西南证券：工程机械1月迎开门红 行业维持高景气

Core Viewpoint - Southwest Securities reports significant growth in excavator and loader sales in January, driven by "replacement cycles and external demand" [1] Group 1: Excavator Sales - In January 2026, excavator sales reached 18,708 units, a year-on-year increase of 49.50%. Domestic sales were 8,723 units, up 61.39%, while export sales were 9,985 units, increasing by 40.50% [2] - Electric excavator sales totaled 35 units, marking a substantial year-on-year growth of 94.44% [2] Group 2: Loader Sales - Loader sales in January 2026 amounted to 11,759 units, reflecting a year-on-year growth of 48.47%. Domestic sales were 5,293 units, up 42.82%, and export sales were 6,466 units, increasing by 53.44% [2] - Electric loader sales reached 2,990 units, with a remarkable year-on-year growth of 175.32%, achieving a penetration rate of 25.43% [2] Group 3: Other Machinery - In December, various machinery types such as truck cranes, crawler cranes, and road rollers experienced double-digit growth in domestic sales, with exports also showing significant increases [2] - For the full year 2025, most categories returned to positive growth, although tower cranes faced a notable decline due to real estate sector challenges [2] Group 4: Macro Dynamics - In January, China's manufacturing PMI was 49.3%, a decrease of 0.8% from the previous month, indicating a decline in manufacturing sentiment [3] - The production index was 50.6%, down 1.1%, but still indicating expansion in manufacturing activities [3] - Infrastructure investment in January saw a significant increase, with special bond issuance reaching approximately 367.7 billion yuan, a year-on-year increase of 79.5% [3] Group 5: Key Targets - Recommended leading manufacturers include Zoomlion (000157.SZ), Sany Heavy Industry (600031.SH), XCMG (000425.SZ), and LiuGong (000528.SZ) [4] - Key component manufacturers include Hengli Hydraulic (601100.SH), Aidi Precision (603638.SH), and Fushite (301446.SH) [4] - Other machinery companies of interest include Zhejiang Dingli (603338.SH), Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [4]