多数品种销量保持增长，工程机械复苏有望持续

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1][8][23] Core Views - The machinery industry is expected to benefit from a series of incremental policies implemented since September 2024, with the PMI in February showing signs of recovery, indicating a stabilization in domestic manufacturing supply and demand [7][23] - The domestic demand for construction machinery is showing a clear recovery trend, driven by accelerated updates of existing equipment and increasing demand in emerging sectors such as water conservancy and high-standard farmland [5][6][23] - The overall performance of the machinery industry is projected to continue growing, supported by special government bonds, large-scale equipment updates, and companies expanding overseas [8][23] Summary by Sections Market Review - The machinery equipment sector experienced a decline of 0.7% last week, underperforming the CSI 300 index by 2.3 percentage points [3][11] - The best-performing sub-sectors included abrasives (3.0%), energy and heavy equipment (2.7%), and printing and packaging machinery (1.7%), while engineering machinery components (-6.1%), semiconductor equipment (-4.3%), and industrial control equipment (-2.9%) lagged behind [3][11] Engineering Machinery - In February, domestic demand for engineering machinery showed a sustained recovery, with 9 out of 12 tracked machinery types experiencing year-on-year sales growth [4][5] - The sales of excavators and loaders have been increasing since last year, with growth rates gradually improving [5][22] - The CMI index for February was 106.68 points, indicating a stable development phase with significant increases in new orders and production indices [6][23] Investment Recommendations - The report suggests focusing on sub-sectors such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment, as they are expected to benefit from the overall industry growth [8][23] Key Company Earnings Forecasts and Ratings - The report includes earnings forecasts and ratings for key companies, indicating a positive outlook for several firms within the machinery sector [21]