Haitong Securities Research Report on November 20 pointed out，Haitong Securities as a whole believes that although the industry is under great pressure in the short and medium term,，But the future demand for Excavators is still resilient.。With the gradual development of counter-cyclical policies,，There may be some recovery in domestic demand.，And the industry has experienced a new round of price war.，The pattern may hit the bottom again.。In addition，The overseas layout of leading enterprises has improved and entered the harvest period.，Exports may continue to maintain the growth trend.，It is expected to stabilize the industry fluctuations brought about by the downward trend of domestic sales.，Overall industry sales growth is expected to improve。It is recommended to pay attention：Sany Heavy Industry、Zoomlion、XCMG, etc。