机械行业周报：低空经济正当时，深海科技迎催化

Investment 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 expected to reshape urban transportation, logistics, and tourism industries over the next 3-5 years [3]. - The mechanical equipment sector is showing resilience, with excavator sales increasing by over 20% year-on-year as of January-February 2025, and the engineering machinery import-export trade amounting to 8.426 billion USD [3]. - The government work report for 2025 highlights deep-sea technology, indicating that related industries are expected to catalyze gradually [3]. 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 primary industries [2][11]. Key Sector Tracking - Low-altitude Economy: Expected to become a trillion-level new track, driven by the mass production of flying cars and the opening of airspace trials [3]. - Mechanical Equipment: The sector remains competitive despite external factors like tariffs, with strong domestic sales and export resilience. The overall industry is expected to continue its recovery [3]. Investment Recommendations - Low-altitude Economy: Recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4]. - Mechanical Equipment: Suggested companies include Sany Heavy Industry, XCMG, and Huazhong CNC [4].