机械设备行业跟踪周报：看好内需拐点向上受益的工程机械+通用自动化；推荐低估值&出海加速的油服设备

Investment Rating - The report maintains a rating of "Buy" for the mechanical equipment industry [1]. Core Views - The report highlights a positive outlook for the engineering machinery and general automation sectors, driven by domestic demand recovery and the acceleration of overseas expansion in oil service equipment [1][2][3]. - It emphasizes the importance of cost optimization and structural improvements among core manufacturers, predicting a profit growth rate of approximately 30% for major manufacturers by 2025 [1]. Summary by Sections Recommended Stocks - The report recommends a diversified portfolio including companies such as SANY Heavy Industry, Jiangsu Hengtong, and others across various sectors like photovoltaic equipment, semiconductor equipment, and oil and gas equipment [1][17]. Engineering Machinery - In November, Komatsu's operating hours in China increased by 4.4% year-on-year, indicating a turning point for large excavators [1]. - The report notes that the demand for large excavators is expected to continue to recover, supported by increased infrastructure investment and strong mining demand [1]. General Automation - The report discusses the government's focus on expanding domestic demand, with a positive shift in manufacturing PMI to 50.3% [2]. - It suggests that sectors like tooling, injection molding machines, and factory automation are likely to benefit from this policy shift, recommending companies such as Yizhi and Haitian International [2]. Oil Service Equipment - The report indicates that domestic bidding by China National Petroleum Corporation is ongoing, with significant orders for electric fracturing equipment going to leading companies like Jereh [3]. - It predicts a stable market for unconventional oil and gas equipment, with a focus on the Middle East as a growing market for Chinese equipment manufacturers [3]. Industry Trends - The report notes a significant increase in the production and sales of excavators, with November sales reaching 18,000 units, up 18% year-on-year [1]. - It highlights the importance of technological advancements and new market opportunities in the photovoltaic sector, particularly in overseas markets [39][38].