机械工业行业周报：财政政策拟周期调节加力；9月挖掘机销量同比+10.8%

Investment Rating - The mechanical equipment industry has a positive cumulative excess return of +2.17 percentage points relative to the Shanghai Composite Index for the week of October 5 to October 11, 2024, ranking seventh among all industries [14][16]. Core Insights - The macroeconomic policy is focused on increasing counter-cyclical adjustments, with a package of fiscal policies aimed at stabilizing growth, expanding domestic demand, and mitigating risks. This includes support for local governments to resolve hidden debts and measures to stabilize the real estate market [6]. - In the first three quarters of 2024, national railway fixed asset investment reached 561.2 billion yuan, a year-on-year increase of 10.3%, with significant growth in both passenger and freight transport during the National Day holiday [4]. - The industrial gas sector is showing stable growth, with Hangzhou Oxygen Plant successfully producing oxygen for a large-scale coal-to-olefins project, indicating a strong market position [6]. Summary by Sections Mechanical Equipment Industry - The mechanical equipment industry has a year-to-date cumulative excess return of -14.18 percentage points [14]. - The sales of various excavators in September 2024 reached 15,831 units, a year-on-year increase of 10.8%, while the total sales from January to September 2024 were 147,381 units, a decrease of 0.96% [11]. - The average working hours for major engineering machinery products in September 2024 was 90 hours, with a month-on-month increase of 3.99% [11]. Railway Equipment - The railway sector has seen a significant increase in fixed asset investment and operational metrics, with the total railway operating mileage exceeding 160,000 kilometers, including over 46,000 kilometers of high-speed rail [4]. Oilfield Equipment - Jerry Holdings hosted a summit to advance its global natural gas strategy, signing strategic cooperation agreements with key partners, which enhances its production capacity significantly [4]. Lithium Battery Equipment - LG Energy Solution signed a long-term supply agreement with Mercedes-Benz for a total capacity of 50.5 GWh of batteries from 2028 to 2038, indicating strong demand in the electric vehicle sector [5]. - CATL signed a strategic cooperation agreement with Taiyuan Heavy Industry Group to provide competitive battery products for the engineering machinery sector [5]. Industrial Gases - Hangzhou Oxygen Plant's successful oxygen production for a major project highlights its leading market position, with a focus on green hydrogen integration [6]. Forklifts - In September 2024, the average working hours for forklifts decreased by 4.27% month-on-month, indicating a slowdown in operational activity [10]. Export Chain - The recent depreciation of the RMB against the USD and fluctuations in container shipping rates suggest ongoing challenges in the export market [12]. Recommendations - Suggested stocks to watch include China CNR, Hangzhou Oxygen, Jerry Holdings, and others, reflecting potential investment opportunities in the mechanical equipment sector [12].