 2025, a total of 9 electric excavators were sold, categorized by weight classes [2]. Monthly Sales Trends - Monthly domestic sales data for 2025 shows fluctuations, with January sales at 5,405 units (down 0.3%), February at 11,640 units (up 99.4%), March at 19,517 units (up 28.5%), April at 12,547 units (up 16.4%), May at 8,392 units (down 1.48%), and June at 8,136 units (up 6.2%) [4][5][6]. Historical Context - The data indicates a recovery trend in the excavator market compared to previous years, where sales had significantly declined in 2023, with monthly sales dropping as low as 3,437 units in January 2023 [6][7]. - The year-on-year comparisons highlight a stark contrast to the previous downturns, suggesting a potential recovery in the engineering machinery sector [9][11]. Industry Outlook - The overall performance of the excavator market suggests a positive outlook for the engineering machinery industry, with expectations of continued growth driven by both domestic demand and exports [9][11].

Core Viewpoint - The construction machinery industry is experiencing a decline in average working hours and operating rates, indicating potential challenges in the market despite some signs of recovery in demand [1][2][5]. Group 1: Monthly Working Hours - In July 2025, the average working hours for major construction machinery products was 80.8 hours, a year-on-year decrease of 6.91% but a month-on-month increase of 4.58% [1]. - Specific working hours for various machinery in July 2025 included: excavators at 66.1 hours, loaders at 99.4 hours, truck cranes at 115 hours, crawler cranes at 94.4 hours, tower cranes at 51 hours, road rollers at 42.8 hours, pavers at 48.7 hours, rotary drilling rigs at 58.6 hours, non-road mining dump trucks at 125 hours, concrete pump trucks at 43.5 hours, mixer trucks at 68.6 hours, and forklifts at 102 hours [1]. Group 2: Monthly Operating Rates - The operating rate for major construction machinery products in July 2025 was 56.2%, a year-on-year decrease of 6.72 percentage points and a month-on-month decrease of 0.66 percentage points [2]. - The operating rates for specific machinery in July 2025 included: excavators at 56.7%, loaders at 59.1%, truck cranes at 72.8%, crawler cranes at 57.9%, tower cranes at 39.6%, road rollers at 48.5%, pavers at 60.9%, rotary drilling rigs at 41.9%, non-road mining dump trucks at 41.6%, concrete pump trucks at 38.1%, mixer trucks at 34.2%, and forklifts at 56.4% [2]. Group 3: Historical Data Review - The average working hours for major construction machinery products showed a downward trend from January to July 2025, with notable declines in June (77.2 hours, down 9.11% year-on-year) and May (84.5 hours, down 3.86% year-on-year) [5]. - The data indicates fluctuations in working hours throughout 2025, with a significant increase in February (46.4 hours, up 70.3% year-on-year) and a peak in March and April (90.1 hours, up 6.53% year-on-year) [5].

Core Viewpoint - The engineering machinery market in China is showing signs of recovery in the first half of 2025, with both domestic and international sales of major products increasing year-on-year, leading to performance upgrades from several leading companies [1][2][3]. Industry Performance - The engineering machinery industry has experienced a revival, with major products achieving a "double increase" in both domestic and export sales in the first half of 2025. The China Construction Machinery Industry Association reported that excavator sales reached 120,500 units, a year-on-year increase of 16.8%, with domestic sales at 65,600 units (up 22.9%) and exports at 54,900 units (up 10.2%) [3][4]. - Sales of loaders totaled 64,800 units, reflecting a year-on-year growth of 13.6%, with domestic sales of 35,600 units (up 23.2%) and exports of 29,100 units (up 3.71%). Forklift sales reached 739,300 units, up 11.7%, with domestic sales of 476,400 units (up 9.79%) and exports of 263,000 units (up 15.2%) [3]. Company Performance - LiuGong expects a net profit of approximately 1.18 to 1.28 billion yuan for the first half of 2025, representing a year-on-year growth of 20% to 30%. The company attributes this growth to the domestic equipment renewal cycle and improved downstream demand [2]. - Hailin Zhe anticipates a net profit of 78 to 88 million yuan, a year-on-year increase of 52.35% to 71.88%, driven by steady growth in sales orders and a 50% increase in revenue compared to the previous year [2]. - Weichai Heavy Machinery forecasts a net profit of 132 to 151 million yuan, a year-on-year increase of 40% to 60%, due to favorable industry policies and demand from emerging industries [3]. Future Outlook - The engineering machinery industry is expected to continue its recovery in the second half of 2025, with companies like LiuGong and Sany Heavy Industry expressing optimism about market demand and growth opportunities in infrastructure investment and new urbanization [5][6]. - The industry is also anticipated to benefit from government support for infrastructure projects and the ongoing internationalization and electrification of engineering machinery, which could lead to simultaneous increases in volume and profit for leading companies [1][7].

Core Viewpoint - The article highlights the robust growth in China's infrastructure investment and the corresponding increase in sales of construction machinery, particularly excavators and loaders, indicating a positive economic outlook for the industry [1][2]. Infrastructure Investment Trends - In the first half of the year, infrastructure investment across the country showed a "blossoming" trend, with six provinces maintaining an operating rate above 50% for six consecutive months [2][4]. - The average operating rate for engineering machinery in the first half of 2025 was 44.81%, with a quarter-on-quarter increase of 4.62% in the second quarter [3]. Regional Performance - Six provinces, including Anhui, Fujian, Henan, Jiangxi, Zhejiang, and Chongqing, led the way with operating rates exceeding 50%, particularly in East and South China [4]. - Fifteen provinces reported increased operating rates compared to the same period last year, indicating a higher level of infrastructure activity and project execution [5]. Equipment Utilization - In the first half of 2025, the average operating rate for hoisting equipment was 66.87%, the highest among all equipment categories, with top-performing provinces including Anhui, Hubei, and Jiangxi [6][7]. - The central region had the highest average operating rate at 50.13%, with Anhui leading at 66.24% [8]. Western and Northeastern Developments - The western region's operating rate was 48.45%, benefiting from the "Belt and Road" initiative, with significant increases in the workload of specific equipment types [9]. - The northeastern region showed a recovery with an operating rate of 45.68%, particularly strong performance in stackers and crawler cranes [10]. Eastern Region Insights - The eastern region's operating rate was 45.58%, with concrete equipment leading in utilization rates [11].

Core Viewpoint - The excavator industry is showing signs of recovery, with a notable increase in production and sales figures in 2025 compared to previous years [1][2]. Industry Highlights - The engineering machinery industry may be on the path to recovery, as indicated by improved performance metrics [2]. - The transition to "National IV" emissions standards is set to begin on December 1, 2025, which may impact industry dynamics [2]. - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70%, raising questions about when the excavator industry will rebound [2]. - February saw an improvement in operating rates, contributing to a more optimistic outlook for the engineering machinery sector [2]. - Caterpillar is nearing a cyclical turning point, leading to a downgrade in its rating to "neutral" [2]. Market Data - In June 2025, excavator production reached 26,810 units, reflecting a year-on-year growth of 9.4% [1]. - Cumulative excavator production from January to June 2025 totaled 165,139 units, marking a 12.4% increase year-on-year [1]. Downstream Demand - The operating hours of Komatsu machinery in 2025 are being monitored as an indicator of market demand [4]. - The CCTV excavator index for 2025 is also being tracked to assess industry performance [5]. Market Dynamics - February's improvement in operating rates suggests a warming expectation for the engineering machinery industry [5]. - The strong performance in January's credit market has reinforced expectations for a recovery in domestic demand, indicating a potential thaw in the engineering machinery sector [5]. Expert Insights - Industry leaders are discussing the current development trends and key initiatives for the engineering machinery sector [5].

Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3%. Domestic sales accounted for 8,136 units, up 6.2%, while exports reached 10,668 units, up 19.3% [1] - From January to June 2025, a total of 120,520 excavators were sold, marking a 16.8% increase year-on-year. Domestic sales were 65,637 units, up 22.9%, and exports were 54,883 units, up 10.2% [1] - In June 2025, 27 electric excavators were sold, including 11 units under 6 tons, 4 units between 10 to 18.5 tons, and 12 units between 18.5 to 28.5 tons [1] Loader Sales - In June 2025, 12,014 loaders were sold, reflecting an 11.3% year-on-year increase. Domestic sales were 6,015 units, up 13.6%, and exports were 5,999 units, up 9.11% [2][3] - From January to June 2025, a total of 64,769 loaders were sold, with domestic sales of 35,622 units (up 23.2%) and exports of 29,147 units (up 3.71%) [3] Electric Loader Sales - In June 2025, 3,049 electric loaders were sold, with various weight categories contributing to the total [4][5] Grader Sales - In June 2025, 763 graders were sold, down 11.2% year-on-year. Domestic sales were 141 units, up 38.2%, while exports were 622 units, down 17.8% [6] - From January to June 2025, a total of 4,343 graders were sold, marking a 9.23% increase year-on-year. Domestic sales were 818 units, up 40.3%, and exports were 3,525 units, up 3.89% [7] Crane Sales - In June 2025, 1,649 cranes were sold, down 5.28% year-on-year. Domestic sales were 901 units, down 7.59%, and exports were 748 units, down 2.35% [8] - From January to June 2025, a total of 10,752 cranes were sold, down 8.4% year-on-year. Domestic sales were 6,082 units, down 12.9%, and exports were 4,670 units, down 1.73% [9] Forklift Sales - In June 2025, 137,570 forklifts were sold, up 23.1% year-on-year. Domestic sales were 83,892 units, up 27.3%, and exports were 53,678 units, up 17.2% [10] - From January to June 2025, a total of 739,334 forklifts were sold, reflecting an 11.7% year-on-year increase. Domestic sales were 476,382 units, up 9.79%, and exports were 262,952 units, up 15.2% [10] Paver Sales - In June 2025, 182 pavers were sold, representing a significant year-on-year increase of 78.4%. Domestic sales were 131 units, up 95.5%, and exports were 51 units, up 45.7% [11] - From January to June 2025, a total of 890 pavers were sold, marking a 38.8% increase year-on-year. Domestic sales were 652 units, up 41.4%, and exports were 238 units, up 32.2% [12] Aerial Work Platform Sales - In June 2025, 17,963 aerial work platforms were sold, down 16.4% year-on-year. Domestic sales were 7,505 units, down 42.1%, while exports were 10,458 units, up 22.7% [13] - From January to June 2025, a total of 92,496 aerial work platforms were sold, down 30.7% year-on-year. Domestic sales were 36,696 units, down 47.2%, and exports were 55,800 units, down 12.9% [13]