机械设备行业9月24日国务院新闻办新闻发布会点评：多重政策利好工程机械行业与新质生产力建设

Investment Rating - The industry investment rating is "In line with the market" [1] Core Viewpoints - Multiple policy benefits are expected to support the engineering machinery industry and the construction of new productivity [1] - The improvement in the real estate environment is favorable for the engineering machinery sector, with measures expected to enhance the current sluggish state of the real estate market [1] - Accelerating industry consolidation and promoting new productivity construction will help improve resource allocation efficiency and industry competitiveness [1][2] Summary by Relevant Sections Policy Announcements - The State Council announced several macroeconomic and monetary policies aimed at supporting high-quality economic development, including lowering the reserve requirement ratio and policy interest rates, as well as reducing existing mortgage rates [1] - The measures include lowering the minimum down payment ratio for second homes from 25% to 15% and increasing the central bank's funding support for affordable housing loans from 60% to 100% [1] Impact on Engineering Machinery - The engineering machinery industry, particularly excavators, has seen a significant decline in sales due to reduced construction activity since Q3 2021 [1] - A recovery in the domestic real estate market, combined with recent achievements in overseas markets and equipment upgrades, is expected to positively impact the performance of the engineering machinery sector [1] Industry Consolidation and New Productivity - The China Securities Regulatory Commission (CSRC) supports mergers and acquisitions among listed companies in strategic emerging industries to enhance industry concentration and resource allocation [1] - This initiative is expected to facilitate the integration of unlisted and unprofitable companies into listed firms, providing them with funding and support [1] Investment Opportunities - Investors are advised to pay attention to the recovery of the real estate and engineering machinery sectors, as an uptick in real estate demand could lead to better performance in the engineering machinery industry [2] - Focus on industries representing new productivity and self-sufficiency, such as robotics and digital manufacturing, is recommended due to potential benefits from mergers and acquisitions [2]