工程机械行业月度点评：挖掘机产销稳步回升，2025“两新”政策将纳入更多产品

Investment Rating - The report maintains a "Leading the Market" rating for the engineering machinery industry [3][58]. Core Viewpoints - The engineering machinery industry is experiencing a recovery in both domestic and international demand, supported by favorable national policies aimed at boosting domestic consumption [9][58]. - The industry is witnessing a significant shift towards electrification and automation, with electric products gaining market share across various sectors, indicating a transition towards a more intelligent and environmentally friendly industry [58][59]. Summary by Sections Market Review - In December 2024, the Shanghai Composite Index increased by 0.76%, while the Shenzhen Index decreased by 1.86% [13]. - The engineering machinery sector saw a decline of 2.22%, ranking 9th out of 21 sub-sectors [15][19]. Key Data Tracking - Excavator sales in November 2024 reached 9,020 units domestically, a year-on-year increase of 20.52%, while exports totaled 8,570 units, up 15.19% [11][32]. - Forklift sales were stable, with domestic sales of 60,746 units, a decrease of 2.00%, but exports rose by 16.65% to 44,198 units [35]. - The loader market showed a mixed trend, with domestic sales down 15.71% to 4,383 units, while exports increased by 16.06% to 4,263 units [39]. Industry Dynamics - The Central Political Bureau of the Communist Party of China held a meeting on December 9, 2024, to analyze the economic work for 2025, emphasizing the need for proactive macroeconomic policies [49][50]. - The "Two New" and "Two Heavy" policies have shown significant effectiveness in supporting economic growth throughout 2024, with substantial updates in various sectors [51][53]. Investment Recommendations - The report suggests focusing on cyclical opportunities within the engineering machinery sector, maintaining a "Leading the Market" rating [58]. - Recommended companies include: - SANY Heavy Industry (600031) for its innovative electric excavators and loaders [59]. - Zoomlion Heavy Industry (000157) for its leading position in construction machinery and eco-friendly products [59]. - LiuGong (000528) for its competitive electric forklifts and smart loaders [59]. - XCMG (000425) for its high-end equipment manufacturing capabilities [59]. - Anhui Heli (600761) for its leadership in the forklift industry [61]. - Hangcha Group (603298) for its advanced manufacturing technologies [61].