机械设备行业跟踪周报：重点推荐内需反转&外需持续发力的工程机械；持续推荐受益于自主可控的半导体设备

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Insights - The machinery equipment industry is expected to benefit from both domestic demand recovery and sustained export growth, particularly in engineering machinery and semiconductor equipment [1][3] - The report emphasizes the importance of equipment exports, especially in oil service equipment and engineering machinery, as well as the potential for domestic demand improvement in various sectors [1][2][3] Summary by Sections Recommended Companies - The report highlights a list of recommended companies including SANY Heavy Industry, Northern Huachuang, and others across various sectors such as photovoltaic equipment, semiconductor equipment, and engineering machinery [1][17] Investment Highlights - Equipment Exports: The oil service equipment sector is poised for growth in the Middle East, with companies like Jerry Holdings and Neway expected to benefit from this trend [1][20] - Domestic Demand Improvement: The report suggests that sectors like factory automation, injection molding machines, and testing services are likely to see improved profitability due to stable demand and government policies [1][21] - New Technologies: The rise of humanoid robots and advancements in photovoltaic technology are identified as key areas for investment, with companies like Green Harmonic and Maiwei Technology recommended [1][22][24] Industry Trends - The report notes that the excavator sales in November 2024 exceeded expectations, with a year-on-year growth of 17.9%, indicating a positive outlook for the engineering machinery sector [2] - The semiconductor equipment sector is expected to accelerate domestic substitution due to new U.S. export restrictions, benefiting local manufacturers [3][50] Market Outlook - The machinery equipment industry is projected to maintain a growth rate of approximately 10% in the domestic market, with significant opportunities in export markets as political uncertainties diminish [2][3]