挖掘机月度数据跟踪：10月挖机增长15.1%，开工小时和利用率有所改善

Investment Rating - The report suggests that the overall opportunities in the excavator industry outweigh the risks, indicating a positive outlook for investment in this sector [3][17]. Core Insights - In October 2024, excavator sales reached 16,791 units, marking a 15.1% year-on-year increase, with domestic sales up 21.6% and exports up 9.46% [2][15]. - The report highlights that operating hours and utilization rates for excavators have improved, with Komatsu excavators operating 101 hours in October 2024, an increase of 4.3 percentage points year-on-year [2][15]. - Upcoming policies aimed at addressing local government debt and stabilizing the real estate market are expected to marginally improve excavator demand [3][16]. - The report anticipates that domestic excavator sales growth may continue due to the positive effects of these policies and a recovering market environment [3][17]. Summary by Sections Sales Data - In the first ten months of 2024, a total of 164,172 excavators were sold, reflecting a slight year-on-year increase of 0.47%, with domestic sales at 82,211 units (up 9.8%) and exports at 81,961 units (down 7.41%) [2][15]. Policy Impact - The report discusses significant policy measures proposed by the Finance Ministry to support local governments in managing debt, which could lead to increased infrastructure and real estate projects, thereby boosting excavator demand [3][16]. Key Companies to Watch - The report recommends monitoring companies such as Sany Heavy Industry, Zoomlion Heavy Industry, XCMG Construction Machinery, Guangxi Liugong Machinery, Jiangsu Hengli Hydraulic, and Zhejiang Dingli Machinery for potential investment opportunities [3][17].