机械行业周报（2024年12月第1周）：11月挖掘机总销量同比增长18%；持续力推工程机械、人形机器人等

Investment Rating - The industry rating is maintained as "Positive" [4] Core Insights - The excavator total sales in November increased by 18% year-on-year, with domestic sales up by 21% and export sales up by 15% [3][4] - The average working hours for major construction machinery products in November reached 96.7 hours, an increase of 8.8% month-on-month [3] - The manufacturing PMI for November was reported at 50.3, indicating a slight acceleration in manufacturing expansion [3][4] Summary by Relevant Sections Excavator Sales - In November 2024, a total of 17,590 excavators were sold, marking a year-on-year increase of 17.9%. Domestic sales reached 9,020 units, up 20.5%, while export sales were 8,570 units, up 15.2% [3] - From January to November 2024, a total of 181,762 excavators were sold, reflecting a year-on-year growth of 1.93% [3] Electric Loader Penetration - The penetration rate of electric loaders reached 12% in November, with 1,005 units sold during the month [3] Industry Recovery - The report indicates a strengthening reversal logic in the construction machinery sector, with potential growth in domestic sales and a possibility of continued positive growth in exports [3] Key Companies Recommended - The report highlights key companies such as SANY Heavy Industry, XCMG Machinery, and Shantui [3][4]