机械行业周报：看好人形机器人、船舶、铁路装备与工业气体

Investment Rating - The report suggests a focus on companies with first-mover advantages in the humanoid robot sector, such as Hengli Hydraulic, as well as leading domestic shipbuilding companies like China Shipbuilding and China Power [2][26]. Core Insights - The SW Machinery Equipment Index decreased by 8.18% over the past week, ranking 23rd among 31 primary industries, while the Shanghai and Shenzhen 300 Index fell by 5.17% [1][15]. - The global new ship price index reached 189.16, up 6.05% year-on-year, indicating a recovery in ship prices and suggesting improved profitability for shipbuilding companies [2][26]. - Railway investment in China is expected to accelerate, with fixed asset investment projected to reach 850.6 billion yuan in 2024, a year-on-year increase of 11.3%, indicating a sustained recovery in railway equipment demand [2][26]. - The retail prices of industrial gases are stabilizing, with expectations for recovery in demand as manufacturing activities pick up [2][26]. Summary by Sections Stock Portfolio - Recommended stocks include Hengli Hydraulic, China Shipbuilding, China Power, China CRRC, and Hangyang Co., Ltd. [11]. Market Review - The SW Machinery Equipment Index has decreased by 5.65% since the beginning of 2025, ranking 24th among 31 primary industries [1][18]. Key Data Tracking General Machinery - The manufacturing PMI for December was 50.1%, indicating a potential recovery in manufacturing demand [25]. Engineering Machinery - Excavator exports reached 8,570 units in November, a year-on-year increase of 15.2%, suggesting a positive trend in export growth [33]. Railway Equipment - The fixed asset investment in railways is projected to grow by 11.3% in 2024, indicating a robust demand for railway equipment [43]. Shipbuilding Data - The average price of 20mm shipbuilding steel plates in China decreased by 13.58% since the beginning of 2024, but the widening price gap between ship prices and steel prices is expected to enhance profitability for shipbuilders [45]. Oil Service Equipment - Recent fluctuations in oil prices, maintaining between $71 and $75 per barrel, may provide short-term support for the oil service sector [52]. Industrial Gases - The report indicates a seasonal decline in industrial gas prices, with expectations for recovery as economic activities increase [55].