> **来源：[研报客](https://pc.yanbaoke.cn)** # Capital Goods # Strong sales momentum continued for truck cranes & crawler cranes in Dec 2025 China Construction Machinery Association (CCMA) released the full set of construction machinery sales data for Dec 2025. Strong growth momentum of domestic sales of truck cranes and crawler cranes continued in Dec (+39%/+96% YoY), which we believe were driven by wind power installation and other energy projects. Exports in Dec were strong across different types of machineries (except tower cranes). We expect the upcycle of non-earth-moving machinery demand to extend to 2026, which will continue to serve as a sector catalyst. Our key pick is Zoomlion (1157 HK / 000157 CH, BUY), followed by Jiangsu Hengli (601100 CH, BUY) and SANY Heavy (6031 HK / 600031 CH, BUY). Meanwhile, we remain cautious on Zhejiang Dingli (603338 CH, HOLD) due to sluggish (though improving) AWP industry sales volume (-8% YoY in Dec). # Highlights on non-earth-moving machinery in Dec 2025: ■ Truck crane: $+38\%$ YoY. Domestic sales grew $39\%$ YoY in Dec, vs $+26\%$ YoY in Nov and $+42\%$ YoY in Oct. Exports grew $37\%$ YoY in Dec, significantly accelerating from $+8.5\%$ in Nov and $-4.5\%$ in Oct. For the full year in 2025, both domestic sales and exports grew $1.4\%$ YoY. Crawler crane: +68% YoY. Domestic sales surged 96% YoY in Dec (slightly decelerated from +102% in Nov), representing YoY growth for seven consecutive months. Exports grew 57% YoY in Dec, slightly accelerating from 53% YoY in Nov. For the full year in 2025, domestic sales/ exports grew 33% / 29% YoY. ■ Forklift: unchanged YoY. Domestic sales dropped $5\%$ YoY in Dec, significantly slowing from $+24\%$ YoY in Nov. Exports remained resilient, growing $8\%$ in Dec (accelerated from $1\%$ YoY in Nov). For the full year in 2025, both domestic sales and export grew $13\%$ YoY. Tower crane: -31% YoY. Dragged by weak property investment, domestic sales declined 46% YoY in Dec (improved from -49% YoY in Nov but deteriorated from -17% in Oct). Exports dropped 10% YoY in Dec, worsening from the positive growth trend (YoY) between Jul and Nov. For the full year in 2025, domestic sales declined 50% YoY while exports grew 20% YoY. Major construction machinery sales in Dec 2025 <table><tr><td rowspan="2"></td><td colspan="3">Sales volume (units)</td><td colspan="3">Change (YoY)</td></tr><tr><td>Total</td><td>China</td><td>Export</td><td>Total</td><td>China</td><td>Export</td></tr><tr><td colspan="7">Earth-moving</td></tr><tr><td>Excavator</td><td>23,095</td><td>10,331</td><td>12,764</td><td>19%</td><td>11%</td><td>27%</td></tr><tr><td>Wheel loader</td><td>12,236</td><td>5,291</td><td>6,945</td><td>30%</td><td>18%</td><td>41%</td></tr><tr><td colspan="7">Others</td></tr><tr><td>Truck crane</td><td>1,911</td><td>886</td><td>1,025</td><td>38%</td><td>39%</td><td>37%</td></tr><tr><td>Crawler crane</td><td>385</td><td>131</td><td>254</td><td>68%</td><td>96%</td><td>57%</td></tr><tr><td>Tower crane</td><td>395</td><td>182</td><td>213</td><td>-31%</td><td>-46%</td><td>-10%</td></tr><tr><td>Forklift</td><td>111,363</td><td>63,807</td><td>47,556</td><td>0%</td><td>-5%</td><td>8%</td></tr><tr><td>Aerial work platform</td><td>14,326</td><td>4,446</td><td>9,880</td><td>-8%</td><td>-25%</td><td>2%</td></tr></table> Source: CCMA, CMBIGM Downstream applications of construction machinery in China <table><tr><td>Type of machinery</td><td>Infrastructure</td><td>Property</td><td>Mining</td><td>Manufacturing</td></tr><tr><td>Excavator</td><td>High</td><td>Medium</td><td>Low</td><td>Low</td></tr><tr><td>Wheel loader</td><td>Medium</td><td>Low</td><td>High</td><td>Low</td></tr><tr><td>Truck crane</td><td>High</td><td>Low</td><td>n/a</td><td>Low</td></tr><tr><td>Tower crane</td><td>n/a</td><td>High</td><td>n/a</td><td>n/a</td></tr><tr><td>Concrete machinery</td><td>Medium</td><td>High</td><td>n/a</td><td>Low</td></tr><tr><td>Coal mining equipment</td><td>n/a</td><td>n/a</td><td>High</td><td>n/a</td></tr><tr><td>Mining transport truck</td><td>n/a</td><td>n/a</td><td>High</td><td>n/a</td></tr><tr><td>Aerial work platform</td><td>Medium</td><td>Low</td><td>na</td><td>High</td></tr></table> Source: CMBIGM # OUTPERFORM (Maintain) # China Capital Goods Sector Wayne FUNG, CFA (852) 3900 0826 waynefung@cmbi.com.hk Related reports: Zoomlion - Expect accelerated sales growth in Nov - 5 Dec 2025 (link) Capital Goods - Key themes in 2026; Focus on Mining equipment + Power for data centres + Replacement cycle -1 Dec 2025 (link) Zoomlion - Full range of products to expand globally - 1 Dec 2025 (link) SANY Heavy - Clear target on mining excavator growth - 1 Dec 2025 (link) Weichai Power – Expect HDT engines growth to slow in 2026E; Eyes on backup power for data centres – 1 Dec 2025 (link) Figure 1: Monthly excavator sales in China Source: CCMA, CMBIGM Figure 2: Monthly excavator export volume Source: CCMA, CMBIGM Figure 3: Komatsu excavator monthly utilisation hours in Indonesia Source: Komatsu, CMBIGM Figure 4: Komatsu excavator monthly utilisation hours in North America Source: Komatsu, CMBIGM Figure 5: CMBI excavator sales projection (breakdown by region) Source: Komatsu, CMBIG estimates Figure 6: CMBI excavator sales projection Source: CCMA, CMBIGM estimates Figure 7: Monthly wheel loader sales in China Source: CCMA, CMBIGM Figure 8: Monthly wheel loader export volume Source: CCMA, CMBIGM Figure 9: Electric wheel loader sales as a percentage of total wheel loader sales Source: CCMA, CMBIGM Figure 10: CMBI wheel loader sales projection Source: CCMA, CMBIGM estimates Figure 11: Tower crane monthly sales in China Source: CCMA, CMBIGM Figure 12: Tower crane monthly export volume Source: CCMA, CMBIGM Figure 13: Truck crane monthly sales in China Source: CCMA, CMBIGM Figure 14: Truck crane monthly export volume Source: CCMA, CMBIGM Figure 15: Crawler crane monthly sales in China Source: CCMA, CMBIGM Figure 16: Crawler crane monthly export volume Source: CCMA, CMBIGM Figure 17: CMBI truck crane sales projection Source: CCMA, CMBIGM estimates Figure 18: CMBI tower crane sales projection Source: CCMA, CMBIGM estimates # Disclosures & Disclaimers # Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. 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