机械行业周报：低空经济制度优化，工程机械稳步上行-20250930

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is transitioning from regulatory frameworks to practical implementation, enhancing safety and regional integration [3] - The engineering machinery sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises [3] - In August 2025, China's engineering machinery import and export trade amounted to $5.325 billion, a year-on-year increase of 14.4%, with exports growing by 15.4% [3] Weekly Market Review - From September 22 to September 26, 2025, the Shanghai Composite Index rose by 0.21%, while the ShenZhen Component Index and the ChiNext Index increased by 1.06% and 1.96%, respectively. The Shenwan Machinery Equipment Index fell by 0.81%, underperforming the CSI 300 Index by 1.88 percentage points, ranking 16th among 31 Shenwan primary industries [11] - Among sub-industries, the performance varied with general equipment down by 1.54%, specialized equipment up by 0.12%, and engineering machinery down by 1.30% [11] Key Sector Tracking - The low-altitude economy is bolstered by new regulations and successful cross-border helicopter operations, promoting economic integration in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The machinery equipment sector shows robust export performance, with leading domestic companies maintaining strong competitive advantages [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei [4] - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4]