内需换新+出海提速，高端装备迎双轮驱动！机床ETF（159663.SZ）触底反弹

Group 1 - The A-share market showed mixed performance on November 12, with the Shanghai Composite Index rising by 0.39%, driven by gains in sectors such as non-ferrous metals, petroleum and petrochemicals, and pharmaceuticals [1] - The machine tool sector experienced a rebound, with the Machine Tool ETF (159663.SZ) increasing by 0.07%. Notable individual stock performances included Ding Tai Gao Ke rising by 7.66%, Zhong Tung Gao Xin by 4.89%, and Hua Rui Jing Mi by 2.96% [1] - According to the China Construction Machinery Industry Association, excavator sales are projected to reach 18,096 units by October 2025, representing a year-on-year growth of 7.77%. Domestic sales are expected to be 8,468 units (up 2.44%), while exports are anticipated to be 9,628 units (up 12.9%) [1] Group 2 - Domestic demand for excavators is expected to benefit from a new round of concentrated replacement cycles and the commencement of large projects such as the Yashan Hydropower Station, which may enhance industry demand [1] - The overseas market is experiencing structural prosperity, with continued infrastructure construction demand in countries along the "Belt and Road" initiative, driving export growth [1] - Leading companies in the sector are leveraging a dual engine of "technology upgrades and global layout," resulting in a sustained increase in overseas market share and strong medium to long-term growth momentum [1][2]