装备制造行业周报（3月第4周）：亚洲市场拉动我国逆变器出口增长

Investment Rating - The report does not explicitly state an investment rating for the industry, but it indicates a positive outlook for specific sectors such as engineering machinery and humanoid robots, suggesting potential investment opportunities [1]. Core Insights - The engineering machinery sector in China shows continued improvement, with the market index reaching 128.56 in March 2025, a year-on-year increase of 18.28% and a month-on-month increase of 20.51% [3]. - The humanoid robot market is expected to grow as component costs decrease, with a significant presence of component manufacturers at the recent ITES exhibition in Shenzhen [3]. - The photovoltaic sector is experiencing growth in inverter exports, particularly to Asian markets, with a total export value of 7.632 billion yuan in January-February 2025, reflecting a year-on-year growth rate of 5.97% [3]. Market Overview - The mechanical equipment, power equipment, and automotive industry indices experienced declines of -3.49%, -1.70%, and -1.03% respectively during the week of March 24-28, 2025, ranking 12th, 17th, and 10th among 31 Shenwan primary industries [1][8]. - The top-performing sub-sectors included commercial vehicles and passenger vehicles, while wind power equipment and automotive services saw significant declines [10]. Industry Data - The engineering machinery market index indicates a strong recovery, with a notable increase in excavator operating hours by 14.94% year-on-year in March 2025 [3]. - The humanoid robot sector is poised for growth, driven by advancements in component manufacturing and cost reductions [3]. - The photovoltaic inverter export market is bolstered by demand from countries like India and Pakistan, as well as large-scale projects in Saudi Arabia and the UAE [3].