机械设备行业跟踪分析：财政政策力度加大，对于机械行业意味着什么？

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report highlights the increased fiscal policy efforts aimed at promoting high-quality economic development, indicating a strong willingness and capability for fiscal stimulus to boost market confidence [2] - The mechanical industry is currently experiencing weak fundamentals, with domestic and international demand both declining, leading to a marginal weakening in financial reports across most sectors [2] - Central fiscal policy is becoming a new driving force for demand, with recent data showing a correlation between the distribution of newly issued government bonds and the sales of excavators in various regions [2] - The mechanical industry has strong cyclical attributes, and the recent combination of monetary and fiscal policies is expected to drive changes in the industry's fundamentals [2] Summary by Sections Fiscal Policy Impact - The report discusses the government's commitment to enhancing fiscal policy, which includes supporting local government debt, using special bonds to stabilize the real estate market, and issuing special treasury bonds to support state-owned banks [2] - The report notes that while specific scales of fiscal measures were not mentioned, the intent to stimulate the economy is clear [2] Industry Fundamentals - The mechanical industry is facing insufficient total demand, particularly in construction machinery, where demand for concrete and cranes remains weak [2] - The report cites a 13.8% year-on-year decline in capital expenditure among 3,344 A-share manufacturing companies in Q2 2024, marking the lowest point in 12 years [2] Investment Recommendations - The report suggests focusing on stocks that are currently undervalued and show potential for growth, particularly in humanoid robots, general equipment, and semiconductor equipment sectors [2] - Specific companies to watch include 汇川技术 (Inovance Technology), 杭氧股份 (Hangyang), 伊之密 (Yizumi), 安徽合力 (Anhui Heli), and others [2][3] - Additionally, areas showing signs of improvement in fundamentals, such as upstream resources and engineering machinery, are recommended for investment [3]