Group 1 - The "Excavator Index" developed by SANY Heavy Industry based on the Root Internet Industrial Internet platform indicates a clear concentration of advantages among leading equipment categories, with truck cranes maintaining the highest operational activity for 12 consecutive months in 2025 [1] - Truck cranes are widely used in heavy infrastructure, energy projects, and large factory construction, reflecting the sustainability and intensity of major project construction [1] - Excavators and concrete mixers form the second tier, corresponding to core construction activities such as earthworks and concrete pouring, indicating steady progress in residential construction, municipal pipeline projects, and industrial park support [1] Group 2 - The operational rate of port equipment has increased for six consecutive months since July 2025, with provinces like Ningxia, Zhejiang, Shaanxi, and Guizhou leading the nation [1] - The data reflects the enhanced effectiveness of inland provinces in utilizing "dry ports" and the China-Europe Railway Express, while coastal ports benefit from route densification and smart upgrades, improving container and bulk cargo turnover efficiency [1] - The continuous growth in port equipment operational rates indicates the resilience of integrated domestic and foreign trade development, highlighting the role of ports as logistics hubs [1] Group 3 - Among specific equipment categories, the operational rates of stackers, truck cranes, rotary drilling rigs, concrete mixers, trailer pumps, and pump trucks have all seen year-on-year growth, indicating a more refined structure of infrastructure and industrial investment [2] - The increase in stacker operational rates reflects strong demand in e-commerce logistics and port freight, while the rise in concrete mixers, trailer pumps, and pump trucks indicates an accelerated construction pace for concrete pouring projects [2] - Overall, the growth in operational rates across different types of equipment demonstrates a broad coverage of investment-driven activities, showing steady improvement from large-scale infrastructure to detailed supporting projects [2] Group 4 - According to the "Excavator Index," the national construction machinery operational rate for 2025 is projected at 44.89%, with 18 provinces exceeding 50% [2] - The central region has maintained the highest construction machinery operational rate for seven consecutive months [2]

Group 1 - The excavator index experienced a strong surge, with a daily increase of 2.32% [1] - Component stocks showed active performance, with China First Heavy Industries hitting the daily limit [1] - Other companies such as XCMG, Liugong, Shantui, and Zoomlion also saw significant gains [1]

全国工程机械平均开工率同比增长1.62% "挖掘机指数"折射一季度中国经济起步稳后劲足 《经济参考报》记者日前获悉，三一重工基于树根互联工业互联网平台打造的"挖掘机指数"显示， 今年 一季度全国工程机械平均开工率为44.67%，较去年同期增幅为1.62%，12个省份平均开工率超过50%。今年3 月全国工程机械开工率为53.16%，环比2月上升18.06%，折射出一季度中国经济起步稳、后劲足。 数据显示，今年一季度吊装设备表现最为突出，平均开工率为66.28%，其中，3月吊装设备开工率为 72.53%。树根互联挖掘机指数数据专家刘俊介绍，吊装设备常用于大型设备安装、结构吊装等项目收尾环 节，其开工率高说明更多基建项目在整个一季度集中进行设备调试、主体结构封顶等收尾工作。 在今年一季度可统计样本总工作时长方面，堆高机同比增长28.65%，正面吊同比增长9.92%，超过其他细 分设备。其中，重庆堆高机一季度总工作时长同比增长22.83%，位居同类设备同比增幅全国首位；广西、青 海正面吊总工作时长分别同比增长36.72%、31.81%。 "堆高机和正面吊主要用于集装箱的物流搬运，总工作时长同比大幅度提升，说明西部地区 ...

Core Viewpoint - The "Excavator Index" indicates a stable start and strong momentum for China's economy in the first quarter, with an average operating rate of construction machinery increasing by 1.62% year-on-year [2]. Summary by Sections National Overview - The average operating rate of construction machinery in China for Q1 was 44.67%, showing a year-on-year increase of 1.62%. In March, the operating rate rose to 53.16%, up 18.06% from February, reflecting a solid economic recovery [2]. Equipment Performance - Lifting equipment showed the best performance with an average operating rate of 66.28% in Q1, and 72.53% in March. This high rate indicates that many infrastructure projects were in the final stages of equipment debugging and structural completion [4]. - In terms of working hours, stackers saw a year-on-year increase of 28.65%, while front lifts increased by 9.92%. Notably, Chongqing's stackers had the highest growth rate at 22.83% [4]. Regional Analysis - The central region had an average operating rate of 48.24% in Q1, with lifting equipment at 70.49% and excavators at 58.12%, leading all regions. This growth was driven by policy benefits, major project investments, and industrial upgrades [4]. - The eastern region's average operating rate was 44.70%, with concrete equipment at 41.51%. In March, Fujian's stackers saw a remarkable year-on-year increase of 176.35% [5].

Investment Rating - The industry rating is "Outperform the Market" [7][16]. Core Insights - The CMI index continues to show expansion, with a February 2025 value of 106.68, representing a year-on-year increase of 13.53% and a month-on-month increase of 5.44%, indicating a recovery in construction demand post-Chinese New Year [3]. - In January 2025, excavator sales reached 12,512 units, a year-on-year increase of 1.1%, while domestic sales were 5,405 units, down 0.3%, and exports were 7,107 units, up 2.19%. Loader sales were 7,920 units, up 1.51%, with domestic sales at 3,706 units, down 1.01%, and exports at 4,214 units, up 3.84% [3]. - The report highlights a potential recovery in domestic demand driven by equipment upgrades and environmental policies, with excavator domestic sales projected to reach 100,543 units in 2024, a year-on-year increase of 11.7% [4]. Summary by Sections Industry Dynamics - The CMI index indicates a positive trend in the construction machinery market, with significant growth in equipment operating rates and hours post-holiday [3]. - The Central Bank's recent monetary policies aim to stimulate the real estate market and infrastructure investments, potentially benefiting the construction machinery sector [4]. Domestic and Overseas Demand - Domestic demand is expected to improve due to equipment upgrades and environmental regulations, with a gradual release of replacement demand anticipated after 2025 [4]. - The global market for construction machinery is three times larger than the domestic market, with a stable competitive landscape dominated by major players like Caterpillar and Komatsu [4]. Investment Recommendations - The report suggests focusing on companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as the industry is poised for a recovery driven by both domestic and international demand [5].