According to Orient Securities, data from the China Construction Machinery Association shows that forklift sales in November 2025 reached 119,700 units, up 14.1% year-on-year. Domestic sales accounted for 75,200 units, rising 23.9%, while exports totaled 44,500 units, up 0.7%. Structural improvements in forklift sales, longer working hours, and higher utilization rates indicate sustained downstream demand driving equipment needs. Additionally, policy expectations further enhance the certainty of forklift industry demand, presenting investment opportunities. Key beneficiaries include Hangcha Group (603298.SH), Anhui Heli (600761.SH), Zhongli Group (603194.SH), and Noblelift (603611.SH).
Orient Securities highlights the following insights: 1. **Resilient Forklift Sales Growth**: Large and medium-sized forklifts showed moderate growth, reflecting improving industry demand. In November 2025, total forklift sales rose 14.1% YoY, with domestic sales surging 23.9%. Excluding electric warehouse vehicles, sales increased 7.31% YoY to 46,100 units, with domestic and export sales up 6.85% and 8.08%, respectively.
2. **Higher Utilization Rates Support Growth**: Average working hours and utilization rates in November 2025 reached 108 hours and 66.3%, up from 106 hours/58.5% in October 2025 and 69.3 hours/47.3% in November 2024. Increased activity signals rising downstream capacity utilization, supporting sustained forklift sales growth.
3. **Policy Support Boosts Certainty**: Forklifts serve diverse sectors like logistics, manufacturing, and retail, closely tied to economic conditions. Orient Securities notes that domestic policies emphasize expanding demand, with the Central Economic Work Conference prioritizing domestic consumption. The "Mechanical Industry Growth Stabilization Plan (2025–2026)" also promotes smart logistics infrastructure, further solidifying growth prospects.
**Risks**: Macroeconomic volatility, high overseas interest rates, trade tensions, and rising raw material costs may impact performance.
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