机械设备行业跟踪周报：看好出海高景气、内需托底的油服设备和工程机械，推荐催化加速的人形机器人-20251109

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in oil service equipment and engineering machinery driven by domestic demand and overseas expansion [1]. Core Insights - The machinery equipment sector is expected to benefit from both domestic and international demand, with a notable increase in excavator sales projected for October 2025, showing a year-on-year growth of 7.77% [1]. - The oil service equipment segment is poised for growth due to Saudi Aramco's increased natural gas production plans and the rising demand for domestic equipment in international markets [2]. - The humanoid robot sector is anticipated to experience a surge in November 2025, driven by key catalysts such as Tesla's third-generation release and IPO applications from industry players [3]. Summary by Sections Engineering Machinery - In October 2025, excavator sales reached 18,096 units, with domestic sales at 8,468 units (up 2.44% year-on-year) and exports at 9,628 units (up 12.9% year-on-year) [1]. - The report emphasizes the resilience of the domestic market, particularly in small excavators driven by water conservancy projects and labor substitution [1]. - The overseas market is expected to see significant growth, particularly in regions like the US, Africa, and South America, with a strong outlook for the next 2-3 years [1]. Oil Service Equipment - Saudi Aramco's Q3 report indicated a net profit of $28 billion, with a focus on cost control and increased oil production to maintain cash flow [2]. - The company has raised its natural gas production target for 2030, which is expected to enhance the demand for oil service equipment [2]. - The report recommends companies like Jereh and Neway for their potential in the Middle Eastern market [2]. Humanoid Robots - The humanoid robot sector is expected to see a significant uptick in activity in November 2025, with several key industry events and product launches [3]. - The report identifies core companies in the humanoid robot supply chain, including Top Group and Zhejiang Rongtai, as potential investment opportunities [3]. - The focus is on companies that are well-positioned to benefit from the upcoming technological advancements and market demand [3].