机械设备行业跟踪_持续受益于更新需求_国内外整体销售回暖_28页_2mb

Report Summary

• Industry Rating: Outperform (优于大市)
• Analyst View: Industry rating maintained.
• Macroeconomic Outlook: Chinese manufacturing PMI improved in May 2023 (52.4%,环比up 0.4pp), still in contraction but showing marginal improvement. PPI deflation narrowed, core CPI inflation reached 0.9% YoY for the first time in nearly 50 months, indicating potential recovery.
• Investment Trends: Fixed asset investment declined YoY, but infrastructure investment grew, and manufacturing investment showed signs of recovery. Real estate and residential investment remained weak.
• Machinery Sales: Sales of key equipment like excavators, loaders, and高空作业车 increased YoY. However, some areas like tower cranes and car cranes saw declines. Overall demand is benefited from national infrastructure projects and equipment updates.
• Risks: Economic slowdown affecting infrastructure and real estate investments; raw material cost pressure; and risks from overseas trade barriers and compliance requirements.