盘点工程机械宝马展：变化与亮点在哪里？

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The industry is experiencing a stabilization phase, with record-high attendance at the bauma CHINA exhibition, indicating a potential recovery in demand [64]. - The internationalization of Chinese engineering machinery companies is increasing, with a significant presence at global events and growing export capabilities [64]. - There is a notable emphasis on mining machinery, alongside trends towards electrification and automation within the industry [65]. Summary by Sections Section 1: Industry Stabilization and Exhibition Highlights - The 2024 bauma CHINA exhibition saw a record number of exhibitors, with 542 companies participating, a 24% increase from the previous event [6]. - The number of attendees reached 281,500, marking a historical high, with over 20% being international visitors [6][64]. Section 2: Internationalization of Chinese Companies - The number of participating countries has decreased from 41 in 2016 to 20 in 2024, indicating a growing dominance of Chinese firms [30]. - The exhibition attracted professionals from 188 countries, showcasing the increasing global appeal of Chinese products [30][64]. Section 3: Focus on Mining Machinery and Technological Trends - The report highlights a growing focus on mining machinery, with significant product showcases at the exhibition, including electric and autonomous solutions [65]. - The trend towards electrification is evident, with a reported 12.4% penetration rate for electric loaders in October 2024 [39][65]. - The global market for mining equipment is projected to reach approximately $11.8 billion in 2024, presenting substantial growth opportunities for domestic manufacturers [39]. Section 4: Product Highlights and Innovations - Major companies showcased advanced products, such as SANY's fully electric excavator and XCMG's largest hybrid mining excavator, emphasizing the competitive strength of Chinese brands [45][65]. - The report notes the introduction of hydrogen-powered vehicles and other green technologies, positioning Chinese firms as leaders in sustainable engineering solutions [60][65]. Section 5: Future Outlook - The report suggests that the positive trends in internationalization, diversification, and electrification will contribute to the growth of leading companies in the engineering machinery sector [64][65].