机械工业行业周报：地方化债“三箭齐发”，10月挖机销量同比+15.1%

Investment Rating - The mechanical equipment industry has a positive cumulative excess return of +2.38 percentage points relative to the Shanghai Composite Index for the week of November 4 to November 8, 2024, ranking fourth among all industries [2][15]. Core Insights - In October 2024, excavator sales reached 16,791 units, representing a year-on-year increase of 15.1%, with domestic sales up by 21.6% and exports up by 9.46% [8]. - The macroeconomic environment shows a slight decline in CPI by 0.3 percentage points month-on-month, while PPI decreased by 0.1 percentage points month-on-month and 2.9 percentage points year-on-year [3]. - The "6+4+2" trillion yuan local government debt policy aims to significantly reduce hidden debt burdens from 14.3 trillion yuan to 2.3 trillion yuan by 2028, easing the debt pressure on local governments [3]. Summary by Sections Machinery Industry Performance - The mechanical equipment sector has shown a cumulative excess return of -6.88% year-to-date [2][15]. - The internal sub-sectors of machinery, excluding textile and garment equipment, railway equipment, shipbuilding, and engineering machinery, have all reported positive returns for the week [15]. Industrial Gas - Hangzhou Oxygen Plant Group signed strategic cooperation agreements in the medical gas field and with Lanzhou Energy for green equipment and energy technology [4]. - Industrial gas prices have shown mixed trends, with liquid oxygen prices increasing by 0.99% month-on-month, while liquid nitrogen prices decreased by 1.1% [4]. Oilfield Services - Jerry Oil and Gas Engineering received a formal award for an EPC project from ADNOC, valued at $920 million (approximately 6.555 billion yuan), marking a record for the company [5]. Rail Transit Equipment - The China National Railway Group announced a new round of procurement for 66 sets of 350 km/h Fuxing smart trains [6]. - The group reported total revenue of 900.7 billion yuan and a net profit of 12.9 billion yuan for the first three quarters of 2024, with a debt-to-asset ratio of 64.24% [6]. Robotics - XPeng Motors launched its second-generation humanoid robot, XPeng Iron, which features advanced design and capabilities [7]. - Hechuan Technology has achieved small batch orders for humanoid robot components [7]. Engineering Machinery - The average working hours for major engineering machinery products in October 2024 were 88.9 hours, with a month-on-month decrease of 1.24% [8]. - The operating rate for major engineering machinery products was 65.1%, reflecting a month-on-month increase of 1.31% [8]. Lithium Battery Equipment - Winhe Technology successfully delivered its first dry mixing equipment for solid-state batteries to a leading domestic customer [10]. - TaiLan New Energy and Changan Automobile jointly launched a membrane-free solid-state battery product, showcasing significant advancements in battery technology [10].