通用设备月报：11月制造业PMI为50.3%，需求修复在路上

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of December 5, 2024 [1]. Core Insights - The manufacturing PMI for November is reported at 50.3%, indicating a slight recovery in manufacturing activity, with production and new order indices at 52.4% and 50.8% respectively [1]. - Despite weak domestic demand, there is a limited improvement in general equipment orders, with overseas demand showing better performance than domestic [1]. - The report suggests a structural difference in the performance of various sub-sectors, with leading companies in weaker sectors beginning to see a bottoming out of their performance [1]. - A policy turning point is noted, although substantial improvements in demand from policy changes will take time; valuation recovery is underway [1]. - The report recommends a proactive investment strategy in sectors such as tools, machine tools, injection molding machines, forklifts, and reducers for the medium to long term [1]. Summary by Sections Market Review - In November, the general equipment index increased by 2.9%, outperforming the Shanghai Composite Index by 1.0 percentage points [12]. - Sub-sector performance varied, with significant increases in industrial robots, reducers, and industrial control sectors, while the injection molding machine sector saw a decline [12]. Demand Tracking - The general equipment sector shows structural differences in demand, with leading companies in weaker sectors experiencing improved orders; domestic demand is stabilizing while overseas demand is increasing [18]. Data Review - The manufacturing PMI for November is 50.3%, up by 0.2 percentage points from the previous month, indicating a recovery in manufacturing [29]. - Social financing in October increased by 1.4 trillion yuan, with a year-on-year decrease of 0.4 trillion yuan; the total social financing stock grew by 7.8% year-on-year [29]. - Exports in October amounted to 309.1 billion USD, reflecting a year-on-year increase of 12.7% [29]. - The production of metal cutting machine tools in October was 60,000 units, a year-on-year increase of 7.1% [44].