The internal and external prosperity of excavator industry is expected to rise in September, and we are optimistic about the sustained recovery of the industry. According to the release of the Construction Machinery Association on October 13th, the sales volume of excavators in September 2025 was 19900 units, a year-on-year increase of 25.4%. The internal and external sales were 9200 units and 10600 units, respectively, an increase of 22% and 29% year-on-year, further accelerating from the 15% and 11% year-on-year growth in internal and external sales in August. Optimistic about the rapid growth of second-hand excavator exports driving domestic demand for updates, as well as the continuous increase in domestic brands' overseas market share, we recommend leading companies in construction machinery and parts.
