机械设备行业周报：工程机械市场持续改善，多方入局人形机器人赛道
Shanghai Securities·2024-12-12 02:20

Investment Rating - The report maintains an "Overweight" rating for the machinery industry [4]. Core Insights - The engineering machinery market is showing continuous improvement, with various players entering the humanoid robot sector, which is expected to accelerate industry development [5][6]. - Recent economic policies are anticipated to boost demand in the real estate sector and improve infrastructure investment, contributing to a sustained recovery in domestic engineering machinery demand [5]. - The semiconductor industry faces increasing restrictions from overseas, emphasizing the need for domestic self-sufficiency in the semiconductor supply chain [7][9]. Summary by Sections Market Review - The machinery sector rose by 3.95% in the week of December 2-6, 2024, ranking 12th among all primary industries [20][22]. - Specific segments showed varied performance: general equipment increased by 6.38%, while engineering machinery saw a modest rise of 0.27% [22]. Industry High-Frequency Data Tracking - In November 2024, the average working hours for major engineering machinery products were 96.7 hours, up 8.79% month-on-month, with a utilization rate of 68.6%, increasing by 5.46% [5]. - Excavator sales reached 17,590 units in November, a year-on-year increase of 17.9%, with domestic sales at 9,020 units, up 20.5% [5][31]. Automation Equipment - In October 2024, industrial robot production was 51,000 units, reflecting a year-on-year increase of 53.9% [41]. - The production of elevators and escalators was 113,000 units, down 2.6% year-on-year [41]. Semiconductor Equipment - Global semiconductor sales in October 2024 were $56.88 billion, a year-on-year increase of 22.1% [49]. - China's semiconductor sales reached $16.20 billion, up 17.1% year-on-year [49]. Investment Recommendations - Recommended companies in engineering machinery include SANY Heavy Industry, Zoomlion, and XCMG [10]. - In humanoid robotics, focus on high-tech segments with low domestic production rates, such as components and sensors [10].