Investment Rating - The industry investment rating is maintained as "Overweight" [6] Core Viewpoints - Positive signals from monetary and fiscal policies indicate continuous improvement in demand for the engineering machinery industry. Recent policies aimed at stabilizing the real estate market and economic growth are expected to support the recovery of domestic demand [7] - In September, the average working hours of major engineering machinery products increased by 3.99% month-on-month, and the operating rate rose by 3.74% month-on-month. Excavator sales reached 15,800 units, a year-on-year increase of 10.8% [7] - The report suggests that with ongoing policy support, the construction and infrastructure sectors are likely to recover, benefiting the upstream engineering machinery industry [7] Summary by Sections Market Review - The CITIC mechanical industry index fell by 4.91% from October 8 to October 11, 2024, ranking 13th among all primary industries. Specifically, engineering machinery dropped by 6.04% [17][19] - The top-performing stocks in the mechanical sector included Xinchai Co., Ltd. (+38.76%) and ST Hekang (+38.08%), while the worst performers included Lehui International (-17.91%) and Kosen Technology (-16.72%) [22][23] Industry High-Frequency Data Tracking - In September 2024, the PMI for the manufacturing sector was 49.8%, with a month-on-month increase of 0.7 percentage points. The cumulative year-on-year growth rate of fixed asset investment in manufacturing for August was +9.1% [24] - Excavator sales in September were 16,000 units, up 10.8% year-on-year, while the working hours for Komatsu excavators increased by 3.3% year-on-year [25] Investment Recommendations - Recommended companies in the engineering machinery sector include SANY Heavy Industry, Zoomlion, XCMG, LiuGong, Shantui, and Hengli Hydraulic. Other sectors of interest include general equipment and humanoid robots [9]
机械行业周报：货币财政政策信号积极，看好工程机械内需改善
Shanghai Securities·2024-10-16 01:38