机械行业周报：低空发展稳健，看好工程机械未来发展-20251202

Investment Rating - The report maintains a positive outlook on the engineering machinery sector and the low-altitude economy, suggesting a "Buy" rating for related stocks [3][8]. Core Insights - The low-altitude economy is progressing with the establishment of a comprehensive regulatory framework and the promotion of new consumption opportunities, including low-altitude tourism and drone usage, supported by government policies [2][21]. - The engineering machinery sector is expected to continue its steady growth, with a slight decrease in rental rates for certain machinery types, indicating a mixed performance across different models [2][3]. Weekly Market Review - From November 23 to November 28, 2025, the Shanghai Composite Index rose by 1.40%, while the Shenzhen Component Index increased by 3.56%, and the ChiNext Index saw a rise of 4.54%. The Shenwan Machinery Equipment Index outperformed the CSI 300 Index by 2.26 percentage points, with a weekly increase of 3.91% [1][11]. - Within the machinery sector, sub-industries such as general equipment and specialized equipment saw increases of 4.70% and 4.28%, respectively, while engineering machinery rose by 3.27% [1][11]. Key Sector Tracking - The rental rate index for aerial work platforms in October 2025 was 660 points, showing a month-on-month decrease of 3.8% but a year-on-year increase of 4.6%. The 20-24m model experienced the largest month-on-month decline of 8.7% [2][3]. - The report highlights specific companies to watch in the low-altitude economy, including Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei, among others [3]. Important Industry Data - The manufacturing PMI and its components indicate ongoing trends in production and new orders, which are crucial for assessing the health of the manufacturing sector [33][34]. - The report tracks the monthly export totals and changes, providing insights into the performance of the machinery sector in international markets [38][50].