机械行业周报：低空稳步发展，看好工程机械行业-20251027

Investment Rating - The report maintains a positive investment rating for the engineering machinery industry, indicating a favorable outlook for growth [6]. Core Insights - The low-altitude economy is steadily developing, supported by various government policies aimed at enhancing infrastructure and safety in the sector [2][3]. - The engineering machinery sector is expected to continue its steady growth, with significant increases in both imports and exports, reflecting strong competitive advantages for domestic leading enterprises [3]. - The report highlights a robust performance in the mechanical equipment sector, with a notable increase in the Shanghai Composite Index and specific sub-sectors outperforming the broader market [11][12]. Summary by Sections Weekly Market Review - From October 20 to October 24, 2025, the Shanghai Composite Index rose by 2.88%, while the Shenzhen Component Index and the ChiNext Index increased by 4.73% and 8.05%, respectively. The Shenwan Mechanical Equipment Index rose by 4.71%, outperforming the CSI 300 Index by 1.47 percentage points, ranking 4th among 31 Shenwan first-level industries [11][12]. - Sub-sectors such as general equipment, specialized equipment, and engineering machinery saw increases of 4.99%, 5.48%, and 3.07%, respectively [11]. Key Sector Tracking - The report emphasizes the low-altitude economy, with the Civil Aviation Administration of China releasing regulations to support general aviation and low-altitude economic applications. The Guangdong provincial government has also introduced measures to promote high-quality development in this sector [2]. - In the mechanical equipment sector, China's engineering machinery import and export trade reached USD 5.505 billion in September 2025, marking a year-on-year increase of 29.1%, with exports growing by 29.6% [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei. In the complete machine segment, companies like Yihang Intelligent and Zongheng Co. are highlighted. Key component manufacturers include Zongshen Power and Wolong Electric Drive [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and companies like Huazhong CNC and Kede CNC for industrial mother machines [4].