机械设备行业周报（2025年第2周）

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry, indicating an expected increase of over 5% relative to the benchmark index in the next six months [4][27]. Core Insights - The mechanical equipment industry experienced mixed performance from January 6 to January 10, 2025, with an overall gain of 1.54%, ranking fifth among sectors. Automation equipment saw the highest increase at 3.69%, while rail transit equipment II had the largest decline at -3.46% [10][11]. - In December 2024, the retail sales of passenger cars reached 2.622 million units, marking an 11% year-on-year increase, while wholesale sales totaled 3.064 million units, up 13% year-on-year [2][18]. - The China Construction Machinery Industry Association reported that 19,369 excavators were sold in December 2024, a 16% increase year-on-year, with domestic sales rising by 22.1% [3][23]. Summary by Sections Mechanical Equipment Industry Overview - The week of January 6-10, 2025, saw varied performance in the mechanical equipment sector, with automation equipment leading gains at 3.69% and rail transit equipment II experiencing the largest drop at -3.46% [10][11]. - The general equipment sector had the highest trading volume at 193.65 billion yuan, while rail transit equipment II had the lowest at 14.76 billion yuan [13] Industry Data Tracking - In December 2024, the retail market for passenger cars recorded 2.622 million units sold, reflecting an 11% increase year-on-year, while wholesale figures reached 3.064 million units, a 13% increase [2][18]. Industry News Announcements - The China Construction Machinery Industry Association reported a total of 19,369 excavators sold in December 2024, with domestic sales at 9,312 units (up 22.1%) and exports at 10,057 units (up 10.8%) [3][23]. - China CRRC announced contracts worth approximately 69.35 billion yuan from August to December 2024, which represents about 29.6% of the company's 2023 revenue [24].