Fangzheng Securities research reports point out that the acceleration of domestic demand improvement + the structural demand for going global remaining at a high level is still the main upward logic of the industry in this stage, with the accelerated issuance of special bonds in the fourth quarter expected to continue to support domestic excavator demand. In terms of external demand, in emerging markets, demand in regions such as Latin America, India, and Africa remains at a high level range, with Southeast Asia led by Indonesia showing a trend of marginal improvement. The acceleration of domestic demand + the structural improvement of machinery models, the probability of overseas market demand remaining positive is relatively high. For the construction machinery sector, the inflection point of the main engine manufacturers' performance is likely to appear before the industry's inflection point.