机械设备行业周报：10月挖掘机销量为1.68万台，同比增长15.1%

Investment Rating - The industry investment rating is "Cautious" for general equipment and "Neutral" for specialized equipment and transportation equipment [1][1][1]. Core Viewpoints - The report highlights a significant increase in excavator sales, with October sales reaching 16,800 units, a year-on-year growth of 15.1% [7]. - Loader sales in October totaled 8,355 units, reflecting an 11.1% year-on-year increase [7]. - The monthly operating rate for major construction machinery products was reported at 65.1%, with a month-on-month increase of 1.31% [8]. - The report emphasizes the positive impact of increased local government debt limits on infrastructure projects, which is expected to boost domestic demand for construction machinery [22]. Industry News - In October, excavator sales reached 16,791 units, with domestic sales at 8,266 units (up 21.6%) and exports at 8,525 units (up 9.46%) [7]. - Loader sales for the same month were 8,355 units, with domestic sales down 7.08% but exports up 36% [8]. - The report notes that the operating rate for excavators was 70%, while for loaders it was 63.9% [8]. Company Announcements - Shantui Co., Ltd. plans to acquire 100% of the equity of Shanzhong Construction Machinery Co., Ltd. for 1,841.13 million yuan [14]. - YTO Group Corporation intends to increase its cash investment in Guoqi Financial Co., Ltd. by 85.716 million yuan [15]. Market Review - From November 6 to November 12, the CSI 300 index rose by 1.02%, while the machinery equipment sector increased by 2.68%, outperforming the CSI 300 by 1.66 percentage points [16]. - The report indicates that the price-to-earnings ratio (TTM) for the machinery equipment sector is 27.12 times, with a valuation premium of 122.17% compared to the CSI 300 [16]. Weekly Insights - The report maintains a "Cautious" rating for the industry and a "Buy" rating for Sany Heavy Industry, Zoomlion, and CRRC [22].