机械设备行业周报：AI+再迎政策支持，11月挖机销量超预期

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" (maintained) [1] Core Viewpoints - The machinery equipment index increased by 3% from December 2 to December 20, 2024, ranking 10th among primary industry categories. The automation equipment and general equipment sectors saw the highest gains at +6.21% and +5.5%, respectively, while the engineering machinery sector declined by -2.78%. The industry is expected to have structural investment opportunities due to various sub-sectors [1][41] - The report highlights the recovery of excavator sales in November, which increased by 17.9% year-on-year, exceeding CME expectations. Domestic sales reached 9,020 units, up 20.5%, while exports totaled 8,570 units, up 15.2%. This growth is attributed to a new round of replacement cycles and the effects of real estate policy easing [1][55][56] - The central economic work conference emphasized the importance of technological innovation and the "Artificial Intelligence+" initiative, which is expected to support the development of humanoid robots and related sectors. The report suggests that 2025 will be a pivotal year for mass production in the humanoid robot industry [1][60] Summary by Sections 1. Market Performance - The machinery equipment sector saw a 3% increase, with automation equipment leading gains at +6.21% [1][41] - The top five gainers included companies like Aifeite-U (+86.4%) and Klaus (+57.8%), while the top five losers included Meichang Co. (-16.67%) and Minglida (-13.21%) [41] 2. Key Industry Data - The manufacturing PMI for November was reported at 50.3%, indicating a recovery trend in the manufacturing sector [1][45] - Fixed asset investment in the manufacturing sector increased by 9.3% year-on-year, contributing to overall economic recovery [45] 3. Industry News - The report discusses the establishment of a humanoid robot innovation center in Hangzhou, aiming to develop advanced robotic products and foster industry growth [60] - The report also notes that China has maintained its position as the world's largest industrial robot market for 11 consecutive years, with significant advancements in technology and patent holdings [60]