The steps to reproduce:

1. Create a page as a that will be a reference by another page. It contains at least an excerpt macro. For example (let's say the title name is test1):

   {excerpt}
   ini being referred{excerpt}
   

2. Create a page which contains a link to the above page. For example:

   [test1]
   

3. Create a page which contains excerpt-include macro. For example:

   {excerpt-include:test1|nopanel=true}
   

Confluence will not update the title test1 in the last created page.