Guotai Junan Securities: Bullish on China's construction machinery industry to continue maintaining a strong trend in domestic and overseas sales opportunities.

The research report from China Galaxy Securities stated that in November, the growth rate of excavator sales both domestically and overseas increased compared to October, and the industry's overall demand trend is clearly positive. The recovery trend of non-excavator sectors driven by wind and hydropower seen in October continues. Overseas, on one hand, there is a slight recovery in demand from Europe and the United States, while demand for mining machinery in Australia, Africa, and Latin America remains strong. On the other hand, China's domestic brand export volume accounted for 19.2% of global demand in 2024, indicating significant room for improvement. We are optimistic about the continued strong performance of China's construction machinery industry in both domestic and overseas markets.