Investment Rating - The industry rating is "Outperform the Market" [1] Core Views - The Ministry of Finance announced the largest support measure for debt resolution in recent years, which is expected to alleviate local debt pressure and boost economic development [1][12][13] - In September 2024, domestic sales of excavators increased by 21.5% year-on-year, indicating a recovery in demand [1][14] - The overall performance of the machinery sector has been under pressure, with the machinery equipment sector declining by 5.11% in the recent trading week [5][8] Summary by Sections Industry News - The Ministry of Finance plans to increase the debt limit to replace local government hidden debts, which is seen as a significant policy support for economic development [1][12][13] - XCMG and Huawei signed a deepening cooperation agreement focusing on data governance, digital R&D, and intelligent driving, aiming to enhance the intelligent upgrade of manufacturing [20][21] Market Performance - In the trading week from October 8 to October 11, 2024, the ChiNext Index fell by 3.41%, and the CSI 300 Index fell by 3.25%, while the machinery equipment sector underperformed with a decline of 5.11% [5][8] - The price-to-earnings ratio for the machinery equipment sector was reported at 27.81 times as of October 11, 2024 [5] Key Data Tracking - In September 2024, a total of 15,831 excavators were sold, representing a year-on-year increase of 10.8%, with domestic sales reaching 7,610 units, up 21.5% [14] - The average working hours for major construction machinery products in September 2024 increased by 3.99% month-on-month, with an overall operating rate of 64.2% [15] - The fixed asset investment in railways reached 561.2 billion yuan in the first three quarters of 2024, showing a year-on-year growth of 10.3% [16]
机械行业周报：财政政策加码利好化债，9月我国挖掘机内销同比+21.5%
Great Wall Securities·2024-10-14 07:37