机械行业周报：低空稳健发展，出口增长强劲-20251125

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is experiencing robust development with significant progress in commercial operation regulations and ecological application scenarios [2] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [3] Weekly Market Review - From November 16 to November 21, 2025, the Shanghai Composite Index fell by 3.90%, the Shenzhen Component Index by 5.13%, and the ChiNext Index by 6.15%. The Shenwan Mechanical Equipment Index decreased by 4.78%, underperforming the CSI 300 Index by 1.01 percentage points, ranking 13th among 31 Shenwan first-level industries [1][11] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 5.73%, 5.48%, 5.93%, 1.65%, and 4.41% respectively [1][11] Key Sector Tracking - The low-altitude economy is supported by new regulations from the Civil Aviation Administration of China, which aims to ensure the safety and standardization of low-altitude commercial transport [2] - The engineering machinery sector's import and export trade amounted to USD 4.844 billion in October 2025, with exports growing by 1.29% year-on-year [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar [4] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Giant Star Technology and Quan Feng Holdings for the export chain [4]