工程机械行业月度报告：工程机械一季度有望开门红；1月挖机总销量同比增长1%

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Viewpoints - The first quarter is expected to be a traditional peak season, with major machinery manufacturers likely to achieve a strong start [3] - In January 2025, total excavator sales reached 12,512 units, a year-on-year increase of 1.1%, with domestic sales at 5,405 units (down 0.3%) and exports at 7,107 units (up 2.2%) [5][14] - The recovery logic for the engineering machinery sector is strengthening, driven by globalization and improving domestic demand expectations [5] Summary by Sections Sales Performance - In January 2025, excavator sales totaled 12,512 units, with domestic sales declining by 0.3% and exports increasing by 2.2% [14][16] - Electric loader sales in January 2025 reached 1,086 units, showing a significant year-on-year growth of 194%, with a penetration rate of 14% [20] Market Dynamics - The engineering machinery industry is expected to enter a recovery phase, supported by increasing export market share, improving domestic demand, and the anticipated start of a renewal cycle [5] - The Chinese government is implementing more proactive macro policies to stabilize the real estate and stock markets, which is expected to gradually improve domestic demand [5] Company Highlights - Major companies like Sany Heavy Industry, XCMG, and Zoomlion have reported strong sales figures and successful product launches at the beginning of 2025 [3][4] - Sany Heavy Industry achieved sales of 1.12 billion yuan in early 2025, with over 450 units ready for global dispatch [3] Investment Recommendations - The report recommends focusing on industry leaders such as Sany Heavy Industry, XCMG, and Shantui, while also suggesting continued attention to companies like Weichai Power and Anhui Heli [7]