机械设备：工程机械开年景气度较高，持续关注领域投资机会

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The CMI index for February 2025 shows a significant increase, indicating a recovery in project commencement [3] - The construction machinery market is experiencing a robust recovery, with expectations for continued growth in sales and profit margins due to macroeconomic recovery and replacement opportunities [4] - The construction industry is witnessing a high level of activity, with infrastructure investment expected to rise [5] Summary by Sections Market Performance - In February 2025, the CMI index reached 106.68, representing a year-on-year increase of 13.53% and a month-on-month increase of 5.44% [3] - The index indicates a sustained recovery, with project commencement rates improving across major regions [3] Sales and Production - Excavator sales in January 2025 totaled 12,512 units, reflecting a year-on-year growth of 1.1%, despite a slight decline in domestic sales [4] - The report anticipates a month-on-month increase in excavator sales throughout Q1 2025 [4] Investment Recommendations - The report suggests focusing on key manufacturers and core component suppliers, including: 1. Liugong, expected to maintain strong domestic sales and improve profitability 2. XCMG, anticipated to enhance product structure and gross margins 3. Sany Heavy Industry, likely to benefit from overseas markets and domestic project commencement 4. Shantui, expected to gain from increased demand for large-capacity equipment overseas 5. Hengli Hydraulic, recognized for high profitability 6. Zoomlion, projected to accelerate growth in 2025 through diversified growth strategies [6]