机械行业周报：行业整体平稳，低空稳步推进-20251110

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6]. Core Insights - The mechanical industry is experiencing steady growth, with a focus on low-altitude economy and engineering machinery sectors [3][4]. - The report highlights the competitive advantages of domestic leading enterprises in the export sector, with excavator sales in October 2025 reaching 18,096 units, a year-on-year increase of 7.77% [3]. - The low-altitude economy is supported by national policies and infrastructure development, aiming for over 1,500 take-off and landing points by 2035 [3]. Weekly Market Review - From November 3 to November 7, 2025, the Shanghai Composite Index rose by 1.08%, while the Shenwan Mechanical Equipment Index fell by 0.15%, underperforming the CSI 300 Index by 0.97 percentage points [11]. - Among sub-sectors, general equipment, specialized equipment, and rail transit equipment saw increases of 0.71%, 0.21%, and 2.12% respectively, while automation equipment decreased by 2.65% [11][14]. Key Sector Tracking - The low-altitude economy sector is expected to benefit from government initiatives aimed at expanding application scenarios and infrastructure [3]. - The mechanical equipment sector is projected to maintain steady growth, with a focus on export and engineering machinery [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Shen City Transportation, Sujiao Science and Technology, and Wan Feng Aowei [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4]. Important Industry Data Tracking - The report tracks key economic indicators, including manufacturing PMI and fixed asset investment, which are crucial for assessing industry health [35][39]. - The robot industry has shown significant growth, with a revenue increase of 29.5% year-on-year in the first three quarters of 2025 [22][23]. Weekly Company Announcements - Jiangsu Lixing General Steel Ball Co., Ltd. signed a strategic cooperation agreement with Zhejiang Rongtai Electric Equipment Co., Ltd. to enhance collaboration in industrial robot components [27][28]. - New Tian Technology announced abnormal stock trading fluctuations, confirming no undisclosed information affecting its stock price [29].