机械设备行业行业周报：10月挖机内销+22%，关注化债受益方向

Investment Rating - The report maintains a "Recommended" rating for the machinery equipment industry, indicating an expected outperformance relative to the benchmark index [1]. Core Insights - The machinery equipment index rose by 7.89% last week, outperforming the CSI 300 index which increased by 5.50%. The machinery sector ranked 6th among all 31 industries in terms of performance [8][9]. - Domestic excavator sales in October increased by 22%, with a total of 16,791 units sold, representing a year-on-year growth of 15.1%. Domestic sales reached 8,266 units, up 21.6% year-on-year [1]. - The report anticipates 2024 to be a bottoming year for the domestic market, with a potential new round of equipment replacement starting in 2025, driven by large-scale equipment renewal policies [1]. - The government plans to allocate 800 billion yuan annually for five years starting in 2024 to address local government debt, which is expected to improve market liquidity and stimulate demand in the machinery sector [1]. Summary by Sections Market Overview - The machinery equipment index increased by 7.89%, with the top-performing sectors being robotics, semiconductor equipment, and lithium battery equipment [8][9]. - Year-to-date, the top three performing sub-sectors are rail transit equipment, semiconductor equipment, and engineering machinery [1]. Engineering Machinery - The report highlights a positive trend in excavator sales, with domestic sales showing consistent growth since March 2024 [1]. - Key companies mentioned include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from the recovery in demand [1]. Fiscal Debt Management - The report discusses the government's plan to issue 4 trillion yuan in special bonds to alleviate local government debt, which is expected to benefit companies with high accounts receivable from local governments [1]. Investment Opportunities - The report suggests focusing on investment opportunities arising from large-scale equipment updates, overseas expansion of equipment, and AI applications in the machinery sector [1].