GF SECURITIES(SZ:000776) Mei Ri Jing Ji Xin Wen·2025-09-16 04:48Core Viewpoint - The global manufacturing investment is accelerating, benefiting the machinery and automation equipment industries due to multiple favorable factors, including the re-industrialization trend in Europe and the U.S. [1] Group 1: Global Manufacturing Trends - The global PMI reached a 14-month high in August, indicating significant expansion in the machinery and metal manufacturing sectors [1] - Germany's fiscal stimulus has pushed the manufacturing PMI above the neutral line for the first time since June 2022 [1] Group 2: U.S. Market Dynamics - The U.S. is entering a restocking phase, with a decrease in the inventory-to-sales ratio for construction and industrial machinery, and new orders showing a year-on-year increase [1] - Excavator sales are rapidly recovering despite weak infrastructure and real estate sectors, demonstrating strong resilience in industrial product recovery [1] Group 3: Financial Environment - The global interest rate cut cycle, with the Federal Reserve expected to lower rates three times between September and December 2025, is likely to reduce financing costs and further stimulate capital expenditure [1] Group 4: Industry Representation - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and related technology development to reflect the overall performance of the machine tool industry [1] - The China Securities Machine Tool Index has high industry representativeness and focuses on the industrial machinery sector, reflecting the market value and technological strength of related enterprises [1]