机械设备行业简评：9月挖掘机内销提速，总销量即将回正

Investment Rating - The industry investment rating is "Bullish," indicating that the Shanghai and Shenzhen 300 Index is expected to rise by 20% or more in the next six months [10]. Core Insights - The domestic sales of excavators have accelerated, with a year-on-year increase of 21.5% in September 2024, marking five consecutive months of positive cumulative sales growth [4]. - The overall sales of excavators from January to September 2024 totaled 147,381 units, a slight year-on-year decline of 0.96%, but the decline is improving compared to previous months [4]. - The sales of loaders in September 2024 increased by 4.98% year-on-year, with exports showing a significant growth of 17.3% [4]. - The electric loader market is expanding rapidly, with cumulative sales reaching 8,323 units by September 2024, a year-on-year increase of 296.3% [4]. - Recent real estate policies are expected to boost confidence in the sector, leading to a recovery in construction investments, which are closely related to the demand for construction machinery [5]. - The report suggests focusing on leading companies with strong brand recognition and efficient cost utilization, such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [5]. Summary by Sections Excavator Sales - In September 2024, a total of 15,831 excavators were sold, with domestic sales of 7,610 units and exports of 8,221 units [4]. - The cumulative sales of excavators from January to September 2024 show a year-on-year decline of 0.96%, with domestic sales increasing by 8.62% [4]. Loader Sales - In September 2024, a total of 8,072 loaders were sold, with domestic sales of 4,022 units and exports of 4,050 units [4]. - The cumulative sales of loaders from January to September 2024 increased by 4.73%, with exports growing by 10.1% [4]. Market Trends - The domestic infrastructure investment has shown a year-on-year growth of 7.87%, particularly in the water management sector, which has grown by 32.60% [4]. - The electric loader market is witnessing a significant trend towards electrification, with a penetration rate exceeding 10% [4]. Policy Impact - A series of real estate financial policies are being implemented, which are expected to positively impact the construction machinery industry [5]. - The report emphasizes the importance of domestic demand recovery and the establishment of overseas networks by domestic companies [5].