工程机械：2月挖机强势复苏，政策驱动国内市场回暖

Investment Rating - The industry investment rating is "Leading the Market" with the rating maintained [1][5] Core Viewpoints - The excavator market is experiencing a steady recovery in both domestic and foreign demand, supported by government policies and infrastructure projects [5] - The average working hours for major engineering machinery products increased by 70.3% year-on-year, indicating a robust operational environment [4] - The government plans to issue 4.4 trillion yuan in local government special bonds, which will boost urban renewal and infrastructure projects, further driving demand for excavators [4] - The export of second-hand excavators to emerging markets is increasing, stimulating domestic demand for new machines [4] - The industry is entering a phase of large-scale equipment updates, with many excavators reaching the end of their operational life cycle [4] Summary by Sections Industry Performance - The engineering machinery sector has shown a significant increase in sales, with excavator sales in February 2025 reaching 19,270 units, a year-on-year increase of 52.84% [4] - Domestic sales accounted for 11,640 units, up 99.42% year-on-year, while exports were 7,630 units, up 12.69% [4] Government Policies - The central government has emphasized rural revitalization and high-standard farmland construction, which will create substantial demand for excavators [5] - The issuance of special bonds and the focus on urban renewal projects are expected to enhance the operational environment for the engineering machinery sector [4] Market Trends - The excavator market is anticipated to see a rebound in both domestic and international demand due to favorable policies and market conditions [5] - The ongoing trend of equipment updates is expected to further drive the demand for new excavators as older models are phased out [4]