工程机械行业月度点评：工程机械内外需求同步发力，制造业PMI景气上行

Investment Rating - The industry is rated as "Outperforming the Market" with specific stock recommendations including "Buy" for Zhonglian Heavy Industry, Liugong, and Anhui Heli, and "Hold" for Sany Heavy Industry, XCMG, and Hangcha Group [2][8]. Core Insights - The engineering machinery sector is experiencing synchronized growth in both domestic and international demand, driven by supportive national policies and a recovering real estate and infrastructure market [8][61]. - The excavator market shows strong performance with October 2024 production reaching 25,182 units, a year-on-year increase of 46.53%, and sales of 16,791 units, up 15.13% [44]. - The overall machinery equipment industry has outperformed the CSI 300 index, with a 3.43% increase in November 2024, ranking 7th among 32 sectors [18][22]. Summary by Sections Market Review - In November 2024, the Shanghai Composite Index rose by 1.42%, while the Shenzhen Composite Index increased by 0.19% and the ChiNext Index by 2.75% [16]. - The machinery equipment sector's performance was highlighted by a 3.43% increase, surpassing the CSI 300 by 2.77 percentage points [18][22]. Key Data Tracking - The manufacturing PMI for November 2024 was reported at 50.3%, indicating a slight improvement due to various stimulus policies [28]. - Fixed asset investment in October 2024 grew by 3.4% year-on-year, with manufacturing investment increasing by 9.3%, reflecting robust growth [32]. Industry Dynamics - The "CCTV Excavator Index" reported a national excavator operating rate of 52.08% in October, with total working hours increasing for five consecutive months [61]. - The bauma CHINA 2024 exhibition showcased major domestic companies like Sany Heavy Industry and XCMG, highlighting their customized products for international markets [7][8].