工程机械行业月度报告：11月中国小松开工小时数同比增长4%，工程机械反转逻辑加强

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Viewpoints - The logic of recovery in the construction machinery industry is strengthening, with domestic demand gradually improving and the expectation of a recovery cycle starting [3][4] - In November, the total sales of excavators increased by 17.9% year-on-year, marking eight consecutive months of positive growth [3] - The domestic sales of excavators reached 9,020 units in November, up 20.5% year-on-year, indicating a potential turning point in domestic demand [3][4] Summary by Relevant Sections Monthly Performance - In November, the operating hours of Komatsu excavators in China were 105.4 hours, a year-on-year increase of 4.4%, marking four consecutive months of positive growth [2] - The operating hours in Japan, Europe, North America, and Indonesia showed mixed results, with Japan at 46.1 hours (up 1.0%), Europe at 73.8 hours (up 3.1%), North America at 59.9 hours (down 9.0%), and Indonesia at 210.6 hours (up 0.4%) [2][12] Sales Data - The overall sales of excavators in November reached 17,590 units, with domestic sales at 9,020 units and export sales at 8,570 units, reflecting a positive trend in both domestic and international markets [3] - Year-to-date sales from January to November totaled 181,762 units, with domestic sales at 91,231 units (up 10.8%) and exports at 90,531 units (down 5.7%) [3] Recovery Logic - The recovery in the construction machinery industry is expected to follow a three-step process: improvement in export market share, enhancement of domestic demand, and initiation of the replacement cycle [4] - The Chinese construction machinery industry is positioned as a global competitive sector, with leading manufacturers expected to increase their market share overseas [4] Domestic Demand and Policy Support - The implementation of more proactive macro policies is anticipated to gradually improve domestic demand, supported by recent monetary and fiscal measures [4] - The expected replacement cycle for excavators is projected to begin in 2024, following a historical pattern of approximately 8-10 years for equipment updates [4] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, and others, highlighting their potential for growth in the recovering market [4]