机械行业周报：关税不改长期利好，机械行业总体受益-20250413

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry [7] Core Viewpoints - The mechanical industry is benefiting from long-term favorable conditions despite tariff impacts, with a focus on domestic demand recovery and technological advancements [4][5] - The low-altitude economy is projected to reach a market size of one trillion by 2030, driven by policy support and infrastructure development [3] - The report highlights the resilience of engineering machinery companies, with limited exposure to the US market and a strong presence in the Belt and Road regions [4] Weekly Market Review - From April 6 to April 11, 2025, the Shanghai Composite Index fell by 3.11%, while the Shenzhen Component Index and the ChiNext Index dropped by 5.13% and 6.73%, respectively. The Shenwan Mechanical Equipment Index decreased by 6.78%, underperforming the CSI 300 Index by 3.91 percentage points, ranking 29th among 31 Shenwan primary industries [13][15] - Sub-sectors such as general equipment, specialized equipment, and automation equipment experienced declines of -7.96%, -7.83%, and -8.75%, respectively [13][16] Key Sector Tracking - The low-altitude economy is characterized by strong policy drivers, rapid technological iterations, and extensive scenario applications, with central and local governments collaborating on airspace management reforms [3] - The report emphasizes the importance of the US tariff policy as a significant factor affecting the export industry, with domestic replacements accelerating due to external pressures [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huase Group [5] - In the mechanical equipment sector, suggested companies include Sany Heavy Industry, XCMG, and Anhui Heli [5]