工程机械：市场规模庞大，多元催化下发展可期

Industry Overview - The engineering machinery sector is a crucial pillar of national economic development, with applications in urban and rural roads, urban infrastructure, national defense, and water conservancy. It is characterized as capital, labor, and technology-intensive [2] - According to data from the China Business Industry Research Institute, the Chinese engineering machinery market is expected to reach $23.4 billion in 2024, accounting for approximately 11.0% of the global market. By 2030, it is projected to grow to $57 billion, with a CAGR of about 16%. Excavators, cranes, and loaders dominate the market, with excavator sales in the first nine months of 2025 reaching 174,039 units, a year-on-year increase of 18.1% [2] - The industry chain includes upstream raw material suppliers, midstream manufacturers, and downstream applications across various sectors. The domestic market is highly concentrated, with a tiered competitive landscape. Globally, the market is characterized by a "tripartite" structure, with Chinese companies transitioning from followers to leaders [2] Development Trends - Recent years have seen the introduction of significant policies supporting the engineering machinery industry, focusing on equipment upgrades, green development, quality infrastructure, and smart manufacturing [4] - The 15th Five-Year Plan emphasizes optimizing the position and competitiveness of the machinery industry in global industrial division. The industry is experiencing a wave of technological innovation centered on "intelligent, high-end, and green" advancements, with leading manufacturers driving industry upgrades through breakthrough product development [4] - Chinese companies are actively expanding into overseas markets through a strategy combining "deep localization" and "global networking," achieving notable success [4] Industry Catalysts - The number and scale of major engineering projects across the country remain high, leading to increased demand for engineering machinery. The Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, is expected to drive machinery procurement between 120 billion to 180 billion yuan [6]