通用设备月报：需求向好，蓄势待发

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [1]. Core Insights - The manufacturing PMI for February is at 50.2%, an increase of 1.1 percentage points from the previous month, indicating continued expansion in the manufacturing sector. Domestic demand remains weak, but overseas demand is improving, leading to structural differences in demand across sub-sectors. Companies in weak demand sectors are beginning to see their performance bottom out, suggesting a mid-to-long-term investment strategy focused on tools, machine tools, injection molding machines, forklifts, and air compressors [6][21]. Summary by Sections Market Review - The general equipment index rose by 15.1% from January to February, outperforming the Shanghai Composite Index by 16.0 percentage points and the CSI 300 by approximately 16.2 percentage points. Various sectors saw increases, with significant gains in the reducer, industrial control, and industrial robot sectors [9][11]. Demand Tracking - The general equipment sector shows structural differences in demand, with leading companies in weak demand sectors experiencing improved orders. Domestic demand is stabilizing while overseas demand is on the rise. The injection molding, machine tool, air compressor, and industrial control sectors are relatively high in demand, while tools, forklifts, industrial robots, and reducers show stable demand [13]. Data Review - Key macroeconomic indicators include: - February manufacturing PMI at 50.2%, with production and new order indices at 52.5% and 51.1%, respectively [21]. - January social financing increased by 7.1 trillion yuan, with a year-on-year growth of 8.0% [22]. - January fixed asset investment grew by 3.2% year-on-year, with manufacturing and infrastructure both at 9.2% [22]. - Exports for January-February totaled 539.9 billion USD, a year-on-year increase of 2.3% [22]. Related Companies - Key companies in various sectors include: - Tools: Huari Precision (688059), Oke Yi (688308), Zhongtung High-tech (000657) [31]. - Machine Tools: Haitan Precision (601882), Nuwei CNC (688697), Kede CNC (688305) [31]. - Forklifts: Anhui Heli (600761), Hangcha Group (603298), Noli Co., Ltd. (603611) [32]. - Injection Molding Machines: Yizhiming (300415), Haitian International (1882.HK) [33]. - Reducers: Guomao Co., Ltd. (603915), Zhongdali De (002896) [34]. - Air Compressors: Dongya Machinery (301028) [34].