工程机械行业跟踪点评：2月挖机出口同比高增，内需向上趋势不改

Investment Rating - The report maintains a "Market Weight" rating for the engineering machinery industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [1][38]. Core Insights - In February 2026, excavator sales reached 17,226 units, a year-on-year decrease of 10.61% and a month-on-month decrease of 7.92%. Domestic sales were 6,755 units, down 41.97% year-on-year and 22.56% month-on-month, while export sales were 10,471 units, up 37.23% year-on-year and 4.87% month-on-month, accounting for 60.79% of total sales [3]. - Loader sales in February 2026 totaled 9,540 units, a year-on-year increase of 9.28% but a month-on-month decrease of 18.87%. Domestic sales were 3,863 units, down 14.25% year-on-year and 27.02% month-on-month, while export sales were 5,677 units, up 34.37% year-on-year but down 12.20% month-on-month [4]. - The report highlights that the decline in domestic excavator sales in February was primarily due to the disruption caused by the Spring Festival holiday, but the overall trend of industry recovery and demand growth remains intact [5]. Summary by Sections Excavator Sales - February 2026 excavator sales: 17,226 units, down 10.61% YoY, down 7.92% MoM - Domestic sales: 6,755 units, down 41.97% YoY, down 22.56% MoM - Export sales: 10,471 units, up 37.23% YoY, up 4.87% MoM, accounting for 60.79% of total sales - Cumulative sales for January-February 2026: 35,934 units, up 13.06% YoY [3]. Loader Sales - February 2026 loader sales: 9,540 units, up 9.28% YoY, down 18.87% MoM - Domestic sales: 3,863 units, down 14.25% YoY, down 27.02% MoM - Export sales: 5,677 units, up 34.37% YoY, down 12.20% MoM - Cumulative sales for January-February 2026: 21,299 units, up 27.92% YoY [4]. Industry Trends - The report notes that fixed asset investment in the mining sector has shown a significant recovery, while real estate investment remains at a low point. The government plans to support large-scale equipment updates and urban renewal projects, which will drive domestic demand [5]. - The export trade value of engineering machinery products in February 2026 was $5.13 billion, up 56.33% YoY, but down 7.67% MoM. Cumulative export trade value for January-February 2026 was $10.686 billion, up 33.43% YoY [5]. - The report emphasizes the importance of electric and intelligent technology development in the engineering machinery sector, with a significant market potential for electric machinery products in the coming years [6]. Investment Recommendations - The report suggests focusing on industry leaders such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic for potential investment opportunities [6].