张江具身智能大会召开，5月PMI49.5%

Core Viewpoint - The mechanical equipment index decreased by 0.43% last week, while the Shanghai-Shenzhen 300 index fell by 1.08% and the ChiNext index dropped by 1.40%. The mechanical equipment sector ranked 21st among all 31 industries in terms of performance [2][4]. Market Performance - The mechanical industry valuation level (overall method) stands at 31.0 times [2][4]. - The top three performing segments in the mechanical industry last week were oil and gas development equipment, testing services, and shipping equipment [2][4]. - Year-to-date, the top three performing sub-segments are wind power equipment, machine tools, and engineering machinery [2][4]. Industry Insights - The manufacturing PMI for May is at 49.5%, showing a month-on-month increase of 0.5 percentage points, but still in the contraction zone. The production index is at 50.7%, indicating a return to expansion [4][5]. - The cumulative production of metal cutting machine tools from January to April 2025 reached 264,000 units, a year-on-year increase of 16.8%. The cumulative production of industrial robots was 221,000 units, with a year-on-year growth of 34.1% [4][5]. Investment Recommendations - Focus on the infrastructure and real estate chain driven by policy efforts, recommending engineering machinery and urban rail signaling systems [5]. - Suggest attention to cyclical general equipment, including industrial control, machine tools, industrial gases, and testing services, as domestic demand recovers [5]. - New quality productivity development is expected to drive new demand for machine tools, with recommended stocks including Haitan Precision, Neway CNC, and Kede CNC [5].