Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].

据中国工程机械工业协会对平地机主要制造企业统计，2025年10月当月销售各类平地机634台，同比增 长4.11%，其中国内销量102台，同比增长22.9%;出口量532台，同比增长1.14%。 2025年1—10月，共销售平地机6918台，同比增长6.48%;其中国内销量1224台，同比增长29.9%;出口 5694台，同比增长2.5%。 汽车起重机 据中国工程机械工业协会对汽车起重机主要制造企业统计，2025年10月当月销售各类汽车起重机1422 台，同比增长15%，其中国内销量738台，同比增长41.7%;出口量684台，同比下降4.47%。 2025年1—10月，共销售汽车起重机16527台，同比下降2.78%;其中国内销量8993台，同比下降2.82%;出 口7534台，同比下降2.72%。 履带起重机 据中国工程机械工业协会对履带起重机主要制造企业统计，2025年10月当月销售各类履带起重机336 台，同比增长71.4%，其中国内销量97台，同比增长54%;出口量239台，同比增长79.7%。 据中国工程机械工业协会对塔式起重机主要制造企业统计，2025年10月当月销售各类塔式起重机329 台，同比 ...

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Group 1: Excavator Market Overview - In September 2025, a total of 19,858 excavators were sold, representing a year-on-year increase of 25.4%. Domestic sales accounted for 9,249 units, up 21.5%, while exports reached 10,609 units, up 29% [1][2] - From January to September 2025, a total of 174,039 excavators were sold, marking an 18.1% increase year-on-year. Domestic sales were 89,877 units, up 21.5%, and exports were 84,162 units, up 14.6% [2] Group 2: Loader Market Overview - In September 2025, 10,530 loaders were sold, reflecting a 30.5% year-on-year growth. Domestic sales were 5,051 units, up 25.6%, and exports were 5,479 units, up 35.3% [5][6] - For the period from January to September 2025, a total of 93,739 loaders were sold, which is a 14.6% increase year-on-year. Domestic sales reached 49,996 units, up 20.7%, while exports were 43,743 units, up 8.31% [6] Group 3: Electric Excavator Sales - In September 2025, 31 electric excavators were sold, with 5 units under 6 tons, 17 units between 18.5 to 28.5 tons, 1 unit between 28.5 to 40 tons, and 8 units over 40 tons [3] Group 4: Grader Market Overview - In September 2025, 634 graders were sold, showing a year-on-year increase of 21.9%. Domestic sales were 99 units, up 6.45%, and exports were 535 units, up 25.3% [8] - From January to September 2025, a total of 6,284 graders were sold, which is a 6.73% increase year-on-year. Domestic sales were 1,122 units, up 30.6%, while exports were 5,162 units, up 2.64% [8] Group 5: Crane Market Overview - In September 2025, 1,561 truck cranes were sold, reflecting a year-on-year increase of 21.9%. Domestic sales were 764 units, up 40.7%, and exports were 797 units, up 7.99% [9] - For the period from January to September 2025, a total of 15,105 truck cranes were sold, which is a 4.17% decrease year-on-year. Domestic sales were 8,255 units, down 5.47%, and exports were 6,850 units, down 2.55% [9] Group 6: Forklift Market Overview - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%. Domestic sales were 81,119 units, up 29.3%, and exports were 49,261 units, up 13.9% [15] - From January to September 2025, a total of 1,106,406 forklifts were sold, marking a 14% increase year-on-year. Domestic sales were 697,375 units, up 13.1%, while exports were 409,031 units, up 15.5% [15] Group 7: Roller Market Overview - In September 2025, 1,392 rollers were sold, showing a year-on-year increase of 32.2%. Domestic sales were 551 units, up 45.4%, and exports were 841 units, up 24.8% [16] - From January to September 2025, a total of 13,564 rollers were sold, which is a 21.8% increase year-on-year. Domestic sales were 5,176 units, up 18%, while exports were 8,388 units, up 24.3% [16] Group 8: Paver Market Overview - In September 2025, 132 pavers were sold, reflecting a year-on-year increase of 22.2%. Domestic sales were 82 units, up 32.3%, and exports were 50 units, up 8.7% [17] - From January to September 2025, a total of 1,249 pavers were sold, which is a 32.2% increase year-on-year. Domestic sales were 898 units, up 42.8%, while exports were 351 units, up 11.1% [17] Group 9: Aerial Work Platform Market Overview - In September 2025, 12,416 aerial work platforms were sold, showing a year-on-year decrease of 23.8%. Domestic sales were 5,334 units, down 32.7%, and exports were 7,082 units, down 15.3% [19] - From January to September 2025, a total of 131,901 aerial work platforms were sold, which is a 30% decrease year-on-year. Domestic sales were 51,168 units, down 46%, while exports were 80,733 units, down 13.7% [19] Group 10: High-altitude Work Vehicle Market Overview - In September 2025, 484 high-altitude work vehicles were sold, reflecting a year-on-year increase of 48%. Domestic sales were 456 units, up 42.9%, and exports were 28 units, up 250% [20] - From January to September 2025, a total of 3,818 high-altitude work vehicles were sold, marking a 41.4% increase year-on-year. Domestic sales were 3,645 units, up 39.8%, while exports were 173 units, up 88% [20]

Group 1: Grader Sales - In September 2025, a total of 634 graders were sold, representing a year-on-year increase of 21.9%, with domestic sales of 99 units (up 6.45%) and exports of 535 units (up 25.3%) [1] - From January to September 2025, 6,284 graders were sold, marking a 6.73% increase year-on-year, with domestic sales of 1,122 units (up 30.6%) and exports of 5,162 units (up 2.64%) [1] Group 2: Truck Crane Sales - In September 2025, 1,561 truck cranes were sold, a year-on-year increase of 21.9%, with domestic sales of 764 units (up 40.7%) and exports of 797 units (up 7.99%) [2] - From January to September 2025, total sales of truck cranes reached 15,105 units, a decline of 4.17% year-on-year, with domestic sales of 8,255 units (down 5.47%) and exports of 6,850 units (down 2.55%) [2] Group 3: Crawler Crane Sales - In September 2025, 285 crawler cranes were sold, reflecting a year-on-year increase of 33.2%, with domestic sales of 110 units (up 66.7%) and exports of 175 units (up 18.2%) [3] - From January to September 2025, 2,365 crawler cranes were sold, representing an 18.2% increase year-on-year, with domestic sales of 754 units (up 18.4%) and exports of 1,611 units (up 18.1%) [3] Group 4: Truck-Mounted Crane Sales - In September 2025, 2,131 truck-mounted cranes were sold, a year-on-year increase of 22%, with domestic sales of 1,585 units (up 29.8%) and exports of 546 units (up 3.8%) [4] - From January to September 2025, total sales of truck-mounted cranes reached 19,002 units, a year-on-year increase of 5.46%, with domestic sales of 14,743 units (up 3.08%) and exports of 4,259 units (up 14.6%) [4] Group 5: Tower Crane Sales - In September 2025, 529 tower cranes were sold, a year-on-year decrease of 7.68%, with domestic sales of 249 units (down 29.7%) and exports of 280 units (up 27.9%) [5] - From January to September 2025, total sales of tower cranes were 4,134 units, a decline of 31.9% year-on-year, with domestic sales of 2,185 units (down 52.2%) and exports of 1,949 units (up 29.4%) [5] Group 6: Industrial Vehicle Sales - In September 2025, 130,380 forklifts were sold, representing a year-on-year increase of 23%, with domestic sales of 81,119 units (up 29.3%) and exports of 49,261 units (up 13.9%) [6] - From January to September 2025, total sales of forklifts reached 1,106,406 units, a year-on-year increase of 14%, with domestic sales of 697,375 units (up 13.1%) and exports of 409,031 units (up 15.5%) [6] Group 7: Roller Sales - In September 2025, 1,392 rollers were sold, reflecting a year-on-year increase of 32.2%, with domestic sales of 551 units (up 45.4%) and exports of 841 units (up 24.8%) [8] - From January to September 2025, total sales of rollers reached 13,564 units, a year-on-year increase of 21.8%, with domestic sales of 5,176 units (up 18%) and exports of 8,388 units (up 24.3%) [8] Group 8: Paver Sales - In September 2025, 132 pavers were sold, a year-on-year increase of 22.2%, with domestic sales of 82 units (up 32.3%) and exports of 50 units (up 8.7%) [9] - From January to September 2025, total sales of pavers reached 1,249 units, marking a year-on-year increase of 32.2%, with domestic sales of 898 units (up 42.8%) and exports of 351 units (up 11.1%) [9] Group 9: Aerial Work Platform Sales - In September 2025, 12,416 aerial work platforms were sold, a year-on-year decrease of 23.8%, with domestic sales of 5,334 units (down 32.7%) and exports of 7,082 units (down 15.3%) [10] - From January to September 2025, total sales of aerial work platforms reached 131,901 units, a year-on-year decrease of 30%, with domestic sales of 51,168 units (down 46%) and exports of 80,733 units (down 13.7%) [10] Group 10: High-altitude Work Vehicle Sales - In September 2025, 484 high-altitude work vehicles were sold, a year-on-year increase of 48%, with domestic sales of 456 units (up 42.9%) and exports of 28 units (up 250%) [11] - From January to September 2025, total sales of high-altitude work vehicles reached 3,818 units, a year-on-year increase of 41.4%, with domestic sales of 3,645 units (up 39.8%) and exports of 173 units (up 88%) [11]

Core Insights - The rental market for aerial work platforms in China shows a slight increase in both rental rate and utilization index for August 2025, indicating a stable market environment [1][4]. Rental Rate Index - The rental rate index for aerial work platforms in August 2025 is reported at 693 points, reflecting a month-on-month increase of 0.7% and a year-on-year increase of 7.9% [2]. - Among various models, the 14-16m category saw the highest month-on-month increase in rental rate index at 9.1%, while the 36-39m category experienced the largest decline at 8.5% [2]. - Year-on-year, all models except for the 36-39m category showed an increase, with the 40m and above category rising by 24.2% and the 30-35m category increasing by 11.6% [2]. Rental Price Index - The rental price index for aerial work platforms in August 2025 also saw a month-on-month increase of 0.7%, with varying trends across different models [4]. - The ≤6m model experienced the largest month-on-month decline in rental price index at 5.9%, while the 40m and above model had the highest increase at 5.8% [4]. - Year-on-year, the rental price index decreased by 10.9% across all models, with the 36-39m model showing the largest decline at 14.7% and the 40m and above model showing the smallest decline at 7.1% [4]. Statistical Methodology - Since July 2022, the engineering machinery rental association has been optimizing the statistical methods for the rental market index, aiming for more accurate market reflections for industry reference [6].

Grading 1: Grader Machines - In August 2025, a total of 683 grader machines were sold, representing a year-on-year decline of 12.4%, with domestic sales of 108 units (up 16.1%) and exports of 575 units (down 16.3%) [1] - From January to August 2025, 5,650 grader machines were sold, marking a year-on-year increase of 5.25%, with domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [1] Grading 2: Truck Cranes - In August 2025, 1,434 truck cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [2] - From January to August 2025, 13,544 truck cranes were sold, a year-on-year decline of 6.47%, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [2] Grading 3: Crawler Cranes - In August 2025, 273 crawler cranes were sold, showing a year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [3] - From January to August 2025, 2,080 crawler cranes were sold, reflecting a year-on-year increase of 16.4%, with domestic sales of 644 units (up 12.8%) and exports of 1,436 units (up 18.1%) [3] Grading 4: Truck-Mounted Cranes - In August 2025, 1,664 truck-mounted cranes were sold, up 7.29% year-on-year, with domestic sales of 1,313 units (up 24.2%) and exports of 351 units (down 28.9%) [4] - From January to August 2025, 16,871 truck-mounted cranes were sold, a year-on-year increase of 3.68%, with domestic sales of 13,158 units (up 0.58%) and exports of 3,713 units (up 16.4%) [4] Grading 5: Tower Cranes - In August 2025, 424 tower cranes were sold, down 9.79% year-on-year, with domestic sales of 219 units (down 29.1%) and exports of 205 units (up 27.3%) [5] - From January to August 2025, 3,605 tower cranes were sold, reflecting a year-on-year decline of 34.5%, with domestic sales of 1,936 units (down 54.1%) and exports of 1,669 units (up 29.7%) [5] Grading 6: Industrial Vehicles - In August 2025, 118,087 forklifts were sold, representing a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [6] - From January to August 2025, 976,026 forklifts were sold, marking a year-on-year increase of 12.9%, with domestic sales of 616,256 units (up 11.3%) and exports of 359,770 units (up 15.7%) [6] Grading 7: Rollers - In August 2025, 1,312 rollers were sold, showing a year-on-year increase of 14.1%, with domestic sales of 476 units (up 6.49%) and exports of 836 units (up 18.9%) [7] - From January to August 2025, 12,172 rollers were sold, reflecting a year-on-year increase of 20.7%, with domestic sales of 4,625 units (up 15.4%) and exports of 7,547 units (up 24.3%) [8] Grading 8: Pavers - In August 2025, 118 pavers were sold, up 20.4% year-on-year, with domestic sales of 80 units (up 37.9%) and exports of 38 units (down 5%) [9] - From January to August 2025, 1,117 pavers were sold, marking a year-on-year increase of 33.5%, with domestic sales of 816 units (up 43.9%) and exports of 301 units (up 11.5%) [9] Grading 9: Aerial Work Platforms - In August 2025, 13,430 aerial work platforms were sold, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [10] - From January to August 2025, 119,485 aerial work platforms were sold, reflecting a year-on-year decline of 30.5%, with domestic sales of 45,834 units (down 47.2%) and exports of 73,651 units (down 13.6%) [10] Grading 10: High-altitude Work Vehicles - In August 2025, 490 high-altitude work vehicles were sold, showing a year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) and exports of 5 units (down 70.6%) [11] - From January to August 2025, 3,334 high-altitude work vehicles were sold, reflecting a year-on-year increase of 40.5%, with domestic sales of 3,189 units (up 39.3%) and exports of 145 units (up 72.6%) [11]

Core Viewpoint - The article provides a comprehensive overview of the sales performance of various construction machinery in China for August 2025, highlighting growth in excavators and loaders while noting declines in other categories such as graders and tower cranes [1][3][7][8][13]. Excavators - In August 2025, a total of 16,523 excavators were sold, representing a year-on-year increase of 12.8%. Domestic sales accounted for 7,685 units (up 14.8%), while exports reached 8,838 units (up 11.1%) [1][2]. - From January to August 2025, 154,181 excavators were sold, marking a 17.2% increase year-on-year, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%) [1][2]. Loaders - In August 2025, 9,440 loaders were sold, reflecting a year-on-year growth of 13.3%. Domestic sales were 4,774 units (up 18.3%), and exports were 4,666 units (up 8.69%) [3][4]. - For the period from January to August 2025, total loader sales reached 83,209 units, a 12.9% increase year-on-year, with domestic sales of 44,945 units (up 20.2%) and exports of 38,264 units (up 5.3%) [5][4]. Graders - In August 2025, 683 graders were sold, showing a year-on-year decline of 12.4%. Domestic sales were 108 units (up 16.1%), while exports totaled 575 units (down 16.3%) [7]. Cranes - In August 2025, 1,434 truck-mounted cranes were sold, down 4.65% year-on-year, with domestic sales of 736 units (up 28.2%) and exports of 698 units (down 24.9%) [8]. - For the first eight months of 2025, total sales of truck-mounted cranes were 13,544 units, a decrease of 6.47% year-on-year, with domestic sales of 7,491 units (down 8.53%) and exports of 6,053 units (down 3.78%) [8]. Other Machinery - In August 2025, 273 crawler cranes were sold, marking a significant year-on-year increase of 43.7%, with domestic sales of 88 units (up 51.7%) and exports of 185 units (up 40.2%) [10]. - The sales of various types of forklifts reached 118,087 units in August 2025, reflecting a year-on-year increase of 19.4%, with domestic sales of 70,174 units (up 19.3%) and exports of 47,913 units (up 19.6%) [15]. - The sales of elevating work platforms totaled 13,430 units in August 2025, down 18.7% year-on-year, with domestic sales of 4,040 units (down 40.9%) and exports of 9,390 units (down 2.93%) [19]. - In August 2025, 490 aerial work vehicles were sold, showing a remarkable year-on-year increase of 88.5%, with domestic sales of 485 units (up 99.6%) [21].

Market Overview - The machinery, power equipment, and automotive industry indices experienced fluctuations, with respective changes of 3.21%, 5.84%, and 3.08% during the week of August 11-15, ranking 8th, 4th, and 9th among 31 Shenwan primary industries [1] - The Shanghai and Shenzhen 300 index had a change of 2.37% during the same period [1] Industry Insights - In July, 10 out of 12 major engineering machinery products in China saw year-on-year sales growth, with excavators showing a recovery after a slight decline in May, achieving growth rates of +6.2% and +17.2% in June and July respectively [1] - The sales growth of automotive cranes turned positive in July at +6.8% [1] - The two product categories that continued to decline in sales were tower cranes and aerial work platforms, with year-on-year growth rates of -42.5% and -51.4% respectively, significantly impacted by the real estate sector [1] - The domestic demand for engineering machinery is expected to continue its upward trend due to the increasing replacement cycle of existing machinery and support from special bonds and infrastructure projects, suggesting a focus on leading manufacturers with high earnings certainty [1] Automotive Sector - From August 1-10, the national retail sales of passenger cars decreased by 4% year-on-year, totaling 452,000 units, while retail sales of new energy vehicles increased by 6% year-on-year, reaching 262,000 units [2] - The domestic automotive market is anticipated to maintain rapid growth, supported by trade-in promotions and strong export growth, with a recommendation to focus on manufacturers with brand and scale advantages [2] Photovoltaic Sector - The main material prices in the photovoltaic sector remained stable, with no significant changes in overall quotations and transaction prices [3] - Demand for components is showing signs of weakness, with TOPCon component spot orders being signed at levels between 0.65-0.7 RMB, but subsequent order prices have begun to decline [3] - The photovoltaic sector saw a slight recovery due to notifications for a meeting organized by relevant departments on August 19, indicating the need to monitor upcoming industry meetings closely [3] - The current photovoltaic market dynamics are driven by "anti-involution" policies, with uncertainties regarding the industry's turning point if policies do not materialize and prices fail to be transmitted downstream [3]

Group 1: Industry Overview - In July 2025, 10 out of 12 categories of construction machinery products achieved year-on-year sales growth, with excavators showing a growth of +6.2% in June and +17.2% in July after a slight decline in May [2] - The sales growth of automobile cranes turned positive in July, recording an increase of +6.8% [2] - The two categories that continued to decline in sales were tower cranes and aerial work platforms, with year-on-year sales growth of -42.5% and -51.4% respectively, significantly impacted by the real estate sector [2] Group 2: Market Performance - From August 11 to August 15, the indices for machinery equipment, power equipment, and automotive sectors rose by 3.21%, 5.84%, and 3.08% respectively, ranking 8th, 4th, and 9th among 31 first-level industries [2] - The overall performance of the Shanghai and Shenzhen 300 index during the same period was a growth of 2.37% [2] Group 3: Automotive Sector Insights - From August 1 to 10, the retail sales of passenger cars in China decreased by 4% year-on-year, totaling 452,000 units, while the retail sales of new energy vehicles increased by 6% year-on-year, reaching 262,000 units [3] - The domestic automotive market is expected to continue its rapid development, supported by trade-in promotions and strong export growth, with a focus on manufacturers with brand and scale advantages [3] Group 4: Photovoltaic Sector Analysis - The main material prices in the photovoltaic sector remained stable, with no significant changes in overall quotations and transaction prices [3] - Demand for components is showing signs of weakness, with new orders for TOPCon components being signed at levels between 0.65 and 0.7 RMB, while subsequent order prices have begun to decline [3] - The photovoltaic sector experienced a slight recovery due to notifications for an industry meeting on August 19, but uncertainty remains regarding the industry's turning point if policies do not materialize and prices cannot be effectively transmitted downstream [3]