机械工业行业周报：10月制造业PMI升至扩张区间；液态气价格环比上行

Investment Rating - The mechanical equipment industry has a positive cumulative excess return of +0.87 percentage points relative to the Shanghai Composite Index for the week of October 28 to November 1, 2024, ranking eleventh among all industries. However, the year-to-date cumulative excess return is -8.74 percentage points [2][18]. Core Insights - The manufacturing PMI rose to 50.1% in October, indicating expansion, with production index at 52.0%, reflecting an acceleration in manufacturing activity [3]. - Industrial profits for large-scale enterprises decreased by 3.5% year-on-year from January to September 2024, with the manufacturing sector's profits down by 3.8% [3]. - The industrial gas prices have generally increased, with liquid oxygen prices rising by 2.01% month-on-month [4]. - Significant developments in the oil service sector include the signing of a development contract for the Mansouriya gas field in Iraq by Jereh Group, marking a shift towards profit-sharing contracts [5]. - The railway equipment sector showed improved financial performance, with the China Railway Group reporting a revenue of 900.7 billion yuan and a net profit of 12.9 billion yuan for the first three quarters of 2024 [7]. - The robotics sector is witnessing innovation with the launch of the Konka-1 humanoid robot and significant funding for Zhixing Robotics [8]. - The engineering machinery sector reported a decline in rental rates and utilization for aerial work platforms in September 2024 [9]. - In the lithium battery equipment sector, Renault plans to launch cobalt-free solid-state batteries by 2028, while Jiangxi Yili's solid-state battery production line has commenced operations [10]. - The shipbuilding industry has seen successful trials for a large LNG carrier by Jiangnan Shipyard and new orders for LNG ship equipment [11]. Summary by Sections Industrial Performance - The mechanical equipment industry has shown a positive weekly performance but a negative year-to-date return, indicating mixed market conditions [2][18]. Macro Data - The manufacturing PMI and industrial profits indicate a challenging environment for large-scale enterprises, with a notable decline in profits across various sectors [3]. Industrial Gas - Prices for industrial gases have generally increased, reflecting market dynamics and demand fluctuations [4]. Oil Services - Jereh Group's contract in Iraq signifies a strategic move towards more integrated profit-sharing models in oil services [5]. Railway Equipment - The financial health of the railway sector is improving, with significant revenue and profit growth reported by the China Railway Group [7]. Robotics - Innovations in humanoid robotics and substantial funding for robotics companies highlight growth potential in this sector [8]. Engineering Machinery - The engineering machinery sector is facing challenges with declining rental rates and utilization [9]. Lithium Battery Equipment - Advancements in solid-state battery technology by major players indicate a shift towards more sustainable energy solutions [10]. Shipbuilding - Successful trials and new orders in the shipbuilding sector reflect ongoing demand for LNG carriers and related equipment [11].