通用设备行业：工业母机相关数据持续向好，2025年行业景气度有望进一步提升

Investment Rating - The industry rating is maintained at "Overweight" [5] Core Viewpoints - The machine tool industry is expected to see further improvement in 2025, driven by the release of equipment update demands and the effects of incremental policies [9] - The export value of machine tools in December 2024 showed a significant year-on-year increase of 21.7%, indicating a positive growth trend [6][9] - The domestic demand for high-end CNC machine tools is anticipated to grow, supported by the rapid development of emerging industries such as aerospace and humanoid robots [9] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 27.07% compared to the CSI 300 index, with an absolute return of 42.76% [3] - The export value of tools in 2024 reached 25.653 billion yuan, a year-on-year increase of 9.8%, while imports decreased by 2.66% [5] Machine Tool Data - In December 2024, the production of cutting and forming machine tools increased by 35% and 14.3% respectively, indicating a recovery trend [6][9] - The average price of exported machine tools was $617.04 per unit, reflecting a year-on-year increase of 2.02% [6] Policy Support - Recent policies have been implemented to promote high-quality development in the machine tool industry, including the inclusion of CNC machine tools in the encouraged category of the Industrial Structure Adjustment Guidance Catalog [6][9] - The collaborative innovation within the industry has been significantly enhanced, contributing to the international competitiveness of China's machine tool sector [6]