SINOLINK SECURITIES·2025-11-23 13:31Investment Rating - The report does not explicitly state an investment rating for the industry [3]. Core Insights - Siemens Energy has raised its gas turbine production target, indicating strong demand for gas turbines, which benefits leading turbine blade manufacturer Yingliu. Siemens aims for a production capacity of 17GW in FY24, increasing to 22GW from 2025 to 2027, and exceeding 30GW from 2028 to 2030 [5][24]. - The tractor market showed stable data in October, with corn prices returning to positive year-on-year growth, suggesting a recovery in agricultural machinery demand [5][24]. - The robotics sector is approaching a pivotal moment with upcoming mass production from leading companies, highlighting the potential for domestic suppliers to break through [5][24]. - The general machinery sector remains under pressure, while engineering machinery is accelerating upward, and gas turbines are showing steady growth [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 4.78% in the week of November 17-21, 2025, ranking 13th among 31 primary industry categories. Year-to-date, the index has risen by 25.58%, ranking 6th [3][15]. Key Data Tracking - General Machinery: Continues to face pressure with a PMI of 49.0% in October, indicating contraction [23]. - Engineering Machinery: Sales of excavators reached 18,096 units in October, up 7.8% year-on-year, indicating a recovery [31]. - Railway Equipment: Steady growth with fixed asset investment maintaining around 6% [43]. - Gas Turbines: GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, reflecting strong industry demand [55][56]. Industry Dynamics - The report highlights significant developments in various sectors, including the acquisition of Mitsubishi Electric's motor business by Ebara and advancements in 3D printing technology by INTAMSYS [59][60].