November loader: an increase in the low level of large tonnage ring

November sales fell 33.95%. According to statistics, in 2012, 28 major loader loader manufacturers sold a total of 11681 units, down by 33.95%, an increase of 4.34% qoq. 1-11 month industry sales of 161224 units, down by 28.89%. The negative impact of the decline in fixed asset investment in mining industry is still a great repression, this month on loader sales at the same time, the traditional earthwork construction project is still no real recovery in November installed sales changes did not show some of the rebound.
　　
Export stability, accounting for high. In November the export loading machine 2215 units, an increase of 12.15%, exports accounted for 18.96%, to maintain a high level. Industry concentration increased. November 2012, the 4 major loader brand total sales of 7790 units, accounting for more than 66.69% in recent months to maintain a slight rise.
　　
Large tonnage products improved this month. As the main loader products, in November more than 5 tons of product sales of 7103 units, accounting for more than 60.81%, compared with a slight rebound in October, while the proportion of 3-5 tons of products accounted for a slight decline from last month.
　　
Listed companies related to the recent share price performance is acceptable. The loader related to 6 major listed company's share price rose nearly a week of all, and there are 5 beat the A stock index (or 5.76%), the largest shares Shantui rose to 18.70%, the smallest increase is Anhui force, 4.04%; nearly a month only 1 underperformed the stock index rose -0.44% (A), one of the biggest drop of Chang Linzhu shares was 8.92%, the largest increase is Liugong, since the beginning of 12.23%; all down and only beat the Anhui joint stock index (A or -3.79%), the Anhui force decline of 1.19%, the largest decline in 23.32% of the shares of Chang Linzhu. Investment advice: from the investment clock analysis, since November, started around the cold weather will not be conducive to the major projects in the short term, the project started and construction activity, while the 3, until April next year is the climax of the project investment. For the loader business, due to the impact of investment in the mining industry is very large, we expect the next 1 quarters, the sales volume is difficult to pick up. Risk warning: in the second half of 2011, the loader benefited from the high growth rate of investment in fixed assets investment in the extractive industry, to be able to maintain a slight increase in sales of the industry in the macro-control. But affected by resource prices in the two quarter of this year, investment in fixed assets in the mining industry growth rate began to fall sharply, loader mining demand has been greatly affected, the 4 quarter loader demand is expected to remain weak.