机械行业周报：出口稳定增长，低空持续推进-20251210

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The mechanical industry is experiencing stable growth in exports, with domestic leading enterprises maintaining strong competitive advantages. The report highlights a 13.9% year-on-year increase in excavator sales in November 2025, with domestic sales up by 9.11% and exports up by 18.8% [3]. - The low-altitude economy is being bolstered by key policy guidance aimed at developing low-altitude tourism and integrating artificial intelligence into civil aviation, enhancing safety and operational efficiency [2]. Summary by Sections Weekly Market Review - From November 30 to December 5, 2025, the Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index and the ChiNext Index increased by 1.26% and 1.86%, respectively. The Shenwan Mechanical Equipment Index outperformed with a 2.77% increase, ranking 4th among 31 Shenwan first-level industries [1][11]. - Sub-sectors such as engineering machinery saw a significant rise of 5.86%, while rail transit equipment II experienced a decline of 0.97% [1][11]. Key Sector Tracking - The report emphasizes the low-altitude economy's growth, supported by policies from the Ministry of Culture and Tourism and the Civil Aviation Administration of China, which aim to develop low-altitude tourism and enhance safety through AI applications [2]. - In the mechanical equipment sector, the report notes that leading domestic companies are well-positioned for continued growth, with a total of 212,162 excavators sold from January to November 2025, reflecting a 16.7% year-on-year increase [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group. In the complete machine sector, companies like Wanfeng Aowei and Yihang Intelligent are highlighted, while core component firms include Zongshen Power and Wolong Electric Drive [4]. - In the mechanical equipment sector, recommended companies include Juxing Technology and Sany Heavy Industry, with a focus on the export chain and engineering machinery segments [4].