数说 | 2025年“最忙”工程机械-汽车起重机

Industry Highlights - The engineering machinery industry may be on the path to recovery, with improved performance indicators [2] - The transition to "National IV" standards for engineering machinery will commence on December 1 [2] Market Data - Domestic sales have declined for 13 consecutive months, while exports have surged over 70% this year, raising questions about when the excavator industry will rebound [3] - February's construction activity rate has shown improvement, leading to optimistic expectations for the engineering machinery sector [4] - Caterpillar is nearing a cyclical turning point and has downgraded its rating to "neutral" [5] Downstream Demand - Average working hours for major products are being monitored, with data projected for 2025 [6] - The CCTV excavator index will also be tracked, with projections extending into 2025 [6] Market Dynamics - February's construction activity rate improvement suggests a warming outlook for the engineering machinery industry [7] - January's strong credit performance has reinforced expectations for a domestic demand recovery, indicating a potential thaw in the engineering machinery sector [7] Expert Insights - Su Zimeng, the president, discussed the development trends and current key tasks of the engineering machinery industry [7] - Xu Gong Machinery's Chief Engineer and Vice President, Shan Zenghai, emphasized support for the electrification of engineering machinery and commercial vehicles [7]