Market Review
In the current period (February 7-february 11), the CSI 300 rose 0.8% and the machinery sector fell 1.6%, ranking 25 among the 28 Shenwan industries. In terms of subdivided industries, oil and gas equipment increased the most, up 7.4%; Laser processing equipment fell the most, down 18.8%.
This week’s view
Infrastructure construction is an important starting point for steady growth, boosting the demand for construction machinery.
Since the second half of last year, the policy has repeatedly stressed that infrastructure construction should be carried out in advance this year. On February 10, the central bank announced that the financial data in January was much higher than expected. In January, RMB loans increased by 3.98 trillion yuan and social financing increased by 6.17 trillion yuan. Both reached a record high at the same time, reflecting the forward force of monetary and fiscal policies to support steady growth. Infrastructure is an important starting point for the current steady growth. According to the published data, the new credit of the enterprise sector is 336 million yuan, an increase of 810 billion yuan year-on-year, and the net financing of government bonds is 602.6 billion yuan, an increase of 358.9 billion yuan year-on-year, indicating that the demand for infrastructure is very strong. It can also be seen from the sales data of excavators in January that under the disturbance of the Spring Festival, the total sales volume in January reached 15600 units, and the year-on-year situation continued to improve compared with December last year. We believe that the sales volume in February will be significantly higher than that in January. From the current situation, the policy is increasing, the infrastructure boom is improving, and it is expected that more physical workload will be formed in the first quarter, We are optimistic that the capital construction and construction machinery sales in the peak season from March to April after the Lantern Festival exceed expectations!
Investment suggestions:
At present, the tone of steady growth is clear, and infrastructure is an important starting point for steady growth, which will boost the demand for construction machinery. We are optimistic about the leading companies in the industry, focusing on Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) , Yantai Eddie Precision Machinery Co.Ltd(603638) , Zhejiang Dingli Machinery Co.Ltd(603338) , Shaanxi Construction Machinery Co.Ltd(600984) !
Risk tips
Macroeconomic fluctuations, external demand fluctuations.
