机械设备行业周报：11月开工持续改善，国内小松挖机开工小时数为105.4小时

Investment Rating - The overall industry investment rating is "Cautious" for general equipment and engineering machinery, while "Neutral" for specialized and transportation equipment [2]. Core Viewpoints - The report maintains a "Cautious" rating for the industry, with a recommendation to "Increase Holdings" for specific companies including SANY Heavy Industry, Zoomlion Heavy Industry, Hengli Hydraulic, and CRRC [7][46]. Industry News - In November, forklift sales reached approximately 104,944 units, a year-on-year increase of 5.07% [24]. - The urban rail passenger volume in China for November was 2.71 billion trips, reflecting a year-on-year growth of 5.2% [24]. - The operating hours for Komatsu excavators in China were 105.4 hours in November, marking a 4.4% year-on-year increase [24]. Industry Data - The steel composite price index (CSPI) slightly rebounded to 98.63 as of December 13, 2024 [27]. - As of December 17, 2024, WTI crude oil and Brent crude oil prices were $70.71 per barrel and $73.91 per barrel, respectively [29]. Company Announcements - China Electric Power Research Institute plans to establish its Yangtze River Delta headquarters in Suzhou, with a total investment of approximately 1.2 billion yuan [33]. - Times Electric intends to acquire 100% equity of CRRC Commercial Vehicle Power for approximately 106.93 million yuan [34]. - Kunbo Precision announced a delay in its fundraising project timelines, extending the completion dates to December 31, 2025, and December 31, 2026, respectively [35]. Market Review - From December 11 to December 17, 2024, the CSI 300 index fell by 1.84%, while the Shenwan Machinery Equipment sector dropped by 5.73%, underperforming the CSI 300 by 3.89 percentage points [38]. - As of December 17, 2024, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment sector was 26.31 times, with a valuation premium of 116.33% relative to the CSI 300 [38]. Weekly Insights - In the engineering machinery sector, excavator sales showed a continuous recovery in November, exceeding previous expectations, with domestic sales benefiting from large-scale equipment renewal policies [46]. - The rail transit sector is entering a concentrated maintenance period, with significant procurement announcements expected to drive market demand [46].