机械设备行业周报：美国大选尘埃落定，化债组合拳力度空前

Investment Rating - The mechanical equipment industry is rated as "Buy" [1] Core Insights - The mechanical industry index rose by 7.11% from November 4 to November 8, outperforming the Shanghai Composite Index which increased by 5.50% and the ChiNext Index which rose by 9.32% [1] - Recent measures approved by the National People's Congress aim to alleviate local government debt pressure significantly, with a total of 6 trillion CNY in debt limit replacements planned [2][17] - Following the U.S. elections, stock selection in the mechanical industry is focused on domestic demand assets, technology-driven companies, traditional energy equipment, and non-U.S. export chains [2][3] Summary by Sections Macroeconomic Tracking - The recent debt measures are expected to reduce the total hidden debt that local governments need to manage from 14.3 trillion CNY to 2.3 trillion CNY by 2028, significantly easing the debt burden [17] Midstream Data Tracking - In October 2024, excavator sales reached 16,791 units, a year-on-year increase of 15.1%, with domestic sales up by 21.6% [22] - The sales of loaders in October 2024 were 8,355 units, reflecting an 11.1% increase year-on-year, while the electric loader penetration rate stood at 12.4% [22] - The fourth quarter is expected to see a surge in deliveries for large excavators and mining machinery, with significant growth in overseas sales for companies like LiuGong [23] Sector-Specific Insights - The shipbuilding industry has seen a 37.02% year-on-year decline in new orders as of October, but the overall new ship order value has increased by 59.29% this year [29][30] - The new ship price index rose by 7.5% year-on-year, indicating a stable demand despite recent fluctuations in specific ship types [30][31]