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机械行业：CME预测10月挖机内销同比+18%，众擎SE01人形机器人发布
Great Wall Securities·2024-10-29 06:40

Investment Rating - The report maintains an "Outperform" rating for the machinery industry, indicating a positive outlook for the sector [2]. Core Insights - The domestic sales of excavators in October are expected to grow by nearly 18% year-on-year, with total sales (including exports) projected at around 16,000 units, reflecting a year-on-year increase of approximately 10% [2][10]. - The domestic market is showing signs of recovery, supported by new rounds of replacement cycles, easing real estate policies, and large-scale national replacement policies [11]. - The export market is also improving, with an estimated sales increase of nearly 3% year-on-year, driven by the completion of inventory reduction by domestic brands and a mild recovery in overseas demand [11]. Summary by Sections Market Overview - For the week of October 21-25, 2024, the ChiNext Index rose by 2.00%, while the CSI 300 Index increased by 0.79%. The machinery equipment sector outperformed with a gain of 3.46% [6]. - The price-to-earnings ratio for the machinery equipment sector as of October 25, 2024, is 29.90 times [6]. Industry News - CME observed a significant increase in domestic excavator sales, with a year-on-year growth of nearly 18% in October [10]. - The overall sales of excavators in China for the first ten months of 2024 are expected to show a year-on-year increase of over 9% in the domestic market, while the export market is projected to decline by 8% [11]. - Japan's machine tool orders to China increased by 40% in September, indicating a recovery in demand [12]. Key Data Tracking - The import and export trade volume of engineering machinery in China for the first three quarters of 2024 reached $40.657 billion, a year-on-year increase of 4.1% [11]. - The domestic market for excavators is expected to enter a new growth cycle due to favorable policies and market conditions [11]. - The report highlights the launch of the SE01 humanoid robot by Zhongqing, which aims to redefine humanoid robotics with advanced capabilities [15].