装备制造行业周报（10月第5周）：9月逆变器出口稳定增长-20251103

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests continued attention to investment opportunities in engineering machinery and inverter companies due to positive trends in demand and export growth [1][2]. Core Insights - The engineering machinery sector is experiencing a stable demand outlook, supported by government policies and a gradual recovery in the real estate market, which is expected to stabilize equipment utilization rates [2]. - The photovoltaic sector shows promising growth, particularly in inverter exports to Australia, which saw a significant increase of 306% year-on-year in September 2025, driven by government initiatives [2]. - The automotive market is currently facing a decline in retail sales due to changes in subsidy policies, but a recovery is anticipated as consumer demand increases towards the end of the year [2]. Summary by Sections Market Overview - In the past week, the indices for mechanical equipment, electric power equipment, and automotive sectors experienced changes of +0.04%, +4.29%, and +0.92% respectively, with the electric power equipment sector ranking first among 31 major industries [7][8]. Engineering Machinery - The tower crane rental industry remains subdued, with a utilization rate of 57.3% in September 2025, reflecting a slight year-on-year increase. However, rental prices are at a low point, indicating limited short-term growth potential [2]. Photovoltaic Sector - In September 2025, China's inverter exports reached 5.067 billion yuan, marking a 4.6% year-on-year increase. Cumulative exports for the first nine months of 2025 totaled 48.322 billion yuan, up 7.3% year-on-year [2]. Automotive Sector - Retail sales of passenger vehicles saw a decline in the fourth week of October, with daily sales averaging 69,000 units, a 9% decrease year-on-year. However, a rebound is expected as year-end purchasing intentions rise [2]. Industry News - TCL Zhonghuan reported a recovery in photovoltaic prices since July 2025, attributing it to a return to rational business practices among major companies [17]. - The Ministry of Industry and Information Technology published a list of 129 companies meeting the standards for the photovoltaic manufacturing industry, indicating a focus on quality and compliance [17]. - The domestic production of polysilicon in October 2025 was approximately 137,000 tons, reflecting a 6.2% month-on-month increase, with expectations of a decrease in production in the coming months due to planned reductions by major manufacturers [17].