1月挖机销售开门红，工程机械ETF华夏、工程机械ETF富国、工程机械ETF易方达涨超2%

Market Overview - The three major A-share indices collectively rose in early trading, with the Shanghai Composite Index up 0.12% to 4137.06 points, the Shenzhen Component Index up 0.81%, and the ChiNext Index up 1.18% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 30.5 billion yuan compared to the previous day, with over 2700 stocks rising [1] Engineering Machinery Sector - The engineering machinery sector saw significant gains, with China National Heavy Duty Truck and Weichai Power both rising over 7%, which in turn boosted the performance of various engineering machinery ETFs, each rising over 2% [1] - In January, the sales of various excavators reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [2] - The China Machinery Industry Market Index (CMI) for January was 109.99, reflecting a year-on-year increase of 5.19%, indicating strong sales momentum in the engineering machinery market driven by factors such as project acceleration and improved demand in mining and forestry sectors [2] Future Outlook - Huachuang Securities predicts a continued moderate recovery in the domestic engineering machinery market driven by renewal demand, with an acceleration in excavator export growth expected from the second half of 2025 [3] - Haitong Securities anticipates a synchronous upward trend in domestic and foreign demand for engineering machinery in 2026, supported by key infrastructure projects and potential recovery in the real estate sector [3] - Donghai Securities highlights the ongoing recovery in domestic demand due to major water conservancy projects and the establishment of overseas networks by domestic companies, indicating a period of accelerated globalization and increasing market penetration [3]