机械设备行业周报：政策逐步加码，重视市场拐点

Investment Rating - The investment rating for the machinery equipment industry is optimistic [1] Core Viewpoints - The report emphasizes the importance of policy changes and market turning points, highlighting a series of significant policy announcements in September 2024 aimed at supporting high-quality economic development [10][12] - The engineering machinery sector shows strong demand, with notable increases in sales for excavators, loaders, and road rollers, indicating a potential for significant performance improvement in the second half of the year [10][56] - The forklift market is characterized by stable overseas demand, although domestic sales have seen a slight decline, suggesting a potential recovery as policies are implemented [10][52] Summary by Sections Policy and Market Trends - A series of policies were introduced in September 2024, including lowering reserve requirements and mortgage rates, which may signal a mid-term market turning point [10] - The report suggests focusing on cyclical sectors like automation and engineering machinery, as well as undervalued sectors such as photovoltaic equipment [10] Engineering Machinery Performance - In August, excavator sales increased by 11.8% year-on-year, loader sales by 15.3%, and road roller sales by 11.5% [10][56] - Domestic sales of small excavators grew by 51%, while medium excavators increased by 44% [10] - The report notes that domestic manufacturers are gradually moving towards high-end products, with significant contracts being secured in the mining equipment sector [10] Forklift Market Insights - Domestic forklift sales decreased by 4.7% in August, while overseas sales rose by 11.6%, indicating a stable international demand [10][52] - The report anticipates a gradual recovery in domestic demand as policies take effect [10] Sector Performance Comparison - The machinery equipment sector has shown a 138% increase in the previous bull market, with specific sub-sectors like robotics and machine tools outperforming [12] - The report highlights that the machinery equipment sector has the potential for excess returns in the latter stages of the market cycle [12]