机械：机械板块2024Q3持仓分析

Investment Rating - The report maintains an "Outperform" rating for the mechanical sector [1][52]. Core Insights - The mechanical sector index rose by 15.67% from July 1 to September 30, 2024, underperforming the CSI 300 index, which increased by 16.07% [2][4]. - The institutional holding ratio for the mechanical industry in Q3 2024 is 2.46%, down by 0.52 percentage points from the previous quarter, marking a historical low since Q4 2012 [2][8]. - The valuation of the mechanical equipment sector (PE-TTM) as of September 30, 2024, is approximately 25.92 times, ranking 8th among 31 sub-industries [5][7]. Market Performance - The mechanical sector index increased by 15.67% in Q3 2024, ranking 16th among 31 sub-industries [2][4]. - The sub-industries within the mechanical sector, such as general equipment, automation equipment, engineering machinery, specialized equipment, and rail transit equipment, saw increases of 18.66%, 16.67%, 14.25%, 13.79%, and 13.28%, respectively [2][4]. - The top ten stocks in terms of individual performance in Q3 2024 include Baota Industry (+145.10%), Ruisi Technology (+91.79%), and Tengda Technology (+88.86%) [5][7]. Industry Holding Review - The mechanical industry has seen a decline in institutional holding levels from 3% in 2021 to 2.46% in Q3 2024, with a historical low of 8.50% since Q4 2012 [2][8]. - The total market value of all funds' heavy holdings in the mechanical equipment sector is ranked 15th among all industries, accounting for 2.37% of the total market value of all funds [11][12]. - The heavy holdings in the mechanical equipment sector are underweighted by 1.72%, with a decrease of 0.40 percentage points from the previous quarter [11][12]. Key Company Historical Holding Changes - Sany Heavy Industry's fund holding value in Q3 2024 is 71.94 billion, an increase of 8.06% from the previous quarter, with the number of funds holding decreasing from 210 to 185 [36][39]. - XCMG's fund holding value is 44.66 billion, up by 2.56%, with the number of funds holding slightly decreasing from 158 to 157 [36][39]. - LiuGong's fund holding value increased significantly by 48.10% to 41.37 billion, with the number of funds holding rising from 88 to 130 [39][42].