工程机械行业月度报告：11月挖机内外销延正增长，政治局会议积极定调内需预期改善

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - In November 2024, excavator sales reached 17,590 units, a year-on-year increase of 17.9%, with domestic sales at 9,020 units (up 20.5%) and export sales at 8,570 units (up 15.2%) [2][3] - The overall sales of excavators from January to November 2024 totaled 181,762 units, reflecting a year-on-year growth of 1.9%, with domestic sales increasing by 10.8% and exports decreasing by 5.7% [2][3] - The logic of recovery in the engineering machinery sector is strengthening, with expectations for improved domestic demand and a potential upturn in the replacement cycle [2][3] Summary by Sections Excavator Sales - November excavator sales showed a continuous positive growth trend for eight months, driven by a new round of replacement cycles and the gradual effects of real estate policy easing [2][3] - The sales of electric loaders in November surged by 85%, with a penetration rate of 12% [2][3] Domestic and Global Market Dynamics - The domestic engineering machinery cycle is expected to bottom out and initiate a new replacement cycle, supported by proactive macro policies and fiscal measures [3] - The global market is witnessing a rise in market share for Chinese engineering machinery manufacturers, with leading firms expected to continue gaining ground internationally [2][3] Investment Recommendations - The report recommends focusing on industry leaders such as Sany Heavy Industry, XCMG, Shantui, and others, highlighting their potential for growth [3][4]