November thirteenth，Shengang Securities released a research report on the machinery and equipment industry.，The report States，Improvement of domestic demand for major construction machinery。

Talk every Monday：Improvement of domestic demand for major construction machinery

Background of the event

November seventh，China Construction Machinery Industry Association Announces Sales Express of Major Products in Construction Machinery Industry in October。

Improvement of domestic demand for major construction machinery

Excavator sales maintained positive growth for 4 consecutive months，Sales of loaders increased for 2 consecutive months。According to the data released by China Construction Machinery Industry Association，Statistics of 26 excavator manufacturing enterprises，In October 2022, the sales volume of excavators was 20501.，Year-on-year growth of 8.1%。Statistics of 22 loader manufacturing enterprises，In October 2022, 9448 loaders were sold.，Year-on-year growth of 1.85%，The sales volume of the two major construction machinery is increasing.。

Excavator、The year-on-year decline in domestic sales of loaders showed a narrowing trend.，Export sales maintained a positive year-on-year increase.。According to the data released by China Construction Machinery Industry Association，In terms of excavators，Domestic sales volume of excavators in October was 11350.，Year-on-year decline of 9.91%，Decrease compared to 24% in September.5%Narrow by 15 percentpct；On the loader side，Domestic sales volume of 6304 loaders in October，Year-on-year decline of 5.98%，The decline was 17% in September.%Narrow by 11 percentpct。The export sales of the two kinds of construction machinery in October maintained a positive year-on-year increase.，Excavator、The growth rate of export sales of loaders was 43..8%、22.3%。

As one of the indicators for monitoring capital investment，The operating rate of asphalt plant is on the rise.。According to the data，In the second week of November, the weekly operating rate index of petroleum asphalt was 42..2%，Compared to 26 in the first week of mid-June.8%15 higher.4pct，The overall situation is in an upward trend.。In the first half of the year, the epidemic was scattered and affected by high temperature.，Many projects are delayed.，The operating rate is at a low level。Since the third quarter, the start-up rate has rebounded, indicating that China's infrastructure investment has been steadily implemented.，It is expected to drive the domestic demand for construction machinery to continue to pick up.。

We think，From the demand side，The operating rate of petroleum asphalt, the leading indicator of infrastructure investment, is on the rise.，It is expected to lead to a rebound in domestic demand for construction machinery。According to the latest October data released.，Main construction machinery excavator、Increase in overall sales of loaders，Foreign sales maintained positive growth，Domestic sales decline continues to narrow，It also confirms the improving trend of domestic demand.。In this context，It is suggested to pay attention to Sany Heavy Industry, a leading domestic construction machinery enterprise.（600031）。

Risk warning：Downstream recovery falls short of expectations，Prices of raw materials have risen sharply.。