中金：关注美国工程机械租赁需求提升

Core Viewpoint - The U.S. construction machinery rental industry is expected to benefit from the Inflation Reduction Act, manufacturing reshoring, and potential interest rate cuts by the Federal Reserve, with minimal direct impact from tariffs [1] Group 1: Industry Growth Drivers - The anticipated interest rate cuts by the Federal Reserve and the Inflation Reduction Act are expected to stimulate overall construction demand in the U.S. [1] - The manufacturing reshoring trend and the recovery in the housing market are contributing positively to the growth of the construction machinery rental and manufacturing sectors [1] Group 2: Company Performance - Year-to-date, leading U.S. construction machinery rental provider United Rentals has outperformed the S&P 500 index [1] - Compared to construction machinery manufacturers, rental providers have a domestic focus for both upstream suppliers and downstream customers, resulting in less negative impact from tariffs [1]