工程机械行业月度报告：9月中国小松开工小时数同比增长7%，内需预期有望改善

Investment Rating - The industry rating is "Positive" (maintained) [3][12] Core Viewpoints - In September, the operating hours of Komatsu excavators in China increased by 6.9% year-on-year, marking two consecutive months of positive growth, indicating a gradual improvement in domestic demand expectations [2][3] - The total sales of excavators in September reached 15,831 units, a year-on-year increase of 10.8%, with domestic sales of 7,610 units up by 21.5% [2][3] - The recovery logic of the engineering machinery industry is strengthening, driven by global expansion and improved domestic demand expectations [2][3] Summary by Sections Operating Hours - In September, the operating hours of Komatsu excavators were as follows: - China: 95.3 hours, up 6.9% YoY - Indonesia: 216.5 hours, up 2.6% YoY - Europe: 74.3 hours, up 0.8% YoY - North America: 65.4 hours, down 5.3% YoY - Japan: 46.5 hours, down 0.4% YoY [2][5][7] Sales Performance - Excavator sales from March to September showed continuous year-on-year growth, with domestic sales increasing for seven consecutive months and exports showing positive growth for two consecutive months [2][3] - The total sales in September were 15,831 units, with domestic sales at 7,610 units and exports at 8,221 units [2][3] Industry Recovery Logic - The recovery of the engineering machinery industry is characterized by three phases: 1. Increased market share in exports 2. Improvement in domestic demand 3. Initiation of the replacement cycle [2][3] - Recent favorable real estate policies and financial support measures are expected to enhance domestic demand [2][3] Investment Recommendations - The report recommends focusing on industry leaders such as Sany Heavy Industry, XCMG, and others, highlighting their potential for growth [2][3]