机械设备行业简评：挖机内销增幅扩大，国产品牌bamua展大展风采

Investment Rating - The industry investment rating is "Overweight" [5][12] Core Viewpoints - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth of 20.5% in November 2024, indicating a strong recovery in demand driven by infrastructure investments and government policies [6][7] - The report notes a decline in loader sales, with a 2.56% decrease in November 2024, but emphasizes the continued growth in loader exports, which increased by 16.1% [8] - The report discusses the successful bauma exhibition, showcasing the strength of domestic brands and their innovations in the machinery sector, with significant orders received by major companies [8][9] Summary by Sections Excavator Sales - In November 2024, a total of 17,590 excavators were sold, marking a 17.9% increase year-on-year, with domestic sales reaching 9,020 units (up 20.5%) and exports at 8,570 units (up 15.2%) [6] - For the period from January to November 2024, total excavator sales reached 181,762 units, a year-on-year increase of 1.93%, with domestic sales at 91,231 units (up 10.8%) and exports at 90,531 units (down 5.66%) [6][7] Loader Sales - In November 2024, a total of 8,646 loaders were sold, reflecting a 2.56% decline year-on-year, with domestic sales at 4,383 units (down 15.7%) and exports at 4,263 units (up 16.1%) [6][8] - From January to November 2024, total loader sales reached 98,799 units, a year-on-year increase of 4.56%, with exports at 48,974 units (up 12.5%) [6] Electric Machinery Trends - The report notes that electric loaders sold in November 2024 totaled 1,005 units, with an electric penetration rate exceeding 10%, indicating a clear trend towards electrification in the industry [8] Market Outlook - The report suggests that with the implementation of large-scale equipment replacement policies and supportive real estate financial policies, domestic demand is expected to gradually recover [9] - It recommends focusing on leading companies with strong brand recognition, comprehensive product matrices, efficient cost structures, and robust R&D capabilities, such as SANY Heavy Industry, XCMG, and Zoomlion [9]