机械行业周报：低空经济政策力度加大，工程机械进出口表现亮眼

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The low-altitude economy is being integrated into national strategies, signaling a significant growth opportunity for urban economies and the global consumer market. The market size for low-altitude economy is expected to reach trillions, driven by policy support and infrastructure development [3]. - The mechanical equipment sector is showing resilience, with excavator sales experiencing rapid growth. The total trade volume for engineering machinery reached $8.426 billion, a year-on-year increase of 7.27%, indicating a recovery in industry sentiment [3][4]. Weekly Market Review - From March 23 to March 28, 2025, the Shanghai Composite Index fell by 0.40%, while the ShenZhen Component Index and the ChiNext Index dropped by 0.75% and 1.12%, respectively. The Shenwan Mechanical Equipment Index decreased by 3.49%, underperforming the CSI 300 Index by 3.5 percentage points, ranking 28th among 31 sectors [11][12]. - Within the mechanical equipment sub-sectors, general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw declines of -3.94%, -3.69%, -2.36%, -3.06%, and -3.35%, respectively [11][14]. Key Sector Tracking - The low-altitude economy is now a key driver for urban economic growth and consumption expansion, transitioning from pilot exploration to full-scale implementation [3]. - The mechanical equipment sector remains competitive despite external pressures such as tariffs, with domestic leading companies showing strong resilience in both supply and demand [3]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, SuJiaoKe, and WanFeng AoWei among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui HeLi [4].