1+2月挖机海关出口继续同比高增，海外市场景气度延续

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [9]. Core Insights - The customs data for January and February 2026 shows that excavator exports continued to grow significantly year-on-year, with a sales value of 12.98 billion yuan, representing a 29.69% increase. The total excavator export sales for 2025 reached 76.63 billion yuan, up 30.96%, indicating sustained overseas market vitality [4][5]. - The overseas mining-related market remains robust, with improved demand in Europe and the U.S. The Southeast Asian market saw a sales increase of 34.45% to 2.949 billion yuan, while Western Europe experienced a 39.70% growth to 1.745 billion yuan. The U.S. market grew by 15.70% to 434 million yuan, and South America saw a remarkable 67.84% increase to 1.531 billion yuan [5][6]. Summary by Sections Export Performance - The excavator export sales for January and February 2026 were 12.98 billion yuan, marking a 29.69% year-on-year increase, with the 2025 total reaching 76.63 billion yuan, a 30.96% increase [4]. - Specific regional performance includes: - Southeast Asia: 2.949 billion yuan, up 34.45% [5] - Western Europe: 1.745 billion yuan, up 39.70% [5] - U.S.: 434 million yuan, up 15.70% [5] - South America: 1.531 billion yuan, up 67.84% [5] - Africa: 3.405 billion yuan, up 62.14% [5] - Russia: 202 million yuan, down 76.64% [5] Investment Outlook - The report suggests that the continued high growth in excavator exports and the positive trends in major downstream regions indicate a favorable outlook for the engineering machinery sector. The expectation is that as domestic brands deepen their market penetration overseas, exports will continue to perform well [6].