机械设备行业：一揽子政策持续支持机械设备发展

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - The report highlights that the recent policy package aims to strengthen macroeconomic counter-cyclical adjustments, expand effective demand, and support the stabilization of the real estate market, which is closely related to the development of the machinery equipment industry [1] - The policy is expected to accelerate investment in various sectors, particularly in infrastructure and urban renewal, which will drive demand for machinery and equipment [1] - The anticipated issuance of long-term special bonds is projected to stimulate a total investment of approximately 15 trillion yuan across various projects, significantly benefiting the machinery equipment sector [1] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of -11.49% compared to the CSI 300 index, while absolute returns were -4.13% [1] Policy Impact - The policy package includes a 700 billion yuan central budget investment and 1 trillion yuan for "two new" projects, with an emphasis on accelerating project funding and local special bond issuance [1] - The report anticipates that the demand for machinery equipment will grow significantly due to the projected 60,000 kilometers of pipeline upgrades needed over the next five years, with an investment requirement of around 4 trillion yuan [1] Investment Recommendations - The report suggests focusing on key investment projects related to machinery equipment, particularly in sectors such as construction machinery and general equipment, which are expected to benefit from the policy support [1]