机械行业周报：低空经济政策完善，工程机械稳步向好-20251014

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is seeing policy improvements, while the engineering machinery sector is steadily progressing [2] - The report highlights that from January to August 2025, China's engineering machinery import and export trade amounted to USD 40.398 billion, a year-on-year increase of 11%, with exports reaching USD 38.597 billion, up 11.4% [3][4] Weekly Market Review - From October 5 to October 10, 2025, the Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index fell by 1.26% and the ChiNext Index dropped by 3.86%. The Shenwan Machinery Equipment Index decreased by 0.26%, outperforming the CSI 300 Index by 0.25 percentage points, ranking 19th among 31 Shenwan first-level industries [11] - Among sub-industries, Shenwan General Equipment, Special Equipment, Rail Transit Equipment II, Engineering Machinery, and Automation Equipment experienced respective changes of +0.33%, +0.07%, +2.81%, -0.58%, and -1.94% [11][14] Key Sector Tracking - The low-altitude economy sector is benefiting from improved regulatory frameworks and increased collaboration and technology implementation [3] - The engineering machinery sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar [4] - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4]