Group 1 - The report highlights that the price level remains low, with core inflation showing slight improvement, as indicated by the December 2024 inflation data, where the CPI year-on-year was 0.1% and the PPI year-on-year was -2.3% [7][8] - The report notes that excavator sales reached 200,000 units in 2024, with a year-on-year growth of 3.13%, driven by demand from large hydropower projects and infrastructure investments [13][15] - The report emphasizes that the domestic construction machinery market is supported by government policies promoting the replacement of old equipment, which has stimulated demand for new excavators [15][17] Group 2 - The report mentions that in December 2024, excavator sales in China were 19,369 units, a year-on-year increase of 16%, with domestic sales growing by 22.1% [13][15] - The report indicates that the sales of loaders in December 2024 were 9,410 units, a slight decrease of 0.08% year-on-year, while exports increased by 28.5% [14][16] - The report highlights the approval of large hydropower projects, which is expected to significantly boost domestic engineering machinery demand, with total infrastructure investment projected to exceed 1 trillion yuan [16][17]
东海证券:晨会纪要-20250111
Donghai Securities·2025-01-10 16:09