机械设备行业：两会看机械行业三大投资方向

Investment Rating - The report provides a positive investment recommendation for the machinery equipment industry, suggesting that the recovery of domestic demand will be the main investment theme for 2025, with a focus on engineering machinery, new productivity, and equipment upgrades [4]. Core Insights - The report highlights that the hydraulic excavator and loader ownership in 2023 is projected to be between 1.91 to 2.069 million units and 0.866 to 0.938 million units, respectively. The total ownership of all types of excavators is approximately 1.7 million units over the past eight years. A new replacement cycle is expected to begin in 2024 [4]. - It emphasizes the need for large-scale equipment upgrades, particularly in the machine tool sector, where policies are aimed at replacing machines that have been in service for over ten years. The average annual demand for machine tool replacements from 2024 to 2027 is estimated to be around 1 million units [4]. Summary by Sections Engineering Machinery - The report identifies key companies in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, and LiuGong, as potential investment opportunities [4]. Robotics - It mentions humanoid robots and lists companies such as Sanhua Intelligent Control, Top Group, and others as significant players in this segment [4]. Low-altitude Economy - Companies involved in the low-altitude economy, such as Yingliu Co., Ltd., and others, are highlighted as investment targets [4]. Railway Locomotives - The report points out major companies in the railway locomotive sector, including CRRC Corporation and others, as potential investments [4]. Machine Tools - It also lists companies like Haitian Precision and Neway CNC as key players in the machine tool industry [4].