通用设备行业：工业母机相关数据持续向好，关注国产中高端机床发展机遇

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights the positive trend in the industrial mother machine sector, driven by government policies and local initiatives aimed at enhancing the competitiveness of the supply chain and manufacturing capabilities [1][3] - The production of machine tools in China has shown consistent growth, with metal cutting and forming machine tool outputs increasing by 7.4% and 7.1% year-on-year, respectively, as of October [1] - The manufacturing PMI for November indicates a recovery in demand for machine tools, with a reading of 50.3%, suggesting an expansion in manufacturing activity [1] Summary by Relevant Sections Industry Performance - As of October, the cumulative output of metal cutting machine tools reached 567,000 units, while forming machine tools totaled 136,000 units, both showing positive growth for four consecutive months [1] - Machine tool exports also increased, with a total of 14.86 million units exported from January to October, marking a 6.6% year-on-year increase [1] Government Initiatives - The Zhejiang Provincial Economic and Information Technology Department issued a plan to boost the industrial mother machine industry, targeting an output value exceeding 120 billion yuan by 2025 and 150 billion yuan by 2027 [1] - Other provinces, including Jiangsu, Liaoning, and Chongqing, are also implementing initiatives to support the development of the industrial mother machine sector [1] Investment Opportunities - The report suggests focusing on companies involved in machine tools, CNC systems, cutting tools, and automation components, as they are expected to benefit from increased fixed asset investments in the manufacturing sector [3]