机械设备行业周报：政策再加力，关注机械顺周期资产

Investment Rating - The mechanical equipment industry is rated as "Buy" [1] Core Insights - The mechanical industry index (CITIC) decreased by 0.69% from December 9 to December 13, while the Shanghai and Shenzhen 300 index fell by 1.01% and the ChiNext index dropped by 1.4% [2] - The Central Political Bureau meeting on December 9 set a more proactive macro policy for 2024, aiming to complete the main economic and social development goals and expand domestic demand [2][24] - The Central Economic Work Conference held on December 11-12 emphasized the implementation of more proactive fiscal policies and moderately loose monetary policies, along with a focus on technological innovation and high-level opening up [2][26] Summary by Sections Macroeconomic Data Tracking - The Central Political Bureau meeting indicated a GDP growth target of around 5% for 2024, with a focus on expanding domestic demand and implementing proactive fiscal and monetary policies [24][25] - The meeting highlighted the importance of preventing risks in key areas and external shocks, indicating a need for stability in real estate sales and local debt management [24][25] Midstream Data Tracking - The operating hours of Komatsu excavators in China reached 105.4 hours in November, marking a 4.4% year-on-year increase and indicating positive growth for four consecutive months [3][32] - The international market, excluding North America, showed a growth trend in operating hours for major regions [3][32] Investment Recommendations - Key investment lines for the second half of 2024 include: 1. Cyclical recovery assets, with recommendations for engineering machinery companies such as SANY Heavy Industry, XCMG, and Zoomlion [4] 2. Assets with favorable supply patterns, recommending companies like China Power, China Shipbuilding, and China Railway [4] 3. Growth-oriented assets, focusing on the 3C industry chain and semiconductor equipment [4]