机械设备行业周报：11月挖掘机销量为17590台，表现强于预期

Investment Rating - The industry investment rating is "Positive" for general equipment and engineering machinery, and "Neutral" for specialized equipment and transportation equipment [2]. Core Views - The report maintains a "Positive" rating for the industry, highlighting a significant recovery in excavator sales in November, which exceeded expectations. The domestic market is benefiting from large-scale equipment renewal policies, leading to a notable increase in sales [7][48]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion Heavy Industry, Hengli Hydraulic, and CRRC Corporation, all rated as "Increase" [3][48]. Industry News - In November, excavator sales reached 17,590 units, a year-on-year increase of 17.9%. Domestic sales accounted for 9,020 units, up 20.5%, while exports were 8,570 units, up 15.2% [5][23]. - Loader sales in November totaled 8,646 units, a year-on-year decrease of 2.56%, with domestic sales down 15.7% [5][24]. Industry Data - The steel composite price index (CSPI) slightly rebounded to 97.44 as of December 6, 2024 [28]. - As of December 10, 2024, WTI and Brent crude oil prices were $68.37 and $72.14 per barrel, respectively [30]. Company Announcements - Dayuan Pump Industry announced a delay in its project to produce 3 million high-efficiency energy-saving pumps, now expected to be operational by June 30, 2026 [34]. - Bojie Co. plans to acquire a 25% stake in Guanghao Technology for 57.5 million yuan, aiming to enhance its strategic development [35]. Market Review - From December 4 to December 10, 2024, the CSI 300 index rose by 1.11%, while the machinery equipment sector increased by 3.42%, outperforming the CSI 300 by 2.31 percentage points [6][38]. - The price-to-earnings ratio (TTM) for the machinery equipment sector was 27.66, with a valuation premium of 126.62% compared to the CSI 300 [40]. Weekly Insights - The report indicates that excavator sales have shown a continuous recovery, with a significant increase in working hours and operating rates for major products in November. This trend is expected to continue as local government liquidity improves [48]. - In the rail transit sector, there is a notable increase in demand for maintenance and repair services, driven by the government's goal of building a strong transportation network [48].