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, highlighting the potential for growth in domestic demand and export opportunities [1]. Core Insights - The report emphasizes the upward turning point in domestic demand for construction machinery, particularly in large excavators, driven by increased infrastructure investment and mining demand [1][2]. - It identifies the general automation sector as a key area for investment, particularly in tools, injection molding machines, and factory automation, benefiting from government policies aimed at expanding domestic demand [2]. - The oil service equipment sector is highlighted for its growth potential, particularly in the Middle East, where domestic companies are expected to benefit from increased bidding and project opportunities [3]. Summary by Sections Recommended Companies - The report recommends a diverse range of companies across various sectors, including: - Semiconductor Equipment: Northern Huachuang, Zhongwei Company - Engineering Machinery: Sany Heavy Industry, XCMG, Liugong - General Automation: Yihua, Haitian International, and others [1][17]. Engineering Machinery - In November, Komatsu's operating hours in China increased by 4.4% year-on-year, indicating a recovery in demand for large excavators [1]. - The report predicts that the demand for large excavators will continue to improve in 2025, supported by infrastructure investments and a recovering export market [1]. General Automation - The report notes that the manufacturing PMI rose to 50.3%, indicating a recovery in manufacturing demand [2]. - It suggests focusing on tools and factory automation segments, with specific recommendations for companies like Newray and Huari Precision [2]. Oil Service Equipment - The report highlights the ongoing bidding by China National Petroleum Corporation, with significant orders for pressure fracturing equipment going to leading companies like Jereh [3]. - It anticipates that unconventional oil and gas production will continue to grow, increasing the market for domestic oil service equipment [3]. Industry Trends - The report discusses the overall positive trend in the mechanical equipment sector, with expectations of improved profitability and market conditions in the coming years [1][20]. - It emphasizes the importance of technological advancements and new market opportunities, particularly in the context of international expansion and domestic policy support [2][3].