CITIC Construction Investment: Strong performance in both domestic and overseas sales of construction machinery.

CITIC Securities Research Report stated that exchange rate fluctuations may affect Q1 performance, but both domestic and overseas sales performance remains strong. In March 2026, sales of various types of excavators totaled 37,402 units, an increase of 26.4% year-on-year. Among them, domestic sales reached 24,101 units, an increase of 23.5% year-on-year; exports reached 13,301 units, an increase of 32% year-on-year. Domestic sales are recovering with the easing of industry price wars, dissipation of customer wait-and-see sentiment, and resumption of procurement, while exports are maintaining high growth. We expect the domestic market to achieve growth of over 10% in 2026, and exports to achieve growth of over 15%, with continued resonance between domestic and overseas demand.