机械设备行业《指南》政策点评（1）：钢铁与石化化工装备更新迎来机遇

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - The report highlights that the recent policy document titled "Guidelines for Equipment Upgrading and Technological Transformation in Key Industrial Sectors" aims to enhance the safety, green, and intelligent transformation of outdated equipment in the steel and petrochemical industries, particularly those that have been in operation for over 20 years [1] - The guidelines set a target for key processes in the industry to achieve a critical process ratio of over 85% by 2027, emphasizing energy conservation, intelligent upgrades, and improved safety levels [1] - The report suggests that the implementation of these guidelines will lead to a significant demand increase for manufacturing equipment in the steel and petrochemical sectors, benefiting related manufacturers and their upstream supply chains [1] Summary by Sections Equipment Upgrading Goals - The policy requires the upgrading of outdated equipment in the petrochemical sector, focusing on safety, green, and intelligent transformations [1] - Specific industries mentioned include refining, chlor-alkali, and coal chemical industries, with a focus on equipment that has reached its design lifespan [1] Key Directions for Upgrading - The report outlines key directions for upgrading, including energy conservation, intelligent upgrades, and enhancing safety levels [1] - Specific equipment targeted for upgrades includes fixed bed gasifiers, low-efficiency motors, and open reaction vessels in fine chemicals [1] Steel Industry Focus - The guidelines indicate that over 80% of steel production capacity must meet ultra-low emission standards by 2027, with a focus on digital upgrades and energy-saving equipment [1] - The report emphasizes the need for upgrading mining equipment, smart inspection robots, and advanced production technology in the steel industry [1]