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].

Group 1: Sales Performance Overview - In July 2025, various types of cranes sold totaled 1358 units, representing a year-on-year increase of 9.6%, with domestic sales of 673 units (up 6.83%) and exports of 685 units (up 12.5%) [1] - For the first seven months of 2025, total crane sales reached 12110 units, a decline of 6.68%, with domestic sales at 6755 units (down 11.3%) and exports at 5355 units (down 0.11%) [1] Group 2: Specific Equipment Sales - In July 2025, 624 graders were sold, marking a 1.96% increase year-on-year, with domestic sales of 97 units (up 7.78%) and exports of 527 units (up 0.96%) [2] - For the first seven months of 2025, total grader sales were 4967 units, an increase of 8.26%, with domestic sales at 915 units (up 36%) and exports at 4052 units (up 3.5%) [2] Group 3: Crane Types Performance - In July 2025, 241 crawler cranes were sold, showing 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%) [3] - For the first seven months of 2025, total crawler crane sales reached 1807 units, a 13.1% increase, with domestic sales at 556 units (up 8.38%) and exports at 1251 units (up 15.4%) [3] Group 4: Truck-Mounted Crane Sales - In July 2025, 1787 truck-mounted cranes were sold, reflecting a year-on-year increase of 9.1%, with domestic sales of 1440 units (up 9.34%) and exports of 347 units (up 8.1%) [4] - For the first seven months of 2025, total truck-mounted crane sales were 15207 units, a 3.3% increase, with domestic sales at 11845 units (down 1.5%) and exports at 3362 units (up 24.7%) [4] Group 5: Tower Crane Sales - In July 2025, 410 tower cranes were sold, a year-on-year decrease of 26.9%, with domestic sales of 222 units (down 42.5%) and exports of 188 units (up 7.43%) [5] - For the first seven months of 2025, total tower crane sales reached 3181 units, a decline of 36.8%, with domestic sales at 1717 units (down 56%) and exports at 1464 units (up 30%) [5] Group 6: Forklift Sales - In July 2025, 118605 forklifts were sold, representing a year-on-year increase of 14.4%, with domestic sales of 69700 units (up 14.3%) and exports of 48905 units (up 14.5%) [6] - For the first seven months of 2025, total forklift sales were 857939 units, a 12% increase, with domestic sales at 546082 units (up 10.4%) and exports at 311857 units (up 15.1%) [6] Group 7: Roller Sales - In July 2025, 1410 rollers were sold, reflecting a year-on-year increase of 23.8%, with domestic sales of 544 units (up 24.2%) and exports of 866 units (up 23.5%) [7] - For the first seven months of 2025, total roller sales reached 10860 units, a 21.6% increase, with domestic sales at 4149 units (up 16.5%) and exports at 6711 units (up 25%) [8] Group 8: Paver Sales - In July 2025, 109 pavers were sold, marking an 11.2% year-on-year increase, with domestic sales of 84 units (up 75%) and exports of 25 units (down 50%) [9] - For the first seven months of 2025, total paver sales were 999 units, a 35.2% increase, with domestic sales at 736 units (up 44.6%) and exports at 263 units (up 14.3%) [9] Group 9: Aerial Work Platform Sales - In July 2025, 13559 aerial work platforms were sold, a year-on-year decrease of 38.3%, with domestic sales of 5098 units (down 51.4%) and exports of 8461 units (down 26.3%) [10] - For the first seven months of 2025, total aerial work platform sales reached 106055 units, a decline of 31.8%, with domestic sales at 41794 units (down 47.7%) and exports at 64261 units (down 14.9%) [10] Group 10: High-altitude Work Vehicle Sales - In July 2025, 399 high-altitude work vehicles were sold, showing a significant year-on-year increase of 97.5%, with domestic sales of 392 units (up 99%) and exports of 7 units (up 40%) [11] - For the first seven months of 2025, total high-altitude work vehicle sales were 2844 units, a 34.6% increase, with domestic sales at 2704 units (up 32.2%) and exports at 140 units (up 109%) [11]

Investment Rating - The report indicates a positive investment outlook for the equipment manufacturing industry, particularly in engineering machinery and automotive sectors, suggesting continued growth and resilience in these areas [1][2][3]. Core Insights - Engineering machinery sales are on an upward trend, with domestic sales of 12 types of machinery showing a year-on-year increase of 9% in June, particularly driven by excavators which saw a growth of 6.2% [2][3]. - The automotive market is also experiencing growth, with average daily retail sales of passenger cars increasing by 11% year-on-year in the second week of July, supported by promotional activities and strong export growth [2][3]. - In the photovoltaic sector, silicon wafer prices have risen, but there are concerns about weak downstream demand and potential downward pressure on prices in the second half of the year [2][3]. Market Performance Review - From July 14 to July 18, the indices for machinery equipment, electric power equipment, and automotive sectors increased by 2.91%, 0.57%, and 3.28% respectively, ranking 4th, 15th, and 3rd among 31 primary industries [7][8]. - The top-performing sub-sectors included commercial vehicles with a rise of 5.98% and other power equipment up by 4.76%, while photovoltaic equipment saw a decline of 2.01% [8]. Industry News and Key Company Announcements - A new low-carbon data center project in Ulanqab has commenced operations, marking a significant step in integrating renewable energy with data center operations [17]. - The launch of a new humanoid robot with a hot-swappable battery system by UBTECH aims to enhance productivity in smart manufacturing [17]. - Guizhou's green electricity trading volume has surged by 224% year-on-year in the first half of the year, reflecting the province's commitment to developing renewable energy sources [17].

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]

Investment Rating - The industry rating is "Outperform the market" indicating an expectation for the industry to perform better than the overall market in the next six months [77]. Core Insights - In May 2025, China's engineering machinery export value increased by 8.51% year-on-year, with total trade amounting to USD 5.238 billion, reflecting a growth of 8.1% [1][17]. - The total engineering machinery export value from January to May 2025 reached USD 24.185 billion, up 8.49% year-on-year, with exports specifically growing by 8.98% [20]. - The sales report for May 2025 showed mixed results across various machinery categories, with notable increases in forklift sales by 11.8% and significant declines in tower crane sales by 28.4% [2][23]. Summary by Sections Industry Performance - The engineering machinery sector's export value in May 2025 was USD 5.024 billion, marking an 8.51% increase year-on-year [1][17]. - The total trade value for the first five months of 2025 was USD 24.185 billion, with exports at USD 23.095 billion, reflecting a year-on-year increase of 8.98% [20]. Sales Data - In May 2025, the sales of various machinery products showed diverse trends: - Graders: 649 units sold, down 3.28% year-on-year [2]. - Truck cranes: 1,748 units sold, down 8.1% year-on-year [21]. - Forklifts: 123,472 units sold, up 11.8% year-on-year [23]. - Road rollers: 1,589 units sold, up 17% year-on-year [23]. - Tower cranes: 538 units sold, down 28.4% year-on-year [22]. Key Developments - The first batch of industrial humanoid robots was launched in Liuzhou, marking a significant advancement in high-end robotics manufacturing in Guangxi [3][26]. - National railway fixed asset investment reached CNY 242.1 billion from January to May 2025, reflecting a 5.9% year-on-year increase, contributing to economic growth [4][27].

Group 1 - In May 2025, a total of 18,202 excavators were sold, representing a year-on-year increase of 2.12%. Domestic sales were 8,392 units, down 1.48%, while exports reached 9,810 units, up 5.42% [1] - From January to May 2025, a total of 101,716 excavators were sold, marking a year-on-year increase of 17.4%. Domestic sales were 57,501 units, up 25.7%, and exports were 44,215 units, up 8.2% [2] - In May 2025, 36 electric excavators were sold, with various weight categories contributing to the total [3] Group 2 - In May 2025, a total of 10,535 loaders were sold, showing a year-on-year increase of 7.24%. Domestic sales were 6,037 units, up 16.7%, while exports were 4,498 units, down 3.31% [4][5] - From January to May 2025, a total of 52,755 loaders were sold, reflecting a year-on-year increase of 14.1%. Domestic sales were 29,607 units, up 25.4%, and exports were 23,148 units, up 2.39% [5] Group 3 - In May 2025, 649 graders were sold, down 3.28% year-on-year. Domestic sales were 112 units, up 31.8%, while exports were 537 units, down 8.36% [7] - From January to May 2025, a total of 3,580 graders were sold, marking a year-on-year increase of 14.9%. Domestic sales were 677 units, up 40.7%, and exports were 2,903 units, up 10.1% [7] Group 4 - In May 2025, 1,748 truck cranes were sold, down 8.1% year-on-year. Domestic sales were 978 units, down 3.36%, while exports were 770 units, down 13.5% [7] - From January to May 2025, a total of 9,103 truck cranes were sold, reflecting a year-on-year decrease of 8.94%. Domestic sales were 5,181 units, down 13.8%, and exports were 3,922 units, down 1.61% [8] Group 5 - In May 2025, 261 crawler cranes were sold, up 31.8% year-on-year. Domestic sales were 56 units, down 3.45%, while exports were 205 units, up 46.4% [10] - From January to May 2025, a total of 1,282 crawler cranes were sold, marking a year-on-year increase of 5.25%. Domestic sales were 402 units, down 1.23%, and exports were 880 units, up 8.51% [11] Group 6 - In May 2025, 1,681 truck-mounted cranes were sold, down 20.3% year-on-year. Domestic sales were 1,286 units, down 27.5%, while exports were 395 units, up 18.6% [13] - From January to May 2025, a total of 10,695 truck-mounted cranes were sold, reflecting a year-on-year decrease of 3.85%. Domestic sales were 8,535 units, down 6.71%, and exports were 2,160 units, up 9.42% [14] Group 7 - In May 2025, 538 tower cranes were sold, down 28.4% year-on-year. Domestic sales were 292 units, down 51.7%, while exports were 246 units, up 67.3% [15] - From January to May 2025, a total of 2,334 tower cranes were sold, marking a year-on-year decrease of 36.6%. Domestic sales were 1,278 units, down 57.1%, and exports were 1,056 units, up 51.1% [16] Group 8 - In May 2025, 123,472 forklifts were sold, representing a year-on-year increase of 11.8%. Domestic sales were 79,129 units, up 9.25%, while exports were 44,343 units, up 16.6% [17] - From January to May 2025, a total of 601,764 forklifts were sold, reflecting a year-on-year increase of 9.33%. Domestic sales were 392,490 units, up 6.66%, and exports were 209,274 units, up 14.7% [18] Group 9 - In May 2025, 1,589 rollers were sold, up 17% year-on-year. Domestic sales were 577 units, up 6.07%, while exports were 1,012 units, up 24.3% [19] - From January to May 2025, a total of 7,772 rollers were sold, marking a year-on-year increase of 23.7%. Domestic sales were 2,905 units, up 10.8%, and exports were 4,867 units, up 32.9% [20] Group 10 - In May 2025, 149 pavers were sold, up 30.7% year-on-year. Domestic sales were 107 units, up 33.8%, while exports were 42 units, up 23.5% [21] - From January to May 2025, a total of 708 pavers were sold, reflecting a year-on-year increase of 31.4%. Domestic sales were 521 units, up 32.2%, and exports were 187 units, up 29% [22] Group 11 - In May 2025, 15,653 aerial work platforms were sold, down 26.2% year-on-year. Domestic sales were 5,284 units, down 48.1%, while exports were 10,369 units, down 5.8% [25] - From January to May 2025, a total of 74,533 aerial work platforms were sold, marking a year-on-year decrease of 33.5%. Domestic sales were 29,191 units, down 48.3%, and exports were 45,342 units, down 18.4% [26] Group 12 - In May 2025, 296 high-altitude work vehicles were sold, down 33.3% year-on-year. Domestic sales were 286 units, down 34.1%, while exports remained flat at 10 units [26] - From January to May 2025, a total of 1,906 high-altitude work vehicles were sold, reflecting a year-on-year increase of 12.2%. Domestic sales were 1,803 units, up 9.74%, and exports were 103 units, up 87.3% [27]

Core Viewpoint - The report from China Galaxy Securities indicates that while there is a short-term fluctuation in demand for construction machinery due to seasonal factors, the medium to long-term outlook remains positive driven by replacement demand, government special bonds, urban renewal initiatives, and support for rural housing improvements [1][4]. Group 1: Domestic Sales and Exports - In May, domestic sales of excavators decreased by 1.48%, while exports showed a positive growth of 5.4% [1]. - Total excavator sales from January to May reached 101,716 units, marking a year-on-year increase of 17.4%, with domestic sales up by 25.7% [1]. - In May, the sales of loaders reached 10,535 units, a year-on-year growth of 7.24%, with domestic sales increasing by 16.7% [1]. Group 2: Market Trends and Performance - The overall export value of China's construction machinery in April was $5.152 billion, reflecting a year-on-year growth of 12.7% [3]. - From January to April, the total export value reached $18.07 billion, an increase of 9.0% year-on-year [3]. - Exports to Africa and South America maintained high growth rates, with increases of 45% and 15% respectively, while exports to Europe saw a significant decline of 15% [3]. Group 3: Equipment Types and Utilization Rates - The small excavators continue to show higher growth rates compared to medium and large excavators in domestic sales, although the gap narrowed in April [1]. - The average working hours for major construction machinery in May were 84.5 hours, a decrease of 3.86% year-on-year [2]. - The electrification rate for forklifts reached 77% in April, with domestic sales showing a slight decline [2].

Group 1: Grader Sales - In April 2025, a total of 756 graders were sold, representing a year-on-year increase of 21.5%, with domestic sales of 140 units (up 42.9%) and exports of 616 units (up 17.6%) [1] Group 2: Truck Crane Sales - In April 2025, 2,082 truck cranes were sold, showing a year-on-year decline of 3.48%, with domestic sales of 1,250 units (down 3.4%) and exports of 832 units (down 3.59%) [2] Group 3: Crawler Crane Sales - In April 2025, 280 crawler cranes were sold, marking a year-on-year increase of 2.94%, with domestic sales of 99 units (down 6.6%) and exports of 181 units (up 9.04%) [3] Group 4: Truck-Mounted Crane Sales - In April 2025, 2,142 truck-mounted cranes were sold, reflecting a year-on-year decrease of 14.5%, with domestic sales of 1,732 units (down 17.6%) and exports of 410 units (up 2.24%) [4] Group 5: Tower Crane Sales - In April 2025, 482 tower cranes were sold, indicating a significant year-on-year decline of 42.1%, with domestic sales of 266 units (down 61.3%) and exports of 216 units (up 49%) [5] Group 6: Industrial Vehicle Sales - In April 2025, 130,109 forklifts were sold, showing a year-on-year increase of 5.03%, with domestic sales of 84,317 units (down 0.89%) and exports of 45,792 units (up 18%) [6] Group 7: Roller Sales - In April 2025, 1,713 rollers were sold, representing a year-on-year increase of 36.2%, with domestic sales of 641 units (up 1.1%) and exports of 1,072 units (up 71.8%) [7] Group 8: Paver Sales - In April 2025, 200 pavers were sold, reflecting a year-on-year increase of 51.5%, with domestic sales of 150 units (up 54.6%) and exports of 50 units (up 42.9%) [8] Group 9: Aerial Work Platform Sales - In April 2025, 14,635 aerial work platforms were sold, showing a significant year-on-year decline of 49.7%, with domestic sales of 6,169 units (down 62.2%) and exports of 8,466 units (down 33.6%) [9] Group 10: High-altitude Work Vehicle Sales - In April 2025, 343 high-altitude work vehicles were sold, indicating a year-on-year increase of 49.1%, with domestic sales of 297 units (up 39.4%) and exports of 46 units (up 171%) [10]

挖掘机 据中国工程机械工业协会对挖掘机主要制造企业统计，2025年3月销售各类挖掘机 29590台，同比增长18.5%。其中国内销量19517台，同比增长28.5%；出口量10073 台，同比增长2.87%。 2025年1—3月，共销售挖掘机61372台，同比增长22.8%；其中国内销量36562台， 同比增长38.3%；出口24810台，同比增长5.49%。 2025年3月销售电动装载机2802台（ 3吨以下23台，3吨56台，5吨1816台，6吨772 台，7吨129台，8吨4台，滑移装载机2台）。 | | | | | 2025年中国电动装载机市场情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | 3吨以下 | 3吨 | 5吨 | 614年 | 7吨 | 8吨 | 滑移浆 | | 2025-03 | 23 | 56 | 1876 | 772 | 129 | 4 | | | 2025-02 | 11 | ਧਰੇ | 829 | 379 | 28 | 1 | C | | 2025-01 | 16 | 20 | 720 | 25 ...

挖掘机 据中国工程机械工业协会对挖掘机主要制造企业统计，2025年2月销售各类挖掘机 19270台，同比增长52.8%。其中国内销量11640台，同比增长99.4%；出口量7630 台，同比增长12.7%。 | | | 2025年2月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 ロ | 合计 | | 当期销量 | 11640 | 7630 | 19270 | | 去年同期 | 5837 | 6771 | 12608 | | 同比涨幅 | 99.4% | 12.7% | 52.8% | | 累计销量 | 17045 | 14737 | 31782 | | 去年同期 | 11258 | 13726 | 24984 | | 同比涨幅 | 51.4% | 7.37% | 27.2% | 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，2025年2月销售各类装载机 8730台，同比增长34.4%。其中国内销量4505台，同比增长63%；出口量4225台， 同比增长13.2%。 | | | 2025年2月 中国装载机市场概况 | | --- | --- | ...