工程机械专题：11月对美出口增速回正，推土机受益俄罗斯&印尼拉动显著高增

Investment Rating - The report maintains a "Positive" investment rating for the industry [93]. Core Insights - The overall export of China's engineering machinery continued to show good growth in November 2024, with a year-on-year increase of 16% [7][65]. - The export of bulldozers saw a significant acceleration, with a year-on-year increase of 90%, reaching a monthly export value of 112 million USD, marking a historical high [10][92]. - Excavators and loaders also maintained growth, with excavator exports increasing by 32% and loader exports by 13% year-on-year [11][92]. - The export performance of lifting machinery showed divergence, with truck cranes experiencing a year-on-year decrease of 3%, while crawler cranes and tower cranes saw increases of 14% and 18%, respectively [12][92]. Summary by Sections Export Performance - In November 2024, China's engineering machinery exports amounted to 4.485 billion USD, reflecting a year-on-year growth of 16% [7]. - The most significant growth in export categories was seen in bulldozers, with a monthly export value of 112 million USD, a 90% increase year-on-year [10]. - Excavators and loaders also showed positive trends, with excavator exports up 32% and loader exports up 13% [11]. Regional Analysis - The export to North America rebounded, with a year-on-year increase of 16%, driven by significant growth in excavators (+134%), loaders (+96%), and engineering cranes (+769%) [31][86]. - The high-end market in Western Europe showed signs of recovery, with exports increasing by 17% and 20% in October and November, respectively [31]. - Exports to Russia and Indonesia saw substantial increases of 25% and 93%, respectively, indicating a sustained recovery in these regions [31][86]. - Exports to Africa, Latin America, South Asia, and the Middle East also continued to show good growth, with increases of 43%, 14%, 26%, and 12% year-on-year, respectively [31][86]. Product Category Insights - The report highlights that the export of concrete machinery saw a slight decline, with a year-on-year increase of 16% in November, down from 32% previously [31]. - The overall performance of major product lines remained strong, with bulldozers leading the growth, followed by excavators and loaders [92].