机械设备行业跟踪周报：看好光伏国内政策发力对设备的利好；持续推荐内需复苏的工程机械

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1]. Core Insights - The report highlights the positive impact of domestic policies on the photovoltaic equipment sector, particularly the recent adjustments by the Ministry of Industry and Information Technology (MIIT) aimed at promoting advanced capacity and technology [21][39]. - The engineering machinery sector is expected to benefit from a new round of replacement cycles, supported by easing real estate policies and large-scale replacement initiatives [2][46]. - The solid-state battery segment is still in its early stages, with various equipment manufacturers making preparations for future production [3]. Summary by Sections Photovoltaic Equipment - The MIIT has revised the "Photovoltaic Manufacturing Industry Norms," which encourages orderly capacity expansion and discourages excessive leverage, benefiting long-term healthy development [21][40]. - New project requirements for battery and module efficiency have been raised by 3 percentage points, favoring high-efficiency technologies like HJT [21][40]. - The report recommends leading companies in the HJT equipment segment, such as Maiwei Co., and low-oxygen monocrystalline furnace leaders like Jingsheng Mechanical [44]. Engineering Machinery - CME forecasts a 15% year-on-year increase in domestic excavator sales for November, driven by a new replacement cycle and improving market conditions [2]. - The report anticipates a recovery in the engineering machinery sector, supported by ongoing infrastructure investments and the gradual stabilization of the real estate market [2][46]. - Recommended companies include SANY Heavy Industry, XCMG, and Zoomlion [2]. Lithium Battery Equipment - The report notes that solid-state batteries are still in the early stages, with various manufacturers exploring different production processes [3]. - It highlights the importance of equipment for half-solid and full-solid batteries, with a focus on companies like Xianlead Intelligent [3]. - The report suggests monitoring companies that provide integrated solutions for solid-state battery production [3]. Semiconductor Equipment - The report emphasizes the competitive landscape of semiconductor equipment, particularly the dominance of companies like North Huachuang in the domestic market [30]. - It discusses the importance of continuous innovation and mergers for maintaining market leadership in semiconductor manufacturing [27][28]. - The report recommends focusing on companies that are well-positioned to benefit from domestic substitution trends [30].