机械行业周报：6月我国挖掘机销量约1.66万台，同比增长5.3%

Investment Rating - The mechanical industry is rated as "Overweight" [6] Core Views - The mechanical equipment industry experienced a decline of 4.1% last week, underperforming the CSI 300 index by 3.2 percentage points. The best-performing segments included rail transit equipment III (0.4%) and photovoltaic processing equipment (-0.3%), while the worst performers were lithium battery equipment (-6.7%) and other automation equipment (-6.4%) [5][8] - In June, excavator sales in China reached approximately 16,603 units, representing a year-on-year increase of 5.3%. Domestic sales were 7,661 units, up 25.6%, while exports were 8,942 units, down 7.5%. For the first half of the year, total excavator sales were 103,213 units, down 5.2% year-on-year [5][6] - Global semiconductor sales in May were approximately $49.15 billion, a year-on-year increase of 19.3%. China's semiconductor sales were $14.91 billion, up 24.2% year-on-year [5][6] Summary by Sections Market Review - The mechanical equipment industry declined by 4.1% last week, underperforming the CSI 300 index by 3.2 percentage points. The best-performing segments included rail transit equipment III (0.4%) and photovoltaic processing equipment (-0.3%), while the worst performers were lithium battery equipment (-6.7%) and other automation equipment (-6.4%) [5][8] Key Company Earnings Forecasts and Ratings - The report includes earnings forecasts and ratings for key companies in the mechanical industry, with several companies rated as "Buy" including Sany Heavy Industry and XCMG [18] Fundamental Data - The report provides insights into macro demand indicators, including the cumulative issuance of special bonds by local governments and infrastructure investment growth rates [19][20] - The report also highlights the sales and sales area of commercial housing, indicating trends in the real estate sector [20][21] Subsector Data - Excavator sales and operating hours are tracked, showing a positive trend in domestic sales driven by infrastructure projects and equipment upgrades [33][36]