The climate turning point for mining machinery is upward

Release date 2026-03-27 15:04:01 Reading 7

used excavator for sale The climate turning point for mining machinery is upward, and domestic enterprises are resonating with multiple growth opportunities

The global mining machinery market has a broad space, coupled with rising metal prices driving accelerated capital expenditure growth, andused excavator for sale the industry's prosperity is expected to improve; Domestic mining machinery enterprises are expected to achieve accelerated growth after going global, in the market, and under the opportunities of unmanned/electric technology.

used excavator for saleAccording to a research report released by Guojin Securities, as the prices of key metals such as copper and gold continue to rise to historical levels to stimulate capital expenditure, it is necessary to work with overseas mining companies such as Bituo to implement more proactive capital expenditure plans. Mining capital expenditure is expected to accelerate from the 26th year onwards. From the perspective of domestic and international markets, according to statistics, overseas mining machinery leaders have generally seen an acceleration in operating income and new order growth over the past 25 years, especially with a quarterly acceleration trend, and have performed well in 4Q25; In recent years, top domestic mining machinery enterprises have generally achieved good export growth, while overseas revenue and gross profit are generally higher than domestic ones. The increasing proportion of exports can further enhance profitability.

used excavator for saleThe important views of the head of Guojin Securities are as follows:

The global $100 billion market for mining machinery mainly includes two major links: mining and beneficiation

According to the precedent research data, the global mining machinery market has a space of $133.09 billion and is expected to reach $229.2 billion by 2035, with a CAGR of 5.59%. It mainly includes two major links: mining and beneficiation. The mining process involves engineering machinery, including excavation, drilling, lifting, transportation, loading machinery, etc; The main components of the mineral processing process are various large mechanical equipment, including crushers, grinders, slurry pumps, flotation machines, etc.

used excavator for saleCopper and gold prices remain high, and global mining capital expenditures are expected to accelerate growth

There is still a significant long-term supply gap for key metals, such as lithium, copper, rare earths, and silver, with corresponding supply gaps of 49%/34%/31%/30% from 2024 to 2030. The mining industry is expected to increase investment. However, in the past few years, there has been a rapid decline in mining exploration investment, pre calculated construction investment, and capital expenditures of major mining enterprises, resulting in a relatively low overall climate for the mining machinery industry. Among them, domestic mining enterprises have been paralyzed, and capital expenditures for 1Q-3Q25 have decreased by 3%/1% compared to the same period last year. Overseas mining enterprises' capital expenditures are still growing, but the rapid increase will further slow down to 8%/3% in 2023/2024.

But currently, with the prices of key metals such as copper and gold further entering a historical position to stimulate capital expenditure, it is necessary to work with overseas mining companies such as Bitop, Striving for Development, Glencore, ArcelorMittal, Freeport McMoran, etc. to launch more aggressive capital expenditure plans. Mining capital expenditure is expected to accelerate from the 26th year onwards.

used excavator for saleGlobal market participants are mainly overseas leaders, and a turning point in performance has been reached

The entry barriers to the mining machinery industry are relatively high, and currently the global market participants are mainly overseas leaders such as Shanwei, Anlaotuo, Meizhuo, Weir Group, etc. According to statistics from Guojin Securities, overseas mining machinery leaders have generally experienced an accelerated growth in operating income and new orders over the past 25 years, especially with a quarterly acceleration trend and good performance in 4Q25. For example, in the 25th year, the revenue of the mining sector in Shantwick increased by 6.46% year-on-year, and new orders increased by. 55% year-on-year. Among them, new orders for 3Q25 and 4Q25 increased by 23% and 20% respectively, indicating that the demand for open-pit and underground mines is relatively strong. The upward trend in metal prices has driven the growth of mining investment and also boosted the performance of leading overseas mining machinery companies.

High prosperity and resonance with overseas expansion, aftermarket, electrification/unmanned operation, domestic mining machinery enterprises face good growth opportunities

used excavator for saleGoing global: Domestic mining enterprises, represented by the Zijinshan mining industry, are continuously expanding their global market layout, with the hope of helping supporting domestic mining machinery enterprises go global. In the past 24 years, the foreign investment flow of China's mining industry has reached 21.26 billion US dollars, a year-on-year increase of 115.21%, which has provided strong support for the global layout of domestic mining machinery enterprises. The export value of China's mining machinery has continued to grow in recent years, reaching 5.8 billion US dollars in 25 years, a year-on-year increase of 12.99%. In recent years, top domestic mining machinery enterprises have generally achieved good export growth, while overseas revenue and gross profit are generally higher than domestic ones. The increasing proportion of exports can further enhance profitability.

Aftermarket: Mining machinery creates a huge aftermarket space for its harsh working environment, such as crushing and grinding processes that can generate 20% -30% of the equipment value annually. The market revenue share of Epiroc/Meizhuo after 25 years is 66%/54% respectively, and Weir Group's market revenue after 24 years is as high as 80%.

used excavator for saleAt the same time, after experiencing a complete commodity cycle from 2011 to 2023, Weir Group's post market revenue continued to grow at a rate of over 7%, highlighting its excellent business model of large post market space and long-term high compound growth for mining machinery. At present, with the measurement of growth in domestic enterprise revenue and the initial launch of globalization layout, there is a greater emphasis on post market layout. Enterprises with the ability to achieve breakthroughs in the post market will have enormous potential for growth.

Electrification/Unmanned: The transportation cost of automatic unloading vehicles in open-pit mining can account for 40% -50% of the mining cost, and the trend of improving economic efficiency through electrification/unmanned mining is inevitable. According to the prospectus of Yikong Intelligent Driving, it is expected that the market size of unmanned driving solutions in Chinese mining areas will grow from 2 billion yuan in 2024 to 30.1 billion yuan in 2030, with a compound annual growth rate of 57.4%. used excavator for sale No one expects China's sales to increase from around 4000 mining trucks in 2024 to around 16340 trucks in 2030, with a compound annual growth rate of 0.5%. In this regard, the domestic industrial chain supporting capability is globally leading, bringing huge growth opportunities for leading domestic mining truck enterprises.

Investment advice

Risk statement

used excavator for saleThe risk of insufficient increase in mining capital expenditure and exchange rate fluctuations.

The global mining machinery market has a broad space, coupled with rising metal prices driving accelerated capital expenditure growth, and the industry's prosperity is expected to improve; Domestic mining machinery enterprises are expected to achieve accelerated growth after going global, in the market, and under the opportunities of unmanned/electric technology. 2) The global market for mining machinery is worth billions of dollars, mainly including two major links: mining and beneficiation. According to precedent research data, the global market space for mining machinery is 133.09 billion dollars, and it is expected to reach 229.2 billion dollars by 2035, with a CAGR of 5.59%, mainly including mining and beneficiation. 3) Copper and gold prices remain high, and used excavator for sale global mining capital expenditures are expected to accelerate. Key metals still have significant long-term supply gaps, such as lithium, copper, rare earths, and silver, with corresponding supply gaps of 49%, 34%, 31%, and 30% from 2024 to 2030. The mining industry is expected to increase investment. 4） The global market participants are mainly overseas leaders, and a turning point in performance has emerged: the entry barriers to the mining machinery industry are relatively high, and currently the global market participants are mainly overseas leaders such as Ke, Anlaotuo, Meizuo, Weir Group, etc.

used excavator for saleAgainst the backdrop of the clash between heaven and earth, the central price of non-ferrous metals is expected to remain high, and global mining giants continue to increase and purchase expanded reserves. The willingness of mining enterprises to expand production is expected to strengthen in the future. This will drive the high capital expenditure of mining enterprises to continue for a longer period of time, and promote the high prosperity of the mining machinery industry. The general prosperity of mining machinery has three stages, including the development of bulk raw materials, energy extraction, and construction utilization. Currently, it is in the first stage, and related equipment enterprises are expected to benefit from the prosperity of the mining machinery industry.

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The climate turning point for mining machinery is upward

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The climate turning point for mining machinery is upward

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