Donghai Securities: Excavator and loader export sales continued to improve in November, and the construction machinery industry continued to recover throughout the year

The Zhitong Finance App learned that Donghai Securities released a research report saying that with large-scale equipment renewal policies and real estate finance policies being implemented one after another, major water conservancy projects began, domestic demand is recovering; on the overseas side, domestic enterprises are setting up overseas pre-sales and after-sales networks, establishing overseas local production capacity, entering a period of accelerated globalization, and the market penetration rate is gradually increasing. It is anticipated that the construction machinery industry will continue to recover throughout the year. It is recommended to focus on leading enterprises with deep overseas layout, high brand recognition, perfect product matrices, efficient costs and expenses, and strong R&D capabilities.

The main views of Donghai Securities are as follows:

China Construction Machinery Industry Association released excavator and loader sales statistics for major companies in November 2025

Excavators: In November 2025, 20027 excavators of various types were sold, up 13.9% year on year. Sales volume in China was 9824 units, up 9.11% year on year; export sales volume was 10,185 units, up 18.8% year on year. In November 2025, 19 electric excavators were sold. From January to November 2025, a total of 212,162 excavators were sold, up 16.7% year on year; of these, domestic sales volume was 108,187 units, up 18.6% year on year; export sales volume was 10,3975 units, up 14.9% year on year.

Loaders: 11,419 loaders of various types were sold in November 2025, an increase of 32.1% over the previous year. It sold 5,671 units in China, up 29.4% year on year; export sales volume was 5,748 units, up 34.8% year on year. In November 2025, 2,935 electric loaders were sold. From January to November 2025, a total of 115,831 loaders were sold, up 17.2% year on year; sales volume in China was 61,039 units, up 22.5% year on year; export sales volume was 5,4792 units, up 14.9% year on year.

Excavator export sales continue to improve

On the domestic side, domestic excavator sales increased 16.7% year on year from January to November 2025, and the recovery trend was strong; domestic sales increased 9.11% year on year in November. The slowdown was mainly due to domestic sales recovering from October to November last year and a high sales base. Furthermore, cooling in the north led to a decline in operating rates, but did not change the annual growth trend. In the future, the country will continue to promote urban renewal and remediation of old neighborhoods. Fiscal and monetary policies will be strengthened. Increased “double” and “two new” investments will bring rigid replacement demand, as well as stable support for non-ferrous mines, major water conservancy projects, and high-standard farmland projects, which will gradually release demand dividends and help the domestic construction machinery industry recover demand. The life span of an excavator is around 8 years. The last wave of sales peaked in 2019-2022. The government continued to push for the implementation of large-scale subsidy policies to eliminate old equipment, stimulating the early release of downstream renewal demand. Demand for excavators has entered a period of rational growth, and domestic sales are expected to continue to recover.

Overseas, exports increased 14.9% year on year from January to November 2025; excavator exports increased 18.8% year on year in November, and overseas growth rate expanded. Judging from the export value of construction machinery, from January to October 2025, China's construction machinery trade export value was US$48.526 billion, an increase of 12% over the previous year. Demand for infrastructure in emerging markets around the world continues to grow. From January to October 2025, African exports increased by 49.7%, Asian exports increased 16.4%, Oceania exports increased 15.6%, and Latin American exports increased 12.0%. Cost-effective and high-quality after-sales domestic equipment was favored, and the global penetration rate of domestic equipment gradually increased. From January to October 2025, China's cumulative total excavator exports reached US$8.517 billion, an increase of 26.19% compared with US$6.750 billion in the same period in 2024.

Domestic and foreign sales of loaders have increased dramatically

Domestic sales increased sharply by 29.4% in November 2025, and domestic sales recovered rapidly, mainly benefiting from the intensive commencement of major domestic projects and the commencement of projects such as the Yaxia Hydropower Station and the Xinzang Railway. The project entered a period of peak demand for earth and rock, boosting domestic demand for loaders. Overseas sales and exports increased by 34.8% year-on-year in November 2025, mainly due to continued growth in infrastructure demand in emerging markets around the world. In November 2025, 2,935 electric loaders were sold, and the electrification penetration rate reached 25.70%. As the downstream application fields of electric loaders gradually expand, the economy has been recognized by the market, and the trend of electrification has emerged.

Sany Heavy Industries: Production site completed in Africa, globalization continues to advance

On November 19, 2025, the Sany Group South Africa Industrial Park was completed in Johannesburg. The South African Industrial Park integrates manufacturing, logistics and talent centers. It covers an area of 28,000 square meters. It is expected to produce 1,000 excavators per year, covering the entire African market, and further globalizing the company. The Sany Group first started its global layout in Africa. Currently, it has sold more than 3 billion US dollars of equipment in Africa, and its service network has covered all countries in Africa.

Risk warning: risk of trade friction; slowdown in overseas demand; risk of market competition; risk of policies falling short of expectations.