Construction Machinery Exports Surge 32.7% as Gas Turbines Receive SpaceX Catalyst

Data shows that in August 2026, excavator sales reached 19,716 units, a year-on-year increase of 19.3%. Among these, domestic sales were 7,986 units, up 3.92% year-on-year; exports reached 11,730 units, surging 32.7% year-on-year, far exceeding the 3.92% domestic growth rate. Recent institutional research reports indicate that the export chain advantage continues to strengthen, combined with overseas infrastructure recovery and accelerated electrification penetration, construction machinery is expected to maintain steady growth momentum.

Export Chain Advantages Continue to Strengthen

From January to August 2026, China's major excavator manufacturing enterprises sold a total of 191,557 excavators, up 24.2% year-on-year, including 94,619 domestic units (up 17.4%) and 96,938 export units (up 31.8%). Loader sales reached 104,658 units in the same period, up 25.8% year-on-year, with domestic sales of 52,600 units (up 17.0%) and exports of 52,100 units (up 36.1%). The export growth rate of excavators in August was 32.7%, an increase of 11.5 percentage points compared to July, with overseas markets remaining an important growth driver for the industry. From the perspective of overall construction machinery export value, from January to July 2026, China's construction machinery exports totaled USD 40.571 billion, up 21.2% year-on-year, with July exports reaching USD 6.195 billion, up 18.3% year-on-year. Overseas demand continues to show resilience, with high cost-performance ratios and quality after-sales service making domestic equipment increasingly favored globally.

SpaceX Gas Turbine Catalyst for High-End Manufacturing

Research reports note that SpaceX is building a new gas turbine blade casting factory in Texas, personally confirmed by Elon Musk, highlighting the accelerated implementation of the strategy for autonomous domestic production of high-end gas turbine core components. This will drive domestic casting supplier technology upgrades and order expectation increases, particularly benefiting the domestic core supporting enterprises of international giants such as Caterpillar, GE, and Siemens. In the short term, export resilience remains strong; in the medium to long term, domestic substitution of gas turbines is accelerating, opening up valuation repair space for the sector.

Leading Companies Report Strong Half-Year Results

Sany Heavy Industry reported first-half 2026 revenue of RMB 53.306 billion, up 19.70% year-on-year, with net profit attributable to the parent company of RMB 5.690 billion, up 9.13% year-on-year, achieving dual growth in revenue and profit despite exchange rate headwinds. The excavator machinery business achieved sales revenue of RMB 21.306 billion, up 21.77% year-on-year, maintaining the top domestic market position with steadily rising global market share. Overseas sales revenue reached RMB 32.040 billion, up 21.82% year-on-year, with overseas revenue accounting for 61.33% of main business revenue, reflecting accelerating globalization. XCMG Machinery also reported strong half-year results with continued optimization of its product structure and high export proportions.

Domestic Equipment Update Cycle and Computing Power Center Construction

On the domestic front, the industry has entered a stock equipment update cycle. Based on an 8-year average lifespan calculation, equipment purchased during the 2016-2020 peak period is entering the replacement window. Policy support continues to increase, and domestic demand recovery is highly certain. Notably, computing power center and computing power network construction is becoming a new force driving construction machinery industry development. According to institutional estimates, the "15th Five-Year Plan" period will see RMB 4 trillion in direct investment in computing power network construction. Beyond mining construction, computing centers—encompassing site preparation, civil construction, power supporting facilities, backup power, cooling systems, and campus infrastructure—are driving demand across multiple construction machinery categories. Energy infrastructure and major transportation projects continue to show stable demand, providing sustained support for lifting equipment needs.

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