过去与未来：百年创新路，再启新征程

Core Viewpoint - The article emphasizes the continuous evolution and adaptation of the engineering machinery industry, highlighting its response to societal needs and commitment to excellence [2][3][4]. Industry Highlights - The engineering machinery industry is showing signs of recovery, with performance improvements noted [7]. - The transition to "National IV" emissions standards is set to begin on December 1, indicating regulatory changes that may impact the industry [7]. - Domestic sales have declined for 13 consecutive months, while exports have surged over 70%, raising questions about the future of the excavator industry [7]. - February's construction activity showed improvement, leading to optimistic expectations for the engineering machinery sector [7]. - Caterpillar is nearing a cyclical turning point, resulting in a downgrade to a "neutral" rating [7]. Market Data - Sales data for excavators and loaders is being tracked for 2021 to 2025, indicating ongoing monitoring of market trends [8][9]. - The article includes various monthly sales figures for major products, reflecting the industry's performance over time [8][9]. Downstream Demand - The article mentions the operational hours of Komatsu machinery, which can serve as an indicator of market demand and activity levels [9]. - The CTV excavator index is also referenced, providing insights into market dynamics and trends [9]. Market Dynamics - February's construction rate improvement suggests a warming outlook for the engineering machinery industry [9]. - January's strong credit performance indicates a potential recovery in domestic demand, with expectations for the industry to "break the ice" [9]. Expert Insights - Industry leaders, including Su Zimeng and representatives from major companies, discuss the current development landscape and the push for new energy solutions in engineering machinery and commercial vehicles [9].