核心观点:12 月小松开工小时数同比高增,对传统需求指引乐观。根据小松官网,24 年12 月小松中国开工小时数为108h,yoy+19.5%,环比连续7 个月保持正增长;同时,小松公布的12 月中国6 吨以上履带挖机需求yoy+34%,高于协会数据。目前,中国市场中小松挖机以中大挖为主,小松开工率是基建地产等传统需求的“晴雨表”。然而,开工到销售仍需一个传导过程,根据工程机械协会数据,11 月份...
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