机械设备行业周报：2025年1月工程机械主要产品月平均工作时长为74.6小时

Investment Rating - The industry is rated as "Positive" [2][25] - Specific companies such as SANY Heavy Industry (600031), Zoomlion (000157), Hengli Hydraulic (601100), and CRRC (601766) are rated as "Buy" [2][25] Core Insights - In January 2025, the average working hours for major construction machinery products was 74.6 hours, showing a year-on-year increase of 3.61% but a month-on-month decrease of 20.6% [7] - The average operating rate for major construction machinery products in January 2025 was 56.2%, an increase of 1.43 percentage points year-on-year but a decrease of 8 percentage points month-on-month [7] - The excavator sales in 2024 reached 201,100 units, representing a year-on-year growth of 3.13%, with domestic sales showing significant growth while exports experienced a slight decline [25] Industry News - SANY Heavy Industry is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [14] - Changfu Co. reported a 6.91% year-on-year increase in revenue for 2024, benefiting from the steady progress of national nuclear power construction [15] Market Review - From February 12 to February 18, 2025, the Shanghai Composite Index rose by 0.76%, while the Shenwan Machinery Equipment sector fell by 0.44%, underperforming the Shanghai Composite by 1.21 percentage points [17] - As of February 18, 2025, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment sector was 27.42 times, with a valuation premium of 125.06% compared to the Shanghai Composite [18] Upcoming Projects - A cross-border railway construction agreement between Mongolia and China is expected to start in April 2025, which may boost demand for rail transit equipment [25]