机械设备行业周报：农机补贴政策加码，南北船合并优势互补

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The agricultural machinery subsidy policy has been intensified, which is beneficial for enhancing replacement demand. The Ministry of Agriculture and Rural Affairs, the National Development and Reform Commission, and the Ministry of Finance jointly issued a notice to expand the scope of scrapping subsidies, allowing provinces to add up to 6 types of machinery for subsidies, with a maximum subsidy of 20,000 yuan per unit. The subsidy for scrapping tractors under 20 horsepower has increased from 1,000 yuan to 1,500 yuan, and for scrapping and purchasing new types of machinery like combine harvesters, the maximum subsidy can reach 30,000 yuan [3][10] - The shipbuilding industry is experiencing an upward trend, and the merger of China Shipbuilding and China Shipbuilding Heavy Industry is favorable for business integration and complementarity. The merger is based on an exchange ratio of 1:0.1335, with the average share prices set at 37.84 yuan and 5.05 yuan respectively. The shipbuilding industry is currently in a boom period, with a completion volume of 25.02 million deadweight tons in the first half of 2024, a year-on-year increase of 18.4%, and new orders of 54.22 million deadweight tons, up 43.9% year-on-year [3][10] Summary by Sections 1. Weekly Market Review - From September 18 to September 20, the CSI 300 index rose by 1.32%, while the A-share Shenwan Machinery Equipment Index increased by 1.57%, ranking 15th among 31 first-level sub-industries, outperforming the CSI 300 index by 0.25 percentage points. Among the second-level sub-industries, engineering machinery performed well with a rise of 3.85%, while rail transit equipment II lagged with a 0.27% increase [2][11] 2. Investment Recommendations - With the agricultural machinery subsidy policy being intensified and the shipbuilding industry showing positive trends, it is recommended to pay attention to YTO Group in the agricultural machinery sector and China Shipbuilding and China Shipbuilding Defense in the shipbuilding sector [4][11]