机床月度跟踪：11月金属切削机床产销同增，期待政策共振下企稳回升

Investment Rating - The report suggests a positive outlook for the machine tool industry, anticipating recovery driven by government support for equipment updates and domestic machine tool exports [9]. Core Insights - From January to November 2024, metal cutting machine tool production increased by 8.1% year-on-year to 610,000 units, with November production reaching 60,000 units, up 10.5% year-on-year [2][29]. - Machine tool imports in November 2024 totaled USD 492 million, reflecting a month-on-month increase of 4.89% but a year-on-year decrease of 4.84% [2][29]. - In Japan, domestic machine tool orders rose by 5.0% year-on-year to JPY 34.3 billion, while foreign orders increased by 2.2% year-on-year to JPY 85 billion in November 2024 [2][30]. Industry Data Summary - The machine tool industry revenue from January to October 2024 was RMB 838.7 billion, down 5.9% year-on-year, with metal cutting tools growing by 7.7% and metal forming tools by 8.9% [4][32]. - New orders for metal processing tools increased by 3.2% year-on-year, and the backlog of orders grew by 1.5% [4][32]. - In November 2024, major Japanese machine tool companies saw a 16.4% year-on-year increase in orders, indicating a recovery in demand, although small and medium enterprises remain cautious [4][33]. Policy Information - The Ministry of Industry and Information Technology is planning new measures to stabilize industrial growth, focusing on equipment manufacturing and high-tech sectors, including initiatives for large-scale equipment updates and promoting smart new energy vehicles [3][31]. - The Central Economic Work Conference emphasized the need for proactive fiscal and accommodative monetary policies to foster technological innovation and risk prevention [3][31]. Investment Recommendations - The report recommends focusing on domestic machine tool exports and applications in emerging fields such as robotics and 3C, highlighting key companies in various segments of the machine tool industry [9][34].