东吴证券研报指出，2024年1-7月，挖掘机整体销量同比下降约3%，降幅持续收窄。展望未来，国内下游端基础设施投资持续改善，随着大规模设备更新的持续推进，挖掘机市场有望逐步走出周期底部；海外市场来看，受益于海外市场国产品牌去库存、去年同期出口低基数和海外部分地区需求温和复苏，出口市场正增长有望维持。Construction machinery stocks rose collectively in early trading. As of press release, Sinotruk (03808) rose 11.44% to HK$19.68; Sany International (00631) rose 6.5% to HK$4.59; and Yituo shares (00038) rose 6.49% to HK$6.73.
The Zhitong Finance App learned that construction machinery stocks rose collectively in early trading. As of press release, Sinotruk (03808) rose 11.44% to HK$19.68; Sany International (00631) rose 6.5% to HK$4.59; Yituo shares (00038) rose 6.49% to HK$6.73; China Longgong (03339) rose 4.73% to HK$1.55; Zoomlion Heavy Industries (01157) rose 2.92% to HK$4.58.
According to the news, the National Development and Reform Commission and the Ministry of Finance issued “Certain Measures to Strengthen Support for Large-scale Equipment Upgrades and Consumer Goods Trade-In” yesterday. Among them, it is proposed to coordinate the arrangement of about 300 billion yuan of ultra-long-term special treasury bond funds to increase support for large-scale equipment upgrades and consumer goods trade-in. Furthermore, CME predicts sales of 14,000 excavators of various types in July 2024, an increase of 11.1% over the previous year. Among them, domestic sales were 6,000 units, up 17% year on year; exports were 8,000 units, up 7% year on year, the first year in 24 years that there was a year-on-year correction.
According to the Dongwu Securities Research Report, from January to July 2024, overall excavator sales fell by about 3% year on year, and the decline continued to narrow. Looking forward to the future, domestic downstream infrastructure investment continues to improve. As large-scale equipment updates continue to advance, the excavator market is expected to gradually break out of the bottom of the cycle. Looking at overseas markets, benefiting from the removal of inventory from domestic brands in overseas markets, the low export base in the same period last year, and a moderate recovery in demand in some overseas regions, the positive growth of the export market is expected to be maintained.
