机械行业周报（2024年12月第3周）：周期行稳致远，成长星辰大海；持续力推工程机械、船舶、人形机器人等

Investment Rating - The report provides a positive outlook for the photovoltaic industry, indicating a potential increase in demand and technological advancements [102]. Core Insights - The photovoltaic industry is expected to see a significant increase in installed capacity, with projections adjusted to 230-260 GW for 2024, up from previous estimates of 190-220 GW [102]. - The report highlights the signing of a self-discipline agreement among over 30 photovoltaic companies to manage production capacity starting next month, indicating a proactive approach to market stability [102]. - Short-term supply and demand dynamics are anticipated to reach a turning point, with a focus on new technologies and a shift towards semiconductor platform companies [102]. Summary by Sections Photovoltaic Industry - As of December 18, 2023, the price of 182-size photovoltaic modules is stable at 0.68 RMB/W, showing no change from the previous week [2]. - The report emphasizes the importance of new technologies such as HJT, TOPCon, and perovskite in driving future growth in the photovoltaic sector [102]. - The industry is expected to benefit from a continuous decline in prices and costs, leading to sustained growth in installation demand [102]. Engineering Machinery - The report notes that the demand for engineering machinery is primarily driven by domestic infrastructure construction and real estate development [6]. - In November, excavator sales increased by 18% year-on-year, with domestic sales rising by 21%, indicating a positive trend in the sector [42]. Semiconductor Equipment - The report mentions that the second phase of a fund focused on semiconductor investments has a total fundraising target of 3 billion RMB, aimed at mergers and acquisitions in the semiconductor field [16]. Inspection and Testing - The inspection and testing industry is projected to grow at a rate of approximately 10% during the 14th Five-Year Plan period, driven by strong demand and supportive policies [106]. - The report highlights the importance of capital expenditure and efficiency improvements in third-party testing companies [79].