机械设备行业周报：小松开工小时数同比正增长，工程机械行业景气度有望提升

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - The construction machinery industry is expected to improve due to positive growth in operating hours for Komatsu excavators in China, with a year-on-year increase of 100.7% in February 2025 [7][24] - The domestic and export sales of excavators have both achieved positive growth in January and February 2025, with domestic sales increasing by 99.4% to 11,640 units and export sales rising by 12.69% to 7,630 units [23][24] - The government plans to issue long-term special bonds worth 1.3 trillion yuan and arrange local government special bonds of 4.4 trillion yuan, which is expected to boost infrastructure projects and overall demand in the construction machinery sector [25] Summary by Sections Market Review and Investment Strategy - The SW machinery index fell by 0.68% to 1,777.06 points, underperforming the CSI 300 index by 2.27 percentage points [10] - The sales volume of excavators in January and February 2025 reached 31,782 units, a year-on-year increase of 27.2%, ending three consecutive years of decline [23] Industry Dynamics - The China (Hunan) Free Trade Zone Changsha area established a remanufacturing and maintenance base for construction machinery, aiming to create the first remanufacturing and maintenance standard system in China [28] Key Data Tracking - The China Machinery Industry Association reported that the construction machinery market index (CMI) for February 2025 was 106.68, reflecting a year-on-year increase of 13.53% [23] - The operating hours for Komatsu excavators in China reached 122.8 hours in January and February 2025, the highest since 2022, indicating a rise in construction project initiation [24]