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机械设备行业周报：装备制造业增加值扩大，工程机械开工改善
GF SECURITIES·2024-12-09 10:07

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The equipment manufacturing industry's added value continues to expand, with a contribution rate of 42.7% to industrial growth [2][33] - The November Caixin China Manufacturing PMI rose to 51.5, indicating expansion in both supply and demand sides of the manufacturing sector [2][34] - The engineering machinery market index reached a new high in November, with significant improvements in excavator sales [2][40] Summary by Sections 1. Macroeconomic Data Tracking - The added value of the equipment manufacturing industry accounted for 34% of the industrial total in the first ten months of the year, maintaining above 30% for 20 consecutive months, with a year-on-year growth of 7.4% [2][33] - The annual production of new energy vehicles exceeded 10 million units for the first time, with smart and green manufacturing levels significantly improved [33] 2. Mid-level Data Tracking (1) Cycle Asset Data Tracking: Engineering Machinery, Oil Services, and Shipbuilding - The average working hours for major engineering machinery products in November were 96.7 hours, a month-on-month increase of 8.79% [2][40] - Excavator sales (including exports) in November were approximately 17,590 units, a year-on-year increase of about 17.86% [2][40] - The overall sales of loaders in November were 8,646 units, a year-on-year decrease of 2.56% [2][40] (2) New Energy Equipment Data Tracking - The report does not provide specific insights in this section. (3) Automation Industry Data Tracking - The report does not provide specific insights in this section. (4) Semiconductor Equipment Data Tracking - The report does not provide specific insights in this section. 3. Investment Recommendations - Key investment lines for the second half of 2024 include focusing on engineering machinery companies such as SANY Heavy Industry, XCMG, and Zoomlion [2][40] - Recommendations also include companies in the general automation sector and the export supply chain [2][40]