机械设备行业周报：24全年挖掘机销量约20.11万台，同比增长3.13%

Investment Rating - The industry is rated as "Positive" [2] - Specific companies such as SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC are rated as "Buy" [2] Core Viewpoints - In December 2024, the sales of various excavators reached 19,369 units, representing a year-on-year increase of 16% [12] - The total sales of excavators in 2024 amounted to 201,131 units, a year-on-year growth of 3.13%, with domestic sales increasing by 11.7% [12] - The report anticipates that the acceleration of urban renewal under high-quality development will drive demand for related equipment, supported by improved liquidity from local governments [32] - The rail transit sector is expected to see continued growth in fixed asset investment, driven by the ongoing maintenance cycle of rail transit vehicles and significant procurement announcements [32] Summary by Sections Industry News - In December 2024, sales of various loaders were 9,410 units, showing a slight decline of 0.08% year-on-year [12] - The average working hours for major construction machinery products decreased by 2.91% month-on-month in December 2024 [12] Industry Data - The comprehensive steel price index (CSPI) was recorded at 96.98 as of January 3, 2025 [15] - WTI and Brent crude oil prices were $73.56 and$76.30 per barrel, respectively, as of January 7, 2025 [16] Company Announcements - Zhonghe Technology's consortium won the bid for the Shenyang Metro Line 10 signal system integration project [19] - Shenzhen Jingzhida's semiconductor testing equipment has completed internal testing and is now being validated by clients [20] Market Review - From January 1 to January 7, 2025, the CSI 300 index fell by 3.53%, while the mechanical equipment sector declined by 4.28%, underperforming the CSI 300 by 0.75 percentage points [22] - The TTM P/E ratio for the mechanical equipment sector was 24.83, with a valuation premium of 108.29% relative to the CSI 300 as of January 7, 2025 [24] Weekly Insights - The report maintains a "Positive" industry rating and "Buy" ratings for SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC, citing expected growth in domestic demand for construction machinery [32]