机械行业事件点评：10月我国挖机销量约1.7万台，同比增长15.1%

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - In October 2024, excavator sales in China reached 16,791 units, representing a year-on-year growth of 15.1%, with domestic sales increasing by 21.6% and exports growing by 7.5% [3][4] - Loader sales in October 2024 totaled 8,355 units, showing a year-on-year increase of 11.1%, with domestic sales decreasing by 7.1% while exports surged by 36.0% [3][4] - The cumulative sales of excavators from January to October 2024 amounted to 164,172 units, reflecting a slight year-on-year growth of 0.5% [3] - The domestic excavator operating hours increased by 4.3% year-on-year in October, reaching 105.3 hours, indicating improved downstream demand [4][17] Summary by Sections Excavator Sales - October 2024 excavator sales were 16,791 units, up 15.1% year-on-year, with domestic sales at 8,266 units (up 21.6%) and exports at 8,525 units (up 7.5%) [3][4] - From January to October 2024, total excavator sales were 164,172 units, with domestic sales at 82,211 units (up 9.8%) and exports at 81,961 units (down 7.4%) [3] Loader Sales - October 2024 loader sales reached 8,355 units, a year-on-year increase of 11.1%, with domestic sales at 4,032 units (down 7.1%) and exports at 4,323 units (up 36.0%) [3][4] - Cumulative loader sales from January to October 2024 were 90,153 units, reflecting a year-on-year growth of 5.3% [3] Investment Drivers - The growth in excavator sales is driven by infrastructure and water conservancy project investments, alongside the implementation of equipment renewal policies [4][17] - The Chinese government has emphasized the need for fiscal and monetary policy adjustments to stabilize the real estate market and promote necessary fiscal expenditures [4][17] - The report suggests that the current downcycle for the engineering machinery sector may have reached its bottom, with expectations for continued growth in domestic demand [4][17]