Donghai Securities: Strong performance in excavator exports, leading mining high-end products breakthrough.

Donghai Securities released a report stating that with the commencement of major water conservancy projects, domestic demand is recovering; internationally, domestic enterprises are establishing overseas pre-sales and after-sales networks, building local production capacity, and entering a period of accelerated globalization, gradually increasing market penetration. It is recommended to focus on leading companies with deep overseas layouts, high brand recognition, a comprehensive product matrix, efficient cost management, and strong research and development capabilities. Donghai Securities' main points are as follows: Event: The China Construction Machinery Industry Association released statistics on the sales of excavators and loaders from major companies for July 2026. Excavators: In July 2026, various types of excavators sold 19,500 units, a year-on-year increase of 13.9%; among these, domestic sales reached 7,608 units, an increase of 4.13%, while export sales totaled 11,900 units, rising by 21.2%. From January to July 2026, a total of 171,800 excavators were sold, marking a year-on-year growth of 24.8%; specifically, domestic sales were 86,600 units, up by 18.8%, and export sales were 85,200 units, an increase of 31.7%. Loaders: In July 2026, sales of various types of loaders reached 11,800 units, representing a year-on-year increase of 30.8%; of these, domestic sales were 5,770 units, up by 26.8%, and export sales amounted to 6,004 units, rising by 34.9%. From January to July 2026, a total of 93,800 loaders were sold, a year-on-year increase of 27.2%; among them, domestic sales were 47,200 units, an increase of 17.4%, and export sales were 46,700 units, increasing by 38.9%. Strong Performance in Excavator Exports Domestically, in July 2026, the year-on-year growth for excavator domestic sales was 4.13%. Compared to June, the growth rate for domestic sales has decreased, mainly influenced by high bases, seasonal construction slowdowns, and adverse weather conditions in certain regions such as extreme heat and rainfall. In terms of domestic downstream demand, projects such as nonferrous metal mines, major water conservancy projects, the new X Railway, and high-standard farmland are gradually being implemented, releasing demand dividends and supporting the continuous recovery of domestic demand for construction machinery. From a macroeconomic perspective, according to the National Bureau of Statistics, fixed investment in the mining sector from January to June 2026 grew by 5.9% year-on-year, continuing to underpin demand for construction machinery. Moreover, excavators typically have a service life of about eight years, with the last sales peak concentrated from 2019 to 2022. As the large-scale equipment update and the elimination of obsolete equipment policies continue to advance, the demand for updating existing equipment is expected to be gradually released, and domestic excavator sales are likely to maintain a recovery trend. Internationally, in July 2026, exports increased by 21.2% year-on-year, with export sales continuing to grow; according to overseas export data, the value of Chinas construction machinery exports in the first half of 2026 reached $34.373 billion, a year-on-year increase of 21.7%. High cost-performance and quality after-sales service of domestic equipment are favored, and the global penetration rate of domestic equipment is gradually increasing. Given the release of domestic updating demand and the expansion of overseas markets, the excavator industry is expected to continue its recovery trend in 2026. Sany Heavy Industry: Large Electric Mining Excavators Achieve First Overseas Delivery On July 13, 2026, Sany Heavy Industry delivered two SY3000E large electric mining excavators to local mining customers in Indonesia, marking the first entry of this model into the overseas market. The SY3000E utilizes pure electric drive and an intelligent electro-hydraulic control system, primarily aimed at large open-pit mines, capable of achieving zero emissions, low noise, and reduced energy costs during operations. The equipment has been validated under various conditions, including coal mines and quarries, and has been designed to adapt to the high-temperature and high-humidity environment of Indonesia. This delivery signifies that the overseas expansion of domestic electric construction machinery is moving from small- and medium-tonnage equipment to large mining machinery. Guangxi Liugong Machinery: Ultrahigh Excavators Delivered to Jiangxi Copper Group, High-End Mining Products Achieve Further Breakthrough On July 6, 2026, Guangxi Liugong Machinery officially delivered the 9200F ultrahigh excavator to Jiangxi Copper Group for use in open-pit metal mining operations. This product features a fully electronic control system and a large-capacity electronic control pump, allowing it to work in synergy with Guangxi Liugong Machinery's large-tonnage wide-body vehicles, bulldozers, and graders, enhancing the company's product matrix for complete equipment solutions in large mining operations. Ultrahigh mining equipment is characterized by a high single-unit value, lengthy certification cycles, and stringent reliability requirements from customers. Entering the large nonferrous metal mining sector will help validate Guangxi Liugong Machinery's product capabilities and drive the company's expansion from single-machine sales to comprehensive solutions for complete mining workflows. Risk Warnings: Risks of trade friction; slowdown in overseas demand; market competition risks; risks of policies not meeting expectations.