机械设备行业周报：CME预估11月挖机销量约1.69万台，同比增长13%

Investment Rating - The industry investment rating is "Positive" for the general equipment sector and "Neutral" for specialized equipment and transportation equipment sectors [2][40]. Core Insights - The report forecasts that excavator sales in November 2024 will be approximately 16,900 units, representing a year-on-year increase of 13%, with domestic sales expected to reach 8,600 units (up 15%) and exports around 8,300 units (up 12%) [18]. - In October 2024, China's engineering machinery import and export trade amounted to $4.841 billion, a year-on-year increase of 24.2% [18]. - The report maintains a "Positive" rating for the industry and recommends "Increase" ratings for specific companies including Sany Heavy Industry, Zoomlion, and China CRRC [50]. Industry News - The Ministry of Industry and Information Technology issued the "Photovoltaic Manufacturing Industry Specification Conditions (2024 Edition)" to enhance industry standards and management [19]. - The report highlights that the domestic market is experiencing a recovery in excavator sales due to large-scale equipment renewal policies, while overseas demand is also improving [50]. Industry Data - The comprehensive steel price index (CSPI) was reported at 97.08 as of November 22, 2024, indicating a downward trend [29]. - As of November 26, 2024, the WTI and Brent crude oil prices were $68.94 and $73.01 per barrel, respectively [31]. Company Announcements - KJ Intelligent plans to establish a wholly-owned subsidiary in Singapore with an investment of $700,000 to expand its international business [36]. - China Railway Signal & Communication Corporation won ten significant projects in the rail transit market from September to October 2024, with a total bid amount of approximately RMB 3.107 billion [37]. Market Review - From November 20 to November 26, 2024, the CSI 300 index fell by 3.44%, while the machinery equipment sector declined by 2.22%, outperforming the CSI 300 by 1.22 percentage points [40]. - The report notes that the machinery equipment sector's price-to-earnings ratio (TTM) was 25.45 as of November 26, 2024, with a valuation premium of 117.14% compared to the CSI 300 [42]. Weekly Perspective - The report emphasizes that the engineering machinery sector is expected to benefit from increased infrastructure investment and improved liquidity from recent government measures [50].