装备制造行业周报（9月第1周）：基本面改善带动风电行情-20250908

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific sectors such as wind power and engineering machinery, indicating potential investment opportunities [1]. Core Views - The report highlights that the wind power sector is experiencing a positive trend due to improved fundamentals, with wind power equipment prices stabilizing and profit margins recovering [2][3]. - The engineering machinery sector shows strong domestic demand, particularly in excavator sales, which have increased significantly, indicating a recovery in infrastructure investment [2][3]. - The automotive sector is also showing growth, particularly in the retail of new energy vehicles, which is expected to continue due to promotional activities and new model launches [2][3]. Summary by Sections Market Overview - The report notes that during the last week, the indices for electric equipment, automotive, and machinery sectors changed by +7.39%, -1.27%, and -1.37% respectively, outperforming the Shanghai Composite Index which fell by -0.81% [1][8]. Industry Insights 1. Engineering Machinery: - In August 2025, excavator sales reached 16,523 units, a year-on-year increase of 12.8%. Domestic sales were 7,685 units (+14.8%), while exports were 8,838 units (+11.1%). Cumulatively, from January to August 2025, domestic sales totaled 80,628 units (+21.5%) and exports 73,553 units (+12.8%) [3]. 2. Wind Power: - The wind power equipment sector saw a price increase, with the bidding price for wind turbines rebounding from 1,400 RMB/KW to 1,500-1,600 RMB/KW. The sector's profit margins are expected to improve due to reduced cost pressures and increased production efficiency [3]. 3. Automotive: - The retail market for passenger vehicles in August 2025 grew by 3% year-on-year, with new energy vehicles seeing a 5% increase. The penetration rate for new energy vehicles reached 55.3% [3]. Key Company Announcements - The report includes various announcements from companies in the industry, such as partnerships and new product developments, indicating ongoing innovation and strategic positioning within the market [17][18].