机械设备行业周报：轨交招标、工程机械数据向好，自动化设备寻找外延增长点

Investment Rating - The report rates the mechanical equipment industry as "Overweight" [2] Core Insights - The railway passenger volume in China reached 3.68 billion in 2023, a year-on-year increase of 128.8%, indicating strong demand for rail transit equipment [3][13] - The National Railway Group announced a new batch of high-speed train tenders, with 80 sets of intelligent trains to be procured, reflecting ongoing investment in rail infrastructure [3][13] - The push for low-carbon development is driving the iteration of locomotives, with a target for electric locomotives to account for over 70% by 2030 [3][13] - The demand for maintenance of existing trains is expected to rise, with significant tenders for train repairs announced for 2024 [4][14] - In the construction machinery sector, excavator sales exceeded expectations in October 2024, with domestic sales up 21.6% year-on-year [5][15] - The automation equipment sector is focusing on domestic substitution and exploring external growth opportunities, with leading brands enhancing their market share [6][16] Summary by Sections Railway Equipment - The railway passenger volume in China reached 3.68 billion in 2023, a year-on-year increase of 128.8% [3][13] - The National Railway Group announced a new batch of high-speed train tenders, with 80 sets of intelligent trains to be procured [3][13] - The low-carbon development initiative aims for electric locomotives to constitute over 70% of the total by 2030 [3][13] - Maintenance demand for existing trains is expected to increase, with significant tenders for repairs in 2024 [4][14] Construction Machinery - Excavator sales in October 2024 reached 8,266 units, a year-on-year increase of 21.6% [5][15] - The domestic market saw a 9.8% increase in excavator sales year-to-date, while exports declined by 7.4% [5][15] Automation Equipment - The automation equipment sector is focusing on domestic substitution and exploring external growth opportunities [6][16] - Leading brands are enhancing their market share through customized solutions and efficient service [6][16] - The market for industrial automation is expected to grow, with significant potential for domestic brands in overseas markets [23]