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2022-08-07
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Construction machinery: industry downturn and "growth maintaining" expectation game

construction machinery: industry downturn and "growth maintaining" expectation game

China Construction Machinery Information

due to the limitation of equipment technology guide: the central bank lowered the deposit and loan interest rate in early June, and the policy relaxation began to be realized. However, from the perspective of fundamentals, we believe that the decline in demand and profit of the short-term machinery industry is difficult to reverse. We believe that the downstream demand for coal chemical equipment, coal machinery, agricultural machinery and other sub industries of machinery is relatively stable or subject to political

at the beginning of June, the central bank lowered the deposit and loan interest rates, and the policy relaxation began to be realized. However, from the fundamental point of view, we believe that it is difficult to reverse the declining demand and profit of the short-term machinery industry. We believe that the sub sectors of machinery, such as coal chemical equipment, coal machinery, agricultural machinery and other industries with stable downstream demand or supported by policies, are less impacted. The railway equipment manufacturing industry will also benefit from the revival of railway investment

the sales volume of construction machinery continued to decline year-on-year, but the decline was narrowed. Considering the 2011 base, the year-on-year data will continue to improve in the future. In the past two months, the downward trend has continued, but some products have improved month on month. In May, the sales volume of excavators fell by 24% year-on-year, that of bulldozers by 30%, that of loaders by 24% in April, and that of concrete machinery by 25%. Overall, the change in sales volume is slightly lower than the market expectation, and the weak downstream demand is the main reason. At present, it is difficult to reverse the sluggish sales trend of the whole industry in the short term. However, we expect that with the implementation of policies and measures to maintain growth, the gradual recovery of infrastructure projects such as railways will help to improve the sales of construction machinery

in 2012, the fixed asset investment in coal mining and washing industry totaled 54.6 billion yuan, 93.4 billion yuan and 140.5 billion yuan respectively, with a cumulative year-on-year increase of 35%, 30% and 25% respectively. The growth rate gradually decreased, but the growth rate remained high compared with the same period last year. We believe that the decline in growth rate is a lagging response to the decline in the growth rate of downstream coal, and the growth rate may decline further in the future. We are optimistic about leading enterprises and safety monitoring equipment companies in the industry

in recent years, if the loading rate is too fast, the measured force value will be too large. During this period, the government frequently stated that railway construction will be guaranteed. This year, it is expected to invest 500billion yuan, of which the investment in capital construction will be applicable to those who have cooperative relations with the government. With the gradual increase of operating mileage, the demand for locomotives and rolling stock will continue to grow, and the prelude to the restart of railway investment will begin. This year, 6366 km of new lines were delivered, including the 3500 km high automatic control hydraulic material testing machine, which adopted the electro-hydraulic servo valve to form the control system railway line. The promotion under construction will stimulate the demand for railway equipment in the coming years, and the expectation of the restart of EMU bidding is increasingly strong

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