Excavator in the hottest construction machinery in

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Construction machinery industry: the growth rate of excavators in October exceeded expectations, the triple drive continued in the peak season of the fourth quarter, and the export of excavators continued to increase significantly by 105%. The demand for small excavation increased strongly. The pressing mechanism in the metal single crystal in the diamond cone includes plastic deformation with slip or dislocation movement and elastic recovery of 53%. According to the statistics of the association, the sales volume of excavators in China in October was 15300 units, with a year-on-year increase of 45%. In terms of subregions, the sales volume in the domestic market was 13500 units, the same as +39.5%; The export sales volume was 1782 units, an increase of 104.6% year-on-year; The growth rate of domestic and export sales both rebounded beyond expectations. In terms of tonnage, the sales volume of small excavation was 7798 units, an increase of 53% year-on-year; The sales volume of medium excavation was 5343 units, an increase of 40% year-on-year; The sales volume of large-scale excavation was 2133 units, an increase of 31% year-on-year; The growth rate of small excavation obviously exceeded the average growth rate of the industry

the domestic share continued to increase by 3.4 percentage points, and the domestic substitution and leading effect continued to strengthen. In 2018, the cumulative sales market share of domestic brands was 55.83%, 3.4 PCT higher than that in 2017. The share of Japanese and Korean brands has declined to varying degrees. According to the branch company, Sany Heavy industry accounted for 22.8% of the total sales volume. After carefully reading this manual, operation and commissioning can be carried out, and the operation ratio can be increased by 0.6 PCT; Among them, the market digging accounted for 20.4%, with a year-on-year increase of 3.3 PCT. XCMG's total sales accounted for 11.5%, up 1.7 PCT year-on-year; Among them, domestic sales accounted for 12.1%, with a year-on-year increase of 2.0 PCT; The medium digging market accounted for 14.3%, with a year-on-year increase of 2.9 PCT. Liugong's total sales accounted for 6.9%, up 1.0 PCT year-on-year; Among them, domestic sales accounted for 6.8%, up 1.3 PCT year-on-year

driven by three major driving forces, it is expected that the downstream demand will continue to increase steadily in the fourth quarter and next year: (1) at the end of 2017, the total investment of 1trillion yuan (infrastructure + real estate + mining) corresponds to the ownership of 63000 excavators, which was more than 9 before 2008. After rising to 10.4 in 2011, it continued to decline, but it still did not recover by the end of 2017. The rising cost of construction workers accelerated the replacement of machines and labor to improve efficiency, further bringing new demand. (2) Policies continue to strengthen 2 After the products and equipment are in place, the "infrastructure weakness board" is expected, and the capital demand will also be considered when allocating the quota of local special bonds. It is expected that the growth rate of China's infrastructure investment in the fourth quarter is expected to hit the bottom and rebound, and the demand cycle for relevant engineering equipment will be extended. (3) Stricter environmental protection policies will continue to promote the upgrading of existing equipment. It is expected that the environmental emission requirements of non road mobile machinery will be upgraded by the end of 2019, which will accelerate the renewal cycle of existing equipment

it is suggested that the investment can be firmly installed with force measuring sensors: with the growth rate of China's infrastructure projects expected to hit the bottom in the fourth quarter, the demand cycle for relevant construction machinery and equipment is extended, which is good for the whole industrial chain. In the medium and long term, the competition pattern of the construction machinery industry will gradually accelerate, and the trend towards the concentration of leading enterprises will not change, and the domestic replacement of core components such as high-end hydraulic pumps and valves has accelerated. Continue to recommend Sany Heavy Industry and Liugong, the industry leaders in the construction machinery industry; High quality companies with localized core components, Hengli hydraulic and Eddie precision

risk tips: downstream demand fluctuates, raw material prices rise, and exchange rate fluctuations

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