机械设备行业2月月报：工程机械内销表现亮眼，关注下游需求改善

Investment Rating - The industry maintains a "Positive" rating, with specific companies such as SANY Heavy Industry (600031), Zoomlion (000157), Hengli Hydraulic (601100), and CRRC (601766) receiving an "Accumulate" rating [2] Core Insights - The engineering machinery sector shows strong domestic sales performance, with a notable increase in demand driven by infrastructure investments and real estate market stabilization [1][2] - The TTM price-to-earnings ratio for the machinery equipment industry is 26.35 times, reflecting a valuation premium of 122.99% compared to the CSI 300 index [1][49] - The Central Committee and State Council have issued a rural revitalization plan, which is expected to enhance agricultural modernization and increase demand for agricultural machinery [1] Summary by Sections Industry Development - In December 2024, excavator sales reached 19,369 units, a year-on-year increase of 16%, with domestic sales up by 22.1% [12] - The construction machinery sector is expected to benefit from accelerated urban renewal efforts, which will drive equipment demand [1] Market Review - From January 6 to February 5, 2025, the CSI 300 index rose by 0.53%, while the machinery equipment sector increased by 7.87%, outperforming the CSI 300 by 7.34 percentage points [45] - The machinery equipment industry ranked third among all primary industries during this period [45] Monthly Strategy - The report emphasizes the importance of monitoring downstream demand improvements and the potential for investment opportunities in the agricultural machinery sector due to policy support [1]