工程机械行业跟踪：从宝马展的变迁，看工程机械的新变化趋势

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry, with expectations for stock performance to exceed the market by more than 10% over the next 12 months [4]. Core Insights - The bauma CHINA 2024 exhibition held from November 26-29 in Shanghai showcased over 3542 exhibitors from 32 countries, with a total exhibition area exceeding 330,000 square meters, marking a 24% increase from the previous event [1][2]. - The exhibition attracted 281,488 professional visitors from 188 countries, with over 20% being international attendees, indicating a strong global interest [1][2]. - Domestic companies displayed a range of large and new energy equipment, with significant products including 200-ton and above excavators and electric mining machinery, highlighting the industry's competitive edge [2]. - State-owned enterprises have become more proactive, with companies like XCMG showcasing over 180 products and committing to a cash dividend plan of at least 40% of distributable profits over the next three years [2]. - Major orders were signed during the exhibition, with XCMG securing nearly 10 billion CNY in intent orders, including a 3 billion CNY deal for electric mining machinery with Fortescue [2]. - The supply chain is increasingly seeing domestic replacements for components, as Japanese and Korean manufacturers withdraw, leading to a focus on local production of hydraulic parts and engines [2]. Summary by Sections Industry Overview - The engineering machinery sector is experiencing a recovery in domestic demand, with local companies gaining global competitiveness [2]. Company Recommendations - The report recommends investing in companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, citing their strong market positions and growth potential [2].