通用自动化行业：PMI连续两月位于景气区间，中小企业恢复明显

Investment Rating - Industry rating: Recommended [7] Core Insights - The manufacturing PMI in China has remained in the expansion zone for two consecutive months, with a November PMI of 50.3%, indicating a recovery in the manufacturing sector, particularly among small and medium-sized enterprises [2] - The machine tool industry shows signs of demand stabilization, with revenue growth rates improving from -14% in Q1 to -7% in the first three quarters of 2024, and positive growth in metal cutting machine tools in Q2 and Q3 [3] - Japanese machine tool orders from China have significantly improved, with a year-on-year growth rate of 54% from June to October 2024, indicating a strong demand recovery [4] - The report suggests that domestic economic stimulus policies, including interest rate cuts and support for the real estate sector, are contributing to a trend of stabilization and recovery in the manufacturing industry, particularly in the general automation sector [5] Summary by Sections Manufacturing PMI - The manufacturing PMI for November 2024 is 50.3%, with large enterprises at 50.9%, medium enterprises at 50.0%, and small enterprises at 49.1%, indicating a recovery in the manufacturing sector [2] Machine Tool Industry - Revenue growth rates for the machine tool industry were -14% in Q1, -8% in the first half, and -7% in the first three quarters of 2024, with signs of stabilization as metal cutting machine tools show positive growth in Q2 and Q3 [3] Japanese Orders - Japanese machine tool orders to China have turned positive after 15 months of decline, with a significant year-on-year increase of 54% from June to October 2024 [4] Investment Recommendations - The report recommends focusing on high-quality segments within the general automation sector, including machine tools, cutting tools, industrial control, and core components, as the manufacturing industry shows signs of recovery [5]