Market review: last week, the mechanical equipment index fell 0.18%, the Shanghai and Shenzhen 300 index rose 3.14%, and the gem index fell 0.34%. Mechanical equipment ranked 21st in all 28 industries. After excluding negative values, the valuation level of the machinery industry (overall method) is 28.0.
Zhou concern: how will the 2021 central economic work conference affect the mechanical equipment industry
The 2021 central economic work conference emphasizes seeking progress while maintaining stability. We believe that there are two main impacts on the machinery and equipment sector. First, the central economic work conference has a more positive expression on infrastructure, which is beneficial to the equipment enterprises related to the infrastructure industry chain. Second, it mentioned the need to improve the core competitiveness of the manufacturing industry and stimulate the emergence of a large number of specialized, special and new enterprises, The number of Companies in the machinery industry ranks first in specialization and innovation, and is expected to breed invisible champion enterprises in subdivided tracks.
It is suggested to pay attention to the investment opportunities of urban rail industry chain. Among the machinery sectors, the sectors benefiting from infrastructure investment include construction machinery and rail transit equipment. As the downstream of construction machinery involves infrastructure and real estate, and the growth rate of new construction area of real estate is still expected to be in the downward channel, we are more optimistic about the impact of infrastructure investment on rail transit equipment. In rail transit investment, the current incremental construction mainly comes from high-speed rail and urban rail transit. In the long run, urban rail transit has more room for development. By the end of 2020, a total of 45 cities in China had opened urban rail transit, with 7970 kilometers of operating lines. From the perspective of planning and construction progress, the average annual traffic mileage of new urban rail during the 14th Five Year Plan period is expected to exceed 1000 km. It is recommended to pay attention to the investment opportunities of companies with high proportion of Urban Rail business, including China Railway Hi-Tech Industry Corporation Limited(600528) , China Railway Construction Heavy Industry Corporation Limited(688425) shield machine leaders in the field of infrastructure equipment, Traffic Control Technology Co.Ltd(688015) , Unittec Co.Ltd(000925) , China Railway Signal & Communication Corporation Limited(688009) signal system, and Crrc Corporation Limited(601766) , Shandong Longertek Technology Co.Ltd(300594) , Nanjing Kangni Mechanical&Electrical Co.Ltd(603111) vehicles and parts.
Enhance the core competitiveness of the manufacturing industry, start a number of industrial infrastructure reconstruction projects, stimulate the emergence of a large number of "specialized, special and new" enterprises, and continue to be optimistic about the hidden champion investment opportunities in the subdivided field of the machinery sector. The number of Companies in the machinery industry ranks first in specialization and innovation. In the list of three batches of specialized, special and new enterprises released by the Ministry of industry and information technology, at present, 299 specialized, special and new "little giant" enterprises are listed in a shares, accounting for 6.1% of all specialized, special and new "little giant" enterprises. Among them, mechanical equipment is the industry in which the "little giant" is located most, and compared with the listed companies selected in the first and second batches, the number of enterprises in the mechanical equipment industry in the third batch is significantly increased. As China's manufacturing industry moves towards manufacturing upgrading and gradually towards medium and high-end manufacturing, it needs batch after batch of "invisible champion" enterprises with global competitive quality and technology to break through high value-added products.
Investment suggestion: in the short term, we are optimistic about the urban rail industry chain companies with low valuation and benefiting from the stabilization of infrastructure investment. We suggest paying attention to Traffic Control Technology Co.Ltd(688015) . In the long run, we are still optimistic about the investment direction in line with the general trend of the times, and continue to be optimistic about investment opportunities in new energy, new technology and specialized new directions, including lithium battery equipment, photovoltaic equipment, energy conservation and emission reduction equipment, 3C automation, etc. In terms of beneficial targets, lithium equipment field Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Shenzhen United Winners Laser Co.Ltd(688518) , etc; Photovoltaic equipment field Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Wuhan Dr Laser Technology Corp.Ltd(300776) , etc; Energy conservation and emission reduction Xi'An Shaangu Power Co.Ltd(601369) ; 3C automation Bozhon Precision Industry Technology Co.Ltd(688097) , Shenzhen Colibri Technologies Co.Ltd(002957) ; Specialized in new fields Shareate Tools Ltd(688257) etc.
Risk tip: covid-19 pneumonia epidemic situation is repeated; The degree of policy promotion is less than expected; Manufacturing investment fell.
