机械设备行业行业周报：10月挖机预计+10%，关注顺周期通用设备

Investment Rating - The report maintains a "Recommended" rating for the mechanical equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The mechanical equipment index rose by 3.46% last week, outperforming the Shanghai Composite Index, which increased by 0.79% [11]. - Excavator sales are expected to grow by 10% in October 2024, with domestic sales projected to reach 8,000 units, reflecting an 18% year-on-year increase [1]. - The report highlights the recovery of the domestic excavator market, which has been in a downward cycle since 2022, with expectations for a bottoming out in 2024 and a new replacement cycle starting in 2025 [1]. - The general equipment sector is also showing signs of recovery, with a 1.8% year-on-year increase in metal cutting machine tool production in September [1]. Summary by Sections Market Overview - The mechanical equipment sector ranks 15th among 31 industries in terms of weekly performance, with a valuation level of 29.9 times [11]. - The top-performing segments last week included wind power equipment, photovoltaic equipment, and lithium battery equipment [1][8]. Engineering Machinery - The report estimates that excavator sales (including exports) will be around 16,000 units in October 2024, marking a 10% year-on-year increase [1]. - The domestic market is expected to see a significant recovery, driven by inventory adjustments and favorable monetary policies [1]. General Equipment - In September, the production of metal cutting machine tools reached 60,000 units, a 1.8% increase year-on-year, while industrial robot production surged by 22.8% [1]. - The PMI index for September was reported at 49.8%, indicating marginal improvements in both supply and demand [1]. Investment Opportunities - The report suggests focusing on investment opportunities arising from large-scale equipment updates, including railway equipment, machine tools, and engineering machinery [1]. - It also highlights the potential for equipment exports and the impact of AI applications on investment opportunities [1].