工程机械行业动态跟踪：10月中国小松挖掘机开工小时数同比增长4.3%，挖掘机国内销量同比增长21.6%

Investment Rating - The industry rating is "Outperform the Market" [3] Core Viewpoints - The demand for excavators continues to recover, with a year-on-year increase of 4.3% in operating hours for Komatsu excavators in China and a domestic sales increase of 21.6% in October, totaling 8,266 units sold [1][2] - The report highlights the positive impact of fiscal policies aimed at stabilizing the real estate market and stimulating infrastructure investment, which is expected to support the demand for construction machinery [3][4] - Domestic demand is anticipated to improve due to equipment upgrades and environmental policies, while overseas demand is also expected to grow, particularly in markets along the Belt and Road Initiative [4] Summary by Sections Domestic Market Performance - In October, domestic excavator sales reached 8,266 units, reflecting a year-on-year growth of 21.6%, while total excavator sales were 16,791 units, up 15.1% year-on-year [2] - The domestic market is showing signs of recovery, with a focus on replacing old equipment and adhering to environmental regulations [4] International Market Performance - In the first half of 2024, China's construction machinery exports amounted to $25.837 billion, marking a year-on-year increase of 3.38% [4] - The global market for construction machinery is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [4] Policy and Economic Environment - Recent monetary policy adjustments, including a reduction in reserve requirements and interest rates, are expected to enhance liquidity and lower financing costs for businesses [3] - The government is implementing targeted fiscal measures to support the real estate sector and stimulate infrastructure projects, which will likely benefit the construction machinery industry [3][4]