Investment points The machinery industry grew by 20%-25% in 2011. The domestic economy has experienced the ups and downs of 2008. After the rise in 2009 and the stability in 2010, as the inflation level approaches its peak, the future economic policy will tend to be neutral, and the external economic environment will not undergo major changes. The growth rate of the machinery industry in 2011 is expected to be between 20% and 25%. Considering the decline in profit margin, the annual profit growth rate is expected to be between 15% and 20%.
The progress of the construction of affordable housing is related to traditional industry investment opportunities. In May, the sales volume of some construction machinery products has experienced negative growth. In the second half of the year, with the acceleration of the construction of affordable housing, the demand for construction machinery is expected to recover. Machine tools with a lagging cycle are expected to fall in the second half of the year, and heavy mining machinery will continue the slow recovery process in the first half of the year.
The focus of power investment is shifting to the low-carbon sector. The domestic power equipment industry has experienced obvious structural changes. The traditional market demand for power transmission and transformation equipment is facing bottlenecks. After rapid development in the past few years, wind power equipment has entered a phase adjustment period. Thermal power equipment has been slowed down by the power shortage. The demand for low-carbon energy equipment such as smart grid, UHV, energy-saving and environmental protection equipment, hydropower and nuclear power is still growing.
High-speed rail equipment delivery is still at its peak. With the opening of the Beijing-Shanghai high-speed rail, all doubts and distrusts about the high-speed rail will be verified. According to the investment plan of the Ministry of Railways, the future is still at the peak of domestic high-speed rail production and equipment delivery.
The demand for photovoltaics in the second half of the year is likely to pick up. Affected by the downward adjustment of subsidies from major European PV demand countries such as Germany, Italy and France, global PV demand has been sluggish since the second quarter of this year, and product prices in all links of the industrial chain have declined to varying degrees. In the second half of the year, as policy expectations are clear, it is expected that demand will pick up more.
Industry rating and risk. Maintain industry recommendation ratings. We firmly believe that the general trend of China's economic restructuring is difficult to reverse, and vigorously developing emerging industries will be the medium- and long-term trend of the Chinese economy in the future. The decline in high-value growth stocks in the first half of this year is an adjustment to market behavior, not a comprehensive negation of the future development of the industry; and the low-valued traditional stocks' resistance is a defense against the overall market downside risk, not the right The economy has returned to the confirmation of the old road. In the second half of the year, with the gradual release of the overall market risk and the gradual return of the valuation of growth stocks, we expect emerging industries such as smart grid, UHV, energy conservation and emission reduction, nuclear power and photovoltaics to re-enter investors' horizons. We mainly recommend Beijing Cree (002350) in the smart grid industry, Xu Ji Electric (000400) and Pinggao Electric (600312) in the UHV field, Rongxin (002123) and Hekang inverter (300048) in the field of energy saving and emission reduction. , coal safety and new materials company Yuluoka (300099), new materials company Times New Materials (600458); low valuation companies combined with future growth, we focus on the general power equipment company Dongfang Electric (600875), coal machinery leading company Zheng Coal machine (601717) and railway vehicle equipment company China South Locomotive (601766). The industry risk is mainly caused by cyclical fluctuations in demand caused by cyclical fluctuations in the economy.
The progress of the construction of affordable housing is related to traditional industry investment opportunities. In May, the sales volume of some construction machinery products has experienced negative growth. In the second half of the year, with the acceleration of the construction of affordable housing, the demand for construction machinery is expected to recover. Machine tools with a lagging cycle are expected to fall in the second half of the year, and heavy mining machinery will continue the slow recovery process in the first half of the year.
The focus of power investment is shifting to the low-carbon sector. The domestic power equipment industry has experienced obvious structural changes. The traditional market demand for power transmission and transformation equipment is facing bottlenecks. After rapid development in the past few years, wind power equipment has entered a phase adjustment period. Thermal power equipment has been slowed down by the power shortage. The demand for low-carbon energy equipment such as smart grid, UHV, energy-saving and environmental protection equipment, hydropower and nuclear power is still growing.
High-speed rail equipment delivery is still at its peak. With the opening of the Beijing-Shanghai high-speed rail, all doubts and distrusts about the high-speed rail will be verified. According to the investment plan of the Ministry of Railways, the future is still at the peak of domestic high-speed rail production and equipment delivery.
The demand for photovoltaics in the second half of the year is likely to pick up. Affected by the downward adjustment of subsidies from major European PV demand countries such as Germany, Italy and France, global PV demand has been sluggish since the second quarter of this year, and product prices in all links of the industrial chain have declined to varying degrees. In the second half of the year, as policy expectations are clear, it is expected that demand will pick up more.
Industry rating and risk. Maintain industry recommendation ratings. We firmly believe that the general trend of China's economic restructuring is difficult to reverse, and vigorously developing emerging industries will be the medium- and long-term trend of the Chinese economy in the future. The decline in high-value growth stocks in the first half of this year is an adjustment to market behavior, not a comprehensive negation of the future development of the industry; and the low-valued traditional stocks' resistance is a defense against the overall market downside risk, not the right The economy has returned to the confirmation of the old road. In the second half of the year, with the gradual release of the overall market risk and the gradual return of the valuation of growth stocks, we expect emerging industries such as smart grid, UHV, energy conservation and emission reduction, nuclear power and photovoltaics to re-enter investors' horizons. We mainly recommend Beijing Cree (002350) in the smart grid industry, Xu Ji Electric (000400) and Pinggao Electric (600312) in the UHV field, Rongxin (002123) and Hekang inverter (300048) in the field of energy saving and emission reduction. , coal safety and new materials company Yuluoka (300099), new materials company Times New Materials (600458); low valuation companies combined with future growth, we focus on the general power equipment company Dongfang Electric (600875), coal machinery leading company Zheng Coal machine (601717) and railway vehicle equipment company China South Locomotive (601766). The industry risk is mainly caused by cyclical fluctuations in demand caused by cyclical fluctuations in the economy.
Organic Sencha Green Tea,Sencha Leaves,Organic Sencha Green Powder,Organic Sencha Green Leaves
SHAOXING ROYAL TEA VILLAGE CO.,LTD , https://www.yccmatcha.com