机械行业周报：3月挖机内销超预期，关税冲突有望推动自主可控及内需发展-20250413

Investment Rating - The report maintains a "Positive" outlook for the machinery industry [4] Core Viewpoints - In March 2025, domestic excavator sales exceeded expectations, with a total of 29,590 units sold nationwide, representing a year-on-year increase of 18.5%. Domestic sales accounted for 19,517 units, up 28.5% year-on-year, while exports reached 10,073 units, a growth of 2.87% [1] - The increase in domestic excavator sales is attributed to the renewal of existing demand and policy-driven funding, with small excavators showing faster growth [1] - The ongoing tariff conflicts are expected to create opportunities for domestic production and internal demand development, as high tariffs on imports from the U.S. may lead to a significant reduction in imported goods, benefiting domestic products [2] Summary by Sections Excavator Sales Performance - In the first three months of 2025, a total of 61,372 excavators were sold, marking a year-on-year increase of 22.8%. Domestic sales during this period reached 36,562 units, up 38.3% year-on-year, while export sales were 24,810 units, with a growth of 5.49% [1] Tariff Impact and Domestic Opportunities - The report outlines the escalation of U.S. tariffs on Chinese goods, with rates increasing to 125%. This situation is expected to enhance the competitiveness of domestic products in the market [2] - Key sectors to focus on include agricultural machinery, engineering machinery, coal machinery, instrumentation, and domestic robotic systems, which are anticipated to benefit from the shift towards domestic demand [2] Investment Recommendations - The report suggests monitoring specific companies within the engineering machinery sector, including Zhonglian Heavy Industry (000157, Buy) and Anhui HeLi (600761, Buy), among others across various segments such as industrial equipment and energy equipment [2]