机械行业事件点评：CME观测9月我国挖机销量约1.6万台，同比增长12%

Investment Rating - The report suggests a positive outlook for the engineering machinery industry, indicating that it may have reached a bottom, with a focus on companies benefiting from domestic demand recovery [4][16]. Core Insights - In September 2024, excavator sales in China are estimated to be around 16,000 units, reflecting a year-on-year growth of approximately 12%. The domestic market shows signs of recovery, with a notable increase in sales [4]. - The report highlights that from March 2024 onwards, domestic excavator sales have maintained positive growth for six consecutive months, driven by infrastructure and water conservancy project investments [16]. - The report emphasizes the importance of government policies aimed at supporting equipment updates and stabilizing the real estate market, which are expected to further boost excavator demand [16]. Summary by Sections Excavator Sales Data - In August 2024, China sold 14,647 excavators, marking an 11.8% year-on-year increase. Domestic sales reached 6,694 units, up 18.1%, while exports totaled 7,953 units, reflecting a 7.0% increase [5]. - For the first eight months of 2024, total excavator sales in China were 131,550 units, down 2.2% year-on-year, with domestic sales growing by 7.3% [5]. Market Recovery Indicators - The report notes that excavator operating hours in China increased by 3.3% year-on-year in August 2024, indicating improved downstream demand [5][16]. - The report also mentions that the export growth rate for excavators has turned positive after six months of recovery, suggesting a favorable trend in overseas markets [16]. Investment Recommendations - The report recommends focusing on leading companies in the engineering machinery sector, such as Hengli Hydraulic, Sany Heavy Industry, and XCMG, which are expected to benefit from domestic demand recovery [16]. - It also highlights companies like Zoomlion and Zhejiang Dingli, which are experiencing rapid growth in overseas markets and are advancing their internationalization efforts [16].