Construction Machinery: Pre-Peak Export & Price Boost(Sep 11)
Construction Machinery Accelerates Ahead of Peak Season: Export Growth and Price Increases Dual-Drive Profit Recovery for Leading Enterprises
Data shows that in August 2026, excavator sales reached 19,716 units, a year-on-year increase of 19.3%, with domestic sales growing 3.9% and exports surging 32.7%. Loader sales reached 10,832 units, up 14.7% year-on-year, with both domestic and export sales improving simultaneously. Electric loaders now account for 56% of domestic sales, reflecting accelerating structural upgrades. The manufacturing PMI rebounded to 49.8%, with both new orders and production returning to expansion territory. Special-purpose bond issuance in August exceeded 518.8 billion yuan, indicating significantly accelerated infrastructure funding deployment.
From Price Competition to Profit Recovery
Recent institutional research reports note that the industry is shifting from price competition to profit recovery. SANY, XCMG, and Liugong have raised excavator prices by 3%-5%, and the price increase is spreading to crane and other categories, marking the first large-scale collective price adjustment in nearly three years. The reports suggest that, combined with easing exchange rate pressures in the third quarter of 2026 (due to a lower base last year), leading enterprises' earnings elasticity will be concentrated and released.
The reports highlight that the "replacement cycle + export-driven growth + price increase spread" thesis continues to materialize. Investors are advised to focus on leading manufacturers with high market share, strong overseas capabilities, and profit resilience, as well as core component suppliers.
Excavator Domestic and Export Sales Both Grow
According to data from the China Construction Machinery Association, from January to August 2026, China's major excavator manufacturers sold a total of 191,557 excavators, a year-on-year increase of 24.2%. Domestic sales reached 94,619 units (including 411 electric excavators), up 17.4% year-on-year. Exports reached 96,938 units (including 257 electric excavators), up 31.8% year-on-year.
In August alone, major excavator manufacturers sold 19,716 units of various excavators, up 19.3% year-on-year. Domestic sales were 7,986 units (including 184 electric excavators), up 3.92% year-on-year. Exports were 11,730 units (including 60 electric excavators), up 32.7% year-on-year.
Additionally, in August, major loader manufacturers sold 10,832 units of various loaders, up 14.7% year-on-year. From January to August 2026, total loader sales reached 104,658 units, a year-on-year increase of 25.8%.
Domestic and International Cycles in Resonant Upward Trend
Dongwu Securities' research report indicates that the construction machinery industry is in a resonant upward cycle across both domestic and international markets. The growth in excavator sales reflects domestic cyclical recovery combined with rising overseas mining capital expenditure. Benefiting from high global mining and infrastructure prosperity and steady gains in enterprises' global market share, SANY Heavy Industry's core excavator business achieved sales revenue of 21.306 billion yuan in the first half of the year, up 21.77% year-on-year, with global market share steadily rising.
Institutional estimates suggest that "15th Five-Year Plan" computing power network construction will generate 4 trillion yuan in direct investment. Beyond mining construction, computing data centers and computing power network construction are emerging as new forces driving construction machinery industry growth. Data centers are heavy-asset new infrastructure, encompassing site preparation, civil engineering, power infrastructure, backup power, cooling systems, and campus facilities, driving demand across multiple dimensions of the construction machinery industry.
The industry's overseas expansion model is upgrading from "single-point product export" to "full-chain localized operation." XCMG's Indonesia new energy manufacturing base has commenced production, and Zoomlion has delivered high-end cranes in Brazil, accelerating overseas market expansion. In the first half of 2026, the construction machinery sector's revenue growth reached a five-year high, with excavator and loader sales both growing over 26% year-on-year.
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