工程机械行业：全国基建保持火热，新老政策有望助力行业迎来上行周期

Investment Rating - The industry investment rating is upgraded to "Overweight" [6] Core Viewpoints - The engineering machinery industry is entering an upward cycle driven by national infrastructure projects and supportive policies [6] - The overall performance of the engineering machinery sector has shown improvement, with significant growth in both domestic and export sales [6] - The central region of China has the highest comprehensive operating rate, indicating strong demand for engineering machinery [6] Summary by Relevant Sections Industry Performance - In November, the national engineering machinery operating rate was 51.72%, with 12 provinces showing month-on-month growth [6] - The central region's comprehensive operating rate reached 60.89%, leading all regions [6] Export and Sales Data - In November, China's engineering machinery export value was $4.485 billion, a year-on-year increase of 16.3% [6] - The sales of various excavators in November reached 17,590 units, up 17.9% year-on-year [6] Future Outlook - The engineering machinery sector is expected to benefit from the ongoing development strategies in the central and western regions, as well as from the Belt and Road Initiative [6] - The demand for engineering machinery is anticipated to continue growing due to favorable economic indicators and government policies [6]