机械行业周报：轨交装备景气持续，11月叉车销量稳增

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Insights - The machinery industry has shown a decline of 8.12% in the past week, ranking 22nd among all primary industries [3][14] - The report highlights a significant increase in railway investment, with a fixed asset investment of 850.6 billion yuan in 2024, representing a year-on-year growth of 11.3% [4][59] - The demand for railway equipment is expected to remain strong due to planned investments of 590 billion yuan in 2025 [5] - The report notes a steady increase in forklift sales, with November sales reaching 105,000 units, a year-on-year increase of 5% [7] - The report suggests focusing on companies in the engineering machinery sector, such as Sany Heavy Industry and Zoomlion, as well as general equipment manufacturers like Anhui Heli and Hangcha Group [8] Summary by Sections Market Review - The machinery sector has underperformed, with specific declines in various sub-sectors, including a 3.43% drop in engineering machinery and a 10.24% drop in instruments and meters [15][18] Industry High-Frequency Data Tracking - The manufacturing PMI for December 2024 is reported at 50.1%, indicating a slight decrease [19] - Forklift sales in November 2024 show a year-on-year increase of 5.1% [20] - Excavator sales in November 2024 reached 18,000 units, up 17.9% year-on-year [20] Investment Recommendations - The report recommends monitoring companies in the engineering machinery sector, general equipment, and emerging technologies such as humanoid robots and semiconductor equipment [8][9] Industry News and Announcements - China Railway Group announced a significant increase in railway construction, with 3,113 kilometers of new lines completed in 2024 [4][59] - China CRRC signed contracts totaling approximately 69.35 billion yuan for various railway equipment and maintenance services [60][61]