A research report indicates that 16,523 excavators of various types were sold in August 2025, representing a year-on-year increase of 12.8%. Domestic sales reached 7,685 units, up 14.8% year-on-year, while exports totaled 8,838 units, up 11.1% year-on-year. In terms of structure, domestic sales accounted for 47% of total sales in August 2025, while exports represented 53%. With counter-cyclical fiscal policies gradually taking effect and the industry's cyclical upward trend, domestic excavator sales growth is expected to continue rising. Although exports face certain trade friction risks, most construction machinery manufacturers have limited exposure to the U.S. market, maintaining controllable risk levels, and leading companies with comprehensive overseas layouts are gradually entering harvest periods.
**August 2025 Shows Rapid Growth in Both Domestic and Export Sales**
In August 2025, 16,523 excavators of various types were sold, up 12.8% year-on-year. Domestic sales reached 7,685 units, up 14.8% year-on-year, while exports totaled 8,838 units, up 11.1% year-on-year. From January to August 2025, total excavator sales reached 154,181 units, up 17.2% year-on-year, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%).
Regarding electrification, 31 electric excavators were sold in August 2025 (6 units under 6 tons, 3 units in 6-10 ton category, 2 units in 10-18.5 ton category, 14 units in 18.5-28.5 ton category, 2 units in 28.5-40 ton category, and 4 units above 40 tons).
Structurally, domestic sales accounted for 47% of total sales in August 2025, while exports represented 53%. For January-August 2025, domestic sales accounted for 52% of total sales, with exports comprising 48%.
**Monthly Operating Hours and Utilization Rates of Major Construction Machinery Decline Year-on-Year**
Monthly operating hours for major construction machinery decreased year-on-year. In August 2025, the average monthly operating hours for major construction machinery products was 78.4 hours, down 9.45% year-on-year and 2.92% month-on-month. Breakdown by equipment: excavators 63.3 hours; loaders 96.3 hours; truck cranes 113 hours; crawler cranes 92 hours; tower cranes 48.9 hours; road rollers 40.5 hours; pavers 51 hours; rotary drilling rigs 72.1 hours; off-highway mining dump trucks 128 hours; concrete pump trucks 42.4 hours; concrete mixer trucks 67.7 hours; forklifts 95.7 hours.
Monthly utilization rates for major construction machinery declined year-on-year. In August 2025, the monthly utilization rate for major construction machinery products was 55.1%, down 6.83 percentage points year-on-year and 1.14 percentage points month-on-month. Breakdown by equipment: excavators 54.8%; loaders 57.9%; truck cranes 71.9%; crawler cranes 57.5%; tower cranes 39.5%; road rollers 47%; pavers 60.4%; rotary drilling rigs 42%; off-highway mining dump trucks 41.2%; concrete pump trucks 36.6%; concrete mixer trucks 33.1%; forklifts 58.4%.
**Trade Friction Risks Remain Controllable**
Most Chinese construction machinery manufacturers have limited U.S. market exposure. For example, XCMG's U.S. market accounts for less than 1% of total revenue, Zoomlion's U.S. market represents approximately 1% of total revenue, and Hengli Hydraulic's export revenue to the U.S. accounts for about 5% of total operating revenue, keeping overall risks manageable.
**Investment Recommendations**
Recommended targets include Sany Heavy Industry (600031.SH), Zoomlion (000157.SZ), XCMG (000425.SZ), and Hengli Hydraulic (601100.SH), with LiuGong (000528.SZ) as a beneficiary target.
**Risk Warnings** Macroeconomic and market demand volatility risks, escalating trade friction risks, intensified market competition, and declining overseas demand.