机械设备行业快评报告：10月中国挖掘机销量同比增长15.1%，中国小松挖掘机开工小时数破百

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [12]. Core Insights - In October 2024, China's excavator sales reached 16,791 units, marking a year-on-year increase of 15.1%. Domestic sales accounted for 8,266 units, up 21.6%, while exports totaled 8,525 units, up 9.46% [4][5]. - Loader sales in October 2024 were 8,355 units, reflecting an 11.1% year-on-year growth. Domestic sales decreased by 7.08% to 4,032 units, while exports surged by 36% to 4,323 units [4][5]. - The gradual implementation of debt reduction policies is expected to stabilize and boost the construction machinery market. A recent resolution approved an increase of 6 trillion yuan in local government debt limits to replace hidden debts, which will enhance funding for infrastructure projects [4][5]. Summary by Sections Excavator Sales - October 2024 excavator sales were 16,791 units, a 15.1% increase year-on-year. Domestic sales were 8,266 units (up 21.6%), and exports were 8,525 units (up 9.46%). For the first ten months of 2024, total excavator sales were 164,200 units, a 0.47% increase year-on-year [4][5]. Loader Sales - October 2024 loader sales reached 8,355 units, an 11.1% increase year-on-year. Domestic sales were 4,032 units (down 7.08%), while exports were 4,323 units (up 36%). For the first ten months of 2024, total loader sales were 90,200 units, a 5.29% increase year-on-year [4][5]. Policy Impact - The debt reduction policy is anticipated to revitalize infrastructure projects that were previously halted, leading to increased demand for construction machinery. The policy aims to replace hidden debts with a total of 10 trillion yuan in resources over five years, which will support capital expenditures in various infrastructure projects [4][5].