机械行业周报：新疆煤化工产业高速发展，利好设备需求

Investment Rating - The report maintains a positive outlook on the machinery industry, specifically highlighting the rapid development of the coal chemical industry in Xinjiang, which is beneficial for equipment demand [1]. Core Viewpoints - The coal chemical industry in Xinjiang is experiencing rapid growth, which is expected to drive equipment demand. Xinjiang has abundant coal resources, and as coal production in central and eastern provinces declines, coal mining in Xinjiang continues to gain momentum. In the first half of 2024, the national raw coal output was 2.27 billion tons, a year-on-year decrease of 1.7%. In contrast, Xinjiang's raw coal output reached 240 million tons, a year-on-year increase of 13.4%, significantly outpacing the national average by 15.1 percentage points [11][12]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the accelerated development of the coal chemical industry in Xinjiang, which is expected to enhance equipment procurement needs. The Xinjiang government aims to increase raw coal production to 500 million tons and establish a major coal supply base and coal-to-oil and gas strategic base [11][12]. Key Industry News - In October 2024, various types of machinery sales showed mixed results, with significant growth in sales of certain equipment like graders, while others like tower cranes saw substantial declines. The report notes that the construction machinery sector is showing signs of recovery, with an increase in operational rates and project initiations across various provinces [13][19][22]. Key Company Announcements - Companies such as Zhuoran Co., Hangyang Co., and Shangu Power are recommended for investment as they are expected to benefit from the increasing coal production and the rollout of coal chemical projects in Xinjiang [12]. Additionally, Shantui Co. plans to acquire a 100% stake in Shanzhong Machinery for 1.84 billion yuan to expand its excavator business, indicating strategic growth in the machinery sector [22].