According to the Zhitong Finance APP, Guotai Junan released a research report stating that in August 2025, a total of 16,523 excavators of various types were sold, a year-on-year increase of 12.8%. Among them, domestic sales were 7,685 units, a year-on-year increase of 14.8%; export volume was 8,838 units, a year-on-year increase of 11.1%. In terms of structure, domestic sales accounted for 47% of total sales in August 2025, while export sales accounted for 53% of the total. With the gradual implementation of counter-cyclical fiscal policies and the cyclical upward trend in the industry, the growth rate of domestic excavator sales is expected to continue to rebound. Although exports face certain trade friction risks, most major construction machinery manufacturers have limited exposure to the U.S., which is under controllable risk, and leading companies have well-established overseas layouts, gradually entering a harvest period.
<h2>Guotai Junan's main points are as follows:</h2>
Rapid year-on-year growth in domestic and export sales in August 2025
In August 2025, a total of 16,523 excavators of various types were sold, a year-on-year increase of 12.8%. Among them, domestic sales were 7,685 units, a year-on-year increase of 14.8%; export volume was 8,838 units, a year-on-year increase of 11.1%. From January to August 2025, a total of 154,181 excavators were sold, a year-on-year increase of 17.2%; among them, domestic sales were 80,628 units, a year-on-year increase of 21.5%; exports were 73,553 units, a year-on-year increase of 12.8%. In terms of electrification, 31 electric excavators were sold in August 2025 (6 units under 6 tons, 3 units in the 6 to 10 tons range, 2 units in the 10 to 18.5 tons range, 14 units in the 18.5 to 28.5 tons range, 2 units in the 28.5 to 40 tons range, and 4 units over 40 tons). In terms of structure, domestic sales accounted for 47% of total sales in August 2025, while export sales accounted for 53% of the total. From January to August 2025, domestic sales accounted for 52% of total sales, while export sales accounted for 48%.
Monthly working hours and operating rates of major construction machinery have declined year-on-year
The monthly working hours of major construction machinery have decreased year-on-year. In August 2025, the average monthly working hours for major construction machinery products was 78.4 hours, a year-on-year decrease of 9.45% and a month-on-month decrease of 2.92%. Among them: excavators 63.3 hours; loaders 96.3 hours; truck cranes 113 hours; crawler cranes 92 hours; tower cranes 48.9 hours; rollers 40.5 hours; pavers 51 hours; rotary drilling rigs 72.1 hours; off-road mining dump trucks 128 hours; concrete pump trucks 42.4 hours; concrete mixers 67.7 hours; forklifts 95.7 hours.
The monthly operating rates of major construction machinery have also declined year-on-year. In August 2025, the operating rate for major construction machinery products was 55.1%, a year-on-year decrease of 6.83 percentage points and a month-on-month decrease of 1.14 percentage points. Among them: excavators 54.8%; loaders 57.9%; truck cranes 71.9%; crawler cranes 57.5%; tower cranes 39.5%; rollers 47%; pavers 60.4%; rotary drilling rigs 42%; off-road mining dump trucks 41.2%; concrete pump trucks 36.6%; concrete mixers 33.1%; forklifts 58.4%
The risk of trade friction is controllable
Most Chinese construction machinery manufacturers have a small risk exposure to the U.S. For example, XCMG's revenue from the U.S. market accounts for less than 1% of the company's total revenue, Zoomlion's revenue from the U.S. market is about 1% of the company's total revenue, and Hengli Hydraulic's export revenue to the U.S. accounts for about 5% of total operating revenue, making the overall risk controllable.
Target aspects
Recommended stocks include Sany (600031.SH), Zoomlion (000157.SZ), XCMG (000425.SZ), and Hengli Hydraulic (601100.SH), with LIUGONG (000528.SZ) as a beneficiary.
Risk warning
Risks of macroeconomic and market demand fluctuations, risks of intensified trade friction, intensified market competition, and decline in overseas demand

000157

01157

600031

000425

000528

Guotai Junan released a research report stating that in August 2025, excavator sales experienced rapid year-on-year growth, with total sales reaching 16,523 units, a year-on-year increase of 12.8%. Among them, domestic sales were 7,685 units, a year-on-year increase of 14.8%; export volume was 8,838 units, a year-on-year increase of 11.1%. With the gradual implementation of counter-cyclical fiscal policies, it is expected that the growth rate of domestic sales will continue to rebound. Although exports face risks from trade frictions, the risks for major construction machinery manufacturers are controllable, and leading companies are gradually entering a harvest period

Zhitong

Zoomlion

ZOOMLION

Sany

XCMG

LIUGONG

Cathay Haitong: The construction machinery sector remains highly prosperous, with rapid growth in domestic sales and exports of excavators in August