机械设备行业：设备更新政策落地，关注船舶、农机等相关行业

Investment Rating - The mechanical equipment industry is rated as "Buy" [3] Core Insights - The National Development and Reform Commission and the Ministry of Finance issued measures to support large-scale equipment updates and consumer goods replacement, with approximately 300 billion yuan allocated for support [1][10] - The mechanical industry index fell by 1.66% in the week of July 22-26, while the Shanghai Composite Index dropped by 3.67% [1] - Excavator sales are expected to recover in July, with an estimated total of 14,000 units sold, representing a year-on-year increase of 11.06% [1][16] - The global new ship price index rose by 9.05% year-on-year, indicating a positive trend in shipbuilding profitability [1][21] Summary by Sections Macro Data Tracking - The new measures include expanding support to energy, old elevators, and key industries for energy conservation and safety upgrades, with a focus on shipbuilding, trucks, agricultural machinery, and new energy buses [10][11] - The measures aim to enhance loan subsidies and support for small and medium enterprises in equipment updates [10][11] Mid-level Data Tracking - The domestic excavator market is expected to see a year-on-year increase of nearly 17% in sales, while the export market is projected to grow by about 7% [16][17] - The oil and gas equipment sector shows signs of recovery, with an increase in active drilling rigs in North America [19] Recommendations - Key companies to focus on include Sany Heavy Industry, XCMG, and China Shipbuilding, among others, with a strong emphasis on sectors like engineering machinery and automation [2][21] - The report suggests a positive outlook for the shipbuilding industry, particularly for leading domestic companies benefiting from the current cycle [21]