机械设备行业周报：关注下游应用场景变化，设备更新+政策引导，挖掘机内销景气度有望持续修复

Investment Rating - The industry investment rating is "Overweight" for leading companies in engineering machinery, general machinery, and cultural tourism equipment sectors [31]. Core Viewpoints - The engineering machinery sector is expected to see a recovery in demand due to government policies and an improving economic environment, with excavator sales projected to grow by approximately 5% year-on-year in May 2024 [4][12]. - The general machinery sector is benefiting from macroeconomic stabilization, with manufacturing PMI at 50.4% in April 2024, indicating expansion [21][23]. - The cultural tourism equipment sector is set to receive a boost from government initiatives aimed at upgrading facilities and equipment in the tourism industry [5][25]. Summary by Sections Engineering Machinery - Excavator sales in April 2024 reached 10,782 units domestically, a year-on-year increase of 13.3%, exceeding previous expectations [9][12]. - The market is expected to benefit from the issuance of 1 trillion yuan in special bonds for major national strategies, which will improve funding for infrastructure projects [4][13]. - The replacement of older machinery is anticipated, with a significant portion of equipment nearing the end of its lifecycle, creating a substantial market for upgrades [16][17]. General Machinery - The general machinery sector is showing signs of recovery, with a manufacturing PMI indicating positive growth [21][23]. - The demand for general automation equipment is expected to improve as the macroeconomic environment stabilizes [4][21]. Cultural Tourism Equipment - The National Development and Reform Commission has issued a plan to upgrade cultural and tourism equipment, focusing on enhancing safety and operational standards [5][25]. - Investment in this sector is projected to grow steadily, with a focus on modernizing amusement and performance equipment [5][25].