机械设备行业周报：中央经济工作会议召开，科技创新引领新质生产力发展

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The demand for machinery equipment is expected to improve marginally due to large-scale equipment updates and technological upgrades in traditional industries. The Central Economic Work Conference emphasizes expanding domestic demand and integrating technological innovation with industrial innovation [1][28] - The report highlights the importance of self-sufficiency in manufacturing, especially in core components, as China aims to enhance its industrial chain security amid global supply chain disruptions [4][27] - The report suggests focusing on investment opportunities in the robotics and industrial mother machine sectors, driven by the ongoing transformation and upgrading of China's manufacturing industry [1][28] Summary by Sections 1. Market Review and Investment Strategy - The SW Machinery Equipment Index fell by 0.79% to 1617.02 points, outperforming the CSI 300 Index by 0.22 percentage points [14] - The rolling P/E ratio for the SW Machinery Equipment sector is 37.66 times, with a premium of 99.12% over the entire A-share market [20] 2. Industry Dynamics - The engineering machinery market index (CMI) for November 2024 is 105.39, indicating a year-on-year growth of 3.62% and a month-on-month growth of 2.50%, suggesting stable development in the short term [32] - The production of lithium batteries in China reached 890 GWh from January to October 2024, a year-on-year increase of 16% [34] 3. Key Data Tracking - The cumulative production of industrial robots in China shows significant growth, reflecting the increasing demand for automation in manufacturing [45] - Excavator sales in China have shown a positive trend, indicating a recovery in the construction and infrastructure sectors [47]