工程机械11月内外销均持续增长

Core Viewpoint - The report highlights a recovery trend in the engineering machinery sector, with both domestic sales and exports showing growth in November, particularly in the automotive crane segment, which has seen a 25.8% year-on-year increase in domestic sales [1][2]. Market Review - In the past week, the indices for machinery equipment, power equipment, and automotive sectors experienced declines of -1.56%, -3.12%, and -0.1% respectively, ranking 29th, 30th, and 21st among 31 first-level industries in the Shenwan classification; during the same period, the CSI 300 index fell by -0.28% [1]. Industry Insights Engineering Machinery - In November, domestic and export sales of 12 major engineering machinery products showed 10 categories increasing and 2 decreasing; specifically, automotive cranes had domestic sales of 780 units, marking a 25.8% year-on-year growth, continuing a positive trend for five consecutive months since July [2]. - The overall export performance is stable, driven by the enhanced global competitiveness of domestic enterprises and rising demand due to interest rate cuts; thus, there is a high certainty of upward momentum in both domestic demand and exports [2]. Photovoltaics - The price of battery cells has increased due to a significant rise in silver paste costs, which has pushed up the production costs of N-type TOPCon batteries; however, overall demand remains weak, leading to production cuts across the supply chain [3]. - Despite short-term price stabilization, fundamental pressures such as weak domestic terminal demand and accumulating silicon material inventory persist, indicating a fragile balance in the industry [3]. Automotive - The introduction of the first batch of L3-level conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology is expected to accelerate the development of the autonomous driving industry in China [4]. - This initiative marks a significant step from testing to commercial application for L3-level autonomous driving, potentially benefiting related vehicle manufacturers and key component suppliers [4].