机械设备行业周报：PMI延续扩张态势，制造业景气上行

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The machinery industry index rose by 2.65% last week, outperforming the Shanghai Composite Index which increased by 1.32% and the ChiNext Index which rose by 2.23% [2] - The manufacturing PMI for November is 50.3%, up 0.2 percentage points from the previous month, indicating an upward trend in manufacturing activity [2] - The engineering machinery sector is experiencing significant changes, with a focus on high-end, large-tonnage products and deeper domestic replacements [2] Summary by Sections Macroeconomic Tracking - In the first ten months, the total profit of industrial enterprises above designated size was 58,680.4 billion CNY, a year-on-year decrease of 4.3% [24] - The manufacturing PMI for November indicates a recovery in production and new orders, with the production index at 52.4% and the new orders index at 50.8% [25][26] Midstream Data Tracking - Excavator sales are expected to recover in November, with an estimated total of 16,900 units sold, a year-on-year increase of approximately 13% [33] - The export value of engineering machinery improved significantly in October, with a growth rate of 24%, the highest this year [34] Sector Recommendations - Key companies recommended for investment include Sany Heavy Industry, XCMG, and Zoomlion in the engineering machinery sector [3] - For automation, companies like Anhui Heli and Huichuan Technology are highlighted [3] - In the export industry chain, companies such as Juxing Technology and Quan Feng Holdings are recommended [3]