机械设备行业周报：关注工具企业全球化进程

Investment Rating - The report rates the mechanical equipment industry as "Overweight" [7][27]. Core Insights - The mechanical equipment industry is experiencing a significant global expansion, with companies transitioning from OEM models to building their own brands and channels, particularly in North America [7][11]. - Mergers and acquisitions are a primary strategy for companies to enhance their overseas presence and fill product gaps, exemplified by companies like Juxing Technology [7][13]. - A highly efficient and stable global supply chain is being established, with Asian countries focusing on production and R&D, while North America and Europe handle logistics and customer service [7][14]. - The deepening globalization process may intensify the Matthew effect in the industry, favoring larger companies with stronger financial and management capabilities [7][15]. Summary by Sections 1. Tool Industry Globalization Review - The tool industry has evolved through three stages: OEM production, brand development, and capacity expansion, with significant growth in overseas markets since 2018 [11]. - Companies like Juxing Technology and Qianfeng Holdings are rapidly establishing production bases in countries like Vietnam and the USA to better meet market demands [11][15]. 2. Industry Dynamics - The 20th Central Committee's Third Plenary Session emphasized high-quality economic development and the importance of self-sufficient supply chains, which will benefit key sectors like industrial mother machines and robotics [19]. - Sales data from June 2024 shows significant growth in various machinery exports, indicating a robust demand for engineering machinery [20]. 3. Market Review - The report notes that the mechanical equipment sector underperformed compared to the broader market, with a decline of 1.10% against a 1.92% increase in the CSI 300 index [22].