3月工程机械CMI指数值逼近扩张值，工程机械出口延续增长态势

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Insights - The CMI index for March 2025 is 128.56, indicating a year-on-year increase of 18.28% and a month-on-month increase of 20.51%, suggesting a stable development phase for the domestic construction machinery market [3][4] - The total import and export trade value of construction machinery in China for January to February 2025 is $8.426 billion, with exports amounting to $8.009 billion, reflecting a year-on-year growth of 7.17% [3][4] - Domestic demand is expected to improve due to equipment upgrades and environmental policies, with excavator sales projected to reach 100,543 units in 2024, a year-on-year increase of 11.7% [5][6] Summary by Sections Industry Dynamics - The construction machinery market is showing signs of recovery, with the CMI index approaching expansion values and exports continuing to grow [2][3] - The market is entering a stable development phase, with expectations of increased activity as the year progresses [3][4] Domestic and International Demand - Domestic demand is driven by equipment upgrades and environmental regulations, with a projected increase in excavator sales [5] - The global market is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [5] Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, and Shantui, as they are expected to benefit from the improving domestic and international demand [6]