Pacific Securities: The performance of non-mining sales in March has shown differentiation, and exports overall maintain a relatively high growth rate.

Pacific Securities released a research report stating that recently, the China Construction Machinery Industry Association released the March 2026 Engineering Machinery Industry Sales Flash Report 2. In March, there was some differentiation in the performance of non-excavating products, with truck cranes performing well and achieving a large year-on-year increase, while road rollers and pavers saw a slight increase in the same period, and other categories saw a decline. Domestic demand for engineering machinery has entered a new cycle of growth, with overseas market conditions improving and higher profit margins, export performance is expected to continue to be good. The industry is expected to continue to see profit growth in the upward cycle, and Pacific Securities remains optimistic about the engineering machinery sector. Key points from Pacific Securities include: March saw some differentiation in the performance of non-excavating products, optimistic about future demand growth In March, truck cranes performed well, with a significant year-on-year increase, road rollers and pavers saw a slight increase, while other categories declined. Specifically, for truck cranes: truck cranes sold 1914 units in March, a year-on-year increase of 33.0%; crawler cranes sold 121 units, a year-on-year decrease of 12.3%; mobile cranes sold 2143 units, a year-on-year decrease of 3.08%; tower cranes sold 216 units, a year-on-year decrease of 33.3%. For road machinery: road rollers sold 810 units in March, a year-on-year increase of 0.62%; graders sold 151 units, a year-on-year decrease of 24.1%; pavers sold 140 units, a year-on-year increase of 2.19%. Looking ahead, Pacific Securities believes that with continued policy support and the addition of the machinery renewal cycle, they remain optimistic about future domestic demand growth. Overall, non-excavating exports maintained a relatively high growth rate in March, optimistic about export opportunities Overall, non-excavating product exports continued to increase year-on-year in March. Specifically, for truck cranes: truck cranes sold 1043 units in March, a year-on-year increase of 14.5%; crawler cranes sold 281 units, a year-on-year increase of 31.9%; mobile cranes sold 469 units, a year-on-year decrease of 35.8%; tower cranes sold 259 units, a year-on-year decrease of 24%. For road machinery: road rollers sold 1562 units in March, a year-on-year increase of 52.8%; graders sold 856 units, a year-on-year increase of 33.1%; pavers sold 77 units, a year-on-year increase of 114%. Pacific Securities is optimistic about exports, as overseas market conditions improve, and Chinese brands continue to enhance their presence in various regions, export performance is expected to remain strong. Risk Warning: Domestic downstream construction activity lower than expected; overseas market expansion falling short of expectations, etc.