装备制造行业周报（12月第3周）：工程机械持续结构性回暖

Investment Rating - The report indicates a positive outlook for the engineering machinery sector, suggesting a structural recovery in demand driven by various factors [2]. Core Insights - The engineering machinery market is experiencing diverse domestic demand, with excavator sales increasing by 20.5% year-on-year in November, marking nine consecutive months of growth. This growth is primarily driven by small excavators used in water conservancy and agricultural construction [2]. - The automotive sector shows promising weekly sales, with a 36% year-on-year increase in average daily retail sales of passenger cars during the second week of December, supported by government policies encouraging vehicle trade-ins [3]. - The photovoltaic sector is facing weakening demand, with a notable decline in prices for N-type solar cells and a cautious outlook for production around the Spring Festival [3]. Summary by Sections Market Overview - The engineering machinery sector is witnessing a structural improvement in demand, with a focus on cranes and concrete machinery. The report anticipates a significant growth year for humanoid robots in 2025, highlighting the importance of high-value, high-tech components in the supply chain [2][3]. Industry News and Key Company Announcements - The report notes that the Beijing government has introduced policies to support the hydrogen energy industry, including financial incentives for new materials and hydrogen service stations [35]. - In the heavy-duty truck market, sales of new energy heavy-duty trucks surged by 113.9% year-on-year in November, indicating a strong market acceptance and demand for new energy vehicles [35]. - The report also highlights a significant increase in solar power installations, with 20.63 GW added in November, reflecting a 17.8% year-on-year growth [39].