机械设备行业周报：挖掘机国内需求边际改善，工程机械国际化是中长期看点

Investment Rating - The industry investment rating is "Outperform the Market" [2][58]. Core Insights - The report highlights a marginal improvement in domestic demand for excavators, with a focus on the internationalization of the engineering machinery sector as a long-term opportunity [2][19]. - The export value of engineering machinery is showing positive growth, with a year-on-year increase of 15.3% to $4.678 billion in November 2024, and a 16.3$4.485 billion [2][20]. - The report indicates a divergence in overseas market demand, with significant growth in exports to Asia, Africa, and South America, while North America and Oceania experienced declines [2][20]. Summary by Sections 1. Market Review and Investment Strategy - The SW machinery equipment index decreased by 1.31% to 1559.61 points, underperforming the Shanghai and Shenzhen 300 index by 2.67 percentage points [13]. - The engineering machinery index outperformed other sub-sectors, with a year-to-date increase of 19.80% as of December 27, 2024, surpassing the overall industry index by 11.87 percentage points [19][32]. 2. Industry Dynamics - The report notes a sales differentiation in engineering machinery products, with excavators showing a marginal recovery in domestic demand, while other products like cranes and aerial work platforms are still facing weak demand due to declining real estate investment [7][46]. - A series of policies aimed at stabilizing growth have been released, indicating a potential upward trend in infrastructure investment and a stabilization in real estate investment [7][46]. 3. Key Data Tracking - The report provides data indicating that from January to November, the sales of excavators decreased by 5.66% to 90,531 units, while other machinery types like graders and industrial vehicles saw increases of 15.57% and 9.32%, respectively [7][46]. - The report emphasizes the importance of improving product cost-performance through enhanced localization of core components, which is expected to boost the global market share of domestic companies [2][20].