政策转向，关注工程机械、人形机器人板块

Investment Rating - The report rates the mechanical industry as "Overweight" [1] Core Viewpoints - The mechanical sector is expected to benefit from a policy shift and an increase in risk appetite, which will aid in the valuation recovery of high-dividend value stocks and growth stocks with strong cash flow and high ROE, particularly in sub-sectors like engineering machinery, railway equipment, coal machinery, and forklifts [4] - The report emphasizes the importance of central government fiscal policies in driving incremental demand and the expansion of overseas business opportunities [4] - The engineering machinery sector is anticipated to experience a rebound in both domestic and foreign demand, with Q3 exports expected to accelerate [4] Summary by Sections Key Industry Insights and Company Profit Forecasts - The engineering machinery sector is projected to see positive growth in H2 2024, driven by replacement demand and successful overseas market expansion [8] - Recommended stocks include Hengli Hydraulic, Sany Heavy Industry, XCMG, Zoomlion, and Zhejiang Dingli [8] Mechanical Sector Sub-industry Data Summary - The report covers various sub-industries, including: - Wind power equipment: Positive outlook for offshore wind installations in 2024 [6] - Photovoltaic equipment: Rapid growth in equipment orders [6] - Lithium battery equipment: Year-on-year increase in new energy vehicle sales and battery installations in August 2024 [6] - General automation: Anticipated recovery in demand for industrial automation [6] - Engineering machinery: Domestic policy support and stable growth in overseas markets [6] Market Performance Overview - The mechanical equipment index rose by 13.14% during the week of September 23-27, 2024, indicating a recovery in market sentiment [3] Company Recommendations - The report recommends several companies across different sectors, including: - Engineering machinery: Hengli Hydraulic, Sany Heavy Industry, XCMG, Zoomlion, Zhejiang Dingli [4] - Oil service equipment: Neway Valve, Jereh, and Dewei [4] - Mining equipment: Naipu Mining Machinery [4] - 3C equipment: Bozhong Precision, Kuaike Intelligent, and Optimas [4] - Humanoid robots: Best, Hengli Hydraulic, and Top Group [4]