具身智能首次写入政府工作报告，2月挖机内销同比+99.4%

Investment Rating - The industry maintains a rating of "Outperform" [3] Core Insights - The concept of embodied intelligence has been included in the government work report for the first time, indicating a shift towards integrating digital technology with physical manufacturing [20][23] - The Shenzhen government has launched an action plan for embodied intelligence, aiming to achieve breakthroughs in key technologies and foster a robust industrial ecosystem by 2027 [2][24] - The sales of excavators in February 2025 saw a significant year-on-year increase of 99.4% in domestic sales, reflecting strong demand in the construction machinery sector [7][27] Summary by Sections Industry News - Embodied intelligence is highlighted in the 2025 government work report, emphasizing the development of future industries such as biomanufacturing and quantum technology [20][23] - Shenzhen's action plan aims to cultivate over 10 companies with valuations exceeding 10 billion and achieve a total industry scale of over 100 billion by 2027 [2][24] - Zhejiang province is accelerating the development of humanoid robots and low-altitude economy sectors as part of its economic development plan [2][24] Key Data Tracking - In February 2025, excavator sales reached 19,270 units, a 52.8% increase year-on-year, with domestic sales at 11,640 units, up 99.4% [7][27] - Loader sales also increased by 34.4% year-on-year in February, with domestic sales at 4,505 units, reflecting a strong market recovery [8][27] - The average working hours for major construction machinery products in February were reported at 46.4 hours, a 70.3% increase year-on-year [9][28]