机械工业行业周报：建议关注顺周期、基建地产链，特斯拉发布Optimus最新进展

Investment Rating - The machinery sector is rated as underperforming, with a weekly excess return of -0.43 percentage points and a year-to-date excess return of -2.12 percentage points, ranking 15th among all sectors [2][19][65]. Core Insights - The report emphasizes a proactive fiscal policy and accommodative monetary policy as highlighted in the recent meetings of the Political Bureau of the CPC Central Committee and the Central Economic Work Conference, aiming to boost consumption and investment [3][66]. - In November, the Consumer Price Index (CPI) showed a slight increase, while the Producer Price Index (PPI) decline narrowed, indicating mixed signals in the macroeconomic environment [4][67]. - The report identifies key investment opportunities in sectors such as rail transit equipment, lithium battery equipment, and industrial gases, with specific mentions of partnerships and technological advancements in these areas [7][9][68]. Summary by Sections Macro Policy - The Central Economic Work Conference emphasized the need for a more proactive fiscal policy, increasing the fiscal deficit ratio, and implementing accommodative monetary policy to enhance economic stability and growth [3][66]. Macro Data - November CPI rose by 0.2% year-on-year, while PPI fell by 2.5% year-on-year, with significant price declines in oil and gas extraction and electrical machinery [4][67]. Industrial Gases - Prices for liquid gases have slightly decreased, with liquid oxygen averaging 392 RMB/ton and liquid nitrogen at 399 RMB/ton, while rare gases remained stable [5][68]. Rail Transit Equipment - From January to November, national railway fixed asset investment grew by 11.1% year-on-year, with passenger volume increasing by 12.6% [7]. Lithium Battery Equipment - CATL and Stellantis announced a joint venture to build a lithium battery factory in Spain with an investment of 4.1 billion euros, aiming for a production capacity of 50 GWh by the end of 2026 [7]. Suggested Targets - The report suggests focusing on companies such as CRRC Corporation, Hangzhou Oxygen Plant Group, and Sany Heavy Industry as potential investment opportunities within the machinery sector [14][69].