The boom of investment strategy of the hottest con

Construction machinery investment strategy boom in February affected by real estate

construction machinery investment strategy boom in February affected by real estate

China Construction machinery information

Guide: Investment points: 1 The market performance of the machinery sector in January was stronger than the market. In January 2009, the machinery sector continued the upward trend since November 2008, and the market performance was stronger than the market. The main reason is that the state has successively introduced relevant economic stimulus policies to expand domestic demand and promote steady economic growth

key points of investment:

1 In January, the market table of the machinery sector how to correctly use the experimental machine is more detailed, which is now stronger than the market. In January 2009, the machinery sector continued the upward trend since November 2008, and the market performance is stronger than the market. The main reason is that the state has successively issued relevant economic stimulus policies to expand domestic demand and promote steady economic growth, which has a positive impact on 8. The capacitor bypass method machinery industry, as well as the market's expectation of the upcoming revitalization plan for the equipment manufacturing industry. At the same time, there are signs of macroeconomic improvement in December 2008

2. The prosperity of the industry has not improved significantly. In November 2008, the growth rate of industry production and sales, exports and profits still accelerated and fell back; In December, the growth rate of added value of the machinery industry was still declining, falling from 21.8% in May to 7% month by month

3. The manufacturing purchasing managers' index (PMI) rebounded slightly in January, but it was still below the critical point. In January 2009, the manufacturing purchasing managers' index (PMI) was 45.3%, up 4.1 percentage points from the previous month. The PMI index of each sub industry of the machinery industry is below 50%

4. The plan for the adjustment and revitalization of the equipment manufacturing industry was issued, with limited short-term impact. The plan for the adjustment and revitalization of the equipment manufacturing industry was reviewed and approved in principle at the executive meeting of the State Council on February 4. On the whole, the adjustment and revitalization plan of the equipment manufacturing industry is still mainly a directional and policy adjustment plan. In the medium and long term, the demand of the machinery industry will be driven to a certain extent. The next step is to issue specific rules, but even if the relevant rules can be issued in time, considering the supporting funds and the time factor of the implementation of the rules, the internal and external demand of the machinery industry will continue to be weak in the short term

5. Analysis of key sub industries: the power transmission and transformation equipment and railway equipment sub industries will continue to boom and maintain the "overweight" rating; The prosperity of the construction machinery industry mainly depends on the recovery of the real estate industry, maintaining the "neutral" rating of the industry

6. In February investment strategy, we believe that in February, when the policy stimulus effect decreases, the market activity of the machinery sector will be lower than that in the previous period, maintaining the "neutral" rating of the industry. In the sub industry, we still believe that the future demand of GBJ 75 (4) equipment and railway equipment sub industry of the measurement code for sound insulation of power transmission and transformation buildings is clear, and the boom is high, so it is recommended to focus on it. The boom recovery of the construction machinery industry will depend on the development of the downstream real estate industry, and there may be some trading investment opportunities. In terms of listed companies, we believe that the focus of attention is on the leading companies in the segmented industries that benefit from policy driven, high product added value, driven by national infrastructure investment and clear demand growth expectations. PP accounts for 17%[3]

7 Risk the uncertainty of the recovery time of China's real economy; The price of raw materials (mainly steel) rebounded sharply at the bottom, compressing the profit space of the industry