中原证券晨会聚焦

Core Insights - The report indicates that the electrical equipment sector underperformed compared to the CSI 300 index, with a decline of 7.00% in June, lagging behind the index's drop of 3.51% by 3.49 percentage points [7] - The manufacturing PMI fell to 49.50% in May, indicating a slowdown in production activities, although large enterprises showed an increase in PMI, suggesting potential recovery in production due to policy effects [7] - International market demand remains optimistic, with steady growth in China's import and export values from January to May, despite short-term trade protectionism challenges [7] - The number of tenders for electrical equipment has increased significantly, indicating accelerated construction in the power grid sector [7] - Commodity prices have generally declined, leading to a decrease in the costs of raw materials for electrical equipment manufacturing [7] - The report maintains a "market perform" investment rating, highlighting the potential for recovery in demand for electrical equipment as policies are implemented and market conditions improve [7] Industry Analysis - The semiconductor equipment sector is entering a growth cycle, with domestic semiconductor equipment and components expected to see significant development opportunities [8] - The mining machinery and energy machinery sectors are experiencing good demand due to increased fixed asset investment in the upstream mining industry, with recommendations for leading companies in these areas [8] - The railway equipment sector is benefiting from recovering transportation demand and large-scale equipment updates, suggesting investment opportunities in this area [8] - The report emphasizes the importance of equipment updates and new production capabilities for domestic demand, while also highlighting the potential for export growth in advantageous equipment [39][38]