In April, both excavator and loader sales achieved rapid growth, closely following the industry's main trend of "internal and external resonance and simultaneous increase in volume and price."

Wanlian Securities released a research report stating that in April, the domestic and foreign sales of the construction machinery industry continued to be in a strong situation, with both excavator and loader sales achieving rapid growth. With the continued efforts of domestic countercyclical adjustment policies and the acceleration of major infrastructure projects, coupled with the natural replacement of the previous equipment renewal cycle, the domestic market is experiencing recovery. In terms of exports, Chinese construction machinery manufacturers have been expanding overseas for many years, and domestic construction machinery products have a cost-effective advantage, leading to the continuous improvement of the competitiveness of domestic manufacturers in overseas markets. Focusing on the prosperous main theme of the construction machinery industry's "domestic and foreign resonance, simultaneous rise in quantity and price," it is recommended to pay attention to high-quality companies with market advantages and actively expanding into overseas markets. Main points of Wanlian Securities: Industry Events The China Construction Machinery Industry Association released the latest statistics, with sales of various excavators reaching 28,745 units in April, a year-on-year increase of 29.8%; and sales of various loaders reaching 15,432 units, a year-on-year increase of 32.4%. In April, the sales of excavators in China achieved rapid growth, with domestic sales growth exceeding exports for the first time since 2026 According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, in April 2026, sales of various excavators reached 28,745 units, a year-on-year increase of 29.8%. Among them, domestic sales were 16,920 units, a year-on-year increase of 34.9%; while exports were 11,825 units, a year-on-year increase of 23.2%. Domestic sales growth exceeded export growth for the first time since 2026, indicating that under the drive of infrastructure investment, major water conservancy and mining projects, and the cyclical replacement of existing equipment, the domestic market demand is strengthening. From January to April 2026, a total of 102,081 excavators were sold, a year-on-year increase of 22.2%. Among them, domestic sales were 56,499 units, a year-on-year increase of 15%; exports were 45,582 units, a year-on-year increase of 32.5%, demonstrating the continued resilience of overseas markets, remaining an important foundation for the industry. In terms of electrification, 27 electric excavators were sold in April, a decrease compared to the previous month, with 11 sold domestically and 16 exported, indicating a relatively low overall penetration rate, as the industry is still in the early stages of industrialization. In April, the export volume of loaders in China increased by more than 50%, with overseas markets becoming core growth drivers According to statistics from the China Construction Machinery Industry Association on major loader manufacturers, in April 2026, sales of various loaders reached 15,432 units, a year-on-year increase of 32.4%. Among them, domestic sales were 8,411 units, a year-on-year increase of 17%; while exports were 7,021 units, a year-on-year increase of 57.4%. From January to April 2026, a total of 53,757 loaders were sold, a year-on-year increase of 27.3%. Among them, domestic sales were 27,088 units, a year-on-year increase of 14.9%; exports were 26,669 units, a year-on-year increase of 43%. Focusing on export data, in April, loader exports grew by over 50%, with a cumulative year-on-year increase of 43% from January to April, highlighting the continuous importance of overseas markets as key growth drivers. In terms of electrification, 5,575 electric loaders were sold in April, with 5,273 sold domestically and 302 exported, indicating that electrification has become an important driver of new sales volume and structural upgrade. In April, both excavator and loader sales showed impressive growth, but there was differentiation in the electrification process A total of 5,575 electric loaders were sold in April, with a penetration rate of approximately 36.1%, becoming an important driver for sales and product structural upgrades; while only 27 electric excavators were sold in April, with a very low penetration rate, reflecting significant differences in battery adaptation, operating conditions, and cost between different categories, with excavator electrification still in the early stages of industrialization. Overall, against the backdrop of strengthened countercyclical policies, equipment renewal policy promotion, and deepening global channel layout of Chinese companies, the construction machinery industry is expected to continue on a prosperous path in 2026, with synchronized recovery in domestic sales, high export growth, and accelerated electrification. Risk factors: risks of lower-than-expected downstream real estate and infrastructure investment, risks of policy implementation falling short of expectations, risks of intensified industry competition, risks of international trade frictions, risks of RMB exchange rate fluctuations.