Huatai Securities: Full-year internal and external resonance of excavators is worth looking forward to

Huatai Securities research report states that, according to the Construction Machinery Association, sales of excavators in January 2026 reached 18,700 units, a year-on-year increase of 49.5%. Among them, domestic sales were 8,723 units, up 61.4% year-on-year; exports were 9,985 units, up 40.5% year-on-year. According to data from the General Administration of Customs, the export volumes of second-hand machinery in October to December 2025 increased by 69%, 80%, and 99% year-on-year, respectively, showing rapid growth. The clearing of existing equipment has been highly effective, providing solid support for the rigid renewal of domestic demand. Global copper prices continue to hit record highs, which is expected to continue driving overseas mining machinery demand. The outlook remains optimistic for domestic leading manufacturers of main equipment and component companies. In 2026, engineering machinery is expected to experience a synchronized upward trend both domestically and internationally. The gradual implementation of key infrastructure projects and potential recovery in the real estate sector are expected to support domestic demand, while the ongoing rise in global metal prices is likely to significantly boost overseas mining machinery demand. (People’s Financial News)