Soochow Securities published a Research Report stating that in 2024, domestic earth-moving machinery will be the first to recover, with a year-on-year growth rate of around 20% maintained from January to September. Against the backdrop of debt reduction and policies leaning towards stabilizing the real estate market, there is a bullish outlook on the marginal recovery of real estate Infrastructure in 2025. This corresponds to the recovery of sales in the mid-to-large excavation and non-excavation Sectors, bringing significant profit elasticity to Construction Machinery manufacturers. Soochow Securities believes that due to the high carbon emission requirements in mining scenarios, equipped with charging conditions, and the similarity of mining truck technology to Passenger Vehicle technology, mining trucks may become the next electric sensation product. Looking ahead, with continuous breakthroughs in domestic Battery and electric drive technologies, electric Construction Machinery is expected to become the core leverage for domestic Construction Machinery manufacturers to achieve a leapfrog over overseas leaders.