装备制造行业周报（11月第4周）：光伏逆变器出口稳定增长-20251201

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].