工程机械：10月挖掘机国内销量同比增长21.6%，积极财政政策支撑工程机械需求

Investment Rating - The industry rating is "Outperform the Market" [2][7] Core Viewpoints - Excavator demand continues to recover, with October sales reaching 16,791 units, a year-on-year increase of 21.6% domestically and 9.46% internationally [1] - The report highlights the positive impact of proactive fiscal policies on engineering machinery demand, particularly in the real estate and infrastructure sectors [2] - Domestic sales are expected to stabilize, while overseas market expansion is anticipated, indicating a potential resonance between domestic and international demand [3] Summary by Relevant Sections Domestic Demand - In the first half of 2024, domestic excavator sales reached 53,000 units, a year-on-year increase of 4.66%, while exports totaled 50,000 units, a decline of 13.8% [3] - The report anticipates that the demand for equipment replacement will accelerate due to environmental policies and subsidies, with significant demand expected to be released after 2025 [3] International Demand - In the first half of 2024, China's engineering machinery exports amounted to $25.837 billion, reflecting a year-on-year growth of 3.38% [3] - The global market size is three times that of the domestic market, with a high concentration of leading companies, indicating stable market dynamics [3] Policy Support - The People's Bank of China announced a series of policies to release long-term liquidity of approximately 1 trillion yuan, aimed at reducing financing costs for enterprises and residents [2] - The Ministry of Finance plans to introduce targeted incremental policy measures to support local governments in addressing debt risks and stabilizing the real estate market [2]