机械行业周报（2026.03.02~2026.03.06）：前 2 月我国挖机销量同比增长 13%，关注工程机械、燃气轮机、油服设备-20260307

Investment Rating - The report maintains a "Buy" rating for the machinery industry [3] Core Views - The machinery industry underperformed the market this week, with the Shanghai Composite Index down 1.1% and the machinery sector down 2.8%. The best-performing sub-sector was laser equipment, which increased by 7.8% [3][10] - In the first two months of 2026, excavator sales in China increased by 13.1% year-on-year, with domestic sales down 9.2% and exports up 38.8%. Loader sales also showed growth, with a total increase of 27.9% year-on-year [4] - The demand for gas turbines is expected to surge due to increased investment in data centers by major tech companies, leading to a significant rise in electricity demand [5] - The ongoing conflict between the U.S. and Iran has caused a spike in global oil and gas prices, which may drive demand for oil service equipment and shipping [6] Summary by Sections Market Review - The machinery industry has seen a cumulative increase of 10.8% this year, with laser equipment leading the gains at 47.2% [3][11] - The report highlights the seasonal factors affecting domestic sales of excavators and loaders, attributing the decline in February to the Spring Festival and previous high sales [4] Engineering Machinery - Excavator sales in February showed a year-on-year decline of 10.6%, with domestic sales down 42.0% but exports up 37.2%. The report anticipates a recovery in domestic sales driven by ongoing demand for equipment updates and electric machinery [4] Gas Turbines - Major tech companies have committed to self-supplying electricity for AI data centers, leading to increased demand for gas turbines, which are favored for their quick deployment and low operational costs [5] Oil Service Equipment - The report notes that the U.S.-Iran conflict has led to a significant increase in oil prices, which may boost capital expenditures in the oil and gas sector [6] Investment Recommendations - The report suggests focusing on the engineering machinery sector, where demand is expected to rebound due to equipment updates and high commodity prices driving overseas demand. Key companies to watch include SANY Heavy Industry, XCMG, and Zoomlion [7][29] - The gas turbine sector is highlighted for its potential growth due to the surge in electricity demand from data centers. Companies like Haomai Technology and leading turbine manufacturers are recommended for investment [7][30] - The oil service equipment sector is also recommended, with a focus on domestic leaders in oil service and shipping due to rising prices [8][30]