装备制造行业周报（1月第3周）：工程机械12月销量持续向好

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for various sectors within the equipment manufacturing industry, particularly engineering machinery and wind power [1]. Core Insights - The engineering machinery sector is experiencing stable growth in external demand and structural improvement in internal demand, with 11 out of 12 major products showing year-on-year export growth in December 2024 [3]. - The automotive sector's wholesale sales in the first two weeks of January 2025 maintained year-on-year growth, but showed a decline compared to the previous month, indicating potential pressure on sales due to the Lunar New Year [3]. - The wind power industry is expected to continue its upward trend, with projected new installed capacity in China for 2025 estimated between 105GW and 115GW, representing a year-on-year growth of 19.31% to 30.68% [3]. Summary by Sections Market Review - In the week of January 13-17, 2025, the indices for machinery equipment, electric power equipment, and automotive sectors increased by 5.37%, 3.66%, and 4.57% respectively, outperforming the Shanghai Composite Index which rose by 2.14% [8][10]. Industry Data - The engineering machinery sector's internal demand is expected to improve due to favorable domestic economic policies, with a notable increase in the operational workload and construction rates [3]. - The automotive sector is projected to benefit from new policies encouraging vehicle scrappage and trade-ins, which may support higher sales throughout 2025 despite short-term pressures [3]. - The wind power sector's project approvals increased significantly in 2024, providing strong support for future installation demands [3]. Company Announcements - Various companies within the industry are making strategic moves, such as partnerships for developing new technologies and products, indicating a proactive approach to market opportunities [19][21].