华泰证券：挖机内销不淡 旺季值得期待

Core Viewpoint - Huatai Securities believes that the early Spring Festival this year has led to a better-than-expected performance in excavator domestic sales during January, which is typically a slow season, surpassing the same period in January 2023 [1] Group 1: Market Trends - The small excavator segment is expected to continue its rapid growth driven by the logic of replacing labor with machines, which will boost excavator demand towards 2025 [1] - The rapid growth of second-hand excavator exports in China is anticipated to become a major method for absorbing the high inventory of domestic construction machinery, providing support for new machine domestic sales [1]