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].