In September, excavator and loader sales growth accelerated, and the industry is entering a new stage of development.

Securities firm Wanlian released a research report stating that the sales performance of excavators and loaders in September was impressive, especially in overseas markets, indicating that the industry is entering a new stage of development. In the domestic market, with the push of policies such as equipment renewal and local government debt issuance, domestic demand is expected to accelerate recovery. In terms of exports, Chinese construction machinery manufacturers have been expanding overseas for many years, and domestically produced construction machinery products have cost advantages. The competitiveness of domestic manufacturers in overseas markets continues to improve. With the resonance of demand both domestically and overseas, the demand for construction machinery industry is expected to continue to improve, displaying the characteristics of "resonance of domestic and foreign demand + technological advancement". Key points from Wanlian Securities: - In September, the overseas sales growth rate of Chinese excavators was impressive. According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, a total of 19,858 excavators were sold in September 2025, an increase of 25.4% year-on-year, with domestic sales reaching 9,249 units, an increase of 21.5% year-on-year; exports reached 10,609 units, an increase of 29% year-on-year. From January to September 2025, a total of 174,039 excavators were sold, an increase of 18.1% year-on-year, with domestic sales reaching 89,877 units, an increase of 21.5% year-on-year, and exports reaching 84,162 units, an increase of 14.6% year-on-year. In terms of electrification, 31 electric excavators were sold in September. - In September, the domestic and overseas sales growth rate of Chinese loaders saw a significant increase. According to statistics from the China Construction Machinery Industry Association on major loader manufacturers, a total of 10,530 loaders were sold in September 2025, an increase of 30.5% year-on-year, with domestic sales reaching 5,051 units, an increase of 25.6% year-on-year; exports reached 5,479 units, an increase of 35.3% year-on-year. From January to September 2025, a total of 93,739 loaders were sold, an increase of 14.6% year-on-year, with domestic sales reaching 49,996 units, an increase of 20.7% year-on-year, and exports reaching 43,743 units, an increase of 8.31% year-on-year. In terms of electrification, 2,586 electric loaders were sold in September. In September, both excavators and loaders achieved a high-speed growth rate of over 20% in both domestic and overseas markets, indicating that the construction machinery industry is entering a new phase of higher-quality growth. In the short term, there is a strong growth momentum from both domestic and overseas demand. The year-on-year growth rates of domestic sales of excavators and loaders reached 21.5% and 25.6% respectively, indicating that domestic equipment renewal policies and physical workloads of infrastructure projects are accelerating, effectively boosting market confidence. Overseas market sales are even more impressive, with excavator exports growing at a rate of 29%, exceeding domestic sales in absolute terms for the month, and loader exports growing by 35.3%, demonstrating the penetration and competitiveness of Chinese brands in the global market entering an explosive period. Overseas demand has become an indispensable pillar for smoothing domestic cycles and driving growth. In the long term, industry competition has surpassed traditional scale and price wars, shifting towards competition in global operational capabilities and forward-looking technological strategies. Leading companies, leveraging their strong overseas channels and service networks, are steadily converting global infrastructure demands into solid market share. Risk factors include lower-than-expected downstream real estate and infrastructure investment risks, delayed policy implementation risks, intensified industry competition risks, international trade friction risks, and risks from fluctuations in the exchange rate of the Chinese Yuan.