机械设备行业周报：小松开工小时数同比正增长，工程机械行业景气度有望提升-2025-03-19

Core Insights - The construction machinery industry is expected to improve as Komatsu's working hours in China show a year-on-year increase, indicating a positive trend in demand for construction equipment [7][24]. - In January and February 2025, excavator sales in China saw significant growth, with domestic sales increasing by 99.4% to 11,640 units, and total sales reaching 19,270 units, a 52.8% year-on-year increase [23][24]. - The Chinese government plans to issue long-term special bonds worth 1.3 trillion yuan and local government bonds of 4.4 trillion yuan, which is expected to boost infrastructure projects and overall demand for construction machinery [25]. Industry Dynamics - The SW mechanical equipment index fell by 0.68% to 1,777.06 points, underperforming the CSI 300 index by 2.27 percentage points [10]. - The mechanical equipment sector's rolling price-to-earnings ratio is 42.08 times, with a premium of 119.01% over the entire A-share market, indicating a high valuation compared to historical averages [17]. - The demand for excavators is anticipated to improve further as the traditional peak sales season from March to May approaches, driven by increased infrastructure project initiation [24]. Key Data Tracking - The China Machinery Industry Association reported that excavator sales in January and February totaled 31,782 units, marking a 27.2% year-on-year increase, ending a three-year decline [23][24]. - The China Engineering Machinery Market Index (CMI) for February was 106.68, reflecting a year-on-year increase of 13.53% and a month-on-month increase of 5.44% [23]. - Komatsu's excavator working hours in China reached 122.8 hours in January and February, the highest since 2022, indicating a recovery in construction activity [24].