工程机械行业动态跟踪：9月挖掘机内外销延续增长势头，各类政策多箭齐发支撑工程机械需求

Investment Rating - The industry rating is "Outperform the Market" [3] Core Viewpoints - In September, excavator sales continued to grow, with domestic sales increasing by 21.5% year-on-year and exports by 2.51% [2][3] - The central bank's monetary easing and various policies aimed at stabilizing the real estate market are expected to support demand for construction machinery [3] - Domestic demand is expected to improve due to equipment upgrades and environmental policies, while overseas markets are expanding, indicating a potential for synchronized growth [4][5] Summary by Sections Sales Performance - In September 2024, a total of 15,831 excavators were sold, marking a 10.8% year-on-year increase, with domestic sales at 7,610 units (up 21.5%) and exports at 8,221 units (up 2.51%) [2] - Loader sales reached 8,072 units, with domestic sales down 5.07% and exports up 17.3% [2] Policy Support - A series of monetary policies announced on September 24, including a reserve requirement ratio cut and interest rate reductions, are expected to release approximately 1 trillion yuan in long-term liquidity, enhancing financing for enterprises and reducing credit costs for residents [3] - Policies aimed at stabilizing the real estate market were emphasized in a Politburo meeting, focusing on controlling new construction and optimizing existing projects [3] Demand Outlook - Domestic demand is anticipated to recover, driven by equipment upgrades and environmental regulations, with expectations for increased replacement demand post-2025 [4] - The export value of construction machinery and components reached $25.837 billion in the first half of 2024, reflecting a year-on-year increase of 3.38% [4] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as domestic demand continues to recover and exports show positive growth [5]