机械行业事件点评：北京市非道路移动机械报废更新实施细则发布，工程机械更新需求有望加速

Investment Rating - The report suggests a positive outlook for the engineering machinery industry, indicating a potential bottoming out of the current down cycle, with a focus on companies benefiting from domestic demand recovery [9][25]. Core Viewpoints - The implementation of the non-road mobile machinery scrapping and updating guidelines in Beijing is expected to accelerate the demand for engineering machinery updates, with subsidies reaching up to 230,000 yuan [6]. - Excavator sales in China showed a year-on-year increase of 10.8% in September 2024, with domestic sales growing by 21.5% [7][9]. - The report emphasizes that the combination of infrastructure investment, water conservancy projects, and the gradual rollout of equipment update policies will support the recovery of excavator sales [9][25]. Summary by Sections Policy Impact - The report highlights the introduction of subsidies for scrapping old diesel machinery and purchasing new energy machinery, which is expected to stimulate market demand [6]. - The guidelines specify that owners of old machinery can receive subsidies for both scrapping and updating to new energy machinery, with detailed subsidy amounts based on machinery type and power [6]. Market Performance - In September 2024, a total of 15,831 excavators were sold in China, marking a 10.8% increase year-on-year, with domestic sales contributing significantly to this growth [7]. - The report notes that excavator operating hours have been increasing since February 2024, indicating improved downstream demand [9][25]. Future Outlook - The report anticipates that the demand for engineering machinery will continue to improve, driven by policy effects and stabilization in real estate and infrastructure investments [9][25]. - Companies such as Hengli Hydraulic, Sany Heavy Industry, and XCMG are highlighted as key players to watch due to their potential benefits from domestic demand recovery [9][25].