Excavators are selling well, and construction machinery is "not slow in the off-season".

According to statistics from the China Construction Machinery Industry Association, in July 2025, the major excavator manufacturers sold 17,138 excavators, an increase of 25.2% year-on-year. Among them, domestic sales were 7,306 units, an increase of 17.2% year-on-year; exports were 9,832 units, an increase of 31.9% year-on-year. A professional who has been tracking special bonds for a long time said that with the acceleration of local bond issuance, infrastructure investment, including hydropower, still has strong support in the second half of the year, and related physical work is gradually forming. At the same time, local infrastructure investment is expected to accelerate towards core infrastructure that supports future industrial upgrades. However, a top executive in the construction machinery industry is cautious. The executive emphasized that in the long run, the industry will undoubtedly benefit, but the short-term effects are difficult to verify. "Relying solely on the domestic market, it is difficult for the construction machinery industry to return to its historical peak."