花旗：中国自动化与机械_中国政策调整后高频数据点向我们展示了什么

Investment Rating - The report assigns a "Buy" rating to several companies in the construction machinery sector, including Hengli (601100.SS), Sany (600031.SS), and Zoomlion (1157.HK) [8][12][15] Core Insights - The factory automation sector shows signs of continued decline, with Inovance (300124.SZ) reporting a single-digit year-over-year decline in general automation orders and Yiheda (301029.SZ) indicating a greater than 10% decline in shipments [1][2] - In contrast, the construction machinery sector is experiencing positive growth, with domestic excavator shipments increasing by 22% year-over-year and export shipments rising by 3% year-over-year in September 2024 [1][2] - The leasing rate index for tower cranes, which are heavily dependent on the property market, has decreased by 15% compared to the same period last year, although the utilization rate has improved slightly [1][2] Summary by Sections Factory Automation - Inovance reported a single-digit year-over-year decline in orders for September 2024 [1] - Yiheda experienced a greater than 10% year-over-year decline in shipments for the same period [1] Construction Machinery - Domestic excavator shipments grew by 22% year-over-year in September 2024 [1] - Export excavator shipments increased by 3% year-over-year [1] - The leasing rate index for tower cranes has dropped to 417, which is 15% lower than the previous year [1] - The utilization rate for tower cranes increased by 0.6 percentage points year-over-year to 54.8% in August 2024 [1][2] Market Sentiment - Following a press conference by the Ministry of Finance, there is an expectation of more stimulus measures aimed at stabilizing the property market and relieving local government debt risks, which could benefit construction machinery companies [2][8]