金吾财讯 | 华泰证券表示，据工程机械协会11月7日发布，2025年10月挖掘机销量1.81万台，同比+7.8%，其中内/外销量分别为0.85/0.96万台，分别同比+2%/+13%，较9月内/外销量分别同比+22%/+29%的水平有所降速。该机构认为内销降速主要系季初去库影响，年内二手挖机出口快速增长拉动国内更新需求的逻辑多次验证，对于后续需求复苏的可持续性无需过度担忧，同时矿山需求拉动下挖机出口量持续快速增长，国产品牌在海外份额持续提升可期，推荐工程机械龙头，零部件龙头。
金吾财讯 | 华泰证券表示，据工程机械协会11月7日发布，2025年10月挖掘机销量1.81万台，同比+7.8%，其中内/外销量分别为0.85/0.96万台，分别同比+2%/+13%，较9月内/外销量分别同比+22%/+29%的水平有所降速。该机构认为内销降速主要系季初去库影响，年内二手挖机出口快速增长拉动国内更新需求的逻辑多次验证，对于后续需求复苏的可持续性无需过度担忧，同时矿山需求拉动下挖机出口量持续快速增长，国产品牌在海外份额持续提升可期，推荐工程机械龙头，零部件龙头。
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