工程机械行业动态跟踪：CMI指数延续扩张态势，国内工程机械市场进入提速升温节奏

Investment Rating - The industry rating is "Outperform the Market" [7][16]. Core Insights - The CMI index continues to show expansion, with a February 2025 value of 106.68, representing a year-on-year increase of 13.53% and a month-on-month increase of 5.44%, indicating a recovery in construction demand post-Chinese New Year [3]. - In January 2025, excavator sales reached 12,512 units, a year-on-year increase of 1.1%, while domestic sales were 5,405 units, down 0.3%, and exports were 7,107 units, up 2.19%. Loader sales were 7,920 units, up 1.51%, with domestic sales at 3,706 units, down 1.01%, and exports at 4,214 units, up 3.84% [3]. - The report highlights a potential recovery in domestic demand driven by equipment upgrades and environmental policies, with excavator domestic sales projected to reach 100,543 units in 2024, a year-on-year increase of 11.7% [4]. Summary by Sections Industry Dynamics - The CMI index indicates a positive trend in the construction machinery market, with significant growth in equipment operating rates and hours post-holiday [3]. - The Central Bank's recent monetary policies aim to stimulate the real estate market and infrastructure investments, potentially benefiting the construction machinery sector [4]. Domestic and Overseas Demand - Domestic demand is expected to improve due to equipment upgrades and environmental regulations, with a gradual release of replacement demand anticipated after 2025 [4]. - The global market for construction machinery is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [4]. Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as the industry is poised for a recovery driven by both domestic and international demand [5].