机械设备行业：设备更新成效显现，重点领域深化可期

Investment Rating - The industry investment rating is Neutral (maintained) [1][4] Core Insights - The report highlights the significant progress in equipment updates supported by government policies, funding, and protective measures, which have injected vitality into the equipment update process in China [2] - The report indicates that the investment in industrial equipment has shown a year-on-year increase of 16.8% in the first eight months of the year, contributing 64.2% to total investment growth [2] - The next phase of equipment updates will focus on continuous policy and funding support, with a planned scale of 800 billion yuan in government bonds to support over 2 million equipment updates [2] Summary by Sections Industry Performance - The relative return over the past month is 1.34%, while the absolute return is 7.99%. Over three months, the relative return is -4.1% and the absolute return is -2.23%. Over twelve months, the relative return is -12.32% and the absolute return is -16.31% [1] Investment Highlights - The report discusses three main areas of support for equipment updates: policy framework construction, government bond funding support, and protective measures [2] - The report notes that the investment in manufacturing technology upgrades has maintained double-digit growth, with a year-on-year increase of 10.6% in the first eight months [2] - The report emphasizes the importance of the recently released "Guidelines" for industrial equipment updates, which will provide reference for relevant stakeholders [2]