One、Overview of Construction Machinery Operation

According to the statistics of 26 excavator manufacturing enterprises by China Construction Machinery Industry Association，In October 2022, all kinds of excavator 20501 were sold.，Year-on-year growth of 8.1%，Among them, there are 1,350 sets in China，Year-on-year decline of 9.91%；Export 9151 units，Year-on-year growth of 43.8%。

2022 1-October，A total of 220797 excavators were sold.，Year-on-year decline of 26%；Among them, the domestic 131340 station，Year-on-year decline of 46.4%；Export 89457 desk，Year-on-year growth of 67.3%。

 

Two、Excavator sales have achieved positive year-on-year growth for four consecutive months.

Excavator sales have achieved positive year-on-year growth for four consecutive months.。July，Supported by the continued high growth of infrastructure investment，Sales of excavators turned positive year-on-year for the first time。August，Repeated by the epidemic、Impact of high temperature weather and enterprise shutdown，Excavator sales turned flat year on year。

9-October，The hot weather receded.，Ushering in the traditional construction season，At“Guarantee the delivery of the building”And the construction of infrastructure projects have been boosted.，Excavator sales were positive year-on-year for two consecutive months.，In October, the year-on-year growth rate reached 8.1%，Supermarket expectations。

（One）PSLRestart the boost“Capital construction”，Machinery industry benefits

The capital side continues to help“Guarantee the delivery of the building”And“Capital construction”Commencement of project。June 1，The State Council executive meeting pointed out，Financial support for infrastructure construction，We will increase the credit line of policy banks by 800 billion yuan.。

June 29，Decision of the executive meeting of the State Council，Use policy、Development financial instruments，Raising 300 billion yuan by issuing financial bonds, etc.，It is used to supplement the capital of major projects including new infrastructure.。

Special credit support from policy banks has been put in place。This September，Central Bank's Net Investment in Three Major Policy BanksPSL108.2 billion yuan，This is the first use of this tool since March 2020.，The interest rate was lowered by 40 basis points to 2% from the last time it was used in February 2020.40%。

PSLQuantity increases and price decreases，It has two directional functions.。On the one hand，Net central bank investmentPSLIt is to continue to guide financial institutions to increase support for key areas and weak links of the economy.，In particular, we should support the development of policy-oriented financial instruments.，In order to leverage more social funds to enter，Effectively boost investment，Focus on stabilizing the macroeconomic market。

On the other hand，PSLCapital Price Decline and Previous Reverse Repurchase、MLFSuch policy interest rate cuts are consistent.，This is in line with the overall downward trend of the interest rate system.，Help to better reduce the financing cost of financial institutions，So as to drive the financing cost of the real economy down further.。

This timePSLThe main point is not the property market.，It is a major counter-cyclical infrastructure project and support for banks.。As“Construction industry”Barometer，In the last two months，Construction machinery industry continues to pick up，Decline in domestic machinery sales continues to narrow。

（Two）Exports continue to grow at a high rate，Hedge the decline in domestic demand

The export volume of major categories of construction machinery products has increased substantially.，Effectively hedge the decline of domestic demand market。According to statistics，1-October，Cumulative exports of excavators increased by 67.6%，Cumulative exports of loaders increased by 25% year-on-year.16%。There are three reasons for the continued increase in overseas export sales.：

First, the supply chain of overseas construction machinery manufacturers is restricted under the influence of the epidemic.，Production capacity can not be fully released；

Second, global infrastructure construction in Europe and the United States drives the demand for construction machinery.；Foreign construction machinery brands such as Carter、Komatsu's Chinese factories are ramping up exports to ease supply and demand tensions in other regions.；

Third, China's construction machinery and equipment are guaranteed by China's manufacturing system and supply chain.，The overall competitive advantage is more prominent.。

Three、11-Construction machinery production and sales are expected to continue to increase in December

Infrastructure investment is still an important driving force for China's economic growth.，Supposedly，The fourth quarter of this year is expected to issue part of the new special debt quota for next year ahead of schedule.，Size or 1.46 trillion yuan，Steady growth。In this context，Construction machinery industry enterprises may advance their production plans to 11 this year-December。

Exports are expected to maintain high growth。International market affected by Russia-Ukraine conflict，Global supply shortage of some metal products，The price of raw materials fluctuates sharply.，Decrease in output of machinery and equipment，The overall situation of weak supply and strong demand has emerged.。On the contrary, domestic leading enterprises have accelerated their international layout.，Carry out industrial transformation and upgrading。

In production capacity、Supply chain、Sales and service network and other aspects have a strong guarantee.，Its competitiveness in overseas markets has been greatly enhanced.，It is expected that the export volume of construction machinery will continue to increase in the short term.。

On the whole，Construction machinery industry is expected to reverse the decline in the fourth quarter，Production and sales are expected to continue to increase。