工程机械行业专题：中证全指工程机械指数型基金和广发中证工程机械主题ETF投资价值分析

Investment Rating - The report rates the engineering machinery industry as "Outperform" compared to the market [1] Core Insights - The engineering machinery industry is experiencing a new development phase driven by domestic renewal demand, rapid overseas export growth, and accelerated electrification transformation [1][2] - The global engineering machinery market is projected to reach USD 237.6 billion in 2024, with a highly concentrated competitive landscape [1][21] - Domestic demand is stabilizing and recovering, supported by infrastructure investment and equipment renewal policies, while electrification is expected to initiate a new growth cycle [2][27] - Export growth is recovering, with significant potential for Chinese companies in overseas markets, particularly in regions involved in the Belt and Road Initiative [3][49] Summary by Sections Domestic Market - Excavator sales in China are showing signs of recovery, with a year-on-year increase of 18.60% from January to November 2025 [2][27] - The recovery is driven by three main factors: infrastructure investment, the arrival of the equipment renewal cycle, and the expansion of application scenarios [2][30] - The electrification of machinery is gaining momentum, with electric loader penetration reaching 23% in the first three quarters of 2025 [2][42] Overseas Market - From 2015 to 2022, excavator exports grew at a CAGR of 52.41%, with a recovery trend observed in 2024 [3][49] - The export volume of excavators increased by 14.90% year-on-year from January to November 2025, indicating a strong recovery [3][49] - The Belt and Road Initiative is providing strategic opportunities for Chinese engineering machinery companies to expand internationally [24][49] Competitive Landscape - The competitive landscape is stable, with leading companies dominating the market [3][49] - The report highlights that the top three global players hold over 30% market share, with Chinese companies gradually increasing their global market share [1][21] - The engineering machinery industry is transitioning from a traditional cyclical sector to a high-end manufacturing field characterized by globalization and electrification [4][49] Investment Value Analysis - The CSI Engineering Machinery Index reflects the overall market performance of leading companies in the engineering machinery sector, with a focus on large-cap stocks [4][8] - The index's valuation is currently at a historically high level, but with expected growth in domestic demand and global expansion, the industry is anticipated to experience significant profit growth [4][8] - The report emphasizes the long-term investment value of the index amid ongoing industrial upgrades and accelerated internationalization [4][8]