工程机械行业动态跟踪：政策支撑房地产市场止跌回稳，工程机械国内需求改善逻辑顺畅

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The report highlights that the recent monetary easing and policies aimed at stabilizing the real estate market are expected to improve domestic demand for construction machinery [2] - The domestic market is showing signs of recovery, with excavator sales in September reaching approximately 7,300 units, and a forecasted total of 16,000 units for September 2024, indicating a year-on-year growth of around 12% [3] - The report emphasizes that both domestic demand recovery and overseas market expansion are key growth drivers for the industry [4] Summary by Sections Domestic Demand - The report notes that domestic sales of excavators in the first half of 2024 reached 53,000 units, a year-on-year increase of 4.66%, while exports totaled 50,000 units, a decline of 13.8% [3] - The anticipated replacement of old equipment, driven by environmental policies and subsidies, is expected to accelerate post-2025 [3] Export Market - The export value of construction machinery and components from China in the first half of 2024 was $25.837 billion, reflecting a year-on-year growth of 3.38% [3] - The global market size is three times that of the domestic market, with a high concentration where the top 20 companies account for 80% of the sales among the top 50 [3] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui as potential investment opportunities [4]