Core Viewpoint - The excavator market is experiencing significant growth, with domestic sales and exports both showing strong year-on-year increases, driven by favorable fiscal policies and rising infrastructure demands [1] Group 1: Sales Performance - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4% [1] - Domestic sales reached 9,249 units, up 21.5% year-on-year [1] - Export volume was 10,609 units, reflecting a 29% increase compared to the previous year [1] Group 2: Market Outlook - Guotai Junan Securities anticipates that domestic sales growth of excavators will continue to rise due to counter-cyclical fiscal policies and an upward industry cycle [1] - Despite potential trade friction risks, major domestic manufacturers have limited exposure to the U.S. market, keeping risks manageable [1] - Donghai Securities highlights that long-term global infrastructure demand in emerging markets is increasing, favoring high-quality domestic equipment [1] Group 3: Industry Trends - The average lifespan of an excavator is around 8 years, with the previous sales peak occurring between 2019 and 2022 [1] - Government policies promoting the replacement of old equipment are expected to stimulate demand for new excavators, leading to a rational growth phase in the market [1] - Overall, the excavator industry in 2025 presents both opportunities and challenges, with opportunities outweighing risks [1]