Guoyuan Securities·2025-04-07 12:15Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is transitioning from policy-driven to a multi-dimensional resonance phase involving technology, capital, and scenarios, with five major trends identified: policy standardization, technological electrification, scenario diversification, industrial clustering, and professional talent development. The low-altitude economy is expected to become a trillion-level new track in the next 3-5 years, reshaping urban transportation, logistics, and cultural tourism industries [3][4] - The mechanical equipment sector is influenced by the ongoing implications of Trump's tariff policies, but domestic leading enterprises maintain strong competitive advantages. As of January-February 2025, excavator sales increased by over 20% year-on-year, and the engineering machinery import and export trade volume reached 8.426 billion USD, with both domestic sales and exports showing resilience. The overall prosperity of the engineering machinery industry is expected to continue improving, with core stocks likely to achieve a strong start in the first quarter [3][4] Summary by Sections Weekly Market Review - From March 30 to April 3, 2025, the Shanghai Composite Index fell by 0.28%, the Shenzhen Component Index by 2.28%, and the ChiNext Index by 2.95%. The Shenwan Mechanical Equipment Index decreased by 2.51%, underperforming the CSI 300 Index by 1.14 percentage points, ranking 26th among 31 Shenwan first-level industries [2][11] Key Sector Tracking - Low-altitude Economy Sector: The sector is expected to grow significantly with the mass production of flying cars and the advancement of airspace opening trials. It is projected to reshape various industries [3] - Mechanical Equipment Sector: The sector's export performance remains strong, with key companies expected to benefit from improved export expectations if peace talks in Ukraine resume [3][4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and others in various segments such as complete machines and core components [4] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and others across different sub-sectors [4] Important Weekly News - The establishment of a humanoid robot innovation center and the implementation of new regulations for autonomous driving vehicles in Beijing are significant developments in the industry [21][22] - The expected sales of new energy vehicles in China are projected to reach 17 million units in 2025, indicating a strong market potential [22] Key Industry Data Tracking - The report includes various economic indicators such as manufacturing PMI and fixed asset investment completion rates, which are crucial for understanding the industry's performance [28][30] - Data on excavator sales, both domestic and export, shows a positive trend, indicating robust demand in the mechanical equipment sector [43][44] Conclusion - The report highlights the potential growth in the low-altitude economy and the resilience of the mechanical equipment sector, providing a positive outlook for investment opportunities in these areas [3][4]