机械行业周报：国内1月挖掘机销量大幅增长，万亿国债项目全部下达完毕，建议关注工程机械板块

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - In January 2024, excavator sales increased by 18.5% year-on-year, with domestic sales rising significantly by 57.7%. The total sales of various excavators reached 12,376 units, with 5,421 units sold domestically and 6,955 units exported, which saw a slight decline of 0.73% [7][55] - The recovery in the domestic market is attributed to factors such as the Spring Festival, standard changes, and the easing of COVID-19 restrictions, leading to a lower base in the same period last year. It is expected that the industry will enter a traditional sales peak season after the Spring Festival, with a potential recovery in domestic demand throughout the year [7] - The completion of the issuance of 1 trillion yuan in government bonds is expected to marginally improve demand for construction machinery. The National Development and Reform Commission has approved over 2,800 projects, allocating nearly 200 billion yuan in bond funds, primarily focused on disaster recovery and prevention projects [7] Summary by Sections Market Review - During the week before the Spring Festival (February 4-8, 2024), the CITIC Machinery Industry Index rose by 4.90%, ranking 13th among all primary industries. Specifically, engineering machinery increased by 7.67%, general equipment by 6.00%, specialized equipment by 4.39%, and instruments by 4.14% [6][28][30] High-Frequency Data Tracking - The PMI for January 2024 was 49.2%, up by 0.2 percentage points from the previous month. The cumulative year-on-year growth rate of fixed asset investment in manufacturing for December 2023 was 6.5%, an increase of 0.2 percentage points from the previous month [34] - In January 2024, excavator sales were 12,376 units, up 18.5% year-on-year, while loader sales reached 7,802 units, also up 18.9% year-on-year [35][55] Industry News and Announcements - The global semiconductor sales in December 2023 reached $48.66 billion, a year-on-year increase of 12.1%. In China, semiconductor sales for the same month were $15.14 billion, up 19.9% year-on-year [43][56]