通用设备月报：需求继续磨底，重视结构性机会

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the machinery equipment industry as of January 5, 2025 [1]. Core Insights - Demand continues to stabilize, with structural opportunities emphasized. The report indicates that while domestic demand remains weak, overseas demand is showing improvement. The report suggests a focus on sectors such as tools, machine tools, injection molding machines, forklifts, and air compressors for medium to long-term investment [5][21]. Summary by Sections Market Review - In December, the general equipment index fell by 2.5%, outperforming the Shanghai Composite Index by 3.1 percentage points. Sub-sectors such as industrial control, industrial robots, injection molding machines, and tools saw some increases, while machine tools, forklifts, reducers, and air compressors experienced declines [15][21]. Economic Data Review - The manufacturing PMI for December was reported at 50.1%, a decrease of 0.2 percentage points from the previous month. The production index and new orders index were 52.1% and 51.0%, respectively [28][30]. - In November, the total social financing increment was 2.3 trillion yuan, a year-on-year decrease of 0.1 trillion yuan. The M1 and M2 growth rates were -3.7% and +7.1%, respectively [29][30]. Sector Performance Tracking - The report highlights structural differences in the demand across various sub-sectors. The industrial control, air compressor, and injection molding machine sectors are experiencing relatively high demand, while tools, machine tools, forklifts, industrial robots, and reducers show stable demand with upward trends in overseas markets [21][28]. Related Companies - Suggested investment targets include: 1. Tools: Huari Precision (688059), Oke Yi (688308), Zhongtung High-tech (000657) 2. Machine Tools: Haitan Precision (601882), Nuwei CNC (688697), Kede CNC (688305) 3. Forklifts: Anhui Heli (600761), Hangcha Group (603298) 4. Injection Molding Machines: Yizhiming (300415), Haitian International (1882.HK) 5. Reducers: Guomao Co. (603915), Zhongdali De (002896) 6. Air Compressors: Dongya Machinery (301028) [40][41][42][43].