According to a Research Report from Kyg Securities, Construction Machinery is widely used in Infrastructure real estate, municipal rural areas, and mining, and is regarded as a barometer for the economy. In 2023, the total revenue of the top 50 global Construction Machinery manufacturers reached 244.1 billion USD, with XCMG Construction Machinery and Sany Heavy Industry generating revenues of 13 billion USD and 10.2 billion USD, ranking fourth and sixth respectively. The Market Cap of global and domestic leading Construction Machinery companies is represented in trillions and hundreds of billions of yuan respectively. Whether in terms of revenue or Market Cap scale, the growth ceiling for domestic brands is sufficiently high. Reviewing the excavator cycle, it takes about ten years for Construction Machinery to complete a full cycle, which is close to the average lifespan of excavators. However, this cycle is expected to shorten, mainly due to the miniaturization of Construction Machinery and the improvement of the domestic contribution rate. As the domestic demand market update cycle begins and the overseas market recovers, it is determined that the industry will experience a "resonance" of internal and external demand, with elasticity focusing on domestic sales, while new highs are anticipated from overseas. Suggested stocks to watch: Sany Heavy Industry, XCMG Construction Machinery, ZOOMLION, etc.