机构：工程机械行业景气度有望持续回暖

Core Viewpoint - The import and export trade of China's engineering machinery is showing a positive growth trend, with significant increases in both export and import values, indicating a robust recovery in the industry [1]. Group 1: Trade Data - In September 2025, China's engineering machinery import and export trade amounted to $5.505 billion, a year-on-year increase of 29.1% [1]. - The import value reached $234 million, reflecting an 18.5% year-on-year growth [1]. - The export value was $5.271 billion, marking a 29.6% year-on-year increase [1]. Group 2: Market Trends - Zhejiang Securities believes that the increasing overseas market share of domestic engineering machinery manufacturers will support the continued growth of exports [1]. - The domestic market is experiencing a bottoming out and upward trend, driven by demand from agriculture, forestry, and municipal projects, which is boosting small excavator demand [1]. - Domestic manufacturers are making breakthroughs in the mining machinery sector, and there is growing demand for large and super-large excavators due to water conservancy needs and the gradual initiation of domestic replacement demand [1]. Group 3: Demand Drivers - Bohai Securities identifies clear growth logic in downstream demand for engineering machinery, driven by ongoing projects such as hydropower stations and urban renewal initiatives [1]. - The gradual reduction of tariff disturbances in major global regions will further highlight the cost-performance advantages of domestic engineering machinery [1]. - The industry is expected to continue its recovery in prosperity as large-scale equipment replacement policies are further deepened [1].