机械行业周报：光伏行业协会呼吁拒绝“反内卷”，金砖国家领导人会晤利好“一带一路”

Investment Rating - The report maintains a "Positive" outlook for the machinery equipment industry [4] Core Viewpoints - The CJ Machinery Equipment Index increased by 4.5% during the week of October 21-25, 2024, with the top-performing sectors being lithium battery equipment (up 11.4%), internal combustion engines (up 10.2%), textile and apparel equipment (up 10.0%), environmental protection equipment (up 8.2%), and machine tools (up 8.0%) [5][6] - The median PE (TTM) for the machinery sector reached 37x, with agricultural machinery having the highest valuation at 92x and engineering machinery the lowest at 17x. The machinery sector's PE is at the 46.1% percentile based on historical data over the past 10 years [6][7] Summary by Relevant Sections Industry Performance - The machinery sector's performance for the week of October 21-25, 2024, showed significant gains, particularly in lithium battery equipment and internal combustion engines [5] - Year-to-date performance indicates that the CJ Machinery Equipment Index has risen by 4.0%, with railway equipment and engineering machinery leading the gains [5] Valuation Levels - The machinery sector's median PE (TTM) is 37x, with a historical perspective showing it at the 46.1% percentile over the last decade [6][7] - The highest PE is observed in agricultural machinery at 92x, while engineering machinery has the lowest at 17x [6]