需求向好，蓄势待发

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of March 12, 2025 [1]. Core Insights - The manufacturing PMI for February is reported at 50.2%, an increase of 1.1 percentage points from the previous month, indicating continued expansion in the manufacturing sector [6][21]. - Domestic demand remains weak, but there is a notable improvement in overseas demand, particularly in specific sub-sectors such as injection molding machines, machine tools, air compressors, and industrial control equipment [6][13]. - The general equipment index increased by 15.1% from January to February, outperforming major indices like the Shanghai Composite and CSI 300 by approximately 16% [9]. Summary by Sections Market Review - The general equipment index rose by 15.1% from January 1 to February 28, 2025, significantly outperforming the Shanghai Composite by 16 percentage points and the CSI 300 by about 16.2 percentage points [9]. - Sub-sectors such as reducers, industrial control, and industrial robots saw substantial gains, driven by themes related to robotics [9]. Demand Tracking - The demand for general equipment shows structural differences, with leading companies in weaker sub-sectors beginning to see order improvements. Domestic demand is stabilizing while overseas demand is on the rise [13]. - High demand is noted in the injection molding machine, machine tool, air compressor, and industrial control sectors, while demand in cutting tools, forklifts, industrial robots, and reducers remains stable [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]. - Fixed asset investment in January showed a cumulative year-on-year increase of 3.2%, with manufacturing and infrastructure both at 9.2% [22]. - Exports for January-February totaled 539.9 billion USD, reflecting a year-on-year increase of 2.3% [22]. Related Companies - Notable companies in the cutting tools sector include Huari Precision (688059), Oke Yi (688308), and Zhongtung High-tech (000657) [31]. - In the machine tool sector, key players include Haitan Precision (601882) and Nuwei CNC (688697) [31]. - Forklift manufacturers such as Anhui Heli (600761) and Hangcha Group (603298) are highlighted [32]. - Injection molding machine companies include Yizhiming (300415) and Haitian International (1882.HK) [33].