据 中国工程机械工业协会对挖掘机主要制造企业统计，2026年1月销 售各类挖掘机18708台，同比增长49.5%。 | | | 2026年1月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | 40.5% | 49.5% | | 累计销量 | 8,723 | 9.985 | 18,708 | | 去年同期 | 5.405 | 7.107 | 12,512 | | 同比涨幅 | 61.4% | | 40.5% 公众号·工程9.5%杂志 | 挖掘机 其中：国内销量8723台（含电动挖掘机24台），同比增长61.4%；出口量 9985台（含电动挖掘机11台），同比增长40.5%。 装载机 据中国工程机械工业协会对装载机主要制造企业统计，2026年1月 销售各类装载机11759台，同比增长48.5%。 | | | 2026年1月 中国装载机市场概况 | | | --- | --- ...

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

Rental Rate Index - The rental rate index for aerial work platforms in December 2025 is 633 points, reflecting a month-on-month decrease of 3.8% and a year-on-year increase of 2.9% [1][5] - Most models experienced a month-on-month decline in rental rate index, with only the 14-16m and 30-35m models showing an increase, the 14-16m model having the highest increase at 9.9% [1][5] - The 36-39m model saw the largest month-on-month decline at 12.1%, while the 30-35m model had the highest year-on-year increase at 14.9%. Only the 8-12m and 36-39m models experienced a year-on-year decline, with the 36-39m model showing the largest drop of 8.6% [1][5] Rental Price Index - The rental price index for aerial work platforms in December 2025 decreased slightly by 1.4% month-on-month, with the 26-28m model experiencing the largest decline of 4.4% [3][7] - Year-on-year, the rental price index decreased by 11.3%, with all models showing a downward trend. The 8-12m model had the smallest year-on-year decline at 6.6%, while the 36-39m model had the largest decline at 14.7% [3][7] Statistical Methodology - Since July 2022, the Engineering Machinery Rental Association has been conducting statistical work on the rental sentiment index for aerial work platforms, continuously optimizing the statistical methods to better reflect market conditions for industry reference [4][9]

Group 1 - The rental rate index for aerial work platforms in December 2025 is 633 points, showing a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [1] - Most models experienced a month-on-month decline in rental rate index, with only the 14-16m and 30-35m models showing an increase, the 14-16m model having the largest increase of 9.9% [1] - The 36-39m model saw the largest month-on-month decline in rental rate index, at 12.1%, while the 30-35m model had the highest year-on-year increase of 14.9% [1] Group 2 - The rental price index for aerial work platforms in December 2025 decreased slightly by 1.4% month-on-month, with the 26-28m model experiencing the largest decline of 4.4% [3] - Year-on-year, the rental price index decreased by 11.3%, with all models showing a downward trend; the 8-12m model had the smallest decline at 6.6%, while the 36-39m model had the largest decline at 14.7% [3]

Core Viewpoint - The article provides a comprehensive overview of the sales performance of various construction machinery in China for December 2025, highlighting significant growth in several categories, particularly in excavators and loaders, indicating a potential recovery in the industry [1][4][7]. Excavator Market Summary - In December 2025, a total of 23,095 excavators were sold, representing a year-on-year increase of 19.2%. Domestic sales accounted for 10,331 units (up 10.9%), while exports reached 12,764 units (up 26.9%) [1][2]. - For the entire year of 2025, total excavator sales reached 235,257 units, marking a 17% increase compared to the previous year, with domestic sales at 118,518 units (up 17.9%) and exports at 116,739 units (up 16.1%) [2]. Loader Market Summary - In December 2025, 12,236 loaders were sold, showing a 30% increase year-on-year. Domestic sales were 5,291 units (up 17.6%), and exports were 6,945 units (up 41.5%) [4][5]. - For the full year of 2025, loader sales totaled 128,067 units, a growth of 18.4%, with domestic sales at 66,330 units (up 22.1%) and exports at 61,737 units (up 14.6%) [5]. Electric Excavator Market Summary - In December 2025, 39 electric excavators were sold, with a breakdown of 11 units under 6 tons, 7 units between 6-10 tons, 2 units between 10-18.5 tons, 19 units between 18.5-28.5 tons, 1 unit between 28.5-40 tons, and a decrease of 1 unit over 40 tons [3]. Electric Loader Market Summary - December 2025 saw sales of 2,722 electric loaders, with 72 units under 3 tons, 181 units at 3 tons, 10 units at 4 tons, 1,499 units at 5 tons, 820 units at 6 tons, 129 units at 7 tons, and 3 units each for 8 tons and above [6]. Grader Market Summary - In December 2025, 792 graders were sold, reflecting a 14% year-on-year increase, with domestic sales of 133 units (up 70.5%) and exports of 659 units (up 6.81%) [7]. Crane Market Summary - December 2025 recorded sales of 1,911 truck cranes, a 38.1% increase year-on-year, with domestic sales of 886 units (up 39.1%) and exports of 1,025 units (up 37.2%) [9]. - For the entire year, truck crane sales reached 19,974 units, a slight increase of 1.39% [9]. Roller Market Summary - In December 2025, 1,343 rollers were sold, marking a 25.6% increase year-on-year, with domestic sales of 437 units (up 18.4%) and exports of 906 units (up 29.4%) [15][16]. - The total sales for rollers in 2025 were 17,434 units, a 23% increase [16]. Paver Market Summary - December 2025 saw sales of 107 pavers, a decline of 11.6%, with domestic sales of 59 units (down 32.2%) and exports of 48 units (up 41.2%) [16]. Aerial Work Platform Market Summary - In December 2025, 14,326 aerial work platforms were sold, down 8.36% year-on-year, with domestic sales of 4,446 units (down 25.1%) and exports of 9,880 units (up 1.92%) [16].

Forklift Sales - In December 2025, a total of 111,363 forklifts were sold, representing a year-on-year growth of 0.03%. Domestic sales were 63,807 units, down 5.17%, while exports reached 47,556 units, up 7.97% [1] - For the entire year of 2025, a total of 1,451,768 forklifts were sold, marking a 12.9% increase year-on-year. Domestic sales were 906,812 units, up 12.6%, and exports were 544,956 units, up 13.4% [1] - Excluding electric walk-behind warehouse vehicles, 42,849 forklifts were sold in December 2025, down 5.42% year-on-year. Domestic sales were 23,985 units, down 11.8%, while exports were 18,864 units, up 4.19% [1] Grader Sales - In December 2025, 792 graders were sold, reflecting a year-on-year increase of 14%. Domestic sales were 133 units, up 70.5%, and exports were 659 units, up 6.81% [2] - For the full year of 2025, a total of 8,360 graders were sold, representing an 8.35% increase year-on-year. Domestic sales were 1,468 units, up 32.4%, and exports were 6,892 units, up 4.31% [2] Truck Crane Sales - In December 2025, 1,911 truck cranes were sold, showing a year-on-year growth of 38.1%. Domestic sales were 886 units, up 39.1%, and exports were 1,025 units, up 37.2% [3] - For the entire year of 2025, 19,974 truck cranes were sold, a 1.39% increase year-on-year. Domestic sales were 10,659 units, up 1.41%, and exports were 9,315 units, up 1.37% [3] Crawler Crane Sales - In December 2025, 385 crawler cranes were sold, marking a significant year-on-year increase of 68.1%. Domestic sales were 131 units, up 95.5%, and exports were 254 units, up 56.8% [4] - For the full year of 2025, a total of 3,415 crawler cranes were sold, reflecting a 30.1% increase year-on-year. Domestic sales were 1,091 units, up 32.9%, and exports were 2,324 units, up 28.9% [4] Truck-Mounted Crane Sales - In December 2025, 2,664 truck-mounted cranes were sold, representing a year-on-year growth of 35.2%. Domestic sales were 2,274 units, up 36.7%, and exports were 390 units, up 27.5% [5] - For the entire year of 2025, 26,006 truck-mounted cranes were sold, a year-on-year increase of 11.1%. Domestic sales were 20,462 units, up 8.47%, and exports were 5,544 units, up 22.2% [5] Tower Crane Sales - In December 2025, 395 tower cranes were sold, showing a year-on-year decline of 30.8%. Domestic sales were 182 units, down 45.7%, while exports were 213 units, down 9.75% [6] - For the full year of 2025, a total of 5,178 tower cranes were sold, reflecting a year-on-year decrease of 30.7%. Domestic sales were 2,726 units, down 50%, while exports were 2,452 units, up 21.9% [6] Roller Sales - In December 2025, 1,343 rollers were sold, indicating a year-on-year increase of 25.6%. Domestic sales were 437 units, up 18.4%, and exports were 906 units, up 29.4% [7] - For the entire year of 2025, a total of 17,434 rollers were sold, representing a year-on-year growth of 23%. Domestic sales were 6,482 units, up 17.9%, and exports were 10,952 units, up 26.2% [7] Paver Sales - In December 2025, 107 pavers were sold, reflecting a year-on-year decline of 11.6%. Domestic sales were 59 units, down 32.2%, while exports were 48 units, up 41.2% [8] - For the full year of 2025, a total of 1,547 pavers were sold, marking a year-on-year increase of 24.8%. Domestic sales were 1,082 units, up 30.7%, and exports were 465 units, up 12.9% [8] Aerial Work Platform Sales - In December 2025, 14,326 aerial work platforms were sold, showing a year-on-year decline of 8.36%. Domestic sales were 4,446 units, down 25.1%, while exports were 9,880 units, up 1.92% [10] - For the entire year of 2025, a total of 165,171 aerial work platforms were sold, reflecting a year-on-year decrease of 28.6%. Domestic sales were 63,886 units, down 42.4%, and exports were 101,285 units, down 16% [10] High-altitude Operation Vehicle Sales - In December 2025, 431 high-altitude operation vehicles were sold, indicating a year-on-year decline of 5.48%. Domestic sales were 404 units, down 7.97%, while exports were 27 units, up 58.8% [11] - For the full year of 2025, a total of 4,993 high-altitude operation vehicles were sold, representing a year-on-year increase of 27.7%. Domestic sales were 4,755 units, up 26.7%, and exports were 238 units, up 51.6% [11]

Core Insights - The report from China Galaxy Securities indicates a positive growth outlook for excavator sales, with domestic and export sales expected to increase by 10.9% and 26.9% respectively by December 2025 [1][2] Group 1: Excavator Sales - In December, a total of 23,095 excavators were sold, representing a year-on-year increase of 19.2%, with domestic sales at 10,331 units (+10.9%) and exports at 12,764 units (+26.9%) [2] - For the year 2025, total excavator sales are projected to reach 235,257 units, a 17% increase year-on-year, with domestic sales of 118,518 units (+17.9%) and exports of 116,739 units (+16.1%) [2] - Both medium and large excavators showed positive growth in domestic sales, while large excavator exports continue to perform strongly [1][2] Group 2: Loader and Other Machinery Sales - In December, loader domestic sales increased by 17.6% and exports surged by 41.5%. For 2025, domestic sales are expected to grow by 22.1% and exports by 14.6% [2] - In November, various machinery categories such as truck cranes, crawler cranes, and forklifts experienced double-digit growth in domestic sales [2] - Specific sales growth rates for November include: truck cranes overall +17% (domestic +26%, export +8.5%), crawler cranes overall +66% (domestic +102%, export +53%), and forklifts overall +14% (domestic +24%, export +0.7%) [2] Group 3: Working Hours and Export Data - December saw a decline in average working hours for major construction machinery products, averaging 76.5 hours, down 18.6% year-on-year [3] - From January to November, China's construction machinery export value reached $53.756 billion, reflecting a year-on-year increase of 12.4% [4] - Komatsu's data for November indicates that North America and Indonesia saw positive growth in working hours, while Europe and Japan experienced declines [3] Group 4: Industry Outlook and Recommendations - The industry is expected to benefit from a positive demand environment, with recommendations for leading manufacturers such as SANY Heavy Industry, XCMG, LiuGong, and Zoomlion, as well as core component manufacturers like Hengli Hydraulic [5]

Core Insights - The rental rate index for aerial work platforms in November 2025 is reported at 653 points, showing a slight month-on-month decrease of 2.8% but a year-on-year increase of 4.7% [1] Rental Rate Index Summary - The rental rate index for various models shows mixed results month-on-month, with the 14-16m model experiencing the largest decline of 15.7%, while models above 36-39m saw the highest increase of 6.5% [1] - Year-on-year, most models experienced an increase in rental rates, with models above 30m seeing double-digit growth; the 40m and above models had the highest increase at 21.0%. The only model with a year-on-year decline is the 14-16m, which decreased by 11.4% [1] Rental Price Index Summary - The rental price index for aerial work platforms in November 2025 decreased slightly by 0.7% month-on-month, with minimal fluctuations across most models; the 36-39m model had the largest decline at 4.5% [1] - Year-on-year, the rental price index decreased by 9.5% across all models, with the 40m and above models experiencing the smallest decline at 2.8%, while the 36-39m model saw the largest drop at 17.4% [1]