Core view
February manufacturing PMI index 50.20%
In February 2022, the manufacturing PMI index was 50.20%, up 0.10 PCT month on month, maintaining the boom range. The PMI of equipment manufacturing industry and high-tech manufacturing industry were 51.40% and 53.10% respectively, up 1.1 and 1.2 PCT month on month, higher than the overall 1.2 and 2.9 pct of manufacturing industry, continuing the expansion trend. The PMI of large / medium / small enterprises was 51.80% / 51.40% / 45.10%, with a month on month change of + 0.20 / + 0.90 / - 0.90 PCT respectively. The prosperity level of large and medium-sized enterprises increased, and the operating pressure of small enterprises increased. The production index was 50.40%, down 0.5 PCT month on month, the pace of manufacturing production expansion slowed down, the new order index was 50.70%, up 1.4 PCT month on month, returning to the expansion range, and the release of manufacturing market demand accelerated after the Spring Festival.
Important data tracking
In the past two weeks, the machinery industry decreased by 7.01%, losing Risen Energy Co.Ltd(300118) percentage points to Shanghai and Shenzhen. Since 2022, the steel price / copper price / aluminum price index has increased by 4.78% / 3.23% / 7.52%, and the comprehensive steel price / copper / aluminum price index has changed by + 1.52% / + 2.66% / - 1.52% month on month compared with two weeks ago.
Cultivating diamonds: the import volume of India's cultivated diamond blanks in January 2022 was US $153 million, with a record monthly import volume of + 77.86% / + 16.22% year-on-year / month on month, and the penetration rate of cultivated diamond / natural diamond blanks in January was 12.63%. India's exports of cultivated diamond bare diamonds in January 2022 were US $122 million, with a year-on-year / month on month ratio of + 69.09% / + 18.11%. The penetration rate of cultivated diamond / natural diamond bare diamonds in January was 5.95%.
Construction machinery: according to CCMA statistics, the sales volume of excavators in February 2022 was 24500, a year-on-year decrease of 13.50%, and the cumulative sales volume of excavators from January to February 2022 was 40100, a year-on-year decrease of 16.32%;
Industrial Siasun Robot&Automation Co.Ltd(300024) : according to the statistics of the National Bureau of statistics, the industrial Siasun Robot&Automation Co.Ltd(300024) output was 35200 units in December 2021, a year-on-year increase of + 15.10%; In 2021, the industrial Siasun Robot&Automation Co.Ltd(300024) output was 370000 units, a year-on-year increase of + 44.90%;
Machine tools: according to the statistics of the National Bureau of statistics, the output of metal cutting machine tools in December 2021 was 55000, with a year-on-year increase of 12.24%, and the output of metal forming machine tools in December was 18000, with a year-on-year decrease of 21.74%;
Industry key recommended portfolio key portfolio: Centre Testing International Group Co.Ltd(300012) , Guangzhou Grg Metrology&Test Co.Ltd(002967) Opt Machine Vision Tech Co.Ltd(688686) Shanghai Friendess Electronic Technology Corporation Limited(688188) Jiangsu Hengli Hydraulic Co.Ltd(601100) Leader Harmonious Drive Systems Co.Ltd(688017) Iray Technology Company Limited(688301) Shanghai Hanbell Precise Machinery Co.Ltd(002158) Jiangsu Guomao Reducer Co.Ltd(603915) Dongguan Yiheda Automation Co.Ltd(301029) ； Zhejiang Dingli Machinery Co.Ltd(603338) ； Shenzhen United Winners Laser Co.Ltd(688518) Zhejiang Hangke Technology Incorporated Company(688006) ； Henan Huanghe Whirlwind Co.Ltd(600172) North Industries Group Red Arrow Co.Ltd(000519) 。 The combination of the "small and beautiful" standard: the combination of the combination of the "small and the beauty for the small and the United States: the combination of the combination of the" little and the beauty for the small "standard: the combination of the combination of the" little and the beauty for the small: the combination of the "little and the beauty" standard: the combination of the "little and the beauty" standard: the combination of the combination of the "little and the beauty" standard: the combination of the "little and the beauty" standard: the combination of the combination of the Sinostar Cable Co.Ltd(300933) 00938, , Jiangsu Shentong Valve Co.Ltd(002438) .
Industry perspective: focus on leading companies with high-quality track and high medium and long-term winning probability.
1) testing service industry with good business model and large growth space: focus on Centre Testing International Group Co.Ltd(300012) , Guangzhou Grg Metrology&Test Co.Ltd(002967) , Suzhou Sushi Testing Group Co.Ltd(300416) , Emtek (Shenzhen) Co.Ltd(300938) , and pay attention to China National Electric Apparatus Research Institute Co.Ltd(688128) , China Building Material Test & Certification Group Co.Ltd(603060) , Suzhou Electrical Apparatus Science Academy Co.Ltd(300215) .
2) upstream core parts companies in growth stage or with high vision: recommend Opt Machine Vision Tech Co.Ltd(688686) , Shanghai Hanbell Precise Machinery Co.Ltd(002158) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Shanghai Friendess Electronic Technology Corporation Limited(688188) , Leader Harmonious Drive Systems Co.Ltd(688017) , Iray Technology Company Limited(688301) , Jiangsu Guomao Reducer Co.Ltd(603915) , Dongguan Yiheda Automation Co.Ltd(301029) .
3) high profile product companies: recommend North Industries Group Red Arrow Co.Ltd(000519) , Henan Huanghe Whirlwind Co.Ltd(600172) , Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) .
4) special / general equipment industry with high prosperity: focus on Shenzhen United Winners Laser Co.Ltd(688518) , Zhejiang Hangke Technology Incorporated Company(688006) etc.
Risk tips: macroeconomic downturn, rising prices of raw materials, sharp fluctuations in exchange rate and repeated impact of the epidemic.
