2025-12-22 11:16Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].