According to the China Galaxy Securities Research Report, the growth rate of domestic and foreign excavator sales in November increased month-on-month compared to October, and the upward trend of internal and external demand resonance in the industry is clear. The recovery trend in the non-excavation sector, which is driven by wind power and hydropower, continued in October; overseas, on the one hand, demand from Europe and the US recovered, while demand for mining machinery in Australia, Africa and Latin America remained strong. On the other hand, domestic brand exports accounted for 19.2% of global demand in '24, and there is still plenty of room for improvement. We are optimistic that China's construction machinery industry will continue to maintain a good trend of domestic and foreign sales.

According to the China Galaxy Securities Research Report, the growth rate of domestic and foreign excavator sales in November increased month-on-month compared to October, and the upward trend of internal and external demand resonance in the industry is clear. The recovery trend in the non-excavation sector, which is driven by wind power and hydropower, continued in October; overseas, on the one hand, demand from Europe and the US recovered, while demand for mining machinery in Australia, Africa and Latin America remained strong. On the other hand, domestic brand exports accounted for 19.2% of global demand in '24, and there is still plenty of room for improvement. We are optimistic that China's construction machinery industry will continue to maintain a good trend of domestic and foreign sales.