工程机械行业动态跟踪：主要工程机械产品开工率/小时数环比提升，CME预测11月挖掘机销售增长13%

Investment Rating - The industry rating is "Outperform the Market" [2] Core Viewpoints - The report indicates a significant recovery in domestic demand for construction machinery, driven by equipment upgrades and favorable policies, with a projected 13% increase in excavator sales in November 2024 [1][3] - The domestic market is expected to enter a new growth cycle due to the effects of real estate policy easing and a large-scale replacement policy [1] - Export sales are also anticipated to grow, with a forecasted 12% increase in excavator exports, benefiting from inventory reductions and mild recovery in overseas demand [1][3] Summary by Sections Domestic Market Performance - In November 2024, the average working hours for major construction machinery products reached 96.7 hours, an increase of 8.79% month-on-month, with an overall operating rate of 68.6%, up 5.46% [1] - Domestic excavator sales are projected at 8,600 units, reflecting a 15% year-on-year increase [1] Export Market Performance - Estimated excavator exports for November 2024 are around 8,300 units, showing a year-on-year growth of 12% [1] - The export value of construction machinery and parts from January to June 2024 reached $25.837 billion, a year-on-year increase of 3.38% [3] Policy Impact - Recent monetary policy adjustments, including a reduction in reserve requirements and interest rates, are expected to enhance liquidity and support the real estate market [2] - The government is implementing targeted policies to stabilize the real estate market, which is anticipated to positively impact construction machinery demand [2]