Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The engineering machinery sector is experiencing a continuous recovery, with significant growth in excavator sales, which reached 19,858 units in September, a year-on-year increase of 25.4% [12][62] - The domestic humanoid robot industry is advancing towards commercialization, highlighted by the launch of the ZhiYuan G2 robot, which has secured over 100 million yuan in procurement contracts [12][55] - The report suggests focusing on the growth trajectories of engineering machinery, humanoid robots, and PCB equipment, while also monitoring the performance of process industries and tool sectors as quarterly reports are released [12][13][57] Summary by Sections Company Updates - **Rili Technology**: The company, a leading supplier of industrial X-ray intelligent detection equipment, saw new orders nearly double year-on-year, with revenue increasing by 38.34% and net profit rising by 7.8% [3][13] - **Kangst**: The company specializes in digital detection instruments and reported a significant recovery in Q3, with revenue, net profit, and non-recurring net profit increasing by 22.24%, 30.66%, and 36.2% respectively [4][14] - **Xinxin Co.**: The company, which produces hard alloys and tools, experienced revenue growth of 28.97% and net profit growth of 2.88% in the first half of the year [5][15] Industry Performance - In September, excavator sales reached 19,858 units, with domestic sales at 9,249 units and exports at 10,609 units, reflecting strong growth across the board [12][62] - The loader sales in September were 10,530 units, marking a 30.5% year-on-year increase, while the sales of automotive cranes also turned positive with a 21.9% increase [12][72] - The industrial robot sector saw a production increase of 28.3% in September, with a cumulative production of 594,816 units in the first nine months of the year, indicating robust growth in the market [48][49] Market Trends - The manufacturing PMI for September was reported at 49.8%, showing a slight recovery, with production and new orders indices also improving [25] - The report highlights the ongoing policy support for the machine tool industry, which is expected to enhance domestic production capabilities and drive growth in high-end machine tools [29][37] - The logistics sector is also showing resilience, with forklift sales in September reaching 130,380 units, a 23% increase year-on-year, supported by a favorable logistics index [38][42]