Machinery: Machine tools and construction machinery continue to lead the industry

In September, the output value of machinery and exports continued to grow at a rapid rate. In September, the output value of the domestic machinery industry increased 29.4% year-on-year, and the export delivery value was 136.16 billion yuan, a year-on-year increase of 36.6%, and continued to maintain rapid growth. In terms of profitability, the increases in value added of the general machinery and special equipment industries in October were 18.8% and 17%, respectively, both showing a drop, indicating that the overall operation of the machinery industry is still good, but the output value of machinery and exports continued to maintain rapid growth in September. In September, the output value of the domestic machinery industry increased by 29.4% year-on-year, and the value of export delivery was 136.16 billion yuan, an increase of 36.6% year-on-year, and continued to maintain rapid growth. In terms of profitability, the increases in value added of the general machinery and special equipment industries in October were 18.8% and 17%, respectively, both of which showed a decline, indicating that the overall operation of the machinery industry is still good, but the profit growth rate has slightly declined. At present, the total investment in new domestic fixed asset investment projects and the total investment in construction projects are still faster than investment in fixed assets, so we believe that the machinery industry will continue to grow faster? ? In September, the construction machinery and machine tool products continued to lead the overall growth of the machinery industry. In September, the output value of the domestic construction machinery, machine tool industry and other civilian machinery industries still exceeded 40%, continuing to lead the growth of the machinery industry, including key construction machinery products in October. The monthly sales continued to maintain a rapid growth of more than 35%, indicating that the demand for the construction machinery industry is still relatively good. In the machine tool industry, the output of gold-cutting machine tools increased by 36% in October, which was nearly 5 percentage points higher than that in September, and the production volume of CNC machine tools increased by 69.8%. In October, domestic auto sales continued to remain high in September, and production continued to maintain a high of more than 1.5 million. Therefore, we continue to be optimistic about the recovery of the machine tool industry.

Railway equipment production remained high in September. Handheld orders continued to increase. In September, domestic production of motorcycles reached 254 units, an increase of 35.8% year-on-year, and a month-on-year increase of 70 units. In October, the output of railway locomotives was 279 units, which continued to increase year-on-month. The average output of railway passenger cars exceeded monthly 800 units are also significantly higher than the average annual level of 540 units. In terms of shipbuilding, new ship orders from January to September totaled 50.71 million dwt, a two-fold increase year-on-year in 2009. The number of hand-held orders in the last four months also continued to rise. Currently, it has reached 195 million dwt. The highest value shows that the shipbuilding industry is gradually out of the bottom.

At present, there are obvious signs of inflation in the domestic economy. The domestic economy may enter a rate hike cycle and strictly control new loans in the future. This may have some negative impact on the growth of the machinery industry, but the government will continue to increase the construction of affordable housing. At the same time, we vigorously developed the Midwest region and the improvement of construction methods. We believe that the construction machinery industry will not significantly slow down. The machine tool industry will also continue to recover, so these two industries still have investment value, continue to focus on recommending Xingma Automobile, Anhui Heli and Kunming Machine Tools.