机械设备行业12月月报：bauma CHINA 2024成功举办，工程机械需求改善明显

Investment Rating - The overall industry rating is "Positive" for the machinery equipment sector, with specific ratings of "Positive" for General Equipment, Engineering Machinery, and Automation Equipment, while Specialized Equipment and Transportation Equipment are rated as "Neutral" [4][6][7]. Core Insights - The successful hosting of bauma CHINA 2024 is expected to significantly improve demand for engineering machinery, with a notable increase in sales driven by domestic equipment renewal policies and recovering overseas demand [6][7]. - The machinery equipment sector outperformed the Shanghai and Shenzhen 300 Index, with an increase of 8.46% from November 2 to December 2, 2024, compared to a 1.48% increase in the index [5]. - The TTM price-to-earnings ratio for the machinery equipment sector stands at 26.88 times, reflecting a valuation premium of 124.78% over the Shanghai and Shenzhen 300 Index [5]. Monthly Strategy - The report highlights that the recent large-scale debt issuance measures are expected to improve local government liquidity, which may accelerate the commencement of infrastructure projects and enhance domestic demand for engineering machinery [6]. - The report emphasizes the importance of monitoring the acceleration of infrastructure project starts and the ongoing optimization of real estate policies for the engineering machinery industry [6][7]. Sub-industry Performance - Excavator sales in October 2024 reached 16,791 units, a year-on-year increase of 15.10%, with domestic sales up by 21.60% and exports increasing by 9.46% [28]. - The sales of various types of loaders in October 2024 totaled 8,355 units, reflecting an 11.10% year-on-year growth, while domestic sales decreased by 7.08% [32]. - Forklift sales in October 2024 amounted to 98,582 units, showing a slight year-on-year increase of 0.44%, with domestic sales down by 5.99% [34]. Infrastructure and Investment Trends - From January to October 2024, fixed asset investment in infrastructure construction increased by 9.35% year-on-year, while real estate development investment saw a decline of 10.30% [41]. - The cumulative production of industrial robots in China reached approximately 465,700 units from January to October 2024, marking a year-on-year growth of 13.30% [45]. - Cumulative fixed asset investment in the manufacturing sector grew by 9.30% year-on-year during the same period, indicating sustained high growth [47].