机械设备行业：中央经济工作会议点评-看好内需复苏及新质生产力受益方向

Investment Rating - The mechanical equipment industry maintains a "Recommended" rating [4] Core Viewpoints - The central economic work conference emphasizes a more proactive fiscal policy and moderately loose monetary policy, identifying three key beneficiary directions in the mechanical sector: construction machinery, machine tools, and humanoid robots [2] - Construction Machinery: The domestic demand is expected to rebound strongly in 2024, with excavator sales in November showing a year-on-year increase of 20.5%, marking eight consecutive months of growth. The cumulative year-on-year growth from January to November is 10.8% [2] - Machine Tools: The recovery of domestic demand is anticipated, with the manufacturing PMI index at 50.3% in November, indicating continued expansion. The combination of economic stimulus policies and inventory cycle recovery suggests a positive outlook for the sector [3] - Humanoid Robots: The focus on technological innovation and the development of new productive forces is highlighted, with significant advancements in AI and digital economy driving growth in this area [3] Summary by Relevant Sections Construction Machinery - The domestic market is expected to see a rebound in demand, supported by favorable monetary and fiscal policies. Key projects such as urban village renovations and affordable housing are likely to stabilize the real estate market [2] - Recommended stocks include Sany Heavy Industry, XCMG, Zoomlion, and LiuGong [2] Machine Tools - The sector is characterized as cyclical, with recovery driven by macroeconomic improvements and policy support. The manufacturing PMI indicates a positive trend, with production and new orders increasing [3] - Recommended stocks include Haitian Precision, ZW CNC, and Genesis, with a focus on high-end five-axis machine tools and core components [3] Humanoid Robots - The sector is positioned at the forefront of new productive forces, with significant potential for growth driven by AI and digital transformation. Companies like Tesla and Huawei are leading advancements in this field [3] - Suggested stocks include Tesla's supply chain partners and various component manufacturers [10]