机械行业周报：关税不改长期利好，机械行业总体受益

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The mechanical industry is benefiting from long-term favorable policies despite tariff impacts, with a focus on domestic demand recovery and technological advancements. The report highlights the acceleration of domestic substitution due to U.S. tariffs and the potential for growth in non-U.S. markets and emerging sectors [4][5]. - The low-altitude economy is projected to reach a market size of one trillion by 2030, driven by strong policy support and rapid technological iterations [3]. 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 first-level industries [13][15]. - Sub-sectors within the mechanical equipment industry experienced varied performance, with general equipment and automation equipment declining by 7.96% and 8.75%, respectively [13][16]. Key Sector Tracking - The low-altitude economy is characterized by strong policy drivers and rapid technological advancements, with various provinces incorporating it into their development plans [3]. - The mechanical equipment sector is significantly influenced by U.S. tariff policies, with domestic demand expected to rise and a trend towards recovery in various product categories [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huase Group. In the complete machine sector, focus on Wan Feng Ao Wei and Yihang Intelligent. Key component manufacturers include Zongshen Power and Wolong Electric Drive [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology and Sany Heavy Industry in the export chain segment, and Huazhong CNC and Kede CNC in the industrial mother machine segment [5].