机械设备行业跟踪周报：看好北美电力缺口带来的燃气轮机链出海大机会；看好工程机械内销中大挖超预期

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The North American electricity gap presents significant opportunities for the gas turbine supply chain to expand internationally, particularly in the context of domestic manufacturers venturing into markets like the Middle East [1] - The engineering machinery sector is entering an export cycle, with a notable increase in excavator exports, indicating a dual boost in performance and valuation for the sector [2] - The escalation of geopolitical tensions in the Middle East is expected to heighten the demand for oil service equipment, driven by rising energy prices and increased focus on energy security [3] Summary by Sections Gas Turbines - Major tech companies have committed to self-sufficient power solutions, enhancing the demand for natural gas power generation equipment and accelerating project implementation [1] - The supply-demand imbalance in the gas turbine market is evident, with a projected capacity of 90GW by 2030, which is still below total demand [1] - Domestic manufacturers are expanding into international markets, showcasing product reliability and significant growth potential [1] Engineering Machinery - In February 2026, excavator sales totaled 17,226 units, a year-on-year decrease of 10.6%, with domestic sales down 42% but exports up 37.2% [2] - The export market currently accounts for over 80% of the sector's profits, indicating a strong upward trend in performance and valuation for 2026 [2] - Key recommended companies include Sany Heavy Industry, XCMG, and others, which are expected to benefit from this export cycle [2] Oil Service Equipment - The conflict in the Middle East has led to a significant drop in shipping traffic through the Strait of Hormuz, impacting oil supply and driving prices up [3] - The demand for oil service equipment is expected to rise due to increased capital expenditure in the oil and gas industry, driven by energy price hikes and reconstruction efforts [3] - Recommended companies in this sector include Jereh Group and Neway Valve, which are positioned to benefit from these trends [3]