SINOLINK SECURITIES·2025-04-07 02:05Investment Rating - The SW Machinery Equipment Index has shown a year-to-date increase of 9.26%, ranking 2nd among 31 primary industry classifications [15]. Core Insights - The domestic demand for construction machinery continues to recover, with March's average working hours for major products at 90.1 hours, a year-on-year increase of 6.53% [24]. - The report highlights the potential for domestic engineering machinery to enter a recovery phase, driven by demand for small excavators and long-cycle replacement needs [24]. - The report emphasizes the impact of renewed trade tensions, suggesting a focus on self-sufficient investment opportunities in high-end industrial machinery [24]. - The exoskeleton robot industry is accelerating, with a projected market size growth from $900 million in 2022 to $14.67 billion by 2030, reflecting a CAGR of 42.2% [24]. Summary by Sections 1. Stock Portfolio - Recommended stocks include SANY Heavy Industry, XCMG, Zoomlion, Liugong, Shantui, Kede CNC, Huazhong CNC, and Zhenjiang [12]. 2. Market Review - The SW Machinery Equipment Index fell by 2.51% over the last week, ranking 26th among 31 primary industry classifications [13]. 3. Key Data Tracking - The manufacturing PMI for March was 50.5, indicating steady recovery in manufacturing post-holiday [23]. - Excavator sales in February reached 19,300 units, a year-on-year increase of 52.8% [36]. 4. Industry Dynamics - The report notes a 5.1% year-on-year increase in railway fixed asset investment and a 6.4% increase in passenger volume, indicating a recovery in railway equipment demand [44]. - The report mentions a decline in shipbuilding prices, with the Shanghai 20mm shipbuilding plate price at 3,810 yuan/ton, down 1.8% month-on-month [47]. - Brent crude oil prices have stabilized around $74 per barrel, with OPEC+ members maintaining plans to gradually restore output [52].