低空经济稳步推进，工程机械持续向好

Market Overview - The Shanghai Composite Index increased by 2.11%, the Shenzhen Component Index rose by 1.25%, and the ChiNext Index gained 0.49% from August 3 to August 8, 2025 [1][2] - The Shenwan Machinery Equipment sector outperformed, rising by 5.37%, exceeding the CSI 300 Index by 4.13 percentage points, ranking third among 31 Shenwan primary industries [1][2] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw increases of 6.50%, 5.60%, 3.62%, 6.21%, and 3.53% respectively [1][2] Low-altitude Economy - The Shijiazhuang Municipal Government released a development plan for the low-altitude economy from 2025 to 2030, aiming to establish a significant production base for low-altitude aircraft and a research and production base for drone communication technology [3] - By 2027, the plan targets over 100 low-altitude economy enterprises with a revenue of 10 billion yuan, and by 2030, it aims for over 150 enterprises with a revenue of 15 billion yuan, along with more diverse application scenarios [3] - The introduction of regulations in Wuxi and Suzhou is expected to strengthen the legal framework for the low-altitude economy, promoting healthy development in the sector [3] Machinery Equipment Sector - Domestic leading enterprises in the machinery equipment sector maintain strong competitive advantages in both supply and demand [4] - In July 2025, a total of 17,138 excavators were sold, marking a year-on-year increase of 25.2%, with domestic sales of 7,306 units (up 17.2%) and exports of 9,832 units (up 31.9%) [4] - From January to July 2025, total excavator sales reached 137,658 units, a 17.8% increase year-on-year, with domestic sales of 72,943 units (up 22.3%) and exports of 64,715 units (up 13%) [4] - The engineering machinery industry is expected to maintain a steady growth trend in the future [4] Investment Recommendations - For the low-altitude economy, companies to watch include Deep City Transportation, Suzhou Transportation Science and Technology, Huasheng Group, and Nairui Radar [6] - In the complete machine sector, recommended companies are Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge [6] - Key component manufacturers to focus on include Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer [6] - In air traffic management and operations, companies like CITIC Haineng, Zhongke Xingtou, and Sichuan Jiuzhou are recommended [6] - For the machinery equipment sector, companies such as Juxing Technology, Quan Feng Holdings, and Nine Company are suggested for the export chain [6] - In the engineering machinery sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [6] - For industrial mother machines, focus on Huazhong CNC, Kede CNC, and Hengli Hydraulic [6]