机械行业周报：地方化债“三箭齐发”，10月挖机销量同比+15.1%

Investment Rating - The report maintains an "Outperform" rating for the machinery industry [1]. Core Insights - The machinery sector has shown a relative performance improvement, ranking fourth among all industries with a cumulative excess return of +2.38 percentage points for the week of November 4 to November 8, 2024 [12]. - The report highlights a significant increase in excavator sales, with a total of 16,791 units sold in October 2024, representing a year-on-year growth of 15.1% [5]. - The report notes that the macroeconomic environment is supportive, with local government debt policies being implemented to enhance infrastructure investment [1]. Summary by Sections Oil Services - Jerry Oil and Gas Engineering has been awarded a $920 million EPC project for the digital transformation of well sites by ADNOC, marking a record for the company and enhancing its position in the global oil and gas industry [2]. Rail Transit Equipment - The National Railway Group has announced a new procurement project for 66 sets of smart high-speed trains, indicating ongoing investment in rail infrastructure [3]. Robotics - XPeng Motors has launched its second-generation humanoid robot, XPeng Iron, which features advanced design and capabilities [4]. Engineering Machinery - In October 2024, domestic excavator sales reached 8,266 units, up 21.6% year-on-year, while exports totaled 8,525 units, reflecting a 9.46% increase [5]. Lithium Battery Equipment - Winhe Technology has successfully delivered its first dry mixing equipment for solid-state batteries, while TaiLan New Energy and Changan Automobile have jointly released a membrane-free solid-state battery product [7]. Machine Tools - Huazhong CNC and Zhejiang Haideman have been added to the US OFAC SDN list, which may impact their foreign exchange settlements [8]. Photovoltaic Equipment - Prices for polysilicon and N-type battery cells remained stable, while prices for P-type battery cells decreased slightly [9]. Export Chain - The report notes a slight depreciation of the RMB against the USD, with the CCFI index showing a year-on-year increase of 64.53% [10]. Overall Machinery Sector Performance - The machinery sector has experienced a cumulative excess return of -6.88% year-to-date, indicating challenges despite recent improvements [12].