机械行业周报：等待形势稳定，装备出海有望获得新机遇

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The mechanical equipment sector outperformed the market with a 5.8% increase in the CJ Mechanical Equipment Index, while the Shanghai Composite Index rose by 2.31% [2][10] - The sector's median PE (TTM) is 29.7x, placing it at the 38.5% percentile based on historical data over the past 10 years [2][15] - Domestic demand for excavators and forklifts is strong, with excavator sales in December 2024 reaching 19,369 units, a year-on-year increase of 16% [3] - The overall GDP growth for China in 2024 is projected at 5.0%, with the manufacturing sector showing a robust growth of 6.2% in Q4 [3] Summary by Sections Market Performance - The top-performing sectors this week included textile and apparel equipment, mechanical basic components, and oil and gas services, with increases of 12.8%, 10.3%, and 8.0% respectively [2][12] - For 2025, the mechanical equipment sector has shown a modest increase of 1.0% year-to-date [10] Economic Indicators - The U.S. inflation data shows a stable trend, with the CPI rising by 2.9% year-on-year in December 2024, indicating a correction in inflation expectations [4] - The Chinese economy is expected to benefit from improved international relations, particularly with the U.S., which may lead to new opportunities for overseas investments and capacity building [4] Investment Recommendations - Recommended stocks include: - Engineering Machinery: Zhonglian Heavy Industry (000157, Buy), Anhui Heli (600761, Buy) - Industrial Equipment: Yizhi Mi (300415, Buy), Estun Automation (002747, Buy) - Energy Equipment: Jereh Petroleum Equipment (002353, Buy), Zhengzhou Coal Mining Machinery (601717, Buy) - Logistics Automation: Yinfei Storage (603066, Not Rated) [5]