机械设备行业周报：关注英伟达GTC大会，重视节后开工链

Investment Rating - The industry rating is "Buy" with a previous rating of "Buy" as well [5] Core Viewpoints - The mechanical industry index saw a slight increase of 0.11% from March 10 to March 14, while the CSI 300 index rose by 1.59% and the ChiNext index increased by 0.97% [5] - The report emphasizes the importance of the NVIDIA GTC conference and the need to pay attention to the post-holiday resumption of work [5] - Key investment themes for 2025 in the mechanical industry include: 1. Solid fundamental assets such as engineering machinery and upstream assets 2. Waiting for cyclical recovery in certain sectors 3. Growth-oriented assets in humanoid robotics, photovoltaic equipment, lithium battery equipment, wind power, and semiconductor equipment [5] Summary by Sections Macroeconomic Data Tracking - In February, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.7% year-on-year, while the Producer Price Index (PPI) fell by 0.1% month-on-month and 2.2% year-on-year, influenced by the Spring Festival and fluctuations in international commodity prices [13][14] - Some sectors showed positive price changes, with certain industrial consumer goods and service prices rising steadily [15] Midstream Data Tracking Cyclical Asset Data Tracking: Engineering Machinery, Oil Services, and Shipbuilding - In February 2025, excavator sales reached 19,270 units, a year-on-year increase of 52.8%, with domestic sales up by 99.4% [18] - The operating hours of Komatsu excavators showed a 13% year-on-year increase, indicating improving terminal demand [18] New Energy Equipment Data Tracking: Photovoltaic, Lithium Battery, and Wind Power - In February 2025, new energy vehicle sales reached 892,000 units, a year-on-year increase of 87%, with a penetration rate of 41.91% [35] - The report forecasts significant growth in the photovoltaic industry, with a projected increase in installed capacity driven by cost reductions and policy support [38] Semiconductor Equipment Industry Data Tracking - The report highlights the ongoing recovery in the oil and gas equipment and services sector, supported by increasing capital expenditures and production activities [24] Shipbuilding Industry Data Tracking - As of March 15, 2025, global new ship orders saw a significant year-on-year decline of 54.37%, with specific segments like bulk carriers and oil tankers experiencing drastic drops [28] - The ship price index increased by 3.1% year-on-year, indicating a stable supply-demand balance in the shipbuilding market [29][30]