机械设备行业周报：2月挖掘机销量约1.93万台，同比增长52.80%

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase of over 10% relative to the CSI 300 index [40] Core Viewpoints - In February 2025, excavator sales reached approximately 19,300 units, representing a year-on-year increase of 52.80%. Domestic sales accounted for 11,640 units, with a significant growth of 99.40% [9][30] - Loader sales in February 2025 totaled 8,730 units, showing a year-on-year increase of 34.40%, with domestic sales of 4,505 units, up 63.00% [9][30] - The average working hours for major construction machinery in February 2025 was 46.4 hours, reflecting a year-on-year increase of 70.3% [10][30] - The government’s focus on stabilizing the real estate market is expected to drive demand for construction machinery through urban renewal and the renovation of old residential areas [30] Summary by Sections Industry News - February excavator sales were approximately 19,270 units, with domestic sales of 11,640 units and exports of 7,630 units [9] - Loader sales in February were 8,730 units, with domestic sales of 4,505 units and exports of 4,225 units [9] Industry Data - The average working hours for construction machinery in February 2025 was 46.4 hours, with a year-on-year increase of 70.3% [10] - The average operating rate for construction machinery was 44.6%, an increase of 12.3 percentage points year-on-year [11] Company Announcements - HaiNeng Technology signed a cooperation agreement with Xi'an Jiaotong University to establish a research institute [16] - LanShi Heavy Equipment was approved to establish a national postdoctoral research workstation [17] - HaoZhi Electromechanical plans to establish a joint venture with FengZhiSheng Company [18] Market Review - From March 5 to March 11, 2025, the CSI 300 index rose by 1.45%, while the machinery equipment sector increased by 4.70%, outperforming the CSI 300 by 3.26 percentage points [20] - As of March 11, 2025, the TTM P/E ratio for the machinery equipment sector was 30.50 times, with a premium of 152.14% relative to the CSI 300 [21]