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Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [13]. Core Viewpoints - The report highlights a significant year-on-year increase in excavator exports, with sales amounting to 10.08 billion yuan, reflecting a growth of 28.72% compared to the previous year [7]. - The Southeast Asian market has shown a strong recovery, with cumulative export sales reaching 2.193 billion yuan, marking a 28.33% increase year-on-year, particularly driven by the Indonesian market which saw a 54.05% growth [7]. - The European and American markets have also turned positive, with Western Europe showing a 53.42% increase in export sales to 1.249 billion yuan, and the U.S. market growing by 19.73% to 375 million yuan [8]. - The report anticipates that the positive export data and improving demand across major regions will have a beneficial impact on the profitability of major machinery manufacturers [8]. Summary by Sections Export Performance - The report notes that excavator exports have continued to grow significantly, with a total sales value of 10.08 billion yuan in January and February 2025, maintaining a high growth rate since Q4 of the previous year [7]. - The Southeast Asian market has rebounded, with notable growth in Indonesia, which is expected to stabilize and recover after a decline in demand in previous years [7]. Market Outlook - The report expresses optimism regarding the recovery of demand in the European and American markets, with expectations for domestic brands to further penetrate these markets [8]. - The overall demand environment is projected to improve compared to the previous year, supporting the positive outlook for the engineering machinery sector [8].