工程机械行业点评：9月挖机国内市场加速回暖，后续财政利好有望带动内需回暖

Investment Rating - The report assigns an investment rating of "Recommended" for the engineering machinery industry, indicating a positive outlook for the sector in the next six months [1][9]. Core Insights - The domestic excavator market is showing signs of recovery, with September sales of various excavators reaching 15,800 units, a year-on-year increase of 10.8%. Domestic sales accounted for 7,610 units, up 21.5%, while export sales were 8,221 units, up 2.51% [1][2]. - The report highlights that the domestic market is stabilizing, driven by demand for small excavator replacements. The mid-sized excavator market is also beginning to recover due to low base effects and replacement cycles [2][3]. - The export market is benefiting from inventory reductions by domestic brands and a mild recovery in demand from certain overseas regions, particularly in Asia, Africa, and Latin America [2][3]. Summary by Sections Domestic Market Performance - In September 2024, sales of various excavators reached 15,800 units, with domestic sales at 7,610 units (up 21.5%) and exports at 8,221 units (up 2.51%). For the first nine months of 2024, total excavator sales were 147,400 units, a slight decline of 0.96% year-on-year [1]. - Sales of loaders in September 2024 totaled 8,072 units, with domestic sales at 4,022 units (down 5.07%) and exports at 4,050 units (up 17.3%) [1]. Export Market Performance - The report notes that the export market is gradually recovering, with regions like Asia, Africa, and Latin America showing strong growth, while demand in Europe and the United States remains weak [2][3]. - The report anticipates continued recovery in excavator exports in the second half of 2024 due to low base effects from the previous year [2]. Recommendations - The report maintains a "Recommended" rating for companies such as XCMG, SANY Heavy Industry, Zoomlion, LiuGong, Zhejiang Dingli, and Hengli Hydraulic, indicating a favorable outlook for these firms in the engineering machinery sector [3].