北交所机械月报：9月纺服机械、光伏设备板块领涨；支持性政策不断加码

Investment Rating - The report does not explicitly state an investment rating for the mechanical industry, but it provides insights into the performance of various sub-sectors and companies within the industry [6][9]. Core Insights - The mechanical equipment sector underperformed relative to the overall market in September 2024, ranking 13th among all sectors with a cumulative excess return of -2.73 percentage points [6][17]. - Within the mechanical sub-sectors, textile and apparel machinery (+17.20%), photovoltaic equipment (+6.18%), and industrial robots and control systems (+2.29%) outperformed the overall market [6][17]. - Year-to-date, the mechanical equipment sector has a cumulative excess return of -2.29%, with textile and apparel machinery (+98.18%), engineering machinery (+28.00%), and railway transportation equipment (+32.87%) leading the performance [6][17]. Summary by Sections Market Performance - As of September 30, 2024, the North Exchange's mechanical sector comprises 66 listed companies with a total market capitalization of 108.174 billion yuan, accounting for 26.89% of the overall market [6]. - The top ten companies by monthly increase in the mechanical sector as of September 30, 2024, include Zhongfangbiao (+51.87%), Liancheng CNC (+50.34%), and Rongyi Precision (+48.83%) [6][23]. Key Policies - The Central Political Bureau emphasized the need for proactive measures, including increasing fiscal and monetary policy adjustments to stabilize the real estate market and promote economic recovery [7]. - Specific actions include enhancing policy effectiveness, ensuring necessary fiscal expenditures, and supporting the private economy [7]. Key Data - The manufacturing PMI for September 2024 increased by 0.7 percentage points to 49.8%, indicating improved production activity and market demand [8]. - High-tech manufacturing and equipment manufacturing PMIs were reported at 53.0% and 52.0%, respectively, showing a positive development trend [8].