机械行业周报（2024年11月第2周）：10万亿化债政策出台；重视工程机械、工业气体等

Investment Rating - The industry rating is "Positive" [4] Core Views - The introduction of a 10 trillion yuan debt policy is expected to improve market liquidity and boost market expectations, benefiting sectors such as engineering machinery and industrial gases [2][6] - The engineering machinery sector is showing signs of recovery, with domestic demand expected to improve due to favorable real estate policies and infrastructure investments [6][29] - The report highlights a significant reduction in hidden debt pressure for local governments, which may lead to increased resources flowing into key livelihood, consumption, and investment areas [2][6] Summary by Relevant Sections Engineering Machinery - Key companies recommended include SANY Heavy Industry, XCMG Machinery, and others, with expectations of performance acceleration in the second half of 2024 due to improved market conditions [2][6] - Caterpillar's Q3 2024 revenue decreased by 4% year-on-year, indicating challenges in the North American market, while Latin America showed a 19% increase [3] - The domestic excavator market is projected to grow by nearly 18% in 2024, with total sales expected to reach around 16,000 units, a 10% increase year-on-year [4][6] Industrial Gases - Oxygen prices are expected to turn positive, with a recommendation for companies like Hangyang Co. and others in the sector [7] Shipbuilding - The shipbuilding industry is experiencing an upward cycle, with new orders increasing significantly, particularly for container ships and LNG carriers [8][9] - Key companies recommended include China Shipbuilding Industry Corporation and China State Shipbuilding Corporation [9] Semiconductor Equipment - The global semiconductor market is expected to grow by 16% in 2024, driven by recovery in smartphone and PC demand [10][13] - Recommended companies include North China Innovation and Zhongwei Company, with a focus on advanced manufacturing and domestic production [10][13] General Equipment - The manufacturing PMI for October returned to the expansion zone at 50.1%, indicating a positive trend in the general equipment sector [14] Wind Power Equipment - Wind power bidding volume reached 119.1 GW in the first nine months of 2024, a 93% year-on-year increase, indicating a strong outlook for the industry [16][18] Lithium Battery Equipment - The penetration rate of new energy vehicles in China exceeded 50% for three consecutive months, with a recommendation for leading companies in lithium battery equipment [20] Testing and Inspection - The testing and inspection industry is expected to grow at a rate of 10% during the 14th Five-Year Plan period, driven by policy support and increasing demand [26]