机械行业周报：“低空消费”纳入国家顶层设计，持续看好工程机械板块-2025-03-25

Investment Rating - The report maintains a "Buy" rating for the industrial sector, indicating a positive outlook for investment opportunities in this area [6]. Core Insights - The report highlights the inclusion of "low-altitude consumption" in national top-level design, which is expected to boost the development of the low-altitude economy and related industries [3]. - The machinery sector is showing resilience, with excavator sales experiencing significant growth, indicating a recovery in the engineering machinery industry [3]. - The government has introduced policies to support deep-sea technology, which is anticipated to catalyze related industries [3]. Weekly Market Review - From March 16 to March 21, 2025, the Shanghai Composite Index fell by 1.60%, while the ShenZhen Component Index and the ChiNext Index dropped by 2.65% and 3.34%, respectively. The Shenwan Machinery Equipment Index decreased by 0.81%, outperforming the CSI 300 Index by 1.48 percentage points, ranking 11th among 31 Shenwan primary industries [11]. - In terms of sub-sectors, the performance varied with general equipment up by 1.03%, specialized equipment up by 0.84%, while engineering machinery and automation equipment saw declines of 2.35% and 3.77%, respectively [11]. Key Sector Tracking - The low-altitude economy is gaining traction with government support, which is expected to enhance the development of low-altitude tourism and consumer drones [3]. - The machinery equipment sector remains competitive despite external pressures such as tariffs, with domestic leading companies showing strong resilience in both supply and demand [3]. - The report notes a 51.4% year-on-year increase in domestic excavator sales in January and February 2025, reflecting accelerated construction activity in various sectors [21]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei among others [4]. - In the machinery equipment sector, suggested companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [4].