工程机械行业：2024年全国工程机械数据总体平稳，行业有望步入新一轮上行周期

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report indicates that the national engineering machinery data is generally stable in 2024, with various infrastructure projects progressing in an orderly manner, showcasing strong resilience and vitality [5] - The Longjiang Economic Belt shows impressive construction rates, with six out of the top ten provinces in terms of construction rates located in this region, indicating a higher level of economic activity [7] - The report highlights that the demand for engineering equipment is expected to increase due to the growth of emerging industrial clusters in the central region, particularly in automotive and equipment manufacturing [7] - The Northeast region is experiencing a transformation in traditional industries, which is positively impacting the demand for engineering machinery, particularly in the context of the "ice and snow economy" [7] - Sales data for excavators in December showed positive growth, with a total of 201,131 units sold in 2024, reflecting a year-on-year increase of 3.13% [7] Summary by Sections Industry Performance - The report notes a relative return of 2.64% over one month, 2.33% over three months, and 3.34% over twelve months compared to the CSI 300 index [3] Regional Insights - The central region's comprehensive construction rate reached 56.22%, the highest among all regions, with Anhui province leading at 68.37% [7] - The Northeast region's construction equipment utilization rates are also strong, with specific equipment categories like crawler cranes achieving a utilization rate of 65.11% [7] Sales and Demand - Domestic excavator sales reached 100,543 units, a year-on-year increase of 11.7%, while external sales were 100,588 units, showing a decline of 4.24% [7] - The report anticipates continued recovery in domestic engineering equipment demand, driven by policies and the release of overseas demand [7] Investment Recommendations - The report suggests focusing on key companies such as Sany Heavy Industry, XCMG, and Zoomlion, among others, as potential investment opportunities in the engineering machinery sector [7]