机械设备行业跟踪周报：AI数据中心需求扩张国产设备商有望受益；工程机械出海看好中东、非洲、南美的持续高增

Investment Rating - The report maintains a "Buy" rating for the engineering machinery sector, highlighting the potential for long-term growth driven by electrification and international market expansion [3][78]. Core Insights - The electrification of engineering machinery is expected to progress through three phases, with the first phase focusing on the electrification of power systems, followed by the electrification of walking and rotating systems, and finally the electrification of actuators [2]. - The report emphasizes that electrification could provide a breakthrough path for the engineering machinery sector, enabling it to catch up with global leaders [3]. - The demand for electric machinery is anticipated to grow significantly, particularly in the mining sector, where electric vehicles may become a new trend due to environmental regulations [60]. Summary by Sections Recommended Focus - The report suggests a focus on companies such as SANY Heavy Industry, Zoomlion, and LiuGong, which are expected to benefit from the recovery in domestic demand and international market opportunities [65][66]. Recent Reports - The report discusses the expansion of AI data centers and the corresponding demand for power generation equipment, particularly gas turbines, which are expected to see increased demand due to their cost-effectiveness and low emissions [46]. Key Industry News - The report notes that the global semiconductor sales reached $56.88 billion in October, reflecting a year-on-year increase of 22.1%, indicating a robust recovery in the semiconductor equipment sector [28]. High-Frequency Data Tracking - The manufacturing PMI for November stands at 50.3%, showing a month-on-month increase of 0.2 percentage points, indicating a stable manufacturing environment [11]. - The cumulative year-on-year growth of fixed asset investment in manufacturing for November is reported at 9.3% [13]. Industry Trends - The report highlights that the domestic excavator market is expected to see a year-on-year increase of 23% in December, with total sales projected at 18,500 units [47]. - The report also indicates that the global market for mining machinery is approximately $24 billion, with increasing demand driven by Chinese investments in overseas mining projects [60].