机械设备行业周报：10月挖机销量延续正增，关注科技板块投资机会

Investment Rating - The report maintains an "Overweight" rating for the machinery industry [4]. Core Insights - In October, excavator sales are estimated to increase by 10%, indicating a continued recovery in the engineering machinery market. Domestic sales are projected at 8,000 units, up nearly 18% year-on-year, while overseas sales are expected to reach 8,000 units, growing by about 3% [5]. - The report highlights the positive impact of recent economic stabilization policies, which are expected to boost demand in the real estate and infrastructure sectors, alongside a new cycle of equipment upgrades [5]. - The report emphasizes the importance of innovation and technology in driving investment opportunities, particularly in sectors such as semiconductors, 3C equipment, and humanoid robots [5]. Summary by Sections Market Review - The CITIC machinery sector rose by 4.30% from October 21 to October 25, ranking 10th among all primary industries. Specific segments showed varied performance: engineering machinery decreased by 0.52%, while general equipment increased by 6.22% [13][15]. Industry High-Frequency Data Tracking - In September 2024, the PMI for manufacturing was 49.8%, with fixed asset investment in manufacturing up by 9.2% year-on-year. Excavator sales reached 16,000 units, a 10.8% increase year-on-year [19][20]. - The report notes that industrial robot production surged by 49.7% year-on-year in September, indicating strong growth in automation equipment [28]. Material Prices and Exchange Rate Trends - As of October 25, LME copper was priced at $9,563.50 per ton, down 0.64% week-on-week, while aluminum rose by 2.16% to $2,670.00 per ton. The USD to CNY exchange rate was 7.12, reflecting a 0.26% increase [39][42].