Huatai Securities: Excavator resonance inside and outside all year is worth looking forward to.

Huatai Securities research report stated that according to the Construction Machinery Association, in January 2026, the sales of excavators reached 18,700 units, a year-on-year increase of 49.5%. Of these, domestic sales were 8,723 units, a year-on-year increase of 61.4%; and exports were 9,985 units, a year-on-year increase of 40.5%. According to the General Administration of Customs data, from October to December 2025, the export volume of used construction machinery increased by 69%, 80%, and 99% respectively year-on-year, showing rapid growth. The significant clearance of existing equipment has provided solid support for the rigid update of domestic demand. The global copper price continues to hit historical highs, and is expected to continue driving overseas demand for mining machinery, showing optimism for domestic leading machinery manufacturers and component companies. In 2026, the construction machinery industry is expected to witness both domestic and international resonance in growth. The gradual implementation and start of key infrastructure projects, as well as the potential recovery of the real estate market, are expected to provide support for domestic demand. At the same time, the continuous rise in global metal prices is expected to fully stimulate the demand for overseas mining machinery.