Donghai Securities: Strong export performance of excavators, breakthroughs in high-end products in leading mines
The Zhitong Finance App learned that Donghai Securities released a research report saying that with the commencement of major water conservancy projects, 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 gradually increasing market penetration. 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:
Event: China Construction Machinery Industry Association released excavator and loader sales statistics for major companies in July 2026
Excavators: In July 2026, sales of 19,500 excavators of various types were sold, up 13.9% year on year; sales volume in China was 7,608 units, up 4.13% year on year, and export sales volume was 11,900 units, up 21.2% year on year. From January to July 2026, 171,800 excavators were sold, up 24.8% year on year; of these, domestic sales volume was 86,600 units, up 18.8% year on year, and export sales volume was 85,200 units, up 31.7% year on year.
Loaders: In July 2026, 11,800 loaders of various types were sold, up 30.8% year on year; sales volume in China was 5,770 units, up 26.8% year on year, and export sales volume was 6004 units, up 34.9% year on year. From January to July 2026, 93,800 loaders of various types were sold, up 27.2% year on year; of these, domestic sales volume was 47,200 units, up 17.4% year on year, and export sales volume was 46,700 units, up 38.9% year on year.
Strong export sales of excavators
On the domestic side, domestic sales of excavators increased 4.13% year on year in July 2026. Compared with June, domestic sales growth rates all declined somewhat, mainly affected by factors such as high base, slow seasonal construction, and high temperatures and rain in some regions. Looking at domestic downstream demand, projects such as domestic non-ferrous mines, major water conservancy projects, the Xinzang Railway, and high-standard farmland will gradually be implemented to release demand dividends and help the domestic construction machinery industry continue to rise in demand. Looking at macro data, according to the National Bureau of Statistics, fixed investment in the domestic mining industry increased 5.9% year-on-year from January to June 2026, and the mining industry continued to support construction machinery demand; at the same time, the service life of excavators was usually around 8 years, and the last sales peak was concentrated in 2019-2022. As large-scale equipment updates and old equipment elimination policies continue to advance, demand for stock equipment renewal is expected to gradually be released. It is expected that domestic excavator sales will continue to recover. Overseas, exports increased 21.2% year on year in July 2026, and export sales continued to grow; judging from overseas export data, in the first half of 2026, China's construction machinery export value was US$34.373 billion, up 21.7% year on year. Cost-effective and high-quality after-sales domestic equipment was favored, and the global penetration rate of domestic equipment gradually increased. Combining the release of domestic demand for renewal and overseas market expansion, it is expected that the excavator industry may continue to recover in 2026.
Sany Heavy Industries: Large-scale electric mining achieved overseas delivery for the first time
On July 13, 2026, Sany Heavy Industries delivered two SY3000E large-scale electric mining excavators to a local mining customer in Indonesia, entering the overseas market for the first time. The SY3000E uses pure electric drive and intelligent electro-hydraulic control system. It is mainly aimed at large-scale open pit mines, which can achieve zero emissions, low noise, and reduce energy costs in the operation process. The equipment has been verified in different working conditions such as coal mines and quarries, and is adaptively designed for high temperature and high humidity environments in Indonesia. This delivery shows that the overseas expansion of domestic electric construction machinery is extending from small to medium tonnage equipment to large-scale mining equipment.
Liugong: Oversized excavators delivered to Jiangtong Group, further breakthroughs in high-end mining products
On July 6, 2026, the Liugong 9200F oversized excavator was officially delivered to Jiangtong Group for use in open pit metal mining operations. The product uses an all-electronic control system and a high-displacement electronically controlled pump, and can work collaboratively with Liugong's large-tonnage wide-body vehicles, bulldozers, graders, etc., to complete the company's large-scale mining equipment product matrix. Oversized mining equipment has the characteristics of high stand-alone value, long certification cycle, and strict customer reliability requirements. Entering large-scale non-ferrous metal mining customers this time will help verify the product capabilities of Liugong's oversized excavators and promote the company's expansion from stand-alone sales to complete solutions for the entire mining process.
Risk warning: risk of trade friction; slowdown in overseas demand; risk of market competition; risk of policies falling short of expectations.