2025年3月工程机械核心指标数据点评：3月CMI指数逼近扩张值，工程机械高景气延续

Investment Rating - The report maintains a strong recommendation for the engineering machinery sector, indicating a positive outlook for the industry based on current market conditions and performance metrics [8]. Core Insights - The CMI index for March 2025 reached 128.56, reflecting an 18.28% year-on-year increase and a 20.51% month-on-month increase, indicating a robust recovery in the engineering machinery market [1]. - Key sub-indices showed significant growth, with the inventory index for manufacturers up by 17.05 percentage points, and the new orders index for agents increasing by 21.58% year-on-year and 59.93% month-on-month, suggesting strong demand for production [2]. - The operating hours for excavators increased by 14.94% year-on-year and 66.33% month-on-month, indicating improved project commencement and sales momentum in the domestic market [2]. - The report highlights that the narrowing decline in fixed asset investment in key downstream sectors, such as real estate and infrastructure, supports the high demand for engineering machinery [3]. - Some leading manufacturers, like SANY Heavy Industry, are engaging in share buybacks to bolster market confidence, while other companies like Zoomlion and LiuGong reported mixed performance in their 2024 earnings [4][8]. Summary by Sections Market Performance - The engineering machinery market is experiencing accelerated recovery, with the CMI index reflecting strong growth metrics [1]. - The increase in new orders and production indices indicates a robust demand environment for engineering machinery [2]. Downstream Investment Trends - The report notes a reduction in the decline of fixed asset investments in real estate and infrastructure, which is expected to positively impact engineering machinery sales [3]. Company Performance - Leading companies are showing resilience, with some reporting slight revenue declines while others, like LiuGong, show significant profit growth [4]. - SANY Heavy Industry's share buyback initiative is expected to enhance market confidence and support the sector's growth trajectory [8].