机械设备行业周报：制造业投资增长，产业端变化孕育新机遇

Investment Rating - The industry rating is "Buy" [1] Core Insights - The machinery industry index fell by 1.13% last week, while the Shanghai Composite Index and the ChiNext Index dropped by 2.60% and 3.03%, respectively [2] - From January to October, national fixed asset investment (excluding rural households) reached 423,222 billion CNY, a year-on-year increase of 3.4%. Manufacturing investment grew by 9.3%, contributing 65.6% to overall investment growth [2][25] - Solid-state battery research is advancing rapidly, with global shipments expected to reach 614.1 GWh by 2030, representing a market size exceeding 250 billion CNY [2] - Key investment themes for the second half of 2024 include: 1. Recovery cycle varieties: Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, and others [2] 2. Favorable supply structure: Recommended companies include China Power, China Shipbuilding, and others [2] 3. Growth assets: Recommended companies include Saiteng, Dingtai High-Tech, and others [2] Summary by Sections Macroeconomic Tracking - Fixed asset investment in China from January to October was 423,222 billion CNY, with a 3.4% year-on-year growth. Manufacturing investment increased by 9.3%, while infrastructure investment grew by 4.3% [25][26] Midstream Data Tracking - In October, excavator sales reached 16,791 units, a 15.1% year-on-year increase. Domestic sales rose by 21.6% [34] - Loader sales in October were 8,355 units, with a year-on-year increase of 11.1% [34] - The electric loader penetration rate was 12.4% in October [34] Industry Recommendations - The report suggests focusing on companies with strong recovery potential, favorable supply structures, and growth assets across various sectors, including engineering machinery and automation [2][34]