Dongguan Securities·2025-11-28 08:21Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [70]. Core Insights - The mechanical equipment industry experienced a bi-weekly decline of 3.36%, outperforming the CSI 300 index by 0.61 percentage points, ranking 11th among 31 industries [12]. - Year-to-date, the mechanical equipment sector has increased by 28.67%, surpassing the CSI 300 index by 13.92 percentage points, ranking 7th among 31 industries [12]. - The report highlights the acceleration of human-shaped robot development driven by continuous policy support and technological advancements, which is expected to enhance application scenarios [4][66]. - The engineering machinery sector is projected to see sustained demand due to the commencement of major national projects and the acceleration of funding and replacement policies [4][67]. Summary by Sections Market Review - As of November 27, 2025, the mechanical equipment sector's bi-weekly performance showed a decline of 3.36%, with a month-to-date decline of 4.73% and a year-to-date increase of 28.67% [12][15]. - Among the five sub-sectors, the engineering machinery sector had the smallest decline of 0.31% bi-weekly, while the rail transit equipment II sector saw the largest decline of 6.46% [20][21]. Valuation - The overall PE TTM for the mechanical equipment sector is 30.48 times, with sub-sectors showing varying valuations: general equipment at 42.01 times, specialized equipment at 30.72 times, and rail transit equipment II at 17.16 times [3][24]. Data Updates - The report includes updates on sales figures for various machinery, such as a 10.20% year-on-year increase in truck crane sales for October 2025, and a 15.90% increase in forklift sales [63]. Company Announcements - The report notes several companies' announcements regarding shareholding changes and patent grants, indicating ongoing innovation and market activity within the sector [66]. Recommendations - The report suggests focusing on companies like Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic, citing their strong market positions and growth potential driven by infrastructure investments and technological advancements [68].