机械设备行业周报：构建定制化方案，国产自动化品牌夯实竞争力

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - Siemens' digital industrial segment showed a mixed performance, with a 21% year-on-year increase in orders for Q3 2024, primarily driven by software business growth, while automation hardware remains under pressure with a 25% decline in revenue [9][10] - Domestic brands are gaining market share in the industrial automation sector, with local brands accounting for approximately 54% of the market share among the top 12 brands, indicating room for further concentration [11][12] - The report emphasizes the importance of selecting downstream industries to seize replacement opportunities, particularly in sectors with lower entry barriers and growth potential [13][14] Summary by Sections 1. Foreign Leading Companies' Financial Review - Siemens' digital industrial segment's orders increased by 21% year-on-year in Q3 2024, benefiting from software business growth, while automation hardware orders in China rose by 25% but revenue fell by 27% due to high distributor inventory levels [9][10] 2. Domestic Market Competition Landscape - The market share of domestic brands has increased, with local brands replacing Japanese brands significantly. The report notes that the market concentration among domestic brands is still low, with a long-tail distribution pattern [11][12] 3. Industry Dynamics - The report highlights the need for domestic brands to focus on customized solutions based on customer needs and industry characteristics, exemplified by 汇川技术's (Inovance Technology) approach in the textile industry [15][16] 4. Market Review - The report indicates that the mechanical equipment sector outperformed the broader market, with a 3.46% increase in the mechanical equipment sector compared to a 0.79% decline in the CSI 300 index [19][20]