机械设备行业双周报（2025、11、28-2025、12、11）：政策助推机器人加速产业化落地，11月挖机同环比双增-20251212

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" [46] Core Insights - The mechanical equipment sector has shown a strong performance, with a bi-weekly increase of 4.38%, outperforming the CSI 300 index by 3.57 percentage points, ranking 4th among 31 industries [12] - The engineering machinery segment has the highest bi-weekly growth at 5.80%, while the automation equipment segment has the lowest at 3.42% [15] - The report highlights the acceleration of robot industrialization driven by government policies, particularly in humanoid robots, which is expected to enhance technology updates and application scenarios [41] - The report suggests focusing on companies like Huichuan Technology (300124) and Green's Harmonic (688017) due to their strong market positions and growth potential [41][43] Summary by Sections Market Review - As of December 11, 2025, the mechanical equipment industry has increased by 34.31% year-to-date, outperforming the CSI 300 index by 18.62 percentage points [12] - The engineering machinery segment has shown a significant increase in sales, with domestic excavator sales rising by 9.11% year-on-year in November [42] Valuation Situation - The current PE ratio for the mechanical equipment sector is 31.76 times, with the general equipment segment at 43.68 times and the engineering machinery segment at 23.28 times [21] - The report indicates that the valuation of the general equipment segment is 19.28% above its one-year average [21] Data Updates - The report provides updated statistics on excavator sales, indicating a total of 21,216 excavators sold in November, a year-on-year increase of 13.85% [40] - The average working hours for major engineering machinery products in November were 84.20 hours, showing a month-on-month increase of 4.08% [40] Industry News - The U.S. government is focusing on humanoid robot development, which may lead to accelerated policy implementation and industry growth [40] - A new robot innovation park is planned in Beijing, aiming to become a global hub for robot innovation by 2035 [40] Company Announcements - Companies like SANY Heavy Industry (600031) and Hengli Hydraulic (601100) are highlighted for their strong market positions and expected demand growth due to infrastructure investments [43][45]