机械行业周报：出口稳健增长，低空稳步发展-20251224

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The mechanical industry is experiencing steady growth in exports and low-altitude economy development, with significant advancements in application scenarios and airworthiness standards [2][3] - Domestic leading enterprises in the mechanical equipment sector maintain strong competitive advantages, with forklift sales in November 2025 reaching 119,749 units, a year-on-year increase of 14.1% [4] - The report highlights a positive outlook for the engineering machinery industry, expecting continued steady growth [4] Weekly Market Review - From December 14 to December 19, 2025, the Shanghai Composite Index rose by 0.03%, while the Shenzhen Component Index fell by 0.89%, and the ChiNext Index decreased by 2.26%. The Shenwan Mechanical Equipment Index dropped by 1.56%, underperforming the CSI 300 Index by 1.28 percentage points, ranking 29th among 31 Shenwan first-level industries [12][18] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw declines of 1.50%, 0.89%, 1.01%, 1.65%, and 2.57%, respectively [12][15] Key Sector Tracking Low-altitude Economy - The low-altitude economy has made significant progress in application scenarios and airworthiness standards, with logistics drones reducing transport time across the Qiongzhou Strait from 5 hours to approximately 20 minutes [3] - The Civil Aviation Administration of China is soliciting opinions on airworthiness standards for unmanned aerial systems, aiming to provide clear technical guidelines for medium and large drones [3] Mechanical Equipment Sector - In November 2025, domestic forklift sales reached 75,242 units, a year-on-year increase of 23.9%, while exports totaled 44,507 units, a slight increase of 0.7% [4] - For the period from January to November 2025, total forklift sales amounted to 1,340,405 units, with domestic sales increasing by 14.3% and exports by 14% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC, Kede CNC, and Hengli Hydraulic for industrial mother machines [5]