Affected by strong industry demand and rising raw material prices, starting from June 1, several major manufacturers have officially raised the prices of excavators by 3%-5%, and the industry is expected to witness a shift from "price competition" to "value competition." China's construction machinery industry is entering a golden development period driven by both domestic and international sales, leveraging advantages in internationalization, electrification, and intelligence. The resonance of domestic and foreign demand combined with price increases is expected to release good profit elasticity in the sector. Current excavator sales data confirms the recovery in demand. According to data from the China Construction Machinery Industry Association, excavator sales in April continued to show strong momentum, with domestic sales increasing by 34.9% year-on-year and exports increasing by 23.2%. Cumulative sales from January to April reached 102,000 units, a year-on-year increase of 22.2%. Among them, cumulative exports reached 46,000 units, a significant year-on-year increase of 32.5%, with the overseas market contributing increasingly prominently. From the product structure perspective, the sales of medium and large excavators have begun to increase, reversing the previous situation where small excavators had "increased revenue without increased profit," significantly enhancing the contribution to corporate performance. From the performance perspective, under the resonance of domestic and foreign demand, the construction machinery sector generally saw high revenue growth in the first quarter, but profits were almost all affected by exchange losses due to the appreciation of the RMB, with nominal profit growth rates significantly lower than actual operating profit growth rates. Currently, both macro and micro-level data in the industry are performing well, and since the second quarter, leading companies have generally accelerated revenue growth on a month-on-month basis, but performance may still be affected by exchange rate fluctuations. Domestically, China's infrastructure investment growth rate remains stable, while the decline in real estate investment is narrowing, and demand for earthwork and other operations is becoming stable, which may significantly reduce the volatility of new machine sales. Recently, the Central Political Bureau meeting clearly proposed to strengthen the planning and construction of water networks, new power grids, and computing power networks, and to promote the commencement of major engineering projects that are ready to start. Driven by multiple factors such as fiscal efforts, stock updates, and the digestion of second-hand machinery, domestic demand for construction machinery is expected to grow steadily, and the current upward trend in industry sales is likely to continue. In terms of exports, overseas market gross margins are generally higher than those in the domestic market, becoming an important engine for corporate profit growth. Current external demand has crossed the bottom turning point, with continued high prosperity in the Asia, Africa, and Latin America regions, accelerated recovery in Southeast Asia and Europe, and a significant narrowing of declines in North America. Leveraging supply chain advantages and the policy dividends of the "Belt and Road" initiative, domestic manufacturers still have significant room for increasing their global market share. Major manufacturers are expected to achieve continuous export growth through deepening overseas channel construction and enhancing product competitiveness