Soochow Securities released a research report stating that in the long term, with the gradual release of North American production capacity and the decline of tariff negative effects, the profit increment of the construction machinery industry is obvious. With the expectation of the US interest rate cut and the accelerated return of manufacturing under the US general election, market demand is expected to recover. The global construction machinery market is expected to exceed 10 trillion yuan in 2023, with strong demand in the North American market. Looking at the downstream structure, due to the continuous increase in labor costs in the United States, micro-excavators account for over 80% of the excavator market as machines replace manpower. Micro-excavation technology has low barriers and a relatively chaotic competitive landscape, and domestic mainframe manufacturers are expected to achieve breakthroughs in the micro-excavation field first. Soochow Securities stated that it strongly recommends Sany Heavy Industry (600031.SH) and Jiangsu Hengli Hydraulic (601100.SH), and recommends XCMG Construction Machinery (000425.SZ), Zoomlion (01157), Guangxi Liugong Machinery (000528.SZ), Zhejiang Dingli Machinery (603338.SH), and suggests paying attention to Shantui Construction Machinery (000680.SZ) for development advancements and strong certainty in the US region.