Galaxy Securities: Optimistic about the engineering machinery industry continuing to maintain a good trend of resonance between domestic and foreign sales.

Galaxy Securities believes that the domestic sales growth rate of excavators in October has fallen slightly, and domestic excavator operating hours and utilization rate are still weak compared to the same period last year, but have slightly increased compared to the previous month. With the traditional peak sales season approaching, it is believed that the overall domestic sales of excavators will remain steady in the fourth quarter. In September, the domestic sales growth rates of various types of construction cranes continued to strengthen compared to the same period last year and the previous month, with forklift domestic sales growth rate increasing by 10% to 29.3% compared to the previous month, and the non-excavator segment continuing to improve. Overseas, the digestion of inventory, interest rate cuts, and fiscal and monetary stimulus have led to a positive recovery in Europe and the United States. It is optimistic about the continued positive trend of domestic and international sales resonance in the construction machinery industry.