机械行业事件点评：机床协会发布9月数据，收入降幅环比收窄

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The machine tool industry has shown signs of recovery, with a narrowing decline in revenue for key enterprises, which decreased by 3.2% year-on-year in the first nine months of 2024, a reduction of 0.3 percentage points compared to the previous period [5] - The new orders for metal cutting machine tools increased by 2.3% year-on-year, although the growth rate has slowed by 1.2 percentage points [5] - The production of metal cutting machine tools reached 570,000 units from January to October, reflecting a year-on-year growth of 7.4%, with a slight increase in growth rate by 0.2 percentage points [5] - The total import and export value of machine tools from January to September was $23.3 billion, a decrease of 2.6% year-on-year, with imports down by 9.7% and exports up by 1.2% [5] Summary by Sections Industry Performance - The industry has experienced a relative performance of -20% over the past twelve months compared to the Shanghai and Shenzhen 300 index [3] - The relative return over the last month was 8.2%, while the absolute return was 9.8% [3] Investment Recommendations - Following a series of incremental policies since September, the PMI for October rose by 0.3 percentage points, indicating a return to expansion [6][33] - Equipment and tool purchases related to machine tool demand grew by 16.1% from January to October, exceeding the fixed asset investment growth rate by approximately 12.7 percentage points [6][33] - The report suggests that the machine tool industry is expected to see improved performance due to equipment updates and the effects of incremental policies, with a focus on leading companies in various segments of the machine tool industry [6][33]