In terms of news, the engineering machinery industry has shown steady performance at the beginning of 2026, with exports continuing to grow significantly. Regarding domestic demand, Kaiyuan Securities pointed out that the construction of high-speed rail along the Yangtze River will drive a demand of nearly 1.5 trillion yuan, which is expected to benefit the engineering machinery industry.
In terms of exports, in the first two months of this year, China's exports of engineering machinery products to Africa, Oceania, and Europe increased by 77%, 50.6%, and 28.1%, respectively. CITIC Construction Investment Securities noted that in January and February 2026, excavator exports reached 20,456 units, a year-on-year increase of 38.8%, and it is expected that domestic sales will also recover to positive growth in March; looking at the whole year, the domestic market is expected to achieve over 10% growth, with export growth possibly exceeding 15%, indicating a clear upward trend in the resonance of domestic and foreign demand.
Some institutions analyze that the reasons for this round of high growth can be summarized in three points: first, global infrastructure and mining investment have entered a new round of active period, especially the energy transition has driven a surge in demand for the extraction of key minerals such as lithium, copper, and nickel; second, domestic companies have significantly enhanced their overseas channels and localization service capabilities after years of deep cultivation; third, the stability and high cost-performance of the Chinese supply chain have absorbed some of the international order transfers during the global supply chain restructuring.
Specifically, overseas expansion has become the core growth engine for leading engineering machinery companies. CICC analysis believes that Sany's overseas revenue will reach 55.86 billion yuan in 2025, a year-on-year increase of 15.1%, accounting for 62.3% of total revenue, with its overseas gross profit margin rising to 71%; revenue from the African region increased by 55% year-on-year, and the Asia-Pacific region grew by 16%. Zoomlion's overseas market revenue is expected to reach 30.515 billion yuan in 2025, a year-on-year increase of 30.52%, with its share of total revenue rising to 58.56%, setting a historical high.
Dongxing Securities pointed out that in 2026, the engineering machinery industry will welcome a domestic equipment renewal cycle and a recovery in overseas demand, creating an upward resonance pattern; the domestic excavator renewal demand will support a mild and lasting recovery in domestic demand, and the Federal Reserve entering a rate-cutting cycle will improve global liquidity, leading to an upward cycle in overseas excavator demand starting in 2026, with the Middle East and Africa being the core growth regions overseas.
In terms of on-site ETFs, as of April 8, 2026, at 13:41, the CSI Engineering Machinery Theme Index (931752) surged by 5.73%, and the Engineering Machinery ETF GF (560280) rose by 5.72%. The component stock Guangli Technology increased by 11.40%, Liande Co., Ltd. hit the daily limit with a 10cm increase, and Youluoka rose by 8.60%. The top ten weighted stocks accounted for 72.16% in total, with the second-largest weighted stock XCMG Machinery rising by 9.01%, Sany rising by 7.02%, and Zoomlion increasing by over 6%, with LiuGong and Weichai Power also following suit.
In terms of scale, as of April 7, 2026, the GF Engineering Machinery ETF has seen a scale growth of 2.221 billion yuan in nearly three months, achieving significant growth. In terms of shares, the GF Engineering Machinery ETF has seen an increase of 16.5 million shares in nearly two weeks. In terms of capital inflow, looking at a longer time frame, the GF Engineering Machinery ETF has had net capital inflow on three out of the last four trading days, totaling 61.3939 million yuan
Construction Machinery ETF GF Fund (560280), off-market connection (A: 020903C: 020904), one-click grasp of the upward trend in the construction machinery industry

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560280

The construction machinery industry performed steadily at the beginning of 2026, with both domestic demand and exports showing high growth. Kaiyuan Securities pointed out that the construction of high-speed rail along the river will bring nearly 1.5 trillion yuan in demand, and the domestic market is expected to achieve over 10% growth, with export growth exceeding 15%. CICC's analysis shows that Sany Heavy Industry and Zoomlion's overseas revenue has significantly increased, becoming core growth engines. The GF Fund CSI Construction Machinery Theme ETF rose nearly 6% during trading

腾讯新闻 - 财经

Sany

Guotai CSI Subdivision Mechanical Equipment Industry Theme ETF

SANY HEAVY IND

ZOOMLION

Zoomlion

Dacheng CSI Construction Machinery Theme ETF

GF Fund CSI Construction Machinery Theme ETF

Infrastructure demand is active combined with high growth in overseas exports, the engineering machinery industry trend is upward, the engineering machinery ETF GF Fund rose nearly 6% during the trading session, with machinery equipment accounting for over 70%